THE DAILY ASTORIA N, TUESDAY M0KNING, JANTAUY 4, 18M
REFORM OF
THE CURRENCY
Report of the Indianapolis Mone
tary Commission.
PRESENT SYSTEM'S DEFECTS
fiovcrnment Should Co Out of the Banking: Business and
Greenbacks Must Be Redeemed
and Retired.
Tlia cmiimlMlitn KH"'I'1 ''
llanu. iikxixfttry cilivniia
Hie in.
Iirid un
Jiwumry lit, 1K7, nwl In WaViliitflaii M'li
tamlx-r C on4 ,'01ril Bn imi'iilun Mr
Ormlir 17, 1101. Ilii ijv.ii iiikiiiIm-im ot
Ilia cu.iiuilaalou wvr Mara. ttDorcn r .
IMiiiuikW, llnivn I'l IKhloll, K. U.
llui. V. 11. Drill, Ctivka H KalMHIO
(luvvaun Kati, J. W, Krli U. .V
lainuil, J. Laurel ltiiiilillii, I'.
Mluai'l I'attntaun ajitl II. H. 'J !" . A
(Ian
in Uio for ii of ruMtluim (to b
mlor iinair4 lu cuiiimva In a di'taiioj
lllll. I pm;rlcxl liy a Inlnf lil of 111"
r.il. in .ill mil (IflU to lllom. A I'liu) I
u.'l III tHik fmin la tu lo lul -r fcltrn (J
tliu i.utik'.
'I'lm roimnixaliMi r'tkHl iw lliair rvlla
In (tin itiiitiloii Uis timHMic uf 4 iry
latja tuiiuiiiil of af'l tinlll oiiiriuuy in
utit' wmrrtl, iltci aiia'ni0 i( un fjiia-
Ui, n ull.4i ultil lu mi niwiidiim
..un. r. . Ilm vliv-ualitun uf Umi dlfrort-m
hnl f 4iioMy ttavliitf ilirrrni
luinlir .imil, tlw iinixng uf au many
duliara uf full l.- tu uUr nuaiity
!.,.: va;un l.ul.iii ma Uiun olio. srivrn rui t'tiflin'iiu oi aiM .iit-n.n-iu-
half tliiir fnc Value, all iliieijml dlfl- y tnaka amull di-niiMv' on the Bold rweer
buili.n of bttjikma f.utiia Ihruuirhoui of rne otintry for jvdninimon. a
Uio .-i.otitry; a ayMraii of iMiik Iuum iwj- pla. o In uiu clrciialion for Inrite rh ine
cuird b) iviida 'V bi h ahrluka 111 Uio fa. e alionld to provld.! for the lvr dulMra
mi I tit ,.lln. iL.vnl.drii I .J . ..I... In ti.i,i.nt I llV "llVi" 1 .lt'l fll'a I tV
and. of li,lirl, lo wtiirh ,b.
.Ih.v, c ...ributo Urn. Iho unr.r.
lalnty li lut Imh pro.lii.-ed at honia
UI..l .l. 1 .. .... i... .tt.m i...
payment" "ball .ulitlnim tu tie.
tome atandard of value dh.r g.wd re
bad niuat bo n fact A.t'il.t liy every It wmd a fully occupied ; and, If I la r
ciuntry. The atat.dard nuut have mar- .biiurtion l nMtiiml, n ivnen for it
kct value aa u I'oiniii'xllly Imli t.-ii..-niv iwoaentattoti wilt arKi-. Althmnrh i:.
of any itoveriinieiilal flat uih of J eital. Tll.TK! of ailver dollar pe'e, with a aotim
tend.r aw, It inual la- ilural.l.-. It miaat ka-aKO of more than V T rint, tl re
tie lioiii.iiiotiiviua, l imut have a rm- liailn" aa III" evidence bf a ttanger to the
mum of value proportioned lo ta bulk; etflatliw Rodi alundurd, h tinatlon may
II munt linvei ii a cuiiMn.allly. ..a atable bo loft to the. future wheWier aoine part
a iimrk.-t value aa allib, and n (.nler of lha allver ilnllara aliould lie withdrawn
tu aecuro ihe titabillty of th.u market and mid a bullion.
mii.', the r.',.n.in fwtwovti lla aiiiply ntul
denmnd muni be aa conal int aa uaalbe.
lul. aluun fuinila three, conditio la. ,
AlthoiiKh certainty aa to the Miaudard ,
ta the very ramala of biwtit'aa rrm.M-r. i
l, that haa b on lamentably tl.-'nt in
our tii.tualrt.il hln.oiy. Hlo-.. 1WJ tii,,
aoid alun.lar.1 hoa bivo aiintilaAia.l v nu
lnc.iv.vtlble imiH-e ...iwt.r.l ft,..-,,,. ....
diirlnif aevoniiwat yeara fnn lui l.i S,i
rll(j. on thn dollar: In Ihn nuunlnluir nj.r.
I..I .h.. .aail,ihiv .,r a e -'
nvtored uuld Mtiu.le.1 lo .iu.m.
conatlliibM aa to ha about nuo-hnlr m
vuluei Ii.ih b eoiiiajiii t..
Injury to III.. ib'V..,.pin.n uf our country
by thla iin iertiilnty tiaa Jieen (n. nl.Mil.il.e,
and Wio Utf hnvo tlaon lo humlrcda ot
nillliiuia of dolliara. In thcao yearn, while
Min United Htalea him lieen auff-'rlnir un
told illaMii.' ttUuv oun!rtea In which
Win atandard ilma rema4nI uiiuea;ionefl ClniT tuiHt,Hi rolaUnK" to the taauc, ex
Imvo litrrmaot th dr triuln nnd ivrodnc. .hun. vml rlJniton of t'V currency.
tim lo Mm hlirh.nt ailnt rver rcnlUed In . II W"H (he riwult .if ihiMihi.h1hc." and
their history. Thla uncvtultity nn lo tha onion-envy; It bwend the rntrvhaeing
atnndnrd In iw'hlnh Brli. nnd contr.u'ta imwcr of Ilm exldlT' pay and the gen
h,i. Im. ii cxpr.w,.d li. v.m an undue ) ernl ana of tabor liroirton; the coun
Iceiiiitlvo ciharnclor to Indiiatry, ind 1 try. liy divrwdaainK ilndn.rd nna
p.i. ..l lu. BiiKill. r iimIu. er nl a dand-1 Iimt.hmIiik the ranc of prlcea It mimed
vniilaite relatively to the tnruor n'nliu- an emvinoii" lncrcae In our national
lalor. j Jelit; by llxlnir the atandard In a vaclliit-
S'i Ion' na varliiiUna continue he. ! inr pai-r currency It afforded ovportnni-
twiin Wie viilmw of irnld nnd allver. only
.in- or in., oiner can no uae.1 aa a aland-! oral cxngK' 0,,r """"-"''i ""- notea will be na aoun.l aa the tmatneiw
nrd. .Vl'lhout entering Into the renaona! II haa educated Iho hh1o h-j uaed the ,,.,.,.,, ,lf nll0, ,,, Thl, blink
-nhy ill. rolatlvv vnrlatlona exM. orlfalairii.t pcmilm. of 'Iho irovernment In,Mlo v.y nomro of the Imnkhitf hnaimv.
without dlaciwalng liny auggiwtloiia na tnifalan notluna cono-riiliM! money; It accna
h.nv tine yarlallotia nmy 1. romov.d, the'
fn.t niuet U- rcofii1.v titi a ih.w vnrla.
tluna nmw exWI. And If the choice la to
Im mado bolwoen gild and allvwr It la
cpMir thud, Ilia xlatlng gold alondiuxl.
upon whlrb pnaenl cinulrn.ta hnvs been
In fail Inland aln.i. IM7S, rtio.il.l i)ie main
tained. A dlallnct announcement In law
would effitimilly retnovo all dlrrtniHt onj In volume by tho law of ItA creullon, and
Ihla Kilnl for the rirture, nnd the rrcdflicnn nellhor cyn'lract nor expand In re
f tl' Koverrancnt at homo twid nbrond aponao to th.we vurylng condlllona which
voii.l lie Improved, In the anvlng of many I are bouml to occur In the iiffahn of men.
rnllllona lo tho taxpayer In lowered ratl
of Intcrmt on our lideltcdiH. An Ihe
nrot and mlaprnallle elotncivt of a oounrt
inoni'tiiry aylem tilw nt.in.lu r1 aliould no
only ho dlallnctly declared Un the law Imt
clearly llxil In the mliulH of tho pontile,
liy the eonoirnrfn" hnblla of mo.lern clv.
jlied nnlllona 'throughmtt tho .world, goln
. i. In fact been rhTen na Uhe atandard.
Any country wishing to maintain trAde re
allaia wllh fhA moat nllghlenei conn,
trloa of Ihe world nvufft noooaarlly bnae
1 1n kr ITanniu-itlona on the sme choar-n
atandard.
It l clear iffliat tllie mtal (elected aa a
atandard K not In clvillred land! the only
itrtli'c In u a a medium of tiKchaiiit'
liy erratlug al.no.He trust In Hi ertaii;y
uf the Mamlanl, uaeftil tint wife media
tif i . Iianii" are abundantly providid out
of the inMimKTikU hiilrila uf rtxifitiy
Tim dnmoJal fur "more mowy" (when il
i imt a mlntaknn cry f.a tnora wcaltn
or rapt'al) cannot powdhly be anltalbd ly
rrralliut mor aUndursU, or by ralslnf
1 xilH a to wtiwl th lJUUr1 h(iul 1 l
liy taking rare uf tha 'luallty, tha luun
tlly of money will take cam of Itself.
T this '"I gn-al simplicity aa to our
standard li..ud t est aid labed. Iiwan.u-n
tut a arcliaui -soao of .luatrust regarding
ixir standard III rce.".! year ha m
th forced coinage if .lvvr dollar. whnh
imw carry n wliriiliiiir of ovrr U) rr
rpnl.. ft la m-M-nt rtiat no mor- ailvrr
ilnltnra ahmilil ! coined; Mid that Ih"
iwrtiy with aJl of Ux lrvdy liil
ahiMlit lo rlcinniMiy nutlalnrl liy ("'"
and dkrt r.-lrtittlon In oM wliwu-v-r
i.riitrd 1Ih irin'rrpjnirnt ricrioil lin
c.nt. In cild. or U r,.ilvnont, for every'''""' -'-".lively and wthi, re.!ucln
allvcr dnar lir1; and Ita honor fiiuiuiy
rMf.ilr If ltnr ai inof oiilnUw1lr.it
ill" hI- vh. lu IfH"1 1'" ccira ii
"! In rHnrn lr Winn
In or. I or tn.n .
i
the nn"tlnr aver culnaice mty, howevr.
forb.d.ll.. tho tuc of all n other
Ma.n ..h-r o.ltWc,. IhJow t.O. H
tlalnif allver ixnir will quite nearly
ni I. n i,,l,,i jim tt the dtf irimlmi 1 lolia l4
II. 13 and IT. mmr In ie.
i m.irk .nun i
Ihua be tflven It allver money by which;
......... . '
liKMANU OHLIHATIONS.
Another biatriimeiitiUliy by which the
alnitalnnd hail lwn threatened cxl'ta n
the uiar priiiiili" of the governmen
to pay on donannd. Th""' iMdud not
i'ly l-l'l H.alca mil. (-re....b.cka)
tail Um ireiutury it of which alo
Imvo the ini t.nI.T qun'liy. It truiiH be
rwwIM 1ha. fr.n th ndoi.tlon of Iho
t'oivMtutlon lo tlho
lvl , mily Rvild
and Hllver nuib full i.i tender. It
" Mnw lo rtAum to the aaf faltli
,f M,r fn,t""
Thei lanue of t'nuwl
Stuti-a not. tn o)i t.r waa under-
t..U. n ;ii luii.i'Mnre it'tlie no.-ca 'try di".
tlMClllin la-tlW.Htl till. IV.".-!!! dlltllW Of Nit
tn-aaury rvlalliur Ho the recelit and U
biiri'ne iit of iiibU ro.vmio Mod ta mon-
Ilea for np.-ulaton on irigunllo rcnle,
turned (ho public mind to Iho Idea of act-
tl lute drln by oth.T nicallH th.n full
viiIimi nceH-i'd; it Bia,vitnil that the pa
p. .li rlv.d ta value o.dy fivni the "gov.
envmonit nlnmp," nnd became the root ot
ovll i recent achomea to ncalo ndibed
nraa bj' ohip .money. A paper currency,
moreover, rmi'tnl hy lelHnton, W. flxe.1
Nor la t trua that our govorimncnt puper
hoa bocn a "loan without Interest."
Blneo a riwrve n iNiith munt bo provided
for demand obligtLtliMta, tihe cowt of thwe
reacrvea mut alwnya be tnken Inro ac
count. Owing to tho atimi'.ta requiring She
rolBHiie of th.tte notea, the honded debt
haa ben Inoi-easod hy 'more than the total
amount of l'nfi"d tuit.a not..; ihe not.
have beon repeatedly redc-omed; and yet
the whole amount of thla domand liabil
ity la still outstanding. Tho protection to
Uhe demand oblliiutlona of tho govern,
jrient uw-'d aa money Is at preaant only
in tho general fund of the treasury, ap
plicable alike to fuical and monetary
heed', From this foot grav confusion'
turn arlaon.
Th existence of 0 large an
amount of demand oblKUn in th
hand of 'Ih paopla afford an oppor
(unity lo lll.dlpoM pen-on to mnbar-
ro) h treasury In Um of danger or
war, whrh ahoud not bo allowed to J
Int. War, a failure of rovriu, a com.'
nwrrlal revulsion an Alnvtlon. a W(1.J
tirtV.nl 4iy 0f ulw(ff mjfjvonillB1
imdlton, rxi'Klriif nnn and Mien t-aJilo.l
tnltthl cauaa I ho lr-airy lo bo dciilftmi'
of lla old Mid IH noli to ) IWio-iored. '
It U a daiwort-iM WHUint-aa In our (.yntmn'
that Uiday tl.o dwialon whotlw our man-1
durd ahull nwitt of gold or Hvr-r nata'
J:H Un. ..xtvwilyc, Tv tuth'vr In
Kh iifirn i,f o l,ri( J.v,,,,,,, ,),.',,
,lm I'iiIIkI t(iii., ... I'MfniK?
fr .irt Die fio iii,i (Im vi riniM-iit not!
in a J.llm .roMTy lo (rot.i.'t Ha ifulii'
f-irvn. Tlicaa rorrvea aro ihimI i.1
iiliar k, wlihotit ar.y pkuum of ri-tmn,.J
-" im un in inn niinin or imiika winn
lilii in n h ! iHinkliiK ri'wvvit. Tli-.-iI'Mm
aii of tiir )ri'iii niiiuiinn
l mfii ilur n'twn h a undcnttoxl Unit
If llu- if.n.riun'iii nlni-it.1 r.i niiy l'iilit
n to ia ulijliiy to rnli'iin Im il-ni.lint oh
'Imiil'MiK, (h.ii a .rthrr forma of the ftir.
rMii ' d'-H-n.l,.n( iiin thu ImrHnJnr ot
our lawful tiifiiu-y hii'iimo of ihi.-.t(hh
vnlur. II.'iki. ii dmil.t mm (o jtkM r
ili'iiilll(in dy tin- ifinTimi.-iit thrwa dla.
iriil'l iiml .liwitd upon th ni'-ana f ;i.iy.
Iik-iiI hy nvi-ry (liuiiuliil liiNiilnt.in of the
rotnrf ry, mid rU li ni-rvoua trmr
i'ir..u) Hh.,1.1 iiif.uilx.il i,n of tr'1
ai'd roniiiK ri i'. "Pih Iik!iIh-( ici-atnn aa
10 iln niiiul.. f ih li-iHiiry au tnrr
iimtrly .iffi-i Hip irii'ii v of ixir coun
try (Ii m l lni.riiiv- tlmt Hi" Kovi-rn-'!
' i-lio l l i .! to on-Ljiy Un i-rltlral
f . 1 1 t t In cvurl to thi miify of ttia
.Kiiiwry. ft, in u n Dm morn true whin
H l n-xii'.i d i.'m for rv ntr'n yr th
ifovxriiiiH-iK m.id n' prftrnra to kep
l!a .'inl.-ii, nit I Ihx r.-inalitliiif f.Kina of
rnrrriu y of tti rinmtry had corr--K.nl-
nlv lirrlnrii-il.
A .t flft and inii.,J i-i) m ;Iik
' friii, Dir ruii'la of t!w lraiiiry cmn'li i
' (lli l!tii i-iim iu y IiimiIiI to kr( ilia
lliiiiit rrjni iln.-. .,rinnliiK tu Income
'.iiid oiiIko ly ii-:iiilnR ihrm to a dlvVI in
i.f la. a n. I K di inml.in. To In irtn. from
.tic f nl k;m-I( of u. In Ihr trMry.
a r---rvi- ahiul.l l.r arnt In lh! dvlin
ini iui!liiif to s -r cent of tlii total Jc.
.rnKl ulilntalloiK of 1lir tr.six iry, to-it-tlii'r
M a Mim of 5 r cent of thi
'iittMtntblln alive culnu.. In additljn.
j tlx- aii ritiiry of iitv Irramiry la author
I U-d l ia-11 liomla f,a n 1 to m. any
I i-miiU .Hfimiid for mtaiiptlun. So an
I m ihla Hinnorlty la itraritrd no furth'-r
I tmtoti ll vw r runrd aa Io thr
I K-llllianiiua n1 alHlltv of th. tr.Lury
' in ril"iii Ha ilwtun-1 ot.li;alliiii tn
K'il'1
Th" romnil.-tiin nHimm.n.l tho rntlrn
"'"' r. ir.w.,..n oi ni wnwnt
Hir nimny. in oiIt that thta may tx
i my ni-r iiM wiion or our trti.i,.on, 'he
KMVrrnmi'nt imii-a ien ilrme. ihmM
i.e at otiw rancfllnl up lo the amount f
M.nininu. Aftc tiu amount nh-ill ave
b"in paid an4 ram-Jlrl. the tr.-iiry
hal from unw to tim cancel mi.h fur-
j thor nmotint of not- redrfimrd lirrlnR
ttic flrel nve )inr aa kIki.1I eii. but not
jixm-d, Uio lrT-nai of naSlntiil Sank
iK'i.-a tu.. nulmtncnt to the UklnR t f.
I f-M ( of tie pnioi-d ai t. If at ihe end ot
U" - - I" -t
lh" "" ' "r I'nltM State,
i iM'K-a n-.m ir'-siiuy luiiea :.nail lie out
I '.alvlltiK. it aum not ec-r llnif ona-ftfth
" m.i... ...I.,..,.., Fmin i- re
I fir.. I ...... . .. ... . ...Au .a
' rtr r
and at the end of en yeari after the rK-
ikv of Hie yo ,ieil .-t ijic I'nlted Stnte
totiM nnd Trraaury note then outMnnd.
li.K ahull riaae to be .r,i tenlcr for all
dolfia ublc an. I private. rxcit for due
to Ihe l'ntcd Ktat.w. The coimnlion he
lleve that a bettor nieilluin of exchange
.tun ker In rvttvialiiir t. the nm-da of
iHirin.-m tiiait an JlielaMIe gnvcrmm-nt pt-M-r
ran be provided by a wcll.ndjuirt.i
avaiiin of bank' laeum.
i i:it..IKT vn, ll.WK ISSl l.
T!io diff.-n'ti . iU.iiw.H-n Bovvfiaiient mper
money and bank n.itn niay I neen In
H prM-ear by which tthey oriRlnnte.
(a) T!ie .l.maifcl o4.liulon of the fnit.M
Static wiv.. m, fortih exactly Invauae
th.rc were no fundx n the tnwuury to re
dectn them. The n.rti wvre only e1-d.tK-m
that rHKTty hud been nv.-lvi-.i
a ml um d up. Ity Uie nil fill . of tiiic opera-
ton the tiviwiiry ill ) i.t ivtnln, ns the
imiifi went out. any properly immediately
I coiivertillile Into coin 'llh wlih li to re
d.vui fin (loniund iaaum. fhey were not
nioiwy iiamii on procrty; they were
'jo - ly . ,1,,,
tbl On the oth.a- hnnd a
bank note la never bvied (fraud of comrs
ex. -hid. ill ex.'.-i for u tviiHrikTaiion In n.
roluMi property of equal, or greater,
value. The note Voinvt' forth ni Ihv -iiie
of Bio l.iiMlm'Hs Tjanuut Ion ; .that on
whoh It la bii'vd h. (he active property
of tl o oiaMry, iNiaalng Wtw.vn proihiccrw
and couninn-w. TM iiroprrty. lii'n con
Mtnntiy reiro.luct-l and exi han.d, 1 nl.
iWKotlnnlo and nlnaya ciual lo the
duty of inevtinir e mite t.1i II I -. When
a tiun.-ootlon la ciwl. tho prviierty asuiM
with .which to cancel t"i,. corn sioii.1iiik
iht kiillty h. prcai'int. Hence the bnnK
In uH'lUrrd to have a dollar of return
tor every dollar of lis liabilities: (he gov-'
uninienl haa not at Hair, and Ki nort
iihllgvd to kiii u dollar rf rv.iiii-.- for
any of ft note liabilities. If uho hunk d
rectot rtiould immh1 the pro.erty beiynVI
their n.e lamina for chikmpngno. then
Ihe bank and Ihe Mvnaury (in the ierlod
of Inconvertibility) would be alike situ
ated nw regard the security fur their re
ypiTtve Vue. The r.ii.-on why tmnKs
rather Hum tho government houd Issue
n t.ii Ilea In 1h fat 1h.it bunks are the
only InHtltutk.iw lmnv wllh the live
'trin.vtlona of i.diintry and trade, (lov.
irmniiil iwpcr always a.uihorlzl by
legyn.tor who are nrtt under any preoi-nt
restxuiMlbility of prlvirte ss n rase ot
ImiI mnnaKimcnt ; on the other hand the
penalty for Imprmlent laain or mlnnan
iiK'oniei'l in the ciue of tin nk Ismhw s
vblted by disuhter dnrlly on the pnp-f..-ty
of The 1,-uHn-r. In Iho .;! of bank
nc;r. property preciVLu ai'.d create the
nt Hnt.iHty; In rh cuho of government
pa'ier, the credit tHuuo precede property
and to mre te-ulaltk)n. TtHrfon the
demand obllgatton of the treasury ahoula
wr be Issued as money
least of all
In such a. way to cnxt any dotsht
Hi malirteiwuwa of Dlw metallic mntvUra,
'
HANKINO HVHTKM,
A bank maka i-ofU 1y Investing It
WHul in Iho am general way a any
oW" Mjnltiw irnalilurton. The profit In
h Hiintltw-tii l, hy luylng
th rlirtit Ittfy un-d; lo receive money
I" ,h" "' P"ylnf '" lW I""'
'""I'Mf H'lMlNy on IM r-awirfi-a io
,i,y ""' I""''""' "n 'I'tnind. It ttlvra
lhn ,'"r''ii'r itmn-viuutc town of my-
i"" u" t,rnM- ',h' v"'m tUt
' ""k ' "'' -'-1 1h" dl-unt
' "' ' I1'" '"""" liai.k
"""'' ,"' ''-TPxr"! at.Sllly lo th- t.f
rowi-r in lli form of ta tiot. or In llif
i . i .
r.irm of u diixli nc omut to 111" r-Jli.
'I'ila i iniia why lh rl' h'-M i'ty 1.ar.k
do a frolHulilo lii-ln.wa afltliout IfuInK
any iHitn. rhy adnjit I1inw Ivih lo lirr
ioiiatiin-nta who do not wlh no-, liit:lxU . hKfily ffftlv nvKnm of or
uli'i wl'h 10 pay cntr-ly by rh'i ka or
drn.fi". It I" iilt otlirwl In ruril dla -
til"'": I hero tin ainall boriownr cal for
not-", aHd'm ualntf d.ioat ar-oiirt. II
thi' mnallcr banka lt rnnil dlatrlcta ran
nol jtlly provlVi not aaio, "hen lhy
iu- nif iff IViin dt'iiiiifiMf : h-nc th In.
in.-iit that ru h dntr(l otv xor In tmnk
Inrf f,iilil'.
In i ffwif, banka taki- the vulin- of mar
k.'i'ilib' koI " ixiir"-""! n Iitihi. ot
ni.mv and (T-di thMii 'to t.h. Unrtrnrt't'
nreoiiul. en.ib'.ti. hfcm In pay hla nbiga-
llona liy tr.irf.Trng It hla credit with
rhi'k, Hl. .tc. In short, batik arc
'.lining pr..H-rty nto mitru. of paynent.
thereby i-niiJilliw one f(m of iroiM-rty to
t. i xh.iiig"l dlrertly ng.iliwl another
form. jh r.fv.-a are provided for eaae
of lKlrut r panic. A cvnnniiTCl.il honor
levi-lot-e. the neet of ei dlrnlnthi. An
lncr.lng per capita cnrtilntlon v.
d.-ti.'e of .li-rlorat!on In wmnierrai
print rM and Int-illvence. Inlhl mannif
lnd"(iendi.nlly of lank notea. hins are
providing, through thi-lr dtt llablltiy,
inlla of exchange by whif:i. In f-ut, ovr
i h-t .nt f t1 traneiu'tlona of th
ciaintry ar no' carrl'd on.
Th" '--nt Hyt'm of lo-nlng notea. on
the a.la of I'iil'l .1 at Imn.U p-wilts
n an v l.uHIc ryat.-m mhlch do.-" not ex
l..nd corrfsaindlngy to ';he demand for
n-Mea. In the face of developing Induntry
In tli country, h nnlotuil bank circu
lation dlinln"hl from ;tl,SJi.rrf, on
cemlM-r SO. lid, to lir.MV'M on r.ctf ber
I, lfi; an.l yet there had t'en a large In.
cnxiae In the captt'U of niUo;i.il bunk
um! an extr-ionllnary xuiM.'i of ft
d.iufcltn. fonover, any bond evcurlty of o
Mir character yield n low rate of Inter
iet; an.l n Unx of atrlnxency. when
lK.rnm--r nel loana an.l the market rate
of intereet la high, there Is no ltnliicem. nl
to tuy 1hiHt la.rtl to TTr..w circulation.
Heme, under tho p.-vsent system, when
n-rtm w.xild tw tnoet r-il-d,. It k least
pr.1flt.1Me to Iswc them. Tie ytin ot
r-qulrina a m.-ta part of the reources
of a bank, th-nfire. to t (nvestej n
fnltiil ftatiw bond". WMe an otrvous
iiinn of iMfoty to the note holder, acts
to prevent the notee from lncnalng In
reiiiniKt. to lncre.u4ng loan and trans
Hone. The conimlMon beef that, itwtcad ot
ni;liiiig a tv-al part of the resource
of a Imi.k to be eol netde (n Ihe form ot
tunds (of any kind) as a security tor tnc
notis. they should b secured by ull the
resource of rhe liank; tlwil the note
nhnuld he protected, firm, by a guaranty
fund of 5 per cent on their outstanding
cimilatton: second, by a prior len on all
the rtvwirc of the bank: and. thlnlly,
by a prior lien on the stockholder' Ila
bllly. It I not proposed to change m
me.lliil.ly from the ireent to the new
tvtem. I'p to an amount equal to S per
cent, of the capital Work of the bank.
not. hwueJ by It hall not exceed the
va,ue of Tnlted ft:.'te bonds, rciluccl by
computation to a 3 per cent, basis. Addi
tional note nmy he kwue.1 without fur
ther deposit of bonds. Five year after
tho paHilt., of the proposed a.l. the
amount of lKin.1 r.-qurl ro be deposited
beforo sulinr not.1 In execs thereof
shall be rfduceVJ eaoh year by one-fifth
of the S per cent, of eupltal above men.
tloned. airf thcrcaTtcr any honk may at
any tlm1 withdraw any twnds deposited
in cx(M of tho' r.iiiiir.m."ts Every
hank shn 1 pay a tax all Ihe rate of I per
cent pr annum, payable monthly, upon
Iho amount of noto outtan.llng beyonO
(SO per cent, and up to per cent., ami a
tux of t er cent, on Mkho l-vnd Srt pet
rent, and up 'to 100 per c-rrt. The total
Issue-, shall never exceed the amottnt ot
Its nald-up and unimpaired capital.
Notes seourl nla (hus provided cannot
fail to be safe, because Ndng baBol upon
all the rowuirc.i of all the bunk Issuing
th.n. they are tmscd ion tiho"n-hole bttl
n.HS of the counitry, and that business t
(he thing which give life and value ;o
all securltMS government, municipal,
railway .uid IndlvHiual obligation. Should
all the resources of the banks ever shrink
In value ns not to bo ample security for
tho amount of notos that could he te'ued
under thin, plan, then all other securities
even government boncls, would beime
SMluolese.. Tile Imnk vro bound together
for the security of th.ee note to acvoan
pllnh the amo puriH'' that the depot
of Iannis is tntend.il to accomplish, name
ly, it guard amiliwt Kwb through the ml
fortuno or lUul nuuiagemcnt of sUtfle
banks, nnd thus saw tho holder of the
hank note the mod of nscctnnlulng the
standing of any bank. The objection flhat
Is sometimes ma'do 'that 'the lnirge- bank
tn the greet tl." 'would Wot Issue note
becwise of ttn ntprehendixl liability for
oth.T banks I shown hy Nimtlstlcs to bej
groundless. Tho largest hank failures i
oceiirre.1 In 1S9.1: but had all the banks
of th. country then issued notes up tc
SO per cent, of their capital, the nmount
of their nKscument to make good th.
nscoi"talml deficiencies of that year u to
the time of the comptroller's report ot
ISM would have been about one-seventh
of 1 per co it. Ilakl 80 per cent, of the cap
ital of all national banks been issued In j
note upon the propowd plan since ttie nr.
glnnitat of the national hakng snstem n
ISiH and utwi'snnienlt uixin the b:inks nnnu-
ily of only one-fortl.Jth of 1 ir cent,
woudl hnvi In-en n.ceary. Taking the
country hunks, h w found that on Octo.
tier S. 1897, they had $10! .000, 000 of the S'vJl.
itOO.OOO of national bank capital: .houin
they Issue rotea up to 80 per cent, of iha.t
cipltol. they would have $3iU.0u0 ot
iwile. ail there woikl be $1 ,9Ti.iO,000 ot
resource ag-alnst these not. (not count
ing Htoclc'KiKIcrs' liability or guaranty
fuml).
If these resources of the counitry banks
are nsufuL'nt wecurtty for ths amount
on'oi note, they will b Int-unVlent oy be-
ciu th m-oui 'tn hm audb oondl
tkm of t-tnM pumlyala that ovrrn.
mrnt, mimrlm ml ratlway liotida would
im vliiWr. and aim fnw (f any banka n
dm rinirv otU'-a -wimiM rmnuln aovnt.
Th orciirr'nca of KM dinwt-r V) no m
tir.'lli: that tta conkli-nittFn may t
diMnld.
A aooiid pimr :kr.uiitlofi rfiiilr not
otily fli.ilMlfty n thn ra. -wllh wrt h It
r;.n., tint nt n tha o.rtWy of lt
roi-tr.u -.toii '1r for lla Imim
U,u m"" th" ,mnk ''afy ttiii
ruoin.iw 1-ith t.y h, crftlri of a not
ll,'l,'.tty an 1 by a d'l-o-ll l.ahllny thrr
,l"'ild In '.i. , r. r-r lilndrpnrt
to thn rrattoti of on nnr- Xhxn f ih,
' oth-r. In th. fmnri of llilna th.irc la
no rc'taon why thn mrt of a tunic ahoufl
: nrt bo aa fe aa it c.ilri draft. And
' It ifioud U ki In tnlr-1 that in fa-t
miintlon la in uan by whb-h ovi r 't it-t
1 rrfrt. of aJI trnnia-tlna ar carr-d on,
arul Uu.t 'fha circulation h acurrd ot y
by tbr Krixr.i rmurri-a of th bank
Tiiw ah'MJld. th'Tr;r bv r.iia rMor.
for anfn"y n ac"irln(f the othr form of
llnlilllt' ua-d aa olrouluHon. nnni'ly, rh-
nolo kw.i , on ihn a-n-rt rraourro of
thn bank.
1n aomo uartr fr haa bn c
jirtwil ttmt th.-rf woii!1 b urlnr rx
Mnaun nndr rliln ibin. TfT'i t no dan
g.-r of this. The nyatwn of redemption
nK only at the latnk" but .it the tr-i.iry
n Washinw.on and at lie ub-treHur-,
a r.cotntnenili!d by the ommlalon
o.id atrtvgy guard against that. The
expansion over tJiat whli-h co.id te ef-
i"eti wer no tnt. V-miiJ at a a-IH
be f.xind, un Itiveaffccntlon. lo small
ranirenis expansion doe riot take the
form of tho Hie of bank note, but of the
ejrtenslon of crwllta. Very few borrower.
take their oar. In the frni of bank nolo
Th. bank no'e s only one form In whcn
he to m h n ari.JIt la given may use that
er-l(t. He can use (t eiirUly well If the
ran Is placed to has acoun by the bang
making the oan to him. or to wiw othet
hank or by a private i-ron.
Th.. plan rvr.as. atockhold.-ra' lia
bility so that each stockholder la abso
lutely liable for aeaeM-ment up to the par
of hi txk. ami not ratably and equally
with every other snockholder a now.
The existing tax of 1 per cent, per on.
mm. on troulatton Is Ptieap-d: In Its
pl.u-e a tax rf i of 1 per rent, of capital
aurph, and unrlvd'i a"otlt: I pro.
vld-d. A tax upon circulation e tax
niKin the chief (natrument by which banks
in certain, bat not in all. parts of the
count y are chiefly us-d for the convent
ence of their countrymen. Thi is man I
frjy unequal antl un)ii.4. Surplw ana
undivided profit and caHtal show thr
profit and iropeity of the bark, and
the tax upon them tnukes thrtn as eqtilt
able an apportionment of th expense
of the syetem as can it 6V-sed. Itie
rmrnhml'ti think taank note houd be
rereivrd by government in payment oi
dht and dues under the same conditioiu
an no. This provtston is made not be-
caus It materially adds to the wecurjty
of 'the notes, hut that they irmy be more
convenient to the p - and In tild of
their speedy redmition.
Irairtmu'th u this character of the
bank's resources under this plan become
important, amendment Ito existing lawt
aire reconrnetvded n oiJer to provtde for
more frequent and thocoush examinatlonf
of banks, for fixed sairie for bank ex.
amjneris, to provide for rotmt-i of bank
examiners, to make tt penal for any bang
to loan to an examiner, and fr frequent
public reports.
This method of passing from the pres
ent to the pew system Is proposed In order
than, the change may be gradual, and that
thx country may become aeouMtomed tc
It In th)a way, and aso to guard against
the poshlWlty of undue sale of United
States bond. Doubtlcve. portions of the
country la-k adequate banking fa-lilles,
and no meet this a diminution of the
minimum capital required for hanks In
places of small population and authority
for the establishment of branch honk!
are advised. Hanks with a cupftal ot
I2MXK are permitted n places of ii) pop
uaitlon or loss.
THE SULTAN AND OUR MIS
SIONARIES. The po.-le has demanded the recall of
two American missionaries from the prov.
Inco of Aloppi, on tho pretext that their
mission for distribution of relief Is IlKely
to cause disturbance. 'The sick man
of Europe," as he Is derisively termed
Is its unreasonable as hiu political heelth
is feeble. As a bright contrast to his
obstinacy and stupidity, t"0 people ot
America are acknowledging far and wide
the Ibeneflconce of the mission of llcs
tetter'B Stomach Bitters, namely, to re
lieve and prevent malaria, rheumatism
and kidney complaint, chronic dyspepsia,
ronsttlpatlon and liver trouble. The ner
vous, the weak and the Infirm derive
unspeakable benefit from Its use, and It
greatly mitigates those Infirmities spe
cially Incident to advancing years. Sleep,
appetite and a. sensation of comfort
throuKhout the system, ensue from Its
cse, which should he regular and per
sistent. An early resort to this fine pre
ventive is logically suggested to those
who seek Its aid.
In the lnojt publication of the Berlin
lAcndctny of Sot-jnoes, Professor Roent
gen has an axtl3e in which he cotifirms
the observation of Dr. Brandes that It Is
pos&ible to make the X-rays vlstlbe to the
eye-
The lake of Uramla In Per3la contains
more salt than the Dead Sea, which holds
26 per cent., or eight times as much as
the ocean.
FRHE OF CHARGE TO SUFFERERS.
Ctt this out nnd take It to your drug-
git iu gei a ai.ninn touip ii-i-? 01 1.1
King's New I.'Overy for tonstinptlon.
(Vnig.'w and Colds. Thcv do not ask you
to buy 'before trylmr. This will show you
the great merits of ihl truly wonderful
renndy. nd shiv you what can be ac
complished by the regular aized bottle.
This I no experlnMnt. nnd would be disas
trous to the proprietors, did they not know
it would (nvartihly cure. Many of the
best iJiysKluns are now using it in their
practice wUth great results, nnd are re
lying on It. In rtoit seere cases. It s
guaranteed. Trial bottles at Estes-Conn
Drug Co.
Regular flse ."-0 rents and $1.00.
Both the method and rcitl'tswhen
Syrup of Figs is taken; it is pleasant
and refreshing to the taste, and acts
Kcntly yet promptly on theKidneys,
Liver and Bowels, clcansesthe sys
tem effectually, dispels colds, head
achesand fevers and cures habitual
constipation. Syrup of Figs is the
only remedy of its kind ever pro
duced, pleasing to the taste and ac
ceptable to the stomach, nromptin
its action and truly beneficial in its
effects.preparcd only from the most
healthy and agreeable substances,
its many excellent qualities com
mend it to all and have made it the
most popular remedy known.
Syrup of Figs is for sale in 50
cent bottles by all leading drug
gists. Any reliable druggist who
may not have it on hand will pro
cure it promptly for any one who
wishes to try it. Do not accept
any substitute.
CALIFORNIA F10 SYRUP CO.
sa0 nuiciaco. cal
LBvmuu. AT. rOSK. It
Rlf Ob aen-BnlNonmit
raiMlr t..r 1..... 1..,..
i-i-pi. Spermatorrhea,
"till- BBilllril H...
I ctiarijm. or any tallamni
lien. Irritation or at. eriv
I "nma M. lion f ukcobi aim-
lmieliiOi'eitCo. r". Aoo-trinaBt.
TT
gives choice or
-2-
Transcontinental
ROUTES.
Via Spokane and Si. Paul
Via Ogdeo, Denver and
Omaha oi Kansas City.
Fcllman and Tourist Sleepers
Free Reclining Chair Ca
Astoria to San Ftanelseo.
Columbia,
Saturday, December 4.
6tate of
California, Thuraday, Decem-
Tueeday, December 1.
California, Sunday, Decern.
txr t.
Coumbla,
State of
ber U.
Columbia,
State ot
Friday, December !t.
California, Wednesday, De
Monday, January J.
California, Saturday. Janu-
Thursday. January IS.
cember S.
Columbia,
State of
ary t,
Colurable,
For rates and general tBrormatloa aa
eo ar address
O. W. L0UN8BBRHT,
Agent
W. H. HURLBCRT.
Oen. Pas. Agt Portland. Or.
U. S. ENGINEER OFFICE. PORTLAND.
Orgon. Jannu-y 3, Scaled pro-
prsajs for consnr-j'tin lock, dam, etc..
In Yamhill nvvr. Ore-jon, will be re
ceived here until 12 m.. February In,
1S0S. and then publicly opened. Informa
tion furnished on application. VT. L.
Fisk. Captain Engineers.
NOTICE FOR PUBLICATION.
Land Office at Oregon C.ty, Oregon.
December 18 th, 1897.
Notice Is hereby given that the follow.
In-named settler haa filed notice of his
Intention to make final proof In support
of his claim, and that said proof wtll
be made before the county clerk of Clat
sop County, at Astoria, Oregon, on Jan.
uary 29th, 1S98, vtx.:
JOHN J. 'WALTZ.
H. E. 10,915 for the E. H of S. W. 14 and
Lots 8 and T of See. 6. TP. 4 N. TL ( W.
He names the following witnesses to
prove his continuous residence upon and
cultivation of. oa(d land, vie Joseph J.
Lynch, of Mishawaka, Oregon; Timothy
Corcoran, of Mishawaka, Oregon; George
Simpson, of Mishawaka, Oregon; and
Albert L. Grove, of Mishawaka, Oregon.
CHAS. B. MOORES. Register.
Astoria Iron Works
Front Street, foot of Fourth, Astoria.
GENERAL MACHINISTS
AND BOILER MAKER
Land and Marine Eturlnea, Boiler Woik,
Steamboat and Cannery Work a p.
clalty. Castings of all description
made to order on short notice.
John Fox. .President and bupertntendem
A. L. Fox Vloe President
O. B. Prael Secretary
Astoria Savings Bank Treasurer
BOND STREET ASSESSMENT
NOTICE.
Notice to hereby given that th assess,
ment made by ordinance No. 2311 of the
City of Astoria, oonflrmlns; the assess
ment on roll Na. 24, for the improvement
of Bond street from the treat line of
Ninth street te the west line of blockt
16 and 17, McClure'i Astoria, wtll be due
and payable in United States- gold coin
at the office of the city treasurer. Jam-
! k jvl!
r 9m to Hrwun
V"sa.a'P.o n WnilU,
V V u a. a, I nT ea Haa wrapper,
t. Nk. a9i , arpaiU, f..f
VV ??rijl' & fl m. 1 Imli.
tia a a. Circular arut ou pnimI.
ary S. lSilH, and tf not ro pnkl at aald Mm,
th common council will order warrant
Issued for th collection of the same.
The assessment I as follow t
flrarker, Theodore, lot 1, block Q
MoCulre' Astoria ,. ..0U
Bowlby, J. Q. A. (truateo). ot J,
block 17. McClure' Aatorl 63 C
Bowlby, J. tj. A. (trust'), lot 4,
block 17. McClur' Astoria., 63ft
rtoeiting, Mr. P., lot t, block , Mo-
Clure' Astoria 69 K
Boelllng, Mrs. p.f lot 6, block . fo.
Clura's Astoria 6$ 10
Codling, Mr P., jot 7. block , Mo-
Clure' Astoria ... ,...6961
Dunbar. Lilian, lot 4, block 21. Mc-
C'ltir- Atorla 69 61
thmbar, Mltan, ot 1, block 22. Mo-
Cure, Antorta OS 6)
Erllotf. Oeorrrs If., lot J, block 11,
McClur' Astoria ..69(2
Flavel, Mary C, nnd. half of ot 3,
block It, MoClitre' Astoria.. 14 It
FlavtJ, Mary 0., ttn. half of lot 4.
block 24. Me.Clure, -i Astoria (4 Q
Flare!, George C , und. lxth of lot
S, block 24, McClur' Astoria.. ...11 60
Flatrel, Ceorg C.'und. lxlh of lot
4. block 24, MoClur' Aatorla U 66
Flavel, Nellie, nL lxth of lot 1,
b'ock 24, McClur' Aatorl U 60
Flavel. Nel'.le, und. sixth of lot 4,
block 24, McClur' Astoria 11 60
Flavel, Katl. umd. sixth of lot t,
hoek 21. McClur' Astoria it j)
Flavel. Katie, und. lxth of lot 4,
block 24. McClure' Astoria U 60
Ferguson, J. E. (as guardUn cf Ern
est E. Ferguson), ot 1, block fl,
Mcdure' Astoria gj fj
F'rat National Bank, lot 6, block 10.
McClur.' Astoria, 69 61
Hobson, Arena K., lot t, block 20, Mo-
Clure' Astoria 63 Q
Hohson, Anna. K.. lot 4, Mock 20...
Mc1ur' Astoria (3 gj
Hyland, Martha E., lot 6, block 11,
MoClune' Astoria , no
Kamm, Jacob, Jot 7, brock 13, Mo-
Clure Astoria. (3 Q
Katnm, Jacob, lot 8, block 13, Mc.
Clure's Astoria 61 62
Munson, J. W.. !ot 1. block 21, Ma-
Clure' Astoria 69 63
Munson, J. W., lot 2. block 21, Mc-
Clure' Astoria 61 62
Page. C. H., Jot 2. block 22, Mc-
Clure's Astoria 61 (2
Pattoo, F. (trustee). ot 6, block 10.
MoClure' Astxra 66 a
Parker, C. L.. lot 1, biock 24, Mc-
Clure' Aatoria gf 62
Parker, C. L-, lot 6, block 13. Mc
Clure' Astoria 61 62
Parker. C. L.. lot . block 13, Vo-
Clare' Astoria 63 62
Parker, Catherine H., tot S, block 13,
MoOure's Astoria 69 63
Parker, Catherine H.. lot 6, bkk 12,
MoCIure' Addition 69 61
Rohr, Charle H.. lot 7, block 11, Mc-
Clure' Aatoria 69 62
United State. Jot 1, block 23, Mc-
Clure" Astoria -. 69 61
United States, lot 2. block 23, Mc-
Clur" -Astoria 69 63
United States, tot S, block 23, Mc.
Clnre's Astoria 69 61
United States, lot 4. block 23, Mc-
Clnre' Astoria 69 61
The above are payable in full January
. 18M.
The following are payable In Install
ment. the first ImBtallment January S,
1336:
Bottom, Harriet A., lot 1, bli-V. 37.
McClure's Astoria 63 62
Bottom, Harriet A., lot 6, block 16,
McClure's Astoria 63 62
Bergman, Isaac, ot 7. block 10. Mc
Clure's AstorU 69 61
Bergman, Isaac, und. half of lot 7,
, Mock 12, M.-Clure' Astoria 84 Q
Bergman, Isaac, und. half of lot I,
block 12; McClure's Astoria 34 0
Christ! anson, H. und. half of lot T,
block 12, MoClur' Astoria 34 tt
Chriftlanson. H., und. half of lot 3,
block 12, MoCIure' Astoria 34 33
Crosby. F. A., lot 4, block 22, Mc
Clure's Astoria 69 6
Carnahan, R. N., lot 3, block 19, Mi
Clure's Astoria 61 63
Carnahan. R. N., lot 4, block 19. Mc
Clure' Astoria 63 62
Davidson. George, lot 1. block 20,
McClure's Astoria 63 6
Davidson, Gexwge. lot 2, block 20,
McClure's Astoria 63 61
Gea chart, J. W., heir of, John Neal
Oearhnrt, Edgar C Gearhart,
Phillip E. Gearhart. Esther Gear
hart,, and Celentla Gearhart,
widow, lot 8. block 9, McClure'
Astoria 69 C
Hahn. John, lot 1. block 18, Mc.
Clure' Astoria ' 03 62
Hahn, John, lot 2. block 18, Mc
Clure's Astoria 63 62
Loeh. William L.. lot 2, block SI,
McClure's Astoria 69 62
Marion R. R.. lot 5, block 18, Mc
Clure's Astoria 63 O
McPhartend. Mary A., lot 2. block
17. McClure's Astoria 63 61
N'olan. Michael, lot 1, block 19,
McClure's Astoria 63 62
Nolan, Michael, lot 2. block 13. Mc
Clure's Astoria 63 63
Progressive Loan and Building- As
sociation, lot 5, block 11. Mc
Clure's Astoria . 69 61
Parker. H. B.. lot K, block 10, Mc
Clure's Astoria 69 62
Parker, Alice C. mid. fifth of lot
7, block 16, McClure's Astoria 13 71
Parker. W. W., lot 5. block 14. Mc
Clure's Astoria 63 63
Parker. W. W., lot 6, block 14, Mc
Clure's Astoria 63 63
rarker, W. W., jot 7, block 14, Mc
Clure's Astoria 63 62
Parker. W. W., Jot 8, block 14, Mc
Clure's Astoria 63 62
Reed, Granville, lot S, block 18, Mc
Clure's Astoria 63 63
Reed. Granville, lot 4, block 18. Mc
Clure's Astoria 63 62
Rasmusnen, Thomas, lot 6, block IS,
McClure's Astoria 61 83
Ryrle, Mary J., und. fifth of lot 7,
block 16, McClure's Astoria 12 73
Sharpsteln, Lucy E., und. fifth of
lot 7. block 16, McClure' Astoria.. 12 72
Trulllnger, Agnus, und. two-fifth of
lot 1. block 16, MoOure'e Astoria.. 25 44
Trenchard, C. J., lot 6. block 15,
McClure' Astoria 63 63
Trenchard, C. X. lot 7, block 15, Mc.
Clure' Astoria 63 63
Trenchard, C. J., lot 8, block 15, Mc
Clure's Astoria 63 63
Trenchard, George, lot 8, block 15,
McClure's Artorla 61 62
By order pf the common oomvU.
Attest: H. E. NELSON,
Auditor and Poilc Jadre,
Astoria. Oregon, December 24, 1837.