The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-05-27
Tor a simpler Life.
Voice Of the People
A Currency Measure.
OF The Times-Dispatch

ha ui.. o, or The Dispatch:
Sine leaders of the two houses
to reach an agreement with references
TO the details OF an emergency cur
r red,s ). The experiences of last fall
porary action should be taken before
the adjournment of the present Con-
gfess. definitely putting to rest
the pusbear of another crisis during
the next crop-moying period.
at this time that the entire none
tary system Of our country should be
changed. but some equitable agree
ment should be reached between the
bridge over the situation until a per-
nanent solution Of the question. based
on sound financial principles, can be
decided upon.
Should there be any permanent halt
| of the past several months. the fail.
ure of the Republican party to act
at this time will not be forgotten at
the polls IN November, and the inter-
ests of the country demand that the
party in power overlook petty differ
lences, giving the country relief meas
| ure of some kind.
II In y my opinion. any Of the plans pro-
tional bank deposits, will result In
materially helping the situation. With
out legislation of some kind. however.
as a result of the disturbances OF
last fall will be inclined to curtail the
extension of credit and fortify them
selves against the needs Of the crop
from reserve cities and other centres
| of trade at a time when they are
| most needed there.
simple remedy would be to per-
Of circulation equal to the total OF
their capital and surplus, provided that
at least .25 per cent. Of the circula.
ton shall be 'e secured by goyernme,n q
existing law. The additional circula-
Ition should be based on securities sat.
isfactory to the Secretary of the
Treasury and subject to tax of no,
the secretary being empowered to fs
the rate for the issuance Of this cir
EQUATION at not less than Q 1-2 per cent
per annum; and. in his discretion, wher
4 tion outstanding, he should have tho
authority to Increase the rate on al
such outstanding circulation to a rate
change This method would give oul
currency an elasticity which 1t sadl,
needs, and would practically proven
| financial depression and high rates FOL
4 money, at the same time limiting spec
i ulation, during such period, as ma!
i be required to properly and perma
nently remodel our present financla
| system.
In issuing this circulation, banks
should be required to keep the, same
reserve against their additional cir
culation us against deposits under tn
present national bank act.
II The question of what class Of SC
4 curities shall be deposited with tn
i government is a minor one. and wlleth
or it is finally decided to accept thos
j covered by the Aldrich bill or thos
i embraced in the Vreeland measure, o
q combination Of both, the remedy VII
!. be efficient and all that Is needed a
i. present In either case the securl
4 There be n material and unlooked-fo
decrease IN the value of same, the In
j, creased revenue which the governmen
would derive from tho issue of tn
circulation would amply protect tn
i, depreciation. JOHN p, BRANCH,
:, president Merchants National Bank
!, Richmond, Va, May 26, 1908.