The gold leaf. [volume] (Henderson, N.C.) 1881-1911, 1900-11-01
General CARTS Letter Favor
ing a Currency Based on
Gold, Issued by the Ma
tionaI Banks

In o4th Congress. Mr.. Chas. y. Fow-
Ter, Republican from New Jersey. in
'foduced Il bill to regulate the cur
fehcy OF the United states. In Il
speech made by him before the South
efh Bankers Association, in Atlanta.
ia, on December 10Th, 1897. ne declar-
ed that tne purposes of his bill We're
First. the permanent establishment of
IN" gold standard. and Oh this he said:
, Let rs mere and now reject the fall
lacy that there can he a double stand
ara or measure of value: and unequivo-
cally declare that himetallism national
OF lhIernatlonal. is as impossible of ac-
compilshment as the dream of perpetual
ifotloh. Let US here and now
place single standard. the standard of
the civilized world. the gold standard, as
our hrSt foundation stone"
second, the retirement of all United
states government bonds now payable
IN coin and the substitution in their
gold
Third. the withdrawal of all existing
therefor of national bank notes. re-
deemable in gold, and the use of the
assets OF the banks As collateral to en-
able them to largely increase the amount
Of these gold-payinS bank notes.
Fourth. the REDEMPTION of the entire
paper currency provided for by his bill
in gold.
He also made very extended speech
in Congress Advocating his measure
which is published IN the Congressional
Record of March 81. 1897. This cur
rency bill is Il much more radical one in
favor. of the gold standard and in plac-
ing the currency of the country under
the absolute control of the national
banks than I the curreneE bill recently
severely denounced by the National
Democratic platform adopted at Kan
Sas CITY.
In the Atlanta. GA, Constitution, of
December DIST, 1897. is published the
following letter. written by General J..
:. Carr. who was then. and is now. the
president OF the First National Bank
OF Durham, advocating the Fowler bill:
CARR ENDORSES FOWLER
SCHEME.
Durham. n. c.. Dec. IS. 1897.
Mr.. George r. DeSaussure. Secretary
Southern Bankers Association, At
lanta. Ga.
My Dear Sir: / am of the opinion
that the plan of currency reform out
lined by the Hon. Charles \. Fowler,
member of Congress Tor New Jersey.
and submitted to the Southern Bankers
Association of Atlanta, at its last scS-
sion, is wise solution of the present
vexins currency question.
Mr.. Fowler's plan funds all the OBJ
legations of the government in , per
make the basis Of bank circulation and
require the banks to redeem all thel"
notes in gold coin. By funding the ell
tire debt into . per cent. gold bonds.
which would be impossible but for the
fact that the banks are required to car
ry them in consideration of the fayOrS
they receive. the people or the govern
ment. indeed. according to the people
by the Fowler bin. will save more than
S15.OOO.O0O per annum in interest on the
bonded debt.
Again, we must recognize the fact
that the parity of our different kinds of
money. silver paper, and gold. has been
maintained at an enormous expense TO
the people. or the government. Indeed,
to the figures of the actuary
of the Treasury Department. at an aver
age cost of more than sd ,OOo.O00 per
annnm, or 1899. OCO. 600 for the seven
teen years from 1879, the date of specie
resumption. to 1896.
This cost to the people. or the GOV
ernment. by Mr.. Fowler's bill is trans
f':r.1 to the banking Institutions Of the
country. which must maintain the
standard by the currency redemption
it must be observed. result in a net saw
ing to the people. or government. of more
than S30.NiO.0OO per annum. Mr.. FOw-
ler's bill also provides for Il guarantee
fund. paid INTO the Treasury Of the Uni
ted States government for the proter-
ton of no o 10 f:ei's, so that there could
not be i bank note panic.
ss'Tho hill r,oyiIpS for c,Irh a SJlnn1y nf
a sound circulating medium. equally dis
."ibuted over the country, as the EeedS
OF the country require, and for lack
%. which most Of or troubles are
chargeable The op"i:tion - the FoW-
,er bill is n. cpl remedy l hav" seer.
presented Ia. carries. with it merit
worthy of success.
And lastly. what is to my mind Of
still greater inpprtai.Cc to the people
OF the country, Ill dc!,' sitors OF Ma
tional Banks are to be insured against
loss in ease ef tank failure through
Il tax up9u deposits paid into the Uni
tod States Treasury for their protection.
Fowler's Sneech tand the statistics were
furnished by the actuary Of the Treas
ury. and are therefore. to be relied up
ON show that since The Inauguration OF
the National Bank system in 1862. if all
the assets of the failed banks had been
absolutely nil. Il tax of less than one
third of one per cent. would have been
sufficient to recoup the depositors. dol
lar for dollar. But as it was. the as
sets of the failed banks. where the ac-
counts have been closed paid - per
cent. of the depositorS. 50 that the tax
Of only one twelfth of one per cent.
would have been required To meet the
deficit, which is practically nothing.
The South being an agricultural
section. requires better banking accom-
modations than we eniov. The truth Is
that we must have better facilities. rr
we are virtually ruined. The proyi
sions of the National Bank Act. as al
present constituted, do not afford the
Recommendations we need, and must
have. The Fowler bill. in my iudge-
mept. does. and at the same time fur
nishes the country good. sound. safe
Banking circulation. elastic in it. opera
ton ana firmly fixnd upon a gold basis.
The Southern Bankers Association
Will do well not only tn advocate ii but
nress its passage hv Congress.
Il would have been pleased TO aivo-
cate Mr.. FoWler's meaS sure before our
convention at Atlanta. had | then been
familiar with its provisions. I hav"
rince studied the bill and confess TO my
admiration Of 1t;
Very truly yours.
j. s. CARR
Sneeial attention is called 20 the fol
lowing paragraph from General Carr :
letter. from which iii seen that he,
after having carefully studied the bill,
confesses his admiratio for ii. and
.L,- = --,uld Nr ou- eurrou.,.