Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1899-12-21

any other country. Go to London, Berlin,
Manila you may take the wings of the
morning and dwell in the uttermost parts
Of the sea. and the dollar that we propose
to give you will buy you n l00-cent dinner
wherever you may have occasion to eat
| Is not that tho best for this country?
Is 1t not tho best for every class OF people
lin this country? Why, you gentlemen
would rather have double eagle in your
pocket than twenty silver dollars. Your
candidate for President, If the public
press Is to be believed lately made a large
investment in collaborating bonds, which
shows how much faith he has in the gold
dollar. | am told that tho leading free
silver statesmen in the West that have
large means when they make their con-
tracts to be paid in the future always put
in a clause that they shall be payable IN
gold, and that shows what the faith of
Those people is in this matter.
Therefore | think we may safely say
that we are trying to accomplish theI
greatest good for the greatest nuinlcr
when We are seeking to continue the best
possible kind of money that can be cir
oulatcd Tho proposition for free coinage
Is to carry 1t on without the aid or con-
cent of any other nation. us If tho United
states of America was going to do all its
business within its own borders. We have
to trade with every other civilized nation
OF the earth. We are trYinL "a extend that
trade by every conceivable process of
craftsmanship that we can invoke. 10
you expect If we extend our trade that
foreigners viii take n currency worth only
70 cents on a dollar? If they do, We shall
have to pay double lricc for their goods.
Now, then, the second feature of the bill
which commcnds itself to my Judgment ia
that section which gives the national In nj,
the right TO increase its circulation 10 81
parity with its bonds. And the best part
of that argument, in my mind. Ia the fact
that IL makes the establishment of Stntn
system is the best systom ever devised Tor
the pc,ple of this country | an, aware
that eminent gentlemen on the other side
of the House and suppose some ON this
side ara in favor of state banking iusti-
tutions Eminent financial mon have an.
Piled themselves to the framing of a biu
for the purDoSe of banking by states ilr-
on comm. rcia assets. Bat Sin. am old
enough t. remember some of the evils of
the state ba 1king system believe in
the national banking system; ] believe in
the system that has he supervision and
control Of the national governments and
the highest benefits that such Il system
can give is to the She bill holders ana the
great mass Of the people.
We have 5000. GOO People In this country
and "a 900 900 of them have no interest
whatever in any national bank or any
other bank except that the Hills issued
and paid 70 them for services. for wages
or for commodities sold by then, shall lie
good where they are circulated A ma
Ilional bank bill Circulatcs as readily in
Texas or California as I'm the state of its
issue bank bill issued in Vermont is
good in any ether State IN tho Union No
man looks at the bill when he receives 1t
to soc where it comes from 1t is a mat
ter of indifference lie knows the bill Is
. good wherever it goes He simply Sc, s
that IT is a national bank bill, and IL car
: ries the evidence Of its value upon its
face an evidence that can not be ignor-
ed
Now Won can not use n bank bill issued
10y a private institution a hundred and fi-
~ miles from the point of its issue Th, re-
will always be a question as to its value.
The effect of the hill giving the banks
an opportunity to enlarge their circulation
ard relief from the tax heretofore opec-
citing against the circulaj ion will preserve
q tho system, itself and enhance the volume
- of the currency.
, There Is another excellent feature in this
> section of tho bill to which | wish to al
9 Jude briefly, and that IL the method by
:. which you tax the national banks Tho
present system OF Il tax or the cirCulat ton
itself drives it out; it contracts the cir
i, culation, because the tax is a heavy one.
: THERE'S not a bank in the country to-da )
| will assert, which has in circulation all
. the money that it would be- entitled to cir
+ cuate. because it can not afford to pay
: the tax upon it, Tho tax of / per cent is
=, "A very large burden upon the cjrcuatio
a of the banks
;, Now you Put the principle on n righ'
:, footing when you say We will tax tho
n franchise the capital. tho surplus. and
= the undivided earnings of the banks II
i, place Of the circulation itself You reach
: the money in the banks by this system
= without impairing the circulation. Take
Il for instance. the Chemical Eauk of NcW
= York which has a capital of 100000 an,
has some twenty millions Of deposits. II
>. issues no money; ii has no notes in cir
q culation; but under the operation of thi.
- bill it may do so without any difiiCultl
:, whateV sr. Under the present law tina
:, bank pays no taxes to the governusont
:, Under the proposed bill it will pay on L.,
- capital surplus and net earnings. UnGel
= tho proposed bill all national banks vii
:, be tempted to take out circulation TO thu
= par of their bonds already on hand. an,
= this alone will Increase the volume OF tn,
" currency over $20CoO.C0O
:. If the PROPOSAL TO refund the outstard ne
s bonds of the government which mature ii
= the next seven or eight years be adopted
=" banks will doubtless take the new issu,
. as a basis for a sim further and great,
= increased circulation That a bond LAY
- ing per cent interest poyable in cxprcsi
10 terms in gold coin md running ffty years
y can be foatod at par no onc doubts
The bill therefore prouJses great relic