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THE COURIER
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Seceetary Carlisle appeared before
the house committee on banking and
currency this week and explained his
plan for reforming our banking systemi
and also promised that his plan should
be presented to congress in the form of a
bill at an early date. The more the Echeme
is studied and discussed the more friends it
seems to gain throughout the country. The provisions allowing
Btate banks to issue circulation without coming into the national
system, and the section providing against issuing any bills less than
$10.00 are- already gaining the secretary many supporters frem
among the more conservative free coinage men of the southern and
middle states.
Mr. Carlisle's idea is to
absolutely relieve the gov
ernment from liability on
the circulation, except to
hold the security deposited
by the banks themselves
and to provide bank notes.
This makes the banks vir
tually stand together and
guarantee each other, and
those bankers who favor
the Baltimore plan and con
sider a five per cent, fund
sufficient protection can
hardly find fault with this,
which makes the guarantee
fund much more. This fea
ture of the measure will
secure it the support of the
great body of business men
not interested in the banks,
who believe in treating them
fairly and yet are not in
favor of the clauBO of the
Baltimore plan making the
government liable for cir
culation after the five per
cent, fund has been exhaust
ed. While the new plan is enough more advantagous than the pre
sent system to secure the support of the bankers themselves if they
cannot secure something better, still the profits accruing from the
secretary's measure are cot as much larger than at present as they
would anpear at first. The taxes would be as large or larger thau
at presec nd the method provided for redemption of notes would
make it necj ary for the banks to carry some proportion of their
circulation on c ind as reserve. The proportion would not have to
be as large as that required for deposits, but still it would amount
to something. The greatest objection to this as to the other plans,
is the decrease in the security of depositors, but this could be
obviated by incorporating some provision providing for a fund to
secure depositors in failed banks such as is suggested by Mr. Dawes
in his work on the "Banking System' just published. This question
is causing such general discussion and agitation that there is some
probability of legislation by the present congress. It is a last chance
for the democrats to pass some legislation useful to the country.
Now that we are to have a legislature, the majority of which is
composed of business men, there is some prospect of getting
through some needed reforms in our state laws. Our collection
laws especially should be amended. The foolish and short-sighted
Herr Beergotz: Dis beer pretty "sharp" dond you dink?
Heir Sierhotz: Veil, I dought it vas a leetle "flat." But anyvay it
goes down "natural.'
policy of the populists has always been to throw overy possible
difficulty in the way of the creditor and to make it easy in every
way for the debtor to obtain time. They have never seemed to
realize that while the rights of the debtor should be protected, still
every unnecessary obstacle thrown in the way of prompt and full
collection only tends to make money higher and harder to get.
It is to the interest of every man who is good and intends to pay
his debts to have the collection laws at least fairly protect the rights
of creditors. In this connection lawyers find a great deal of fault
with our attachment law claiming that it is almost impossible to
make an attachment hold. This should be modified in some way.
An attempt to repeal our usury law would undoubtedly raise a
''howl' from every populist in the state, and yet if there were no
such law on our statutes money would be cheaper in Nebraska to
day. Another law, supposed to be for the benefit of the debtor,
but which is practically useless and only a source of annoyance, is
that allowing three days of grace on commercial paper and notes of
all kinds. This law has been abolished in some states, and two
years ago in Nebraska the legislature amended our law so that
"demand" drafts are not entitled to grace while all other paper is.
This only increased the confusion and annoyances. Why any man
should borrow money for ninety days and then pay interest on it for
ninety-three days and pay the note iu ninety -three days is a mystery.
There is certainly no benefit
to be gained either by the
debtor or creditor; it only
makes the interest and the
maturity more difficult to
compute. If the legisla
ture would repeal this law
it would be appreciated by
all classes of business men.
Another law which has
only been on our statute
books a short time, but
which has been very un
satisfactory, is the state
depository law. This meas
ure has already lost the
state and counties some
thing over 8500,000 in bank
failures which would have
been saved had the various
treasurers and their bonds
men been directly respon
sible for the money. It has
been tried two years and
found wanting and should
be repealed.
DOES SHE PAD?
The Atchison ladies accuse Mme. Yale of padding, which is mani
festly unfair. She certainly had no superfious clothing to support
padding, and oven if she had we would like to give her credit for
being able to do a better job.
The dolls! the dolls! How many of the of the little folks will be
delighted to see them at the grand opening of holiday goods next
Saturday at Herpolsheimer & Co.
We'll all be rich ''when the cows come hone;" then the ladies can
all vote, the ministers will govern all the big cities, Tammany will
open up Sunday schools, the republicans will carry all the southern
states, England will "mind her own business," Governor Waite will
stop "shooting off his mouth," Dave Hill will eschew politics, the
detectives will catch Menage and even our slow-going competitors
will sell goods cheap. But what's the use of waiting "until the
cows come home' when you can drop into Hallett's any day and
buy good jewelry cheap. Our experience in buying has given our
stock the reputation of being the finest and bestselested in the city,
and the prices are right. Watches, cIocks, jewelry, diamonds and
bric-abrac were never bo cheap as at the present time. You will be
surprised at the bargains we offer you. E. Hallett, 1143 O street.
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