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just such bauks as this that an emer
gency circulation should be provided.
Noii-Avallublo.
But , says the comptroller , the banks
will now have a larger inducement for
depositing bonds.
It is possible this increased inducement
may encourage the banks to increase
their circulation. Their earnings may
be enlarged by utilizing the privilege-
but iu what manner will the public
interpst bo advanced ? To what extent
will their loaning capital be increased ?
The disturbance suggested by the use
of the word "emergency" is caused by
a temporary demand for an increased
supply of capital in the form of money
for money is capital , Ricardo and
Mill to the contrary notwithstanding ,
and a supply of money which fails to
increase the supply of available capital
and on the contrary is obtained by means
of a capital manipulation which results
in a decreased supply , must be utterly
useless iu meeting the requirements of
the situation.
Price of llondfi Prohibitory.
That this must be the result of the
comptroller's suggestion can be clearly
shown.
The price of United States bonds is
prohibitory of any other result. We
will take for illustration a bank with a
capital of $100,000. It already has on
deposit $50,000 of bonds upon which it
has received its full proportion of cir
culation.
It desires to avail itself of the in
creased privilege and therefore buys
$50,000 additional bonds. The cheapest
available issue of bonds are the 3 per
cents of 1898.
$50,000 bonds nt $1.09 will cost $ 54,500
The bank receives its
regular circulation of $45,000.
Also the additional 10 % 5,000.
Total $50,000.
From which deduct 5 %
reserve with the U.
S. treasurer 2,500.
Leaves net amt. rec'd . . , $47,500. $ 47,500
Anit. received less than investment $ 7,000
The bank's loanable funds have been
lessened by the operation to an extent
greater than the "emergency" currency
obtained.
Beneficence Apparent.
The utility and beneficence of some
scheme which will supply an emer
gency circulation are clearly apparent.
Against the proposition there does not
seem to exist a single valid objection ,
viewed from the standpoint either ol
the public interest or the interest of the
banks themselves.
It is therefore to be hoped that as the
present congress is to be a business
congress the comptroller's recommenda
tion will at least serve the purpose of
attracting attention to the subject , and
ihus lead to the adoption of some
practical measure in that direction.
HENRY W. YATES ,
Pres. Nebraska National Bank.
Omaha , Neb. , Dec. 15 , 1899.
HAYWAKD EULOGY.
[ Remarks of Rov. H. L. Hnnso at the funeral
of Monroe L. Hnyward , Nebraska City , Nebraska -
braska , December 7,1899. ]
"Each man's life is all men's lesson , "
says a modern poet. No one closes his
earthly career without furnishing in his
life and death valuable instruction to
those left behind. Vices that blacken ,
virtues that ennoble , mistakes that em
bitter , successes that make glad , each
and all in turn teach lessons wo do well
to heed. "No man liveth unto himself
and no man dieth unto himself. "
Garfield is lying there upon his death
bed. The days of pain have lengthened
into weeks of agony , while a nation
gathers about in prayer and in tears.
From across the waters Gladstone sends
greeting in these words : "In the name
of our common Master I congratulate
you upon your Christian fortitude. " As
nobly in his death as iu his life did that
noble man give witness to the power
that sustained him. A woman in China
lies dying. The light of the gospel of
the Son of God has but just entered her
darkened heart , and now death claims
her. What may she do for the ignorant
sisters about her before her earthly life
goes out ? She cannot tell them of
Jesus ; her strength will not permit it.
But she has seen many a heathen die ;
she has witnessed their despair , heard
their shrieks of fear. Turning to her
friends she says : ' 'Bear me out into
the open air. Call to my side friend and
neighbor and the chance passer-by that
they may see how a Christian dies. "
"Mark the perfect man , and behold
the upright , for the end of that man is
peace. " When God would teach us
how we ought to live , how we may live ,
He sent His Son into the world to be
born of a woman and to live a sinless
life in the flesh , and so God incarnated
His thought of manhood , and at the
feet of the Christ the world sits today
in reverent study learning how to trans
late truth into conduct.
The Scriptures therefore justify nay
they seem to demand , that wo pause a
moment , ere we lay away this sacred
dust , to study the life just ended among
us. Into the details of that life I shall
not enter. The press has already done
that. That part of his life in which the
great public is specially concerned I
may pass by with a brief mention.
That service is by right the sad privilege
of his associates in public life. It is of
Mr. Hay ward the man I wish to speak ,
and to voice , as best I may , the feelings
of these friends and neighbors gathered
here in such numbers to pay tribute to
his worth.
Some homely lessons this man's life
has illustrated and still enforces lessons
; his generation is prone to forget , upon
which it ought often and long to medi-
; ato. And first , I notice , true success
docs not depend upon the accidents of
'ririh ' or fortune.
The highest gift in the power of the
people to bestow is possible to every
rank and station. Men of humble birth ,
whose early years were a battle with
circumstances that compelled most
rigid economy , have reached among us
social and political leadership , The
dream of England's gifted poet has more
than once been fulfilled on American
soil where some
"Divinoly gifted man
Whoso Hfo in low estate began ,
And on n , simple village green ;
Who breaks his birth's invidious bars
And grasps the skirts of happy chnncn
And breasts the blows of circumstance ,
And grapples with his evil stars ;
Who makes by force his merit known
And lives to clutch the golden keys ,
To mould a mighty state's decrees
And shape the whisper of a throne ;
And moving up from high to higher
Becomes on Fortune's crowning slope
The pillar of a people's hopf ,
The center of a world's desiro. "
Not in prophecy of what may be but
in description of what actually is xinder
American skies at the dawn of the
twentieth century do we recite these
words in the ears of the young men of
today. Leadership , headship , kingship
in social life and statecraft are among
the future possibilities of the barefoot
lad who swings the bat on the village
ball ground. Seventeen dollars in
money and a mother's blessing were
Garfield's earthly possessions as he
entered upon the struggle which lifted
him to national honor.
Mr. Hayward's life began in a typical
eastern home of a generation ago. In
that homo Christian influences domi
nated , the more manly , robust virtues
were inculcated and the bread eaten
was won by honest industry. Out from
that home in early manhood Mr. Hayward -
ward came to make his own way in life ,
he himself at last becoming a type of
that American of whom we are the
proudest today the independent , self-
made citizen. By birth , by sympathy ,
he belonged to the people. He was our
"Great Commoner. " He identified him
self with the so-called "masses. " He
gave a ready ear and a helping hand to
the needs of the struggling , and had he
taken his seat in national council , even
there ho would have been the champion
of the weak and the" oppressed. No
wonder the people loved him.
I notice , again , that Mr. Hayward's
life illustrates the value of industry.
I do not understand that our friend
was dowered with unusual natural
gifts. You would hardly characterize
him as a man of "brilliant parts. " His
was an intellect trained to keenest ,
most discriminating thought , but
it was an intellect trained. His was
a massive brain commensurate with
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