, 1879-07-29
First Days Business Before tho Con.
gresslonnl Committee
Interesting Opinions Of L, J. Gage and
George Schneider.
Charles Randolph, George Il. Sloan, sad Beaia-
min Eastman Giro Their YicWs.
The Bankers Regard Prosperity as Assured
Beyond Question.

met at the fremont l1ouse yesterday morning.
There wcro prescnt the Chairman, Alr. Wright,
Wtlkcsharrc, Pa; NJ. r. O'Connor, Charleston,
O.; Joscph Martin, Wi1liaustown, ". c.; j.
O, Bhcr,riu, GcncEa, Ill; Henry L. Dickey,
Grconiicld, o. ,.....
Mr.. L. j. unge, Cpslfer Of tho First National
uank Of this city, 1nnde the frat statement to
tho Committee Iio ntatcd that ho had been
In the banking business for twonty-ona years.
The amount Of banking capital tn Chicago NUS
nlout SIC, 600. The nverage deposits of, all
The banks hero was not far from $50 Oo0, 900,
and tho rnto Of interest had begun
at 10 Der cont, md Ind declined TO
from 0 TO per cent. Ther9 had been
money enough In tic city during The last ten
years 10 mect ali business domands, and there
was 1nrpc surplus at tho present time ready
for iuvestment. ...
Mr.. Wright asked, tits there any necessity
for M increase OF tho currency At tho present
fImof'' ~'r.-. ...
Mr.. Gngo auswcrcd, ri cannot conceive Of
my necessity at prescnt for any Increase In tic
circulating medium"
t"Doos' your answcr npp'y at the present
time, or does It cover the period commencing
ton ycara nRoa"
: at any necessity existed for an Increased
currency It. existed ton ycasa ago and not now"
"uow was it avo years agol"
"Tho same."
Mr. Gage said TINT tho banks wore able to
tnke care Of all tho business presented. Tile
banking business, taking period Of eight OF
1en years, "au not ts h.nsa ni1 cis,ns a@afn.t
nnr,tes whosc woalth WA cstu1aieu by what
proved to bo faao standards. During the last
q.rcd hcavijv from Tia fnuro Of nnrtics at,ainst
whom they lad claims and thc shrinking Of the
Vaiuo Of securities; but these losses and this DE-
nrceintion in The wttpess' opinion. have reached
fheir limit and for Inc last year or two the coud
IL snfcr md solujlcr IA n whglc than it has
i,scn mt nt nny Time nreyfous Tor Len ycars, The
H You spGAk OF being Ia moro prosperous
condition now, When did TINT prosperity com
meneci" -.
aat,n'r hnck from twelve to eighteenth months
oco, it was bvttor tn Tic matter Of safety and
rcru]arity but not better iu tlIu profits Of the
Wcse larger ii proportion to the capital employ
e1 fI,nn nnw. and transactions wcrc at Higher
rate of Interest. Tae profit was apparently
creator but this wan eountetbaancsd by losscs.f'
healthy. pTopcrous contltlonW
4 thlnls It IL III a henltl,y condition, md rcn.
sonnhly nroenerors, Tho bhnks arc abie to meet
tnc dcfnnnt,s mnIe upon tl1c,1,',
Il si,n1,li the ffcn,nnYs uoop the bnnka Ge
aori,1nd. whnt uo1ld be- the offeet unon tic
i,anksl"
nk Is, soGnsn sspta!r rso Sou1S ss be srensn sn
tnot from doposits and Increased capital finding
lis wav sn,o thc banks.'' 's
nYpu would want m additional currency,n
t.vo SIN ,rt1,ux unr,,
40 49, u.aaa sin' iahisa ~ ~ aVu. Co., ,,,,,,,
"Supposo ths BUSINESS u lllc eta'o si!nh.o 20
doubled wonln you, naSe "onoy eoouEh u
tFansact ue ;5 onHaesa 81 a,,o, ,,r,,s o.rnr,o, nv
"lhefe Wouiu " oinei oanhs o.Ea'n.eu VI
e Sap'tatatock o. tu ,1, oaAs Id otuahsa "a
wsu9 % ws s pusess
the present cspltal."
"no you tnnk ", +, the prosperity ot eh'eaeo nus
reaclcd its l!lnitf ,u,..,
seeMs 10 a'a s',u E9eesai .haus1Ha! NJ,
tcy vii st. turtle. iM|Foye; Iae condition
q things hcro now would sompafe invoraolY
Mitf1 any period of prosperity previously exist
''Hns thcre,bcon no time when there hna been
a creator demand for bank accommodations
thnn ct prescnta"
~ have already said TINT seven W - Or @ e!ght years
- "As u general thing, haVo the hnulss paid UP
their capital subscr!ptlo'is tn ful!l"
iont u tnx ,h sy a8 1.a n pu'd
~ 4un sA1nk. IL t'1e nus!aeas VIVA increased
to double It its present amount, there yould DO
auH n %nns ua,, o. , inoney @ 70 eet M .a aeasa M W.,
- D1 you % taak @ that tao reauelon Sa ot tl'c yol.
'u " . vutte1ey 9sa alan oi's,aat naa oeeh
''AutE .ta,, , ~ .,nt nudo ~. tufe oeen i.,
noa, 80 'tntt o. .t 10 ~ ~ hny oRsSa. tacla IAs
Grsm ~ o3d ~ ~ @ e1seemalg sn n 1heulan
r.o t.o, yons Ju.gsnens, N % was tne consfaetoa OF
ILL., so fon,o oi.I,'e " et;ac! uoWn ~ tne present.
inanstrcs nf tSe =. y 'n'es'cfo '' lo
'I| II haye - no no. douht lint ,be withdrawal or
nn.ors,e., ~, gtt1! in,'ah nuf VI tas soune o1
s,rss si. Has opctGu i 10 ~
pIess A'@aau'ac.utes @ auslnG the lasl clGht Or tca
ehnr o o nntSnt at " s opsratea It., s1s
,t ~ ~, ~ in,n y aecAsately uetethte,
~ fastmr 10y 9p't'o'' ~ nas 'os peca FerS essen
t'aa ;sS."s' Waet !. a., ......,,
1, IT, In a,.o.ns 70 .o ensInes y. ~. 'MG1o.s .;
.,,t,aa. ansWtf S T. ~ WY hvo!ses largo
a, u'1 ,sa Gam oy w. nnnwefTu inteltEoht
~ gh ,uI.. H. ~ "ttis . eoosus'aion tna hin nllo
.vo'uA III, ~ ~ the present. llnes IL %outu IN
at ~ IL necessity o. considering t''n c1'iscs
and Mi ot,mr coasn ~ rlsG ~ tie pficea OF laoor
ri cre!Its wh.h ane 9suat c1tentson
INV oninjou tm", tim, VIZ tns, ~ n'caueht
xons531or tn,ro.ys yt, tH'a. Wy un,ptraknn WIS