Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1903-10-21

s1.2677,1s3.e4s gold con, including
bullion in treasury.
"s555. .S53,494 standard silver dollars
"Si0l ,S67a2 subsidiary silver.
.S17 $40 600 treasury notes of 1890
"s346.6s1 ole United States notes.
"S4lS,5S1,975 national bank notes.
Total, S2,70S, ,693.662
cat the same date ther,. was in cir
culation:
..s620,375, 159 gold coin.
1884, 15o,919 gold certificates.
"S72, ,95e,012 standard silver dollars.
"S455.92S,SS4 silver certificates.
49,. 2.S70.952 subsidiary silver.
"$17 S50.2 25i treasury notes of 1880.
"S3S5.377,56S United Stf.tes notes.
1899, ,3S4,aS0 national bank notes.
Total, Sass, ,902,l7s. making a cir
culation per capita of $s9.So, compared
with s2S.55 on Sept. /, 1907.
In the opinion of your committee
the most serious need is the reform OF
the sub-tresisury system Il such wise
that the money withdrawn from the
banks for custom duties, as well as in
ternal revenues, shall be deposited IN
the banks and thus be mlde available
for use in the community from which
it has been withdrawn. Such reform
could be inangurated by giving TO The
secretary of the treasury discretionary
authority to permit depesi Is to the ex-
tent of so per cent of the capital and
surplus OF national banks of customs
receipts as we'll as internal revenue
receipts guaranteed by securities ac-
ceptable to the secretary of the treas
ury. Such an arrangements would rem
Ger impossible the cmbarrassments
which have frequently occurred as the
result OF treasury accum llations.
Regarding the question of circula-
ton. the first and most important re-
quirement is the Immediate repeal or
the present limitations of 100000 per
month upon the withdrawal of eircula-
ton, so that the expansion and con-
traction will be automatic and gov
srned by the surrounding situations.
Under the present restrictions many
banks are unwilling to issue currency
for temporary and legitimate nee'is,
which they would issue II they Felt
certain that their currency could be
retired when no longer needed.
Emergency circulation could, with
in careful limitations. be safely per
mitted upon the actual deposit with
the treasury department of securities
acceptable to the secretary of The
treasury. And upon such deposits cir
culatlon could be issued promptly to
meet actual emergencies. which wolild
not be possible If time were taken tor
the examination of general assets b.
the secretary of the treasury and
comptroller of the curren ". tax of
G per cent per annum should be mn
posed uron such emergency circul1-
ton to ensure and hasten Is return to
the Issuing bank: this tax to be set
aside as a safety fund 10 secure the
United States treasury Tor the re-
demption of notes so issued. This
circulation should be Is
sued without any distinguishing mark
from other national bank circulation
except to substitute the words Sc
cured by bonds approved by the secre-
tary of the treasury instead of the
words bonds of the United States Tor
being amply secured. shre should be
no discrimination against 1T beyond The
6 per cent tax.
ITO further liberalize tile circulation,
your committee recomnlt nds that the
United States tax on circulation should
be uniform on the issue of currency
based ON all classes of United States
government bonds.
.Tn the Judgment of your committee
these notifications of law can be au-
thorized without damage or discredtt
to the national bank circulation, but
your committee can not recommend
any step that viii tend toward a re-
turn to the miscellaneous circulation
which prevailed in the country before
the war. or any step which will disre-
gard the history of finance among the
commercial nations of the world, nor
can ii recommend that ary note should
be issued without the certainty OF It's
redemption in standard coin of the
United states.
THE above report is signed by:
CHARLES S. FAIRCHILT,
'.H, c. FAHNESTOCK,
..MYRON T. HB2RIcK,
.'It1MER S. KING,
u. j. MITCHELL.
"In the foregoing report I am i'm
pelled to dissent from the recommends
ton for the repeal of the law restrict
ing the redemption of national bank
circulation to s3,Oo0,0oo month, for
the reason chiefly that II seems to me
20 be inconsistent to in tire same report
recommend method for an Increased
circulation and to insert a provision
urging means by which the circula-
ton may be, at any time diminished.
With the exception OF this dissent
the foregoing report has my hearty
concurrence.
GEORGE Q. WHITNEY.
Respectfully submitted.
JAMES r. BRANCH.
Secretary"