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I
ESTABLISHED lS6fr .
I ONE PRICE. TO ALL NEVER UNDERSOLD
I The Best Handkerchiefs
I FOR LADIES AND CHILDREN
H The best at each price, the Greatest Value for the money paid,
H Ildkfs. are always acceptable for Xmas Gifts, you can please every
H taste and fancy from our Vast assortment and be assured of the
H greatest value for price paid.
H Children's Ildkfs. three in a box, in plain white or with colored
M border, per box 15c
H Games in box with three neat Ildkfs., just the thing to please
H children, splendid 35c Values, on Sale, per box 19c.
Ladies Embroidered Handkerchiefs
M with scalloped or hemstitched borders, the greatest values' ever of-
m fcrcd at each of these prices;
I 50c 35c 25c 19c 15c 12ic and 10c
I Colored Bordered Handkerchiefs
M for children, special sale values at each
H 5c 3ic and lc
M Initial Ildkfs., three extraordinary special values at each accord-
H ing quality
I 25c 15c and 10c
I SALT LAKE THEATRES
Hj FOUR NIGHTS AND TWO MATINEES
H BEGINNING CHRISTMAS DAY
I ISABEL IRVING
H AND AN EXCEPTIONAL
H SUPPORTING COMPANY IN THE NEW PLAY BY CLYDE FITCH
I THE GIRL who has
I EVERYTHING
H DIRECTION OF LIEBLER & CO.
H PRICES: Evening 25c to $1.50. Matinees 25c to $1.00. Scats go on
H Sale Monday.
k MAGNITUDE OF STOCK INTER-
ESTS.
mi The live stock industry is one of
1 the most important in any country
H and particularly is that iruc of the
K western states. In point of relative
W importance the cattle, sheep and hog
V products stand in the very front rank
H of the'products of the country. Ca,che
Q county in this state and Oneida and
H other Idaho southern points are pre-
eminently adapted to farming and
stock raising. Among the first to
realize this was Mr. James Martin of
Smithficld, Cache county, Utah. He
embarked in the business years ago
when the prospects were not by any
means bright, but Mr. Martin is a man
of foresight and energy and he made
a most emphatic success of it. He
owns large interests in other branches
of business in all that region and is
one of its most exemplary and high
ly respeeted chirms.
THE BANK AND THE GOVERN
MENT. The National Bank Act and Currency
Many people who have business
with national banks, or who sec every
day the word "national" used in the
names of banks, do not stop to con
sider the close relation which exists
between these banks and the govern
ment of the United States. There is
a very intimate connection. In fact,
Uncle Sam, represented by the sec
retary of the treasury, and, through
him, by a small army of officials,
keeps his finger on the national bank
ing pulse and acts as guardian and
inspector of a large part of banking
finance.
This stewardship of such a large
and important part of our banking
business is the result of the operation
of what is known as the National
Bank Act, a measure which estab
lished the present national banking
system, and which is of supreme in
terest to every investor.
The National Bank Act was one
remedy for the troubled financial con
ditions which grew out of the Civil
War. It was a war-time measure,
and its sponsor was Mr. Salmon P.
Chase, who was secretary of the
treasury under President Lincoln. The
act, approved June 3, 1864, with the
various amendments which congress
has adopted since the first bill was
passed, comprises a book of sixty
seven closely-printed pages. To out
line this act is to explain the whole
plan of national banking.
In the opening paragraph it is
stated that it is "an act to provide a
national currency secured .by a pledge
of United States bonds and to pro
vide for hc circulation and redemp
tion thereof." This section sets forth
the whole process by which the entire
institution of national banking has
been created. But in the develop
ment and conduct of this system there
are many striking and significant de
tails. What National Banks Are.
In the first place, there is a big dif
ference between national banks and
other banking institutions. A na
tional bank is chartered by act of con
gress and is controlled by the con
troller of the currency, who is the
chief officer of a bureau, created by
the National Bank Act, to issue and
regulate the currency of national
banks. Thus the national banks
arc under the jurisdiction of the
United States government, which ha
the right to examine them at any
time, demand reports of their condi
tion, and close them if the National
Bank Act is violated in any way.
A state bank or a trust company,
on the other hand, is chartered by the
state in which it is located, and is
under the control of the banking com
missioner or superintendent of that
state' and is examined by state of
ficials only.
Applications for national bank char
ters must be made to the controller
of he currency. The capitalization
depends on the population of the city
in which the bank is located. For ex
ample, in a place where the popula
tion exceeds 50,000 the capital must
not be less than $200,000. Fifty per
cent of the stock must be paid up be
fore the bank can do business. Every
director must he an American citizen,
and at least three-fourths of them A
must have resided a year in the state
in which the bank is opened.
The National Bank Currency.
Now comes the strongest link with
the government, and the one which
gives national banks their distinctive
function. Every national bank must
deposit with the treasurer of the Unit
ed States registered government
bonds to an extent of not less than
one-fourth of its capital stock, if the
capital is $150,000 or less. If the 0
capital is more than this amount there
must be a deposit of at least $50,000
in bonds.
This deposit of government bonds
forms the basis of the national bank
currency. Everybody, at one time or
another, has owned or has seen bank
notes bearing the name of a national
bank on them. These bills are bank
currency, and have been issued by the
government in exchange for the gov
ernment bonds deposited with the
treasurer. The United States, by the
provisions of the National Bank Act,
must issue the bills, which may be had
in denominations of five, ten; twenty,
fifty, one hundred and one thousand
dollars. The total amount of these
bills secured by any bank cannot ex
ceed the capital stock of the bank
The issue of bills is based on the pai
value of the bonds deposited. This
means that for $100,000 in bonds the
banks get $100,000 in currency. The
issue of this currency is under the
direction pf the controller, who is also
the custodian of the bonds deposited.
Why Circulation is Restricted.
Every 1 ational bank having cur
rency in circulation must keep on de
posit in legal tender with the treas
urer of he United States a sum equal
to one-fifth of its circulation for the
purpose of redeeming its currency.
Legal tender means lawful money
of the United States other than na
tional bank notes, and includes treas
ury notes, gold coins of all denomina
tions and sjlver coins.
If a national bank wants to with
draw its circulation of currency it can jf
deposit legal tender covering the
amount and get back the bonds which
have been deposited. It is also of in
terest to add that national banks are
required to pay a tax of one-half of
one per cent on their circulation. Na
tional bank notes cannot be part of
the legal reserve. The reserve must
be in legal tender. Thus the national
currency is really circulation.
Having now seen how the national
banks obtain their currency, you
would naturally think that each na
tional bank would want to get as W
much of the crisp, new, green money
as the law allowed. But this is not
the case.
You will remember that the banks
must deposit United States Govern-
