The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1903-06-30

hazard. When you take this into con-
Isideration the question of paying inter-
est on time deposits becomes a serious
menace 10 conservative banking and
one that is entitled TO consideration by
every bank that expects to live through
ladversity as Well az prosperity. No
department Of a we'll managed and
we'll balanced institution should fail to
maintain its proportionate part of the
general expense and when this is done
still show a living profit. l know Of
banks who strive for a large volume
of business irrespective of the question
Iof profit. Such banking is very risky
at its best and l rejoice to say is the
exception.
A large number Of new banks in
co~rporated this year Ia been invited
to become members OF the North Caro-
lima Bankers Association and thus start
their existence in good company. We
need the assistance and cooperation of
levery banker Our association has done
wonders in its short existence and to-
day occupies a dignified and highly re-
Ispected position among the different
organizations Of the state, and with
the increase Of banks and the conser-
Ivative and just operations Of the same,
I've will win the respect and esteem
entitled to a branch Of business that
must Of necessity be of the greatest
aid in the development of the welfare
iof our beloved state.
The most interesting national ques-
tons are the agitation of currency leg
|~islation and Mr.. Aldrich's bill to amend
the independent treasury law. Both
bills ten in the right direction, but
Of the two l think most relief will be
by the passage Of the amended
Fowler bill which permits a moderate
OF the national bank cur-
.rency. 1t is questionable, however,
whether this or any other bill granting
similar benefits will pass congress. The
very people who would be expected to
support the measur for different rea-
son either are out-spoken in their OPP
position or take no interest in ii what
1t is opposed by men who have
for years for more currency
because il would increase he circula-
ton medium: ii is ~stigmatized as i'm
prudent banking by men who are per-
~sistent, if not consistent, opponents of
banks; it is described as dangerous
though supported by years Of expert
ence both here and abroad, by men who
would, if they could. frame a financial
that would violate every feat
ure OF foreign and domestic experience.
The national bank circulation bears
a very small ratio to the banking cap
ital and TO the wealth and business of
the country. Every person who is at
familiar with the facts knows that
the reason for this is hat with the
advance of bonds it has ceased to be
profitable 10 deposit government bonds
to obtain circulating notes. Again, the
requirement that government bonds be
deposited as security for circulation
never was due TO considerations of
safety so much as to provide a market
for government bonds-to induce the
banks to lend their capital to the gov
eminent when they We're in desperate
need Of money. The prohibitory tax
of 10 per cent. on other circulation
no part of the original law, but
an after thought due to the fact that
in some localities, state bank notes
so we'll hat comparatively
few banks Of issue would go into the
national system.
The national bank circulation has
enough ~feXibiIity and has about
spent its force. There is little or no
increase in the circulation IN the sea-
son when most money is needed; there
is little contraction and often an in
crease when the need is passed. his
great. rich and prosperous country is
~disgraced by a dangerous monetary
.stringency verging on a panic which
recurs as regularly as Providence
blesses the country with a harvest and
the more liberal Providence is with the