The times. [volume] (Richmond, Va.) 1890-1903, 1899-01-19
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question Of what is the least change that
- necessary To remedy existing evils.
THE EVIL.
J. The fundamental evil Is in recurring
the United States Treasury 10 redeem any
part OF the money used and I'm order 10
maintain parity
= The prohibition 10 banks Of the S.
| SUNG or true bank currency" as banks
90 IN every other country bv recurring
them 70 buy bonds 10 the amount Of The
currency they issue. thus absorbing that
amount Of their capital
Combine our banks through clearing
| houses. and make them legally rcspon-
tible for the maintenance of parity and
! allow each bank 10 issue currency To the
amount OF It's capital without robbing IL
OF ats paid-up capital in the purchase Of
/ bonds and our banking and currency sys-
| lem VIII be transformed from the worst
! I'm the world. 10 the best 81 Tho world.
! There have been considered In the Com
| mittee ON Banking and Currency i've
| general bills
/ In addition 10 these there is the Walk
| or bill, introduced IN iS,9 which has been
/ q constant study since and modified from
J time TO time to May 13. 1895 and IS now
| II. X 1888 ! have held this bin back
from formal consideration in order that
an other bills might be first considered:
the result Is that tt never has been for
! mally considered by the committee
Will venture TO say a few words of that
bill.
!. IL relieves tho United states Treasury
from an responsibility for the current
redemption of any kind of money by
putting 81 on The only organizations
known 90 man that can legiiimately MAIN
tain parity. viz.-banks
2. H. -akes the United states bonds
out Of the banking system and allows
banks 90 issue true bank currency. AN
currency is issued TO banks by the Comp
trollcr and guaranteed by the Govern
mcnt i'm case of insolvency. A tax of one
fifth of one per centum is put upon the
currency in actual circulation. which wifi
yield tour times the amount necessary
20 the guarantee
9. 1t saves sixty OF the seventy mill
lions now lost in direct and indirect taxa
ton.
THE FIRST STEP.
10 unite an banks Of loan and dis
count under the sanction OF law. through
clearing houses is fundamental to any
relief TO the situation so long as we have
two or moro legal tender moneys
Let the United Kingdom wake mp some
tne morning and find in her leeaI-tender
money one-half the amount Of the silver
we nave at 10 Of silver 10 ] Of gold. and
she would be on a silver basis I'm "a week
unless her independent banks were I'm
some way. united into "a solid union 10
maintain parity Let the Bank Of France
De divided into as many indencndeut
banks as she has branches and she could
py no possibility maintain parity be-
tween her paper money silver and gold.
We now DO 10 through the union of AN
me banks. 100 The United States Treasury
and by The Treasury being member
Of the New York Clearing but at
an enormous expense and great daily |
peril as / have shown.
Can be justly criticized for not favor
ing scheme that would pile up several I
hundred millions more than now is in the /
Treasury, and would increase EXPENSES /
by ten 90 fifteen millions per annum. and .
then leave us in a worse plight than we /
now are?
But why not reform our currency by /
degrees. allowing the people the benefit Of /
part MOVE
Yes; why not build "a bridge of arch /
across "a river. requiring four spans, by .
instruments. building one span and let /
the people use that, and q few years later
the second. and 50 on. No relief can
come 70 travel without a competed
bridge So with banking and currency
reform
l. To abolish reasonable fear and pre-
vent 1903 paBies. The United States Treas
ury must be- relieved from the current
redemption of an paper money and main
tanning parity.
o The maintaing parity must be dee
VOWED by law on the only agency known
20 man that IS capable OF dischareine
that function vlz.-banks
g. Securely uniting au commercial
banks through clearinghouse by law.
10 maintain parity and leave them ass
Zoo an other things, as now.
g. Restore % banks Tho right 10 issue
currtncy against their assets. enjoyed by
every bank iu this country until the
people were robbed of fl in 1853 by levy
ing forced loan upon them 10 make /
a market for bonds
ANY biIl drawn by any man that makes
SIRE each Of the four things necessary
10 complete the arch. should have me
sunport of every one of us. Any bill That
faus i'm any one of them would be an
economic and political blunder equal TO
crime. 1t would not compliment our
craftsmanship and should have our acuNe