New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-06-23

ra,,re than they will not be issued again.
and tho Reserve Association Is given
authority 10 substitute It's own notes for
The notes of the national banks thus re-
trad r. has the right to issue additional
circulating notes, paying 10 the government
an annual tax OF per cent on the first
hundred millions, OF ! per cent on the next
hundred rniilons of s per cent on the next
a,,arntbirg above $500 10000 These issues
are m he secured by the deposit Of one
third OF gold or other lawful money and
the remaining portion c oy ponds Of the
Tbe raServe Association is also given a
right 10 hold In It's reserve foreign coin.
and gold certificates are TO be issued By
The Tr.asurv against foreign coin.
The Reserve Association notes are 10 con-
stitute a first lien upon al the assets OF the
Reserve Association. Ihey are 10 be i'm
nadtatelv redaemable In lawful money on
presantation al the head Of the Office ~ the
Pes.rve Association or any Of it's branches
Thay are 10 be received at par In payment
OF all taxes and other dues 10 the United
States and indeed. payment 81 ali sals aries
Of the sovernment exdspr nose :. specifically
which the new Reserve Association is 10
take over AT a price not less than par and
accrued interest, per cent bonds now held
by national banks ana deposited 10 secure
their circulating notes this obligation IL to
last FOR one year, and this Il 10 operate in
connection with The retirement Of the pres
emf bond secured circulation in order to
provide substitution OF the notes OF the
Reserve Association and the act is 10 con-
tain a provision by which ultimately the
government will redeem these > per cent
bonds al par.
While the relation between the individual
and this system. for purposes OF pointing
out his interest, may he somewhat Indirect
and remote no one who has been forced
into the consideration OF economies a. all
can ne blind 70 the fact that tho wage
81
proper operation Of sound currency and
banking system as are the bankers them
selves. and that any plan which will lead
IN the adjustment OF the cash reserves to
avoid the stringencies and eXPencies OF a
threatened panic will inure chiefly 10 tho
benefit of those interested in tho continual
ton Of orr great industries manufactures
and business, and especially in the mainte-
nance. use and distribution Of the large
wage funds upon which the workingmen
and their families are dependent.
7 sincerely hope that those excellent as
SOciatiOns that have been organized for the
promotion Of the adoption ~ this plan will
press home upon the farmers of the South
and the West and the Northwest the fact
that there Is no legislation-I care not wha
II is. tariff. railroad, corporation or of a
general political character-tha' at all
equals In importance the putting Of our
banking and currency system on the sound
basis proposed IN tho National Monetary
Commission plan.
The President stayed through the
speeches OF Monsignor McCarty and
Congressman Lttleton. leaving the ORR
ental Hotel az ll:l5 o'clock for the Man
haitian Beach Hotel. where he was 10 ad =
dress the Canadian Club Monsignor Nc
Carly evoked great applause by asking
to be delegated committee of one TO
congratulate President and Mrs. Taft on
their twenty-ifth wedding anniversary
for the New York State Bankers As
ISOLATION.