The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1892-07-17

dent of one Of the greater banks in yev
York and who was present in GarfeIds.
cabinet when the very i'm portant Queseio,
OF the refunding without specific perra,s
sion of congress of maturing bonds int
what would be practically new series
bearing per cent interest, was discussed
said TO the writer that then this Quastio,,
of the perrnanence OF the national hanE-
ing system was raised: and although a
official opinion was expressed, it seemed
10 De the personal view OF some OF the ear
met that the national banking system
could not re regarded "a permanent. but
would be likely TO De abandoned when the
bonds were all paid
General James added that Senator 81
mans speech had caused intense interes.
among bankers everywhere. Some haus,
ers were inclined 10 think that some suh.
stitute would De provided. Aoram 4
Hewitt, fer instance, had suggested tina.
the stock Of national banks oe substituted
IS security for the national bonds. FRANK
Hurd while he was member of congress
gave the subject much study, ana hai
suggested that municipal and state bonds
might be received for such secrrifv
Others have suggested that permanent
per cent. bond be issued by the govern.
ment to be used exclusively by the m.
tional banks 10 secure their Circulation
General James. however. was of the opiu.
pie is against these expedients. and ne
said that however unjust this opposition
might De the simple fact was that il ex-
listed and probably would exist and could
not De overcome.
Mr. George :. Coe, who was one Of thu
bankers who raised the loan of So, GO. Oso
in gold az the personal pleading of Secre-
tarv Chase when the treasury was in dire
need as the beginning of the war believes
that this question OF existence Of the
national banks viii become one of ths
most important 20 oe considered by con-
gress during the next administration. Mr..
Coe thinks that congress cannot DELAY
much longer undertaking legislation to
prepare Tor the change which IS inevitable
Some OF the New YORK bankers have
been "a king recently about inducin,
congress 10 pass 8 lsv repeating the
existing statute which puts = tax OF ten
per cent on ali circulating notes exceut.
ing those issued by the national banks.
Some Of the ablest financiers are arguing
in favor OF such repeal. saying that !.
woU.d permit STATE banks ct once 10 issys
their own notes. Yet the best opinion in
New YORK seems 10 De that however jasti-
liable such repeal might De congress viii
not assent 70 lt because the opinion Of the
American people Is that the governments
should control the entire issue Of circulate
ing notes in this country.
OF course the discussion of these cues.
tons IS not conspicuous and public, but
Il IS none the less intent and persistent,
and the question IS one OF the Important
problems upon which the attention of the
a5seSt bankers and nnanciers Is conferred
There is likely TO he public manifestation
of this interest soon after the next aG-
Ininistration begins, or 81 least after the
first congress IN that administration IS
organized
THE Problem OF SWIFT SHIPS
Another matter which just now causes
discussion and tempts the investment OF
enormous amounts of capital Is that Of
swift ships across the Atlantic. The
steamships which some of the tran%As-
lantic companies control now. would ten
years ago. have been regarded as swift
enough for sill commercial purposes For
ten years the struggle tor supremacy has
been maintained between four or tive
different companies and the reducing Of
the time OF an ocean passage from seven
days 10 little over six gss regarded as an
extraordinary exploit, y lille the trip of q
ship which crossed the ocean in less
than SIX days created excitement in Nev
1ork city which was manifested by the
throngs that gathered around the bu iet!n
boards which made announcement Of such
achievement.
That Is now 3 common occurrence, and
one OF the leading companies proposes
within the next few months 70 MAKE The
trip within I'VE days II brains and science
and capita. can accomplish is.
The writer recently met Captsin
Haynes. who Is the commander OF one OF
the finest SHIPS that ever crossed the
ocean, and Is the corn modore of the great
fleet which his company controls. The
captain IS buff. blum. soaking but hs
spoke with enthusiasm Of the wonderful
achievements o. modern marine architects
and engineers. he said:
Our company will launch in few
weeks 4 steamship which Is sure 20 cross
the ocean IN less than i've DAYS if il Is
within the power OF science 20 accomplish
IL he snip VIII Gus. many hundred
thousand dollars. The most able engi.
neerlng skill IN the world has been en-
ployed II the building Of her, snd the
machinery which : 10 re po. n Is one Of
the most astounding DEVELOPMENTS OF me-
cA2nical SCIENCE OF the century She will
oe verlsab.e leyia.han. She viii be Of
l4.uo tons burden When thew sent the
Great Eastern across the sea they said she
was IN abnormal monster. too huge 10 be
or comme-c5a4 value. and vet this ship
whlcn our company Is building IS only .
Att.e smaller than the Grea. Eastern was"
Mr.. Austin Co-bin, who IS one OF the
r2Asay princes and financial powers Of
the last. although he got bis hrs. training
2 means o. the magnificent opportunities
offered IN the West. Is OF the OPINION that
the liIne : near - hand when steamships
VIA Dc only four days between land and
iaHd iAls would require rate OF speed
&c -A4 10 s23r maintained oy Ehe ordinary
trans on the trunk lines. But Mr. Cor
an IS 50 sure OF IL that ne i prepared 10
! NSst eSple2I n company ORGANIZED 20
o0l.G and maintain such steamers.
< gSs-~z
sIAoCnl q capita which these attempts 20
lessen the E1E2e OF crossing the ocean in
to-Ee nave stimulated inventors 20 their
LiEAeS- s1GS9yo-s. And the capt.
- IS nave recently become greatly
; ;nssEss'e1 n Al invention patented
y ohe o. the most skilled of me-
ShSnscal experts in this country.
ta's EnS1 has invented : device somewhat
) s..'l.-4F 20 ta2I which : used on al
cFctss- After exhaustive study be vas
: A--s--e1 IASt one 81 ghs ereasss. obstacles
- slV GSFslGp -.leat q high speed WAS the
1eAdng O. 'Ae great snzft He made
stFsE%t Trips On oceSn steamers ami came
- .-S eoac.0ssen th&s the triple sxpan-
: % engines. Ehe modern boilers and rhs
3.--sF &p l2&ness which have developed
1IS N3'Ne-oGs machinery q ocean steam
SO 49, IS nsS- perfect as science
: ls Kermit BIZ. the engineers g.!
.o-@ h.,A taAs thsi- s-esIes: tronbla
5 N.Ea tae heating q ;he SHAFT
SO g friction caused hy rapid
- UNIONS To cverco0s tbs the IN
ts-s9T las applied ths "a be ariugs
y -l+S2 nave mate the blevEs perfect ma
, ne % - SOFT, and one - two steamers
---te teen Fitted ~sfA Il. the engineers sav.
: "a ; success = aicA has seemed irapos-
. :. $500, ~ s.-'a. 11ese steamers, howeyer.