The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1899-03-26
nanker. nnd Cnrrency.

indianapolis Sentinel.
1t will be remembered that the repub-
lican members OF the last congress APP
pointed Joint caucus committee TO draft
a currency bill during the summer vaca-
ton. and report It at the next session Of
congress, The evident object of this was
to get some measure that would be safe
politically and at the same time satisfy
the demands Of tho interests that were
clamoring for currency reform" These
interests were thoroughly organized and
were bombsrdng congress with demands
for ultra legislation on the lines laid
down by the indianapolis monetary COM
mission. whenever the word was passed
around that another appeal to congress
should be made. Representative Babcock
of Wisconsin evolved the idea OF learning
what was the actual sentiment OF the
bankers of his State on the subject 1t
having been studiously represented TO the
public that the business interests" in
Guiding the banking interests, were prac-
tically an unit in the demand for "cur-
rency reform" He accordingly sent out
300 circulars to bankers and banking in
stitutions of his State. submitting eight
of the leading questions connected with
reform proposals.
over half Of the bankers addressed ap-
pear not to have answered it at all. To
the first question, do you favor the re-
peal of the tax on national bank circua-
tom" siXtythree correspondents replied
in the affirmative and thirty-three In the
IL m
banks to increase their circulation to the
par value of the bonds deposited In the
treasury received 10 favorable and ten
unfavorable replies. Eighty responses In
dorsed and twenty eight opposed the in
corporation OF national banks with a
minimum capital OF $4,000 Seventy ia
vored and twenty-six opposed an enact
ment declaring that all demand obliga-
tions OF the government shall be payable
In gold. President AIcKinleys proposal
that greenbacks when once redeemed shall
not be reissued except in exchange for
gold actually deposited in the treasury
was approved by 104 out of the 113 re-
plies received, Absolute retirement of
the greenbacks was favored by forty.
seven and opposed by twenty-five, while
twelve were in favor OF conditional re-
tirement Eighty nine replied in favor Of
a bank note circulation based upon the
commercial assets Of the banks, while
twenty -flNo were opposed 10 II. Inc prop
osition TO require banks 10 hold their re-
serve in greenbaoks or treasury notes in
order TO curtail the circulation OF the de-
mand obligations Of the government ellie
tied twenty favorable and sixty-nire un
favorable replies.
This shows much greater diversity of
opinion among bankers than was com
monty supposed to exist, and IL may pos
slbly be an indication that some of the
bankers who were carried away to ex-
IRENE lengths by political excitement have
been doing some thinking, and are begin
ming TO realize that the financial question
is not altogether one-sidcd. 1t Is really
surprising that out of three hundred
banks and bankers only seventy should
come forward IA favor of making govern
ment demand obligations payable in gold,
and IL is still more remarkable that TWEEN
ty-six should record themselves against
a. II will be observed that the greatest
agreement was 10 those propositions which
are especiaily favorable to banks the most
unanimous sentiment being for the issue
of circulation to the par value OF bonds,
to which indeed few people have any OBJ
factions But at the same time, only
sixty-three favored the repeal of the tax
on national bank circulation and thirty
three opposed Il. Evidently the injustice
IN the proposition is too plain to make II
non,Ilar even with banks. It Is also nota-
HE that only forty-seven favored the abb
solute retirement OF the greenbacks. APP
narently the campaign OF education Is not
making much Roadway with the Wiscon-
sin bankers