New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-08-06
THE PROCEEDINGs.

present only MeSsrs. Hewitt ana RICE MI heW"t
stated that Mr. Thompson had been obliged TO return
home ON saturday and that Mr.. Boyd would leave the
city to-day. He said his absence on Saturday was
caused by sudden illness Prominent among others Id
the audience was Mr.. Sehwab whose face sometimes
lighted up with pleasure at the utteranee Of some ap
proved sentiment; again it would become DARK Win
dissatisfaction az some remark tho sOundness OF which
he doubted.
Before proceeding with the examination, Mr.. Hewitt
stated that owing to the Of Messrs Thompson
and Boyd on Wednesday the committee would take
recess which would continue until further notice Alter
the recess the committee would hear only those whom IL
requested 10 appear representative men-emploYers
workngmen capitalists, merchants, bankers and every
body who It was thought could contribute any informa
ton OF value He said that the committee in the mean
time would draw up series Of questions upon which II
wished enlightenment
William Hastings who describes himself as n Brook
lyn capitalist was first examined. He said: wish to
show that the locking up OF money and Withdrawing
from circulation is in part the cause Of the depression III
trade aud labor"
Mr.. Hewltt-DO you know the amount OF gold pro-
duced in this country annually A.-Will you let me
Ono sir; answer the question. Al understand you
have an adverse interest against this proof.
Q.-Are you a witness before this committee A
Yes.
QAre you ready to answer the questions of the com
mittee Al am, after have explained -
o-Do you know the amount Of gold produced in the
United States annualy4 Al don't want to get into
controversy with you
Own you answer the question Al viii shortly.
OWL you answer 1t now : A.-YOur idea is to cot
me short.
Own you answer my question A.-over one hun
bred millions Of gold annually There are S7OOO'OOO-
600 Of gold the world There are thirty or forty
banks which lock up bankrupts' estate
Q-Wbat do the banks do with this money A-Ihey
use II for bankruptcy ring purposes.
GLOW do tn ey use 1t for ring purposesl A-They
speculate IN stocks when it ought to be distributed
among the creditors.
Q-Do you know the banks Ayes, I do.
Q-Name them. Al decline to do 50.
Q-Do So or you will have to step aside. A.YOu seem
20 be hostile and your treatment is not JUST / am
friend Of the Government but soandalmOngeri 1
will do my duty II Others don't. am not paid.
Q-Please ooufne yourself 10 answers. A.-The Bank
of the State Of NewYork one; has millions Of dollars
OF bankruptcy assets
QHow large the deposits in the Bank Of the State
OF New-Yorkf Ado you think a walking encyclo-
pBdai
Own You answerl Al believe over twenty mil
lions In connection with that, ask you to examine
John y. Plat, official assignee in bankruptcy
Q-YOu have stated in this room that the chairman OF
this committee interested in bankruptcy ring banks
Al did not but said adverse 70 hearing me,
as you were interested in importing foreign goods
An officer present testified that be heard the witness
make such a statement.
Mr. Hewtt-There is not a word of truth nit lam
not shareholder in any bank whatever, and do not
import foreign goods.
Mr. Hastings retired, apparently somewhat discOn-
certed
E. H Graham and George P sterns were called for,
but were not present The chairman called for j. T.
OGrady who present. and said that he represented
the shoe trade and referred the committee to petition
which he had placed before 1t, by which he was re-
euested appear. He desired the chairman to allow
him to read written statement instead Of examining
him orally He explained that it would be very BRIEF
and then, putting his hand 10 his pocket drew forth
document which caused the members Of the committee
20 turn pale 1t was about two inches thick and closely
written
Mr.. Hewitt-Is that the brief statements Ayes
Mr. Hewitt said that there would not be sufficient time
70 listen TO the reading OF such yOumnOus production
but he would be glad TO have Mr.. O'GTady answer few
questions This Mr. OGrady refused to do and picking
up his papers, he withdrew from the room.
SUGGESTIONS FROM SOCIALISTS AND woRKMEN
Morris Cohen, of the sociostie Labor party Of Brook
5yn there desire to correct certain statements
made BY Mr. Ward OF the party, and he desired
that Alexander Robb be permitted 10 make them.
Mr. Robb confined himself almost entirely 10 written
statement which he held in his hand. He gave es
mate Of the tramps and the employed and men I'M
employed throughout the country, and said that he
was happy that tine committee had been appointed to
" OF Over-productiOn and under-eonsumptiOn" He ad
vOoated the withdrawal of grants from tine railroads.
and urged that all railroads should be free.
Mr. HeWitL-How the expenses to be paid TO OPP
crate the railroads A.-By taxation.
In the course Of remarks Mr.. Robb spoke in de-
mandatory manner Of the accumulation Of wealth by
certain men, He said the income Of Vanderbilt alone
was sufficient to pay $4,000 men $500 year The Coy
eminent should the paupers from the city and settle
them IN the West. II could be done by the same tax
that supported the army and by that also free rail-
roads could be The witness at this point Of the pro-
Ooedings began TO quote Scripture quite Auently Mr.
Hewitt stopped him; That will do, Mr. Robb the
Enittee are supposed 10 read their Bibles"
Mr. Graham the secretary OF the Workingmens Union
said: eve believe in the greatest good for the greatest
number Perhaps from listening the desires Of those
you have already heard you Think with Others that the
wants OF the wOrlmen are numerous aud you may de-
eide 70 recommend nothing We do not desire the out
laws Of the Old World to here and upset gov
eminent Reduce the tariff and stop sectional legisla-
ton. Stop railroad jobs and give the country the
benefit"
Mr. Rice-Then you are in favor oftbe Government as
II IS but think that IL ought TO be more faithfully admin
isterea1 A.-Put premium on honesty, not on dsbon-
esy You know far better than do the surroundings Of
the men in Washington.
Owen. would you remove themI Al would re-
move the surroundings. Our shipping has been driven
on the seas
Q.-By whats A--Steam.
Q.-Foreign steami Ayes
Q.-what would you do about III Al would impose
taz.
Q.-on foreign steami A-No, sir on foreign steam
ers would tax steamers IN favor OF freight
Charles r. Marshall jr.. invited by the chairman gave
his opinion on the subject He thought that steam
vessels nothing do with the lack Of employment
1'Iu fact" he said. there more men employed by
steamers than there possibly could be without them II
the taxes on merchandise removed Instead Of In
creased the shipping Of the country would be better
employed ana commerce increased II the tariff was