Jasper County Democrat, Volume 1, Number 30, Rensselaer, Jasper County, 5 November 1898 — OVESSTREET BILL AND M'CLEARY'S REPORT [ARTICLE]

OVESSTREET BILL AND M'CLEARY'S REPORT

By [?] J. Van V[?].

K antesy Sisuhl, fminrm nf fth* OwsteOSt MIL wtthoAorprovisioQO oquoßyOfi^oo-is-forr ha^fe^dT 41 ufc fifo(Ovogtogoot ans orottotoMteEklte! publiosn osadidsto for ouugsuuo Islsdi* aoa'MMMg fiteeaoMtßUdh toitotitor. 'After the obifimlttee dta tssklaf sad rflW!W7:ltoitofte(l tb? Hm-fy»wltektiL .jnTj.itfwinn. rhsirmsfi titri But uEUOQtive oummitteo ofthe IndiunspoHs usonctmry KcOteiy. tLloadtefi of the msjnvßy ihmt oodesod hhu bUI iim* ported, and who wrote the m*jos*ty r&> Itott, W»s brought Mr; Hanuh, W H him. -Ir tlWulMsh'hfeßsds bore duris« <Ut ufitw i WMk *4 said f (Jil He said:, “Tn» aut. to to, ACCOMPLISH THESE RUSULTS WITHOUT N#.i#9Ai ! itototo*rt'(linj»7.ifi !lh PONDS.” The ylnoenty, it noting * 25t A” *» ' »V‘ ~*s. f *' • -t ■' * t 1 _. ,

8. He said the treasury will be t»* tteved when the greenbacks one so to bo a burden for redemption in gold. Leaving out all consideration of Dm fact that the law doea not raqnire them to bo redeemed in gold, it cannot be pnastbhi that. **»<■ statement was Li sincerity. When the greenbacks are destroyed they will not, of coarse, require redemption in either gold or silver. What a disreputable humbug, however, is ao> covered when Section IS is tend, and it to found that greenbacks are to ho turned into recurve notes, and by law made payable in gold (ultimately) oat of the United States treasury. Then, when It is found in Section S Ant 500*. 000,000 silver dollars are to be given me power to extract gold from the United Statea treasury, and that, instead of 9848.000,000 of greenback! to da it contrary to law. there will be over 1800,000.000 of reserve notes juid silver to do it by authority or law, it to difficult to resist the conclusion that there to something worse than want of sincerity in the purpose of the toll Mid In the statement made by Mr. MeOlaaiy. 8. Hia report shows that under the bUI a hank would be able to invest 40 per oont of Its capital in interestbearing bonds, and in addition have 140 par oent in money to loan. With SIOO,OOO cash capital, a bank oould deposit $40,000 in greenbacks and get $40,000 in reserve notes. It oould boy $40,000 in bonds and on this get $40,000 in national bank notea This would give it SBO,OOO in notes, and leave it SBO,OOO of the cash capital. Tt could then receive $40,000 in national currency notes, without security, making the entire loanable . fund $140,000 exclusive of bonds. In other words, with 4100,000 capital, a bank will be able to draw interest oa 1180,000. If this is not class legislation, Ido not know what is. 4. National currency notes are said to be secured by bank assets. Take the example above. The $40,. 000 of reserve notes and the $40,000 of national bank notes, in oaae the bank failed, would be paid in full. This would leave $40,000 currency notes to be paid ont of the SBO,OOO of capital left and the stockholders’ liability. If the loss in the failure covered this, then the money of the depositors would be used to pay the currency notes. The depositors would not only have no security at nil, except the money they themselves furnished the bank, bat in addition to want of ascurity their deposits would be ultimately liable to pay the currency notes 6. From Mr. MeOleery’s report it to dear tint the inference he desired to have drawn ia that the necessity maintaining a gold rsasrve frotejvwb to redeem greenback* will be obviate* Section 4 pravjdeK iffnpgv raiHWgll treasuryTQWAlWTAiNa^iiiiism in r * noiwAT* REbkMFrtojr o#ALL NOTES and «»***» PRESENTER” .Wq*>9l» bnfc Ifi34fi.ooojooo mgrtoobdats hateiW wctwoctlaw, whal^rsforuewsU her** qmwed srhausy iLAWtbece U ©v** |BOO,. 000400 of wervs .notes- - sod alter ar IOaH psatientor attention to dm wording-of tMsuaflUdtot •• &snT .-ml • 1 ttawediute vedemption of all tttoksto hersihhftor provided,” It doss 1 n 3,<,-«MM*d w.htti riroeiMing, : notsg; o«,gny useh associations, assorted or naaasart■m thetro*suiyv*rao*ooh subureasatloN as may be flmrignnjtd BU*ii'«tdfeE ' b to dour ***** aoeordiag^o^f fl option 4 •t mA » kwi, ISTQhBWJRVR TBS TREASURY ITOG4ITHB toto»GWTgROO»WRANTR*4KrnOV mnm tP ’To onram eow. torn ItoOloary’itoaat 7 nor to his integstty : .cur*wkjy by*te* axTOitn toto or gowoncAL Aoeropm,” There is bat one msaatatoitetfate ateto* ment, In fact, be boldly declares in hie .soaorV ties to-pot oar whole dhswoial Byfttol* where “WO A»Mi*is--teAxaiiyA*i *<*"**. ' SSfe. ,rw!cw : aaehi-holding >1» yen vane gaingeut every'' four yearn; u»d nonremovable withont impeachment. bteiteiyas 4m kin stooadW-atote