The Carroll Sentinel from Carroll, Iowa on December 7, 1894 · Page 3
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The Carroll Sentinel from Carroll, Iowa · Page 3

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Carroll, Iowa
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Friday, December 7, 1894
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Page 3
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i¥iplei)tshif){£ Mich redemption fond Wh6fi impaired. TffWn if the claim* upon this Mtad wet* • ctmBuen to, the obFijratioftS originally iht*nded fchd (f the redemption 'of these obligations meant their conciliation the fund would be very small. But these obligations when received and te- deeined in gold are not cancelled hut are reissued and may do duty many times by way of df awing gold from the reasury. Thus we have an endless chain in operation constantly depleting the treasury's gold and never near a final rest. As if this was not bad enough, W« have, by a Statutory declaration that it Is the policy of the government to maintain the parity between gold and'silver aided the force and momentum Of this exhausting process and added largely to the currency obligations claim- ittg this psouHiii- gold redemption. Our small gold reserve is thus subject to drain from every side, the demands that increase oiir danger also increase the necessity of protecting this reserve against depletion and it Is most unsatisfactory to know that the protection afforded is.onlr * ** b .inorfiTy Palliation, it ts "perfectly and pnlpftb'y plain that the only Way Under present conditions by which thi« reserve when dangerously depleted can be replenished is through the issue and sule of the bonds <uf the government I'or gold and yet congress has not only thus far aeslibed to authorize the issue of bonds best suited to such a purpose, but there seems a disposition in some quarters to deny both the necessity and power for the issue of bonda at all. I nan- Hot for a moment believe that any of our citizens are deliberately willing that their government should' default in its pecuniary obligations or that its financial operations should bo reduced to a silver basis. At any rate I should not feel that my dut; was done if I omitted any effort I couli make to avert such a calamity. As long, therefore, as no provision is made for the final redemption or the putting aside of the currency obligation now used to repeatedly and constantly draw from the government its gold and as lont as no better authority for bond issues ii allowed than at present exists, such au thority will be utilized whenever and ai often as it becomes necessary to maintaii a sufficient gold reserve and in abundan time to save the credit of our country am make good the financial declarations o: oar government. Oar Unnki and Oorrraey. Questions relating to oar banks and currency are closely connected with the subject just referred to, and they also present some unsatisfactory features, promi nent among them are tlie lack of elastic ity iu our currency circulation and its frequent concentration in financial centers .when it is most needed in other parts o the country. The absolute divorcamen of the government from the business o banking is the ideal relationship of th government to the circulation of the cm rency. This condition cannot be immed ately reached, but as a step in that direc ttonand as a means of securing* more elastic currency and obviating other objections to the present arrangement 01 bank circulation, the secretary of th treasury presents in hia report a achem modifying present banking laws and providing tor the issue ot circulating notes by state bunks free from taxation uudei certain limitation's. The secrutury explains hia plan plainly and its advantages are developei by him with such remarkable clearness that any effort on my part \ to present argument in its support would be superfiv ous. I shall tnererore content myself with an unqualified indorsement ot the secretary's proposed changes in [the law and a brief and imperfect statement of their prominent features. It is proposed to repeal all laws provU Ing for the deposit ot United State* bond as security for circulation; to permit na- r ttoual banks to issue circulating notes no exceeding in amount 75 per cent of their paid up and unimpaired capital, provided they deposit with the government aa guarantee fund in United States legal tender notes, including treasury notes of l$j!p, a sum of equal amount to 80 per cent, of tlie notes tuey desire to i •ties, tills deposit to be maintained at ai times, but wueneyer any bank retires an part of its circulation a proportionate part of its guarantee fund shall be returned to It; to permit the secretary of the treasur, to prepare uud keep on hand ready for i •ue in case au increase in circulation desired blank national bank 'notes fo •ach bank having circulation, and to re peal the provisions ot tue preMUt law im posing limitations ami restrictions upo banks desiring to reduce or increase tuvi circulation, thus puriuittinkr such in crease or reduction witula'tthu limit ot th 76 pur ceut or capital to ULuuicKly iiiaU as emergencies urine. ; *" In aduillou to tue guarantee fund quired, it is proposed co provide a sulet laud for the luimudiuto redemption ot tu «lrcul«tiu{(_uow:t> oil failotl banks by ' hg a small annual ta*, say One-half of 1 lercent. upon the average circulation of aoh bank Until thffnnd »mtrantsto6 pn eat of the total circulation outstanding. When ft m»uk fails its'guarantee fund is to e paid into this safety fund and its notes re to be redeemed In the first instance safety fund thug augmented, y to be made good front th vailable cash assets of said bati liese should be insufficient, such impairment to be made good by pro rata assessment among the other banks, their coutrl- mtiona constituting a first lien Opoii the gsets of tailed banks in favor of the con- Hbuting b'aukSi • As rt further security it Is contemplated hat the existing provision fixing the in- iividual liability At stockholders Js to be etained and tne bank's indebtedness on account of its circulating notes is to be made a first lieu on all its assets. For the urpose of meeting tue expense of priut- ng notes, official supervision, cancellation nd other like charges tuere shall be paid A tax say one half of one per cent per an- UUm on the average amount of notes in irculation. \'It is lurtUer provided that here shall be no additional bank notes ssued of less denomination than lio. That each national .bank except in case at a tailed bank shall redeem or retire its notes In the first instance at its own office ir at agencies to be designated by it and hat no fixed reserve need be maintained m account of deposits. Another very important feature of this plan is the exeuip- ion of state banks from taxation by tlie Jutted States in cases where it is shown o the satisfaction of the secretary of the ireasury and comptroller of the currency >y banks claiming such exemption that they have not had outstanding their circulating notes, exceeding 75 per cent of their paid up and unimpaired capital; ;hat tneir stockholders are individually iable for the redemption of their oircu- .atiug notes to the full extent of their ownership of stock; that the liability of said banks upon their circulating notes constitutes under their state law a first ien upon their assets; that such banks lave kept and maintained a guarantee [und in the United States legal tender notes including treasury notes of 1890 equal to 80 per cent of their outstanding circulating notes and that such banks nave promptly redeemed their circulating notes when presented at their principal branch offices. It is quite likely that this scheme may be ttsetully amended in some of its details; but I am satisfied it furnishes a basis for very great improvement in our present banking and currency system. I conclude this communication fully appreciating that the responsibility for all legislation affecting the people of the United States rests upon their representatives in the congress, and assuring them that, Whether in accordance with recommendations 1 have made or not, I shall be glad to co-operate in perfecting any legislation that tends to the prosperity am. welfare of our country. GMOVEB CLEVELAND. Executive Mansion, Dec. 3,1894. WEltOiE JOHN BURNS Great London Labor Leader Arrives at New York. HIS FIRST SPEECH IN AHEBIOA Delivered on the Dock In Response to Call From Looal Utbor Cnlonlrti—He It Aa eomimntod by Two Fallow Member* o Pullamrat—Sluj BrUff QrmtlnBt From EnglUh labor. 1C NEW YORK, Dee. H.—Among the pan angers on the Canard steamer Etraaria which arrived here Sunday morning was John Burns, member of parliament, the great Socialist and labor leader of Lon don. A delegation from the labor or ganirations of New York City met htm at Quarantine. The delegation consisted of Mr. E. F. McSweeney, assistant com missioner of labor; Samuel Qompers, president of the American Federation o Labor; Chris Evans, secretary of that or ganization. and William O'Brien, the walking delegate. Mr. Barns U aooora panted by two fellow members of parlia ment—Mr. David Holmes, who repre aents the town of Burnley in Lancashire and who U president of Weavers' association and a delegate to the conferenc of the federation of labor, and Mr. John William Benn, member of the London eotinty council and ffiembefoi ment for St. Georges east, Mr, Benh is deeply interested in temperance affairs. "1 cannot talk freely of American affairs." said Mr. Burns, «'for it would take years for me to become familiar enongh with them to do BO. t have been watching th« latjpt movement in America as closely as I could from a distance and I have conclnded there must be a little more of the milk of human kind* ness injected into labor affairs if they are to progress as I would like to see them progress," Vlrit gpeeeh In America. On the dock were gathered about 300 members of the local labor unions, who cheered loudly for "John Bums" as he walked down the gang plank. Then an informal reception was tendered him, and Mr. Dumur, of Typographical union No. 0, made a brief speech of welcome, In responding, Mr. Burns said it was an agreeable coincidence that he, who had bavttstroBgty identified with the 'dock strike in Hngland, should make hia first peech in America on a dock with the attleof trucks and the swash of the waters tn His tug, The party 'proceeded on foot to the talonnadt hotel along West street. On many of the corners were gathered [roupe of dock laborers and cattlemen, f ho ohetred for Burns as he approached ind many of them who had come from London meted him with the old cry of he London dock strike, "How are yon, lohn," to which inquiry Mr. Burns responded by stopping and shaking hands With them. Later in the day Mr Burns received a number of newspaper men and talked for an hour. After relating low Mi. Holmes and he had been se- ected by the labor federation at Norwich to represent that body in the American conference at Denver, he said their luty was to convey the felicitations ol English labor to that of America. Of his own visit here, he said he came Brst to observe the conditions of the labor movement in America and in what respects it differs from that in England and second as a member of parliament to get a grasp of American political af- fairst The workings of the labor department under Carrol D. Wright wen of great 'interest to him and as a co- councillor, he hoped to have the oppor tunity of inspecting, the various municipal departments of the great cities o! America, more particularly of New York ind Chicago. Bat above all, he declared, it was for trades unionism that he was to work. He believed ultimately the principles of the trade union would be universally regarded as necessary for carrying out any movement for human progress. Mr. Burns attention was called to recently published statement that ho bad said American •workingmen were "No Better Than African Slaves." "That statement," be replied, "is a superstrac tare of misconstruction based on a misunderstanding of what I said." Then he explained that his remarks had con earned the condition of the Hungarians and Italians at the coke region as de picted in our blue books, and which i true, he added, is a disgrace to any civilized country on the face of th< globe. Mr. Burns will leave New Yorl on Wednesday and will spend six weeks traveling through the states. Dec. 8.— Heavy rains for the past week and in the npper couutr; have brougnt about a "barge rise" and between 6,000,000 and o.OW.OOO bushels of coal 'nave started for southern ports. K»thqu»k« IB IlllnoU. PITTSPIELD, Ills., Dec.8.—A distiuo earthquake shock, accompanied by rumbling sound like distant thundst was telt here Sunday morning. The vi brations were from north to south. , 0 FAIRY TALE That WOOD RIN(JS are closing out their entire stock of But an Absolute Fact, THIS STYLE HARD WOOD CHAIR ••"AT COST THIS is an opportunity to buy useful and beautiful Christmas presents instead of the fancy and worthless articles many have been buying in former years. Come and have a selection rings \ Fumbe Store, Adams Street, CLOSING OUT jf On account of the dissolution of the firm of NOCKELS&GNAM The entire stock of Clothing and Furnishing Goods will be sold at , i Great v Reduced Prices, WHOLESALE PRICES Gowk and Cloaks. s^imns^ E have on hand a large stook of Dress.Goods, altogether too large to carry forward to the time of our annual invoice, and we must reduce this stock, In order to do BO we will, during the month of December, we will close ouj/ ALL DRESS GOODS AND CLOAKS ./Vb WE MEAN W what we say RICES GUARANTEED AS LOW AS ANY HOUSE IN THE CITY. A confidence exists between the people and this store, born of an acpuaintauce and experience of many years of mutual service. We do not intend at this late day to forfeit the confidence the people have that LUDWIG BROTHERS always protect their customers and will see that they have the best goods on the market at the least possible prices. is Our Great Annual Clearing Sale And We Are Clearing Up Our Entire Stock That we have a Full Stock of MUFFS. aleo Underwear, Blankets and General Merchandise BOOTS AND SHOES We carry a complete stock and this line being a aide issue with us we make c We have a line of Carpets, Rugs and Oil Clothe that we take especial pride in showing, as it is very lull and complete OALL AND WO* AT THEM, Everything is included in this Marked-Down Sale. BROS. gv, i * P»WV;> ' ,< ' " kWlii.u^lAVlk/lliv^L, Si!. i * " , i ' ^^t". i -• i,i 1 c«

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