Show association anguil of pr joba P odell pads held atlanta ga oct IS Follow lne ie the addrece ot free J delav brej before the bankers association yesterday A year ago at your convention in baltimore a plan for the reformation of our national currency eystein waa adopted and while the of the did not meet with annl vereal approval the action of the convention gave rise to a extensive agitation ol 01 the currency question tion both in and out of anil a hrvat deal of valuable alo effort of the association to deal with subject has not been fruit leee abid it a to be hoped that the nei tation atin will continue until the govern merit shall abandon the issuance ol 01 notes and perfect currency system diall bo adopted the evil of 1 system ere never more apparent than today during the period since we last met together our country has through an experience that will not eoon be for rotten follow ing of universal uni vergal liquidation and diet reee the country wae confronted by a national treasury forced almost to the verge of bankruptcy ad wae saved from only by the heroic and patriotic action of a wise wd courageous president pre eident for weeks uncertainty and condition prevailed and were not allayed until by the safe of large amount oi bonds the government recovered ite gold reserve that this expedient offered but temporary relief we have had ample evidence and the signs are not wanting to indicate that we have yet more trouble in tore unless ire dball depart entirely from be present make shaft and pernicious of rovern mental note issues monetary system based upon the standard v hae received the in dor of the most civilized nations we may feel assured intelligent and energetic people of the united slates will develop and utilize to an extent beyond the dreams of the wildest visionary the resources which calure haa with such generosity bestowed upon us until at last we shall take our true place among alie batione of the earth the foremost in prosperity and moral worth which will be manifested in the advancement of our arts and sciences and in the day life of our people today were it not tor our uncertain currency system ne might well congratulate ourselves ours elvea upon the condition of affairs abundant crops have rewarded alie labors of the husbandman the wheel of industry are moving more smoothly rapidly confidence is taking the place of doubt assurance of hesitation hesi and altogether the prospect but or one single cloud ie full 01 en with the increasing prosperity of the people we may hope to prosper even ae we suffer with them in their misfortunes to ns as bankers is committed the duty of maintaining the credit of our people this we can do by abiding by those principles of Unab cial morality the of which time and experience demonstrated upon us ae an association rests the large responsibility to combat error to contend for the to assist in alie standard of commercial and national honor to extend the sentiment of brotherly is our mission are we capable of discharging the trust I 1 think we are SCHEME governor ex of minnesota read paper entitled the currency ef the century in which he outlined a currency echeme his suggestion was that eay ta per cent of the capital of bank bo in united notes and the circulation be issued against the same the bills remaining in the lianda of the treasurer and currency to an amount equal to the remaining 60 per cent of ane capital stock to be delivered to the bank for issuance when desired before the unsecured currency is forwarded however each b ank should pay to the treasurer sum equal to S per cent of ite capital stock a a bank circulation safety fund upon which money the government should allow interest at the rate ofa per cent per annum the government ern ment in case the besets of insolvent banks be insufficient to reimburse it tor the circulating notes of defaulting default inz institutions may assess eacle bank in the system pro eatn to an amount sufficient to fully indemnify it or any losses incurred but in any oue year no institution shall be as more than 1 per cent of its aver aee circulation for the previous year inasmuch as there arc likely to be at least four thousand banks organized under any national w the treasurer might act redeeming agent for all of the banks and eccli bank should at all times keep with the treasurer surer 6 per cent of its capital stock as a redemption fund which fund should be in gold coin and held in trust for the specific purpose intended ai fast notes are redeemed the bank should at once remit a sum eliat would impair ary ar y deficiency fici ency raabe by the redemption and new notes be forwarded inasmuch the banks would make a profit out of the circulation not secured by united states notes or sherman notes it is right that all of the banks should pay a lax upon the unsecured notee to the government for hie privilege accorded them this tax should be made bif large to pay all the expense of the office of alie comptroller including the printing of bank notee engraving etc to pay the united states for the charters granted and some revenue which should aid in defraying general expense and to make the currency elastic every bank desiring to become na should pay a tax of 2 per cent per annum upon it average circulation it can at once be seen that whenever and wherever the demands for money are sufficiently active to enable banks to lend their fund at prices that will net them over 2 per cent there will be an incentive loput out the currency but when it la worth less than that amount r it has been in vew york and boston for some months the unsigned bill would remain n the vaults the government would receive beveral dollars per annum into its caffere to aid in paying bills as a return for the privilege granted the banks in addi tia the interest on the one hundred millions in gold now maintained in idleness would bo saved and the call ant anto use instead of being out of f le ph annele of trade there being no further use to ft gold reserve and lie bulk of the greenback and sherman notee would be as a basi for currency pur rency or as a reserve against deposits o 0 banke that all parts of the country might have the advantage of national banks the bank should be per untied to organize with a capital of or even leas thus encouraging slate banks to abandon their present charters banke desiring to organize under this plan bo examined by an gent of the comptroller and permitted to begin a only upon a certificate of the examiner duly certifying that the capital stuck ha been paid in in actual cash nj lliam chawn poke on the utilization of lawful money reserve through bank clearing bouses in relieving money ind preventing several report were and discussed |