The Washington herald., 1913-03-16
UNIFORM NOTES
ARE ADVOCATED
Would Be a Great Saving in
Both Cash and
Labor.
SECURITIES WERE QUIET
Local Shares Higher-No Life on
Wall Street.-The Years
Record.
By I. 4. FLEMING.

Record.
By I. 4. FLEMING.
There is much of merit back of the
suggestion that has been frequently
made hy bankers in favor Of the enact
ment of q law for system Of uniform
bank notes
From several standpoints there would
be economy. assurance of lessening OF
the CounterfCitcrs' work. freedom from
waste of money that goes on every
day in the year in the cancellation OF
national bank notes and a convenience
that bankers and the people would ap-
prrCiat-.
There are over 7.iCO national banks
and the number is increasing steadily.
The government must Derforce have
p.&;es on hand for each Cf these banks.
not one but five plates, engraved ana
ready fur use, plates for s.. 81 $50 $50.
aGG Slcr notes. tAc five denominations IS
sCed Dy national banks Each and every
hill OF the millions national bank cur
rgncy c.. cu!at.d aEf also destroyed each
Yea: must have tHc SIGNATURES Of two
officers q tn" circulating bank. mean
irS large amount of time used in the
t.,sl, OF signing oank notes.
Tie Uniform Trtr Plan suggests that
tie government issue al tn circulating
note: aud all produced from one or more
set" OF plates. not specifying any par
cular bank. but furnishing them as de-
sired t. all banks. on the same security
back Il them as now back of the ma
tiUuaI bank uOIrs--a government secured
cur-ency-hacIed bv government bonds.
There are something like $6oO."o0o0 OF
atioEai bank notes i'm the Treasury
which should br used before the pro
posed uniform bank note m"asure should
10 effective.
1t would il, unnecessary TO destroy any
c':rranrv tit ioI circulation. even when
iank dcsireG To reduce its circulation.
- a. pr, sent. hat III. government could
IL ssrr IN, u"t'S.
SIX Instead of $1,000.
1t is claimed that the new notes would
really haNC bat six varieties. instead OF
the $1.rmr-odd now in circulation. the
sixth coming fICm the addition ol the
81 note to tie uniform currency meas
ure An added assurance against coun-
tcrfeitinE.
The government will not receive ma
tiunal bank notes in settlement of banks
obligations. but Will accept them in cN-
change for United States nOtes-a round
tir-buSh III, thoT-and then destroy the
bank nutes-yalng on the national bank
I" send into the Treasury cash for the
t"nTeItu notes.
Exchange of soied or worn notes
would be an easier matter by far than
tho present process.
Advocates Of the uniform currency
mote urge that III" owner of government
bonds, trust company. State bank. or
Individual should be given the same
rriviIeG" in taking out bond secured
cir. .ulation as the national banks ENJOY.
It would not involve danger to the cir
CulatinG medium and it would make
more elastic the currency.
The Nonsaver.
Prof Simon y. Patton. of the Univer-
sity of PennsN lvaua. has this 10 say of
the uOnsaver of to-day:
The uousaver of earlier generations
was an extravagant individual without
family ties or social motives NOnsavnS
to-day is = bud=etary pressure forcing al
terations in the fymily expenditures. Tn"
non$avrr is now higher type of a man
than the saver. just as the saver was an
el.va tion OF type above the extravaganza
OF more p! imitivr men. This higher fam
ily aims to create Il flow of income to ell
ioy and not an accommodating fund for
future support ltS striking efforts are
manifest IN the pressure 1" reduce the
birth rate and to delay marriage. The
budgetary equilibrium is attained not by
the family to higher social status where
more efficiency produces the needed in
come This means an increased demand
for education and a delay of the tlnle
when children enter industry.
ECONOMY j. forced on each generation
Of parents to put their children in a sta
tion above their own. This economy
shows itself not in H personally unused
fundr but in an intenser use of present
I,aN- II 20
income. is fully used. the banker gets
no IrTw funds. deposits may even TALL on.
and vet by III" pressure the family Is
elevated in social position through the IN
crea sd earnings of the son. Measure
by the year and there seems loss.
But a survey made after a half century
would show more earning power and
better adjustment of income to eX-
penditure. Progress is by epochs: fail
IIr. shows itself in short periods. II
forms the temporary curves that delay
but do not prevent the rise of standards
and the increase of welfare
Local Securities.
There wasn't enough doing on the local
market Yesterday to make things inter-
esting The common stock of the Wash
ington Railway and Electric Company
was held at 90 none under. and there
were no transactions. few odd shares
of preferred brought SSaS Is but not
enough to establish market value.
There were just many rumors on the
street as there were on Friday as to prob
able good things in store for the COM
mon shareholder. hut nothing definite.
A little Gas stock sold at S6.
Gas SIS brought los 1-2a1O9 and Capital
Traction 5s 10.
Wall street slow.
Yesterday was one of the dullest days
OF the year in Wall Street. But $1,000
shares Of stock We're traded in and the
fluctuations were within the narrowest
fractions The bank statement was bet
ter than expected, but interest centered
on the Union Pacific Company's efforts to
come to an amicable agreement in rela-
ton to disposing of its holdings of South
ern Pacific stock.
The net changes were not worthy of
special comment
Dismi issed.
The District Attorney has dismissed
the suit sta-;@d some months ago
against the Washington Utilities Com
pany and directors of that corporation.
At that time there was no law to pre-
vent one corporation buying stock in
another corporation. The Washington
Utilities Company purchased Railway
and Electric shares and il had a right.
In the opinion of legal talent. to do 20.
The passage of the utilities law places
operations Of this kind in the hands of
the Utilities Commission and removes all
up TO the commission to decide.