Show RATIONAL BOND ISSUE 1NATONAL ISSU 1EiAT LOCAL BACKERS THINK OP THE SUBJECT 2VlIAT rIle Deseret National Will Subscribe t for Fifty Tliousaml ost of the Hanks Regard It us I 1ooc In 1 vestnie nt The 9cai I banks and bankers are taking considerable interest in the proposed bond issue of one hundred million dollars and the national banks have been asked as to wliat amount of the government loan they would take Herald reporters have interviewed some of the leading financiers on the subject and they are not at all unanimous W S McCornick when asked what amount of the new loan he would subscribe sub-scribe for if any answered Not a dollar In the first place the interest in-terest of 3 per cent is not a suflicient inducement xor a western banking lirm need as an investment Furthermore we all the money we now have m this part of the country and cannot afford to take any part of what we have and store it in the vaults of the national treasury In place of using our own money we should endeavor t bring It here from Europe and in that way keep our own money in circulation among tne people Mr Burton of the State bank could not give an answer until the board of directors di-rectors had been consulted Mr Stoutt of the Utah National bank would subscribe to the full amount of their capital stock provided the present pres-ent restrictions on national banks were taken off The laws should be revised so that a bank could issue currency to the full amount of its capital stock and the present internal ta of 1 per cent ner annum be removed Then in place of the banks subscribing only for the minimum amount they would tako the lull amount of their capital thus UOUD ling the present circulation Mr Knox of the National Bank of the Republic says they would not be justi lied in taking any of the loan under the existing restrictions that are placed on national banks but providing the internal in-ternal tax on circulation was removed and they were allowed to issue currency to the full amount of the capital then it would be possible to subscribe to the amount of the banks stock Colonel Donnellan of the Commercial National bank thinks it would not be a wise business venture to place money that is in demand here at almost any rate of interest into bonds at 3 per cent but providing the present restrictions were removed then the national banks throughout liberally the country would subscribe lberaly Mr Hills of the Deseret National bank has telegraphed that they will take 5 000 of the new bonds James H Bacon of the Bank of Salt Lake says that as an investment he would not subscribe for any of the new issue of bonds He is not looking for 3 pe cent investments as long as he can get Utah security which is better than bonds at 10 per cent interest This of course is looking at the matter from a purely business standpoint I the element of patriotism were involved and money needed for national defense he would of course subscribe |