TABLE 9.-Items of national bank statements, 1863-1897. 1877. 080 479, 467, 771 167,348, 800 291, 874, 236 336, 810, 950 44, 991, 700 1878. 053 466, 147, 436 157, 833, 994 301, 888, 092 347, 556, 650 94, 722, 450 19, 868, 469 83, 719, 295 79, 324, 577 109, 414, 735 111, 831, 104 113, 132, 663 603, 084, 550 523, 029, 491 515, 228, 299 631, 314, 216 628,858, 027 640, 015, 999 $5,466, 088 93, 238, 658 487, 170, 136 603, 314, 705 609, 675, 215 657,668, 848 682, 883, 107 715, 928, 080 831,552, 210 877, 197, 923 944, 220, 116 1879. 048 454, 067, 365 156, 087, 470 313, 786, 342 357, 313, 300 71, 146, 750 42, 173, 731 95, 966, 696 1880.. 736, 884, 369 090 457, 553, 985 166, 658, 274 317, 350, 036 357, 789, 350 43, 620, 400 109, 346, 509 64, 295, 458 1881.. 132 463, 821, 985 184, 512, 809 320, 200, 069 363, 385, 500 56, 406, 750 1882.. 114, 334, 736 59, 898, 441 269 483, 104, 213 193, 157, 761 314, 721, 215 357, 631, 750 37, 425, 750 102, 857, 778 71, 958, 517 351, 412, 850 30, 674, 050 107, 817, 984 80, 642, 997 327, 435, 000 30, 419, 600 307, 657, 050 258, 498, 950 189,083, 100 171,867, 200 1889.. 3, 290 612, 584, 095 282, 261, 630 128, 450, 600 146, 471, 700 1890.. 3, 540 650, 447, 235 310, 570, 531 122, 928, 085 139, 969, 050 31, 786, 400 32, 432, 400 34, 671, 350 60, 715, 050 48, 501, 200 30, 684, 000 1891. 3, 677 677, 426, 870 330, 861, 160 131, 323, 302 150, 035, 600 24, 871, 950 1892. 3,773 686, 573, 015 340, 524, 180 143, 423, 298 163, 275, 300 20, 164, 250 1893.. 3, 781 678, 540, 339 350, 225, 444 182, 959, 726 206, 463, 850 17, 576, 950 1894.. 3,755 668, 861, 847 334, 121, 082 172, 331, 978 199, 642, 500 25, 888, 200 1895.. 3, 712 657, 135, 499 336, 888, 351 182, 481, 611 208, 682, 765 1896.. 3,676 648, 540, 325 336, 342, 835 209, 944, 019 237, 291, 650 1897. 3, 610 631, 488, 095 334, 752, 001 198, 920, 670 227,483, 950 26, 118, 350 25, 135, 500 32, 490, 750 128, 609, 475 176, 478, 336 158, 277, 491 165, 085, 964 178, 098, 236 164, 326, 449 195, 908, 859 183, 515, 076 209, 116, 379 224, 703, 860 237, 250, 655 196, 237, 311 200, 808, 632 239, 387, 702 91, 244, 659 88,538, 119 68, 667, 322 79,941, 255 90,054, 461 99, 697, 093 86, 759, 731 113, 335, 608 118, 262, 945 121, 729, 352 165, 644, 028 143, 866, 685 142, 334, 730 149, 494, 929 887, 883, 067 993, 001, 670 891, 920, 594 1, 450, 957, 055 2,066, 776, 114 TABLE 10.-Increase of note-issuing power under proposed law. [Computed by the actuary of the Treasury Department.] $11, 121, 000 5,815, 000 6, 985, 000 $8,644, 042 4, 519, 837 5,429, 245 34, 104, 752 at beginning. $19, 128, 120 proposed law after 8 years. $14, 234, 880 7,443, 200 10, 001, 800 8,940, 800 12, 014, 200 Boston... 49, 350, 000 38, 358, 273 Rhode Island 19, 337, 050 15, 030, 147 16,743, 271 122, 829, 667 24,567, 967 38, 008, 600 1, 204, 772 1,050, 872 11, 227, 694 40, 709, 445 31, 642, 312 20, 915,000 16, 256, 644 12, 300, 000 9, 560, 446 Baltimore. 2,083, 985 3, 746, 700 13, 243, 260 1, 619, 823 2, 912, 205 10, 293, 615 Georgia... Savannah. Florida Alabama... Mississippi Louisiana. 252,000 2, 775.000 4, 646, 300 3, 351,000 2,651, 000 1,898,000 3, 166, 000 750,000 1,150,000 3, 355, 000 855,000 860,000 2,300,000 18, 642, 040 1, 150, 000 1,070, 000 8, 289, 900 195, 872 2, 156, 930 150, 697, 752 3,611, 439 2,604, 638 2,060, 548 1, 475, 262 2,460, 843 582, 954 893, 863 24, 751, 424 27,572, 570 202, 274, 074 2,667, 501 4,795, 776 16,951, 373 322, 560 3,552, 000 248, 166, 822 5, 497, 264 4, 289, 280 3,393, 280 2, 429, 440 4,052, 480 960,000 1,472, 000 4, 294, 400 1,094, 400 2, 607, 747 664, 568 668, 454 1,787, 726 14, 489, 936 1, 100, 800 2, 944, 000 893, 863 831, 681 6, 443, 507 2, 331, 816 6, 634, 017 23, 861, 811 1, 472, 000 1,369, 600 10, 611, 072 3,840,000 10, 924, 800 84, 056, 627 33, 259, 726 37,050, 640 271, 805, 786 54, 365, 657 84, 108, 000 2,666,000 2, 325, 440 24, 845, 400 70, 020, 245 35, 973, 800 21, 156, 000 3,584, 454 6, 444, 324 22, 778, 407 433, 440 4,773, 000 333, 474, 167 7,991, 636 5,763, 720 4, 559, 720 3, 264, 560 5,445, 520 1, 290, 000 1,978, 000 5,770, 600 1,470, 600 1,479, 200 3,956, 000 32, 064, 309 1,978, 000 1, 840, 400 14, 258, 628 5, 160, 000 14, 680, 200 112,951, 093 40, 458, 163 62, 592, 000 1,984, 000 1,730, 560 18, 489, 600 52, 108, 089 26, 771, 200 15, 744, 000 New Orleans. Texas. Houston Arkansas. Kentucky Louisville 3, 000, 000 51,042, 862 TABLE 10.-Increase of note-issuing power under proposed law-Continued. United States 4 per cent bonds of 1907, at 110 net, are taken as a basis. 55TH CONGRESS, HOUSE OF REPRESENTATIVES. (REP'T 1575, 2d Session. Part 2. [Especially note pages 175 to 180.] TO SECURE TO THE PEOPLE A SOUND CURRENCY. JUNE 23, 1898.-Committed to the Whole House on the state of the Union and ordered to be printed. Mr. WALKER, of Massachusetts, from the Committee on Banking and Currency, submitted the following VIEWS OF THE MINORITY. [To accompany H. R. 10289.] The undersigned respectfully dissents from the views of the signers of the favorable report on bill H. R. 10289, and recommends that all after the enacting clause be stricken out and the text of bill H. R. 10,333, introduced in the House by Mr. Walker and referred to the Committee on Banking and Currency, be inserted in its place. WALKER BILL THE ONLY REMEDY. I can see no conceivable relief from the present financial and banking conditions of the country, but on the other hand the certainty that it would be made worse by enacting any general bill referred to the committee, excepting the Walker bill H. R. 10333, and the bills before the committee have steadily grown worse, culminating in the Hill-Fowler bill, H. R. 10289. Not one of the bills presented to the Committee on Banking and Currency, except the Walker bill, recognizes-much less fearlessly and closely follows-any known principle of economics or any recognized banking principle. Not one of them except the Walker bill safely and securely does any one of the four things absolutely necessary to be done to relieve the situation, viz, 1. To relieve the United States Treasury from the current redemption of every form of paper money and from any responsibility for maintaining the parity of our various kinds of money. 2. The devolving of the duty and responsibility of maintaining parity between all moneys upon the banks. 3. The allowing of banks to issue true bank currency-i. e., to issue currency against their assets. 4. The securely uniting all the commercial banks in the country through clearing houses into one strong body to maintain parity between all moneys. From the first section to the last section the two bills are antagonistic. B & C 9 129 The Hill-Fowler bill (H. R. 10289) does not propose to and does not effect a solid union of the commercial banks of the country. It leaves each bank in its present inflexible, isolated, and panic condition. It thereby leaves out of its scope its avowed purpose and makes it impossible of being accomplished by the bill. The Walker bill, on the other hand, is written in accord with recognized economics, and adheres in every sentence to sound banking principles. It secures a solid union of all commercial banks into a logical system and provides for the safe and complete transition of every commercial bank in the country, were it done even during a panic, from its present inflexible, isolated, and panic condition into an elastic, cooperative, anti-panic system, and makes it an integral part of a symmetrical and firmly constructed and completed whole, which is absolutely necessary as a condition precedent to any substantial relief of the United States Treasury and banking conditions in any safe and wise financial and banking legislation. UNION OF ALL COMMERCIAL BANKS. The warp and woof of the Walker bill is the taking of every commercial bank in the country out of its perilous condition of isolation, which invites and contributes to such panics as have frequently visited them during their whole existence, by allaying antagonism and shutting out all injurious competition and rivalry between banks, induced by their isolation, through clearing houses that now exist. Thus it is made sure that the banks will maintain parity, by making it for the interest of each bank to assist all other banks in doing so, by uniting all banks in one symmetrical whole to enable them in combination to maintain parity successfully, which is impossible in isolation, i. e., maintain the parity between silver coin and gold coin, and maintain the parity between all the various forms of our paper money and our coin money by making it profitable for the banks to do so, and forcing it upon unpatriotic and reluctant banks by a tax of one-half of 1 per cent per annum on deposits if the banks as a whole fail to maintain parity, and, unlike the Hill-Fowler bill, cutting the banks and individuals off from getting any gold out of the United States Treasury under any circumstances. MAINTAINING PARITY. The Hill-Fowler bill does the exact opposite of the Walker bill. Enacted into law it would call for more gold from the Treasury and heavier taxation to maintain parity under the present Treasury system, and make conditions worse than they now are. Its effect can be certainly predicted from the experience of the past, |