The representative. [volume] (St. Paul, Minn.) 1893-1901, 1899-01-04

elapse before even the friends of this parti-
cular kind of currency can be united on a
measure. I maintain that the fundamental
proposition, which underlies all present bills
providing for bank currency without gov
ernment bonds as security, namely, the
preference of the nOte-holder over the de-
positor in the distribution of the assets of
an insolvent bank would work a grave in
justice upon the depositor class Of the
country, which results in the highest de-
gree injurious to the whole community.
III the preference of the bank asset
note holder over the depositor provided
for by pending plans. be decided unjust
and fmpracticable, and an additional tax
upon circulation be proposed to remove this
injustice new elements of uncertainty are
introduced and the question must also be
discussed whether. in new estimate OF the
tax upon solvent participating banks neces-
sary to make up the losses on the notes,
we have any right to assume that all or
a large proportion of the sound banks will
go into the uncovered note issuing busi-
ness and II only few banks and weak
banks only, issue notes at first, the tax
such circulation to make up losses can be
held down so as to invite that general par
ticipatioD in asset note issuing by sound
banks for purposes of profit, which would
be essential to the absolute safety of the
notes. These and many other questions
must be settled and rightly settled before
the people will consent to the abandonment
notes are good as government notes,
whether but one bank or all the banks is
sue notes.
NOTHING TO HINDER REFORM.
But fortunately for the country and for
its business and commercial interests the
discussion and settlement of all those
vexed and complicated problems need not
stand in the way Of true governmental cur
rency reform as outlined in the two annual
messages of the president of the United
St.ltn Tn fh0 ofpdc oF %ho
country the issue in 1896 was not the refOr-
nation of our present bank note currency,
but the reformation Of governmental cur
rency. l believe that the people and the
business interests of this country demand
that whatever changes are made in our
currency swstem to break the endless chain
and insure the safety of the gold standard
should If possible be simple and easily un-
derstocd They are not now, nor have they
been in favor Of complicated or radical
changes. AS they desire stability in ~
tariff system so they desire stability In the
currency system.
while they want improvement In both
when necessary, they ar, not In favor
OF unnecessary tinkering with either. The
bank currency plans Of one year ago have
changed, but the presidents recommended
tion has not changed The bank currency
plans of this year may change. but the val
ue of the recommendation of the president
will not be affected. Who is better quail
ACu tiAu VIII MOIc cutllleu TO our dLLo0-
tion as an interpreter of the voice of the
American people in 1896 for sound money
and the gold standard, than he whom the
people chose in that great contest as their
chief magistrate?
Already the ponderous wheels Of indus
try SO long stilled are moving. Already
work seeks the American workingman. AL
ready the credits of the country SO inti-
mately connected with the country's pros
perity and yet so sensitive to radical cur
rency legislation. are revivng under the in
fuence of improved conditions and of the
restored confidence of man in man. Let us
make no mistakes. Let us take no back
ward steps. Let us all, whether we nave
this theory or that theory of banking cur
rency, stand at one side for the present un-
til the presidents recommended ton becomes
law, and the pledges of the people are re-
deemed by this great step forward in gov
ernmental currency REFORM"