The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1874-03-02


mel Piatt an" "ener" hnoerso"-
endorsement OIL the N"''oh"' EN-
cneq"er
A large audience' inciuuing many Oh our
leading business men. assembled in the hall
| of the House of Delegates, Saturday even
in, r. boor tho Hon J,nos IT pIott,s
lns' ,m "
exposition OF the nnance Dill recently IN
troduced by him, and now pending before
Congress:
M motto, Of Coro,a, .Iossnb r Ander.
con Hon Robert T. Montaoue, of Mid.
JIaSax moS ooilad 70 tho char
NJ Montoone nrsSanted To the mee,;np
Hon. lanes n plat member of Congress
from tho Norfoll, district who explained
| tho nurnosas Of the hill IN question. and
oro,iod that ito massage would nlace The
6panceS Of Tho %cpnntrv in q safe and nros-
naro,s oond;,ion I'D ognrd tbat ceorr;tv
I'D ro,;aS 90 n,noh demanded hu tho oom.
naro;oi ard m.nnca ctnr;na ;nteraSts He
was vow des;rons Of ohtain;no nm endorsa-
| t;on Of Tho vcheme nv tho REPRESENTATIVES,
of tho naoria 90 V;ro;,;o bel;av;n9 hat II
would nrdnNota onr welfare and CIV ma n
n,ono stabia orJ elastic cnrrencv than
conld ba nror;dad bv onv other means.
He cI.;med M cyed;t for originality in
tb;o ochama bnt had s;mnlv broIoht IN n
n rough nroct;cal bnsiness exnerience of
ffteen year. and was satisfied that it was
the only Man bv which the country could
relieved from the strinpencv of the money
market and an elastic Currency be obtained,
He esnac;.llv desired that the scheme
sbonld bc endorsed bv the legislature of
V;ro;n;a befnrc tho hill shonld he acted
nnnn hv Conoress
No nation he s.;d has ever issued A
crrrerc1 hoSed rnnn ito own. credit and
bror,ahf ;tSaif r. tbe inonc;al condition in
wh;cS Tho GTn;,sd States now finds itself
that has been ahle to pet ont of the diff.
c,Itv ry;tbont tho eot.hI;sbmn ont of a great
nat;o,"I cnnaorrot;ve institution snch as he
nronoSad IN th;s evchennar scheme.
lie then gave a concise review of the
fnanc;al history If the limited States. and
sketched the career of the first and second
Tinted States hanks. the increase of state
hanks. and The crash of 1897. He Denoted
tha or. of financial nrosneritv under the in.
anence Of tbe limited States banks, and
the ner;odical monetary susnensions that
hava SoiIomsd ths d;ssoi,t;on of;t lin 1851
Engloud had suffered in the same way
NH che oStobliobed the hank If ENGLAND.
S;nca then her notes have been ennal in
valne to GOLD. So with France. Austria,
pa,r;,m and otber Enronean Governments
his great national scheme is not liable
to tho ob;ect;on urged against It in former
vears-that Il nlaces too much power in the
yaosmant ha"o,,ss now one mar Ut Wash.
S;nnton airsodv v;rtnallv controls nearly ali
the banIs Of ibo conntrv
TIC neonie Jo not vsiue the preenbacl
currency at mar. First. because the issue
of;tm 10y nnann.t;tut;ona and there ia no
Jason wbv II sho,,ld he continued ten or
tn'aIua "aor, ortar tho termination of tn
wv tbo m.ds II nacessarv' Second. he.
consa ,bsrs 10 No nrov;sion or promise
Nnnn; tic f.co for ito reclamation. Orr chr.
go mrst be booed mon other than ar
;rrajsamob,a currency before it will b
nainad a. no, Nav the limited States i
osLad 70 establish n great national ban
with n canital of SlOO. 600. 900. with O de
nor.mont Of hank;no and q department O
,Ssna tho chief hank to he located at New
YorL c;tv With branches in dife rem
..o.os WY
10 s.;d al, that the friends Of the bill
ooniJ at Srst bona r. accomplish was to in
49, norsons r. oxom;nn The hill AMI
.aho.var had exom;nad If carefully had be.
come a sunnorter of the measure. He die
not hone 10 mass the bill at the present SEES
Con of CONGRESS Init to awaken s~ufficien
;ntarest in If to induce an investigation O
,ts merits.
At the conclusion of Mr.. Platt's speech
Senator Connallv SAID: 81 am in favor O
an institution ike the Bank of England
! Nov what ia the difference between YOU
nroiect and that?
= Mr., Platt-Well. thew are as near alik
, M the difference in the character of tn
two governments will permit. There tn
government has O more direct i~nfuenc
= than would be possible in our country
W. propose to make the uniform max
mum rate of interest at six per centum
while the Bank of England raises the rat
sometimes much higher than that. Be
sides that. there are other minor differ
ences.
h General ,Joseph r. Anderson followe
Mr.. Platt in support of the National E,
cheouer bill, and in a speech of considers
ble length and great force, urged the IN
: portance of the scheme. He presented tn
!, following preamble and resolutions, whic
. he had prepared for submission to q con
mittee of the House. On motion of M
Connally. the same were adopted, as 70
lows.
>; Whereas experience has demonstrate
that the existing financial system in Il