The San Francisco Call. Newspaper, February 8, 1903, Page 6

THE SUNDAY CALL. FHOWARD [VING SMITH Z= — HILE no change In the currer laws may be made by Congress at the pre session, it ble that the ag- r asset cu 1 be kept up the vear by nking inter- the pu se of g promi- er when a From How- a Wall-street financier, : tal Diction n of the ests, with nence to the su new Congress wi ard Irving Smi who complled § 3 ary, was obtalned an explanati various plans for asset cu; proposed, as to be that or except ency, in addit be as good as else it wo i useless for the purp ded. Smith stated that the more money was particularly felt in the perfod when the crops are paid for and moved. The York to of money from New astern financlal centers ng regions of rtbwest and Southwest, the cotton-producing regions of t and t is an important an- occurrence. It usuallg b er part of August and cdhtinues untii fore part of November, and it is not until December that it begins, in any v ume, to return to New York and t Eastern financlal centers. There in the first place, a need for money by the farmers who grow grain d by the planters who grow cotton to y their hands; but the large neecd for money is to pay the farmers for their grain and the planters for their cotton. farmers and the planters borrow ir Jocal banks to pay their har shippers who buy from the farm- planters also borrow from the lo- anks to make payment to the farm- x nters. nks send to the banis elsewhere in the Eas local banks may ha heir credit in the New Yo which case the belongs to them. Of paper (promissory note the New York and E ell paper and banks may obta in large cities ne: movement and other to al the in for bal- New York money ney that unt drafts) wit The money from bank in the West a case the i money turn he New York and othe ern banks to replenish their own sup- plies so that the result is the same as it the local banks had themselves obtained the money direct from the New York and Eastern ba The effect is to denude New York and other Eastern centers of money. The banks in these centers have to deny their regular borrowers, or at least curtall the accommodation extended to them, and in addition they ghave to demand the return of call money (money loaned for an in- definite period, which is subject to return on the demand of the lender). The result is a v of money rfor ganeral busi- ness and also for speculative operations Naturaily rates advance and both busi- ness and speculation are restricted. The f requirement in moving the crops Is for money of smail denominations and the uence in some yeers has been alm e in small bills (money of small denominations) in New York and elsewhere in the East. There are other times in the year, also, when money is in inadequate supply. For instance, money becomes more or less arce as the end of June approaches, and gain as the end of December approaches. At these times money 1S being accumu- lated for the heavy Interest payments a the first instance on July 1 and in the second instance on January 1. Also when gold s being exported, money usnally difficult to obtain. Mr. Smith, in giving an account of vari- ous pians for asset currency, sald that at restrictions shouid be imposed to prevent abuse of the authority to issue notes is the chief point. A depositor in a bank risks his money and his credit with a knowlege of the general standing of the bank, its stockholders and 1ts officers, and of its condition as shown by its re- is ports. A man who accepts a check drawn on a bank has knowledge both of the bank and of the man who signs the check. A man who accepts the note of a bank, perhaps thousands of miles from its place of origin, cannot have this Information, therefore the restrictions under which the note is issued must be such as to safe- guard, in a general way, his Interest and insure his protection against loss, or the stem will fall and the bank uotes wiil ail Lo circulate. The Baltimore plan, the best known of all the plans for asset currency, was the name applied to a plan approved by the convention of the American Bankers’ As- sociation in Baltimore in 1894, wherein it was proposed to repeal: the requirement in the national bank act for the deposit of Government bonds in the treasury to secure circulation (national bank notes); to allow banks to issue notes to the ex- tent of one-half their paid-up and un- ympaired capital, these notes to Be subject to an annual tax of one-half of one per nt: and to allow banks to issue “emer- circulation” to the extent of 25 per cent additional, the additional circula- tion to be subject to a heavler tax. A guarantee fund of B per cent was to be established by the banks, to be held by the treasury, for the redemption of the notes, and circulation was to be a first lien upon the assets, and upon the liabil- ity of stockhglders of banks, which lia- bility is for an amount equal to and in addition fo the par value of the stock owred by stockholders. John G. Carlisle, when Secretary of the Treagury, proposed that banks be per- mitted to issue circulation up to 75/ per cent of the paid-in capital upon the de- of 30 per cent of the amount of cir- ge culation with the Treasurer of the United States in the form of United States notes and treasury notes. A guarantee fund of G per cent was to be accumulated for the immediate redemption of notes of failed banks, encroachments upon this fund to be made good by assessment, pro rata, on the other banks In the case of a final deficlency in the assets of the failed bank. Lyman J. Gage, when Secretary of the Treasury, proposed that banks be per- mitted to issue circulating notes up to the amount of pald-up capital upon the deposit of 30 per cent of the amount in United States bonds and 20 per cent in United States notes, leaving G0 per cent as a charge against the general‘ssets of the bank. This unsecured portion of the circulation he proposed should be further guaranteed by the establishment of a fund to which all the banks should contribute through a semi-annual tax of % of 1 per cent on their capital, which contributions should be held on deposit by the Treas- urer of the United States and be used for the redemption of notes of fafled banks. Another plan, known as the Fowler plan, was contained in a bill introduced in the first session of the Fifty-seventh Congress (1901-02). The Dbill derived its name from the fact that it was introduced by Charles N. Fowler, chairman of the Banking and Currency Committee of the House. This bill provided for a gradual emission of bank notes without bond se- curity, beginning in the first year with 10 per cent of the pald up capital, and in- creasing 10 per cent a year until a maxi- mum of 60 per cent should be reached. Permission so to issue notes was to be conditioned upon the assumption by the bank emitting the notes of the current redemption of an amount of United States notes equal to 20 per cent of its capital A tax of % of 1 per cent seml-annually was to be imposed on the first 20 per cent of notes taken out, and % of 1 per cent seml-annually on the succeeding 1 per cent. In addition, after six years, an extra “emergency circulation” of 20 per cent might be taken out, subject to a tax of 1% per cent seml-annually, and after seven years still another 20 per cent sub- Ject to a tax of 2% per cent semi-annually., There also was to be a guarantes fund of 5 per cent for the redemption of notes of failed banks. In the second session of the Fifty-sev- enth Congress (1902-3) Mr. Fowler intro- duced a new bill granting authority to national banks to Issue notes to the amount of 25 per cent of their pald up and unimpalred capital, which should be a first lien upen the assets of the banks issuing them. No other security was to be exacted except that the banks were to be fequired to keep on deposit in the Treasury at Washington Government bonds or gold coin, or both, equal to § per cent of the notes issued to provide for the redemption of the notes as they should be presented. In addition, the banks were to be required to pay a tax of 3 of 1 per cent semi-annually on the amount of thelr outstanding notes, which tax was to be added to and held with the » per cent redemption fund. It has also been suggested that safety and elasticity might be obtained by deie- gating the authority to issue notes to the clearing-houses of the large citles or to clearing-houses to be established by States, thus giving to the notes the se- curity of the combined strength of the banks so associated together. HE art of travel, f travel = an art devold of rules and regulation he who travel cording to the order- ing of any .plans, owever well con- ceived, no true master the art of travel course journey ehould have beginning—and it must have, alas! an end—but other fixed points there should be none in the of him who travels to enjoy. The advantage to be derived from care- Jaid plans is the pleasure of 4 & them and doing the unexpecte seeing something not on the list, golr otherwhere. “Otherwhere” is indeed th paradise of the true traveler—an unat- tainable paradise—iying alw ust the portals of the la d ch he moves, always withdrawing it self as he crosses new frontier or dis embarks upon & hitherto unknown shore This to me appears a most happy dis- pensation. It leaves the zest of travel ot a -1 \Y 7 7= Ol ished; it makes light of disillu- soles for disappointment—for we full satisfaction awaits us there land of otherwhere toward which striving, profiting by the les- n route, bettering our ideals the disillusions t with in lands that we misiook in t for long sought country of our dreams spirations. e are a few lands that do not dis it us, few that confoy to our pre- neeived idtals, and yet/however short reality may fall of the mind pic have formed of unseen ¢ is no country in the wor'd that worth seeing, werth 1dying, worth remembering. Therefore, t na pie go, let your journey outiin as you proceed and remember: t things most needed for é jonr are two, tin opreciation.” With these two traveler will find that money rimportant part little money requ ch while eciation will bu s sable with gold. The sun the marbles of antiquity and an ntry, b simy self the an v is. of colrs too the journey and not purc and the surf, ets the “frozen music” of the middle ages, the clamor and quaintness of popular ex- istence—all these things are served “free gratis for nothing” to the man who lines his purse with leisure and is ot ashamed to don the spectacies of appreciation, not afraid to look and gaze and stare, (o manifest his interest, and not unwillir to late to table d’hote when meaitime and the sunset hour coincide. Table d’hote dinners are all alike: sunsets ia- finitely various. The s'ghts that-are lonz- est remembered and the most worth while are always the least costly. My ppiest days in sirange corners of tue rid Lave been the ¢ that cost the s of poor far aveyele in Corsi houses and : days of bronchos zona: days of " and of ir tight the summer in tou These gays will be remembered long after I have forgotten costly stass in Continental capitais, long trips in luxe Griving around Hyde Park in smug lan- daus, and evenings at gala performances and long hours of fatigue at grand re at tes views and jubilees. There {s only one costly pleasure that IS not a snare and a delusion, and it is destined T hope =oon tc be within even the modest means of the travel-artist—I mean, of course, the automobile. There {8 joy in every throb of the busy little motor and a delight in its continuous vibration. Read Maeter- linck's impressions of a first ride in an auto-car. He paints the pleasures of speed with a master hand. The automo- Lile has added a new charm to travel, provided us a new point of view, a new approach to old subjects. Imagine even famlliar Italy, with the €low trains, quar- relsome cab drivers and insistent cice- rcnes left out—and the automobile leaves them out. And it brings into the range of your expcriences the long. well-shaded highroad the never-before-frequented villages, the haif-forgotten towns and ail tne interesting roadside Jife: that our grandfathers of the coaching era delight- ed in, but which we modern wanderers have never scen. I for one am glad that the automobile me before 1 ye finished my world piigrimage, for had it been delayed until 1 checked the last of earthly realms by has ¢ writing across it the word ‘“done,” I should have felt compelled to begin all over again and “do” the world in the new way: u petrol As it i1s I have not lost many opportunities; with cycle and tramping tours to look back upon and ““teuf-teuf” tours in prospect, I have few regrets and can afford to bear with the unromantic rallway, which has done so much to facllitgte travel and to rob it of its charm. And yet we owe a debt of gratitude to the rallways of to-day. They have made it possible for one to compass the whole world in a single lifetime—a feat that was not possible for the traveler of yesterday. Is it not wonderful—the machinery of travel-you can set out to- Gay for nearly any remote region of the world and you will find, whatever be yous direction, a succession of trains and ships, coaches or canal-boats, rikshas or chair coolles, walting to convey you toward your destination, always ready for you or for some other, for somebody is always going thither, wherever it may be, seek- irg the “otherwher: the place where l|uppln:§u, success or opportunity awaits. After we have seen all that this our one little world has to show to the plil- §rim, what then? His journey then is but begun, for no one knows better than the man who has been everywhere that the real journey of existence is not outward and away, but inward and ever inward, toward those mysteribus regions which we cail mind, spirit, 'soul, consclousness, and somewhere in those regions I am convinced, there les that long sought land of “Otherwhere,” which is our ul- timate destination—a destination vainly sought at the ends of the earth and found by the returned wanderer—if he has learned well the lesson of his wandering —found just on the other side of the thin wall of ignorance of self that hid from him the Paradise that walts in every hu- man soul, like & garden of delight, for its deluded owner to return and enter Into the possession of It. How to travel? Trav. el outwards If you will—travel and learn that no man can ever reach a destination until he finds the gateway to the inward path that leads to consclousness of self. LY GORTAHUDE BARNUIT . (Copyright, 1803, by W. D. Boyee Co.) OME s stfll an ideal word, especially those who have homes or who dc live at home. word suggests sweet cradie of the inspiration tenance, recreation and rest which every soul craves. Home influence is the most eonstantly recurring Influence of life, and home ties are most binding. This s considered pre-eminenuy “Woman's Sphere.” Women, theretore, should study the home as it actually ex ists, comparing it clearly and feariess with the ideals in the minds of mankind. Are we kept too long in our cradles, untll with a sudden shock we are told to to walk alone? individuality and effor Does the home develop our inspire in us the courage it snub and cow and en- ervate Does it sustain us healthil gorge injuriously? Does it mp us, or unfold us to a large and immortal growth in race life? Wheke is our real recreation and where is our peaceful rest? One the majorit women strangely lacking in clearness inten- tion with regard to this special sphere of hers. The si yle of the PEESDE: Speiix by her busines The dec- is managed, land- by hired supervisors e fu ing is suggested by prevalent custom er than special family needs and es. The art and literature are hap- rd, foisted upon the family in pres ents, by arts' and crafts’ societies—a daughter's growing talent for oil and china painting—a son’s addiction to auc- us finds tion rug sales. e Look about you In your hostess' draw- ing room while she is dressing to receive you, and declde what you would order out of it if you had the deciding voice. By the time the hostess arrives the last arti- cle of art and virtu may be disappearing and your full design is aiready fixed upon the nearest plece of furniture, perhaps the uncomfortable chair upon which you sit and wait. This is the environment in which the family must live. - S i We must recognize the danger = of tyranny in the home influences and be sure that the ‘“home tie” is not a “tie that binds us” hand and foot. Many a youth looks back upon his home with far from sentimental feelings. It was a place in which he was constantly nagged and told to keep his elbows off the table—a place where he was constantly accused of being gelfish—a place where his mother and sis- ters gossiped, and where he quarreled with his father far into the night. Con- ventionalities and littlenesses and indig- nities sapped the sweetness and strength from life. Too many girls have never begun to be individuals. Coddled and enervated, re- pressed and mfsguided, they have devel- d umid mediocre assoctations and with ignobie g, cultivating a little bad art and shallow literafure and spending their strong young years in search of the latest thing in stays and stocks, literally and figuratively. The ache of loneliness Is not always cured m the home. Alone one has al ast the companionship of his own thoughts and tastes; a family may drive these from him, offering only foreign and {rritating substitutes. Poor Mr. Dooley reading his Christmas Emerson to please his child is not so pathetic nor so com- mon a picture as that of the stern parent reading Boswell's life of Johnson to his entire family, from the patient wife down to the restless sou of 13. Woman sometimes hangs so entirely upon man's life that If he does not dine at home she is lost. Her own life is so imited that she cannot conceive anything re important than keeping meal time rcredly. The wife and mother who does r.ot live her individual life and respect ‘he individuality of her husband and children has a bad home influence, or none at all. It i$, alas! too much to expect people to comprehend each other, but there should be at least chance for freedom and va- riety of conviction and tastes. The tyranny of the home is a terrible and devastating evil to-day. When will women clear up their intentions of hofne and begin to make It an expression rather than a repression of family life? The American home is the envy of all nations. Actually, however, the Ameri- can home, instead of being carefully and sympathetically kept to the ideals of jus- tice and freedom and variety In unity by a strong and loving wife and mother, is apt to be a free fleld where Influences come and go haphazard and the strong- est survive and dominate. Even the late type of sentimental kindergarten mother has not struck ail the keys of success. The newspapers are full of advice as to hew to make home happy, though the symposiums on “Is Marriage a Fallure? and “How to Selve the Divorce Problem™ do not yet clear all difficulties. Let us as women study the home prob- lem for ourselves: let us read our Ibsens, Tolstols, Whitmans, and face our fallures fairly, and while regarding what has proved genuinely good for us in the his- toric home let us rise to greet the new ideals of the new generation. OVE is Ifke new milk —no matter how oweet, it will turn sour during a storm. Yl A business man f{ who bhas dealings with & woman takes & . post - graduate course in things he never knew before. i Fortune is fickle—must be wooed te be won, and must be wooed to be one. 8% 1f people took as much pains to be en- tertaining affer matrimony as before, di- vorce lawyers would ride in trolleys In- stead of "biles. 0. ‘e h When & man meets a pretty girl he really wonders If she has been hunting for bim. e Bk Bohemia is the hobo's paradise, where he hopes to lhll.'o -v-zryl:ody‘l purse. The man who spends $0 at his club treating his friends will “cuss” his wife's ¥ B> TKATE 7772-SON MARR _ - extravagance 1f =h- pay: $20 for a bonnet. . To grow old gracefully should be an ar- tistic study. el e Many millionaires would give millions for a poor man’s liver. ” eiw People never regret missing the oppor- tunity for doing good, but how they hate to lose the chance of a little fun. The friend who criticizes us entertains & good opinion of self and a poor one of us. . i The pessimist would often like to read the sun the riot act for daring to shine. « s . When a woman idealizes & man she should be bullet proof against shocks and surprises. o:iin,m Women love dress because they enjoy the admiration of men and the chagrin of other women. > e ‘There are often more faces than one to & ‘watch, the one on the watch and the one in the watch, and yet the man may be hunting for trouble. s . e e Flattery is the tribute that vanity ex- acts of friendship. ¢ e . Jealousy is but another name for inor- dinate self-esteem. o s . An expressive face discounts a prett; one a hundred per cent. g2 oY Ve g We may trap a bird, but we cannot force it to eat from our hands. s e ine Life without love 18 a forest deep, Whers songbirds never wake nor sleso, v all ia silence, shadow, gloom, And lite is but a goulless tomb. . The fellow who boasts of his grand- father "generally touches you for the rin| oiis Bl People who are always reaching out for greater things rarely have sense enough to grasp those at hand. . e e A number of soclety women have gone into a plous retreat and will not speak for three days. What happy times hubby would have if it were & continuous per- formance. . . . A first marriage is an experiment—the second an experience—the third a spectal dispensation of Proyidence. ‘When we cash up unrecognized opportu- nitles and vain regrets we find Life’'s fail- ure on the depit side. - e e A man who marries a model often finds her anything but & model. DR ‘When a woman falls in love it's a toss up whether she will float or sink. PSR Happiness is the choir invisible of the soul. « s Poverty 1s a sorry love feast. e e ‘When a man dines on toast and butter in a cheap cafe he would rather libel his liver than have any one suspect a slump in his assets. « s . People who cut off their Boses to spite their faces mutilate themselves without hurting the other fellow. PEARIPARNE The coward puts up a big bluff. ccurageous man talks last. o . e and make up and then forget: Beart may break thro' tears of Tegret. The K The The world owes every man a living, but he's got to hustle to collect the debt. « e e One may outlive hatred, but Indifference is a perpetual cold storage investment. D) ‘Women will back a race horse for no other reason than because he is the color of chocolate ice cream. T4 -4 Don't exalt any one on a pedestal. The crash will jar you when they tumble off. . e . ‘When people find it necessary to boast you may be sure it is the only way oth- ers would ever learn that they had any- thing to boast of. e A man who thinks that a woman does not know anything sometimes wakes up to the fact that she knew enough te rv'n bim. T Discretion is the aromatic bouquet of common sense. ale X A second marriage is often a case of “if at first you don't succeed,” etc. [ Poverty is the nest where crime and vice are twin broods. SR Contention s dissenslon. . s e Too much religion wrecks our faith in the divine. 85w i The man who reforms for & woman's sake will go to the demnition bow-wows for the next woman who comes along. g Some women are just about as respon- sive to a man’s kiss as the handle of an ice pitcher would be. €. o ‘When & girl goes to the altar, She will smile and never falter— But the sad-eyed, trembling groom Nerves himself to meet his doom.