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Brief for the negative.A. F. TRAVIS and J. R. NICHOLS.

Best general references: J. L. Loughlin in Chatauqua, Vol. 16, p. 32; C. F. Dunbar, in Quarterly Journal of Economics, Vol. 7, p. 55; Comptroller of the Currency. Report for 1875 p. 196.

I. No change is necessary. (a) The present National Banking system is the best possible. (1) It is uniform. J. J. Knox, in Forum, Feb. 1892. (2) As record shows, it is absolutely safe. J. L. Laughlin, in Chatauqua, Oct. 1892; E. E. Lacey, in N. A. Review, Feb. 1892; Comptroller of Currency, Report for 1875, p. 270 ff. (b) Ampler currency will not help the South and West.. Dunbar, Q. J. E., Oct. 1892. (c) The National Banking system can meet all legitimate demands for more currency. D. M. Stone, in Forum, Aug. 1892.

II. The best substitute suggested, Mr. Harter's plan, is not feasible. (a) It would be unwise to have bank-notes secured by bonds of states, municipalities, or railway corporations. (b) The per capita restriction would be of no effect.