Knoxville weekly chronicle. [volume] (Knoxville, Tenn.) 1870-1875, 1874-01-21
One of the Important Committees OF the
House-The Financial Questions Before
Congress.
,nce Of the Chroniclc.l

WASHINGTON, Jan. IA, 1874.
Some facts about the members of the
House Committee on Banking and Curren-
cy, which has now under consideration all
the important financial measures intro
duced in the House of Representatives,
may be of interest to the readers of the
CHRONICLE. AS the deliberations of the
Committee are for the present withheld
from the public, predictions as to its future
action can only be based upon knowl-
edge OF the general views and past history
of those who compose it.
The Committee is composed of the fol-
lowing named gentlemen: Horace May
nard, Tennessee Charles b. Farwell Illi-
nois; Clinton L.. Merriam, New York
Joseph r. Hawley, Connecticut; Morton &.
Hunter, Indiana William Walter Phelps,
New Jersey Jay A. Hubbell, Michigan
Jason Niles, Mississippi; Samuel J. Ran
dali, Pennsylvania; Alexander Mitchell,
Wisconsin and Milton j. Durham, Ken
lucky.
The geographical distribution of the
committee, as will be seen, is four from
the South, four from the East and four
from the West. Bearing in mind that the
Representatives of the respective sections
are likely to entertain the views which are
believed to be of advantage to those Sec
tons, it will readily be seen how, after the
committee was first announced, the inn
preston prevailed that it would favor an
imitation of the currency.
y brief
HISTORY OF ITS MEMBERS
will, perhaps, tend to remove SUCH i'm
pressions and allay apprehensions ex-
pressed in some sections.
According to the chairman the Gus
tomary courtesy of being last to express
his opinions, let me pass hastily down the
list in the order above named:
Mr.. Farwell, is member of the very
extensive mercantile house of John V.
Farwell & Co., of Chicago. He is ma
tive of New York, has been a farmer, sur
veyor, banker, merchant and has held
several important offices in the State of IL
linois. He is gentleman of liberal edu-
cation, unassuming in manners, of en-
larged experience in business affairs and
! likely to adhere closely to opinions based
upon his own observation and experience.
| Representing the great commercial me.
tropolis Of the West, whose business ex-
tends over vast area, involving millions
of dollars, we should think him likely to
share the general opinions of his conStitu-
ents, who want more currency.
Clinton l.. Merriam, of Locust Grove,
New York, has made the subject of bank
| lug anu CuIISDCy dSIuuJ, anu IL recognized
rs one OF the best informed legislators in
Congress on this subject. He has been all
his business life, "a banker and importer, and
| for some years was connected with one of
the largest jobbing and importing houses
in New York city. He has introduced in
Congress several important bills on the
currency question, which are now pending
before the Committee. One of these is on
! the subject of free banking, and is meeting
with very favorable consideration by many
! OF the best minds of the country, Mr..
Merriam will prove safe legislator, hold
| ing views entirely endorsed by the
great mass of business men in the country.
Governor Hawley, of Connecticut, has
occupied too many positions of national
Importance to need much of an introduc-
ton to your readers. AS editor in chief of
the Hartford Courdnt and on the floors of
| Congress, his financial views have been re-
peatedly given to the public. He favors
an early return to specie payments, does
not believe Secretary Richardson was au-
thorized to issue any of the forty-four mil
lion reserve, and that Congress ought to
stop any further issue.
| Morton &. Hunter, of Indiana graduated
| at the law department of the Indiana
State University in 1S49, and up to the be-
| ginning of the war was busily engaged in
| the practice of his profession. He served
with ability and high rank during the war
~ Eohcl hau dIuy' Nc is Il representa-
tive WesternIman of sound practical ideas,
and is supposed to share the sentiments of
Senator Morton and large part of
the people of his State in favor of
an additional issue of currency.
| William Walter Phelps of New Jersey,
is graduate of Yale College. He after
wards pursued his studies in Eueope, and
| later graduated at Columbia Law College,
| New York. He, therefore, brings to the
! subjects before him as a legislator a thor
! Oughly trained mind, aided by enlarged
experience as a man of business. He is
! reputed to be one of the weathiest men in
| New Jersey. He is a director in four large
| banks in New York City and ia eight i'm.
portant railroads. His reading on financial
| subjects ls very extensive, embracing the
standard works and his recollection of inn
! portant facts and statistics is perhaps bet
ter than any man in Congress. He shares
| the views of most Eastern fnanciers on
| the system and needs of our currency and
is pronounced bulliOnst.
Jay a. Huobell. of Houghton, Michi-
| gan, graduated at the University of
Michigan in 1855. He has Eeen a
| lawyer and was for years prosecuting
| attorney. in the Upper Peninsula and in
| Houghton county. Has been of late years
largely interested in the mineral develop
| ments OF lake Superior reg on and Is also
| Interested in banking. He Is "a close stu.
dent of thequestiOns before his committee,
| aud brings 10 their consideration a clear
h' ad aud sound judgment.
Jason Niles, of Kosciusko, Mississippi,
haa lsaan Ef.N T..