The Coeur d'Alene press. (Coeur d'Alene, Idaho) 1892-1907, 1894-12-22
WITH THE COMMITTEE
Warner of Ohio, Pratt of Balti.
more, Ripley of Boston
WERE THE PRINCIPAL SPEAKERS

They. Is Well ~ Broker jackson Of Bos-
tom. Give Their Views Upon the Cur
r@ney Probisms-Prstt Opposes the
Retirement Of Greenbseks,
WAsHISGToS, December lex. Rep
resentative Warner OF Ohio, President
Of the Bimetallio League, WAS the frat
witness to-day before the House Bank.
ing and Currency Committee. He
went into the principles OF the entire
question, and urged that An elastic cur.
rency, such - Secretary Carlisle sug-
gests. was an impossibility, for prices
rose a. fast ~ the currency increased.
lie said that the history OF the world
proved that the gold standard could not
he maintained by giving to the banks
the power OF expanding the currency.
He WAS amazed that this proposition
should be made in tEis enlightened age
in the face Of the financial experiences
OF the world. A long discussion followed
between General Warner aud MIR. Sperry
over question by the latter ss 70 the
effect the increase Of the circulation
would have upon the price OF labor. Mr.
sprrry called attention TO a statement
by the Treasury Department, showing
that the circulation in 1873 had been
E7l Co. o0. Whereas in 1888 il was over
81 al, 5000, and ssked him how he
r-eonei!-i the facts with the DECREASE in
wages. Mr.. Warner replied by challeng.
ing the treasury report Of the gold in
circulation at the present time. which lie
raid was t2o0. 600 co.. beyond the facts,
and by referring TO the increase OF popu-
lstion and wea th. Mr.. speriy did not
consider the reply as adequate. and in
timAts-i that. il Mr.. Warmers theory had
nothing more TO stand on, il must fall
Letters IRON President Cannon Of the
Chase National Bank OF New York and
ex.secfetsry of the Treasury fairchiid,
resfcitins their inability 20 appear. were
read, and then the venerable Baltimore
banker. Enoch Pratt. addressed the COM
mi,tee. lie opposed the retirement Of
gr~-hhack circulation. and said he would
rather have II increased.
Al Is p. N. the committee took re-
Geese los an hour. and when the hearing
Mas resumed A. l.. Ripley Of the Nx-
,ional Hide and Leather Bank OF Boston
vac called TO the stand. lie character
iErd the scheme Of issuing demand notes
re-ieeniable in gold ar thoroughly vicious.
Under this system the banks had no
means OF adjusting their reserves 10
meet the demand OF the times, ihns com
p~lling them TO keep . reserve which at
one time would h~ too large and At an
other TOO email. lie opposed State banks
tecause OF the need OF uniformity. A
speedy and uniform system Of fedemp-
ton he considered ~ necessary, and this
he thought could he bee, secured through
She national banks. Referring to Sccre-
tAry Carlisle's hill. Mr.. Ripley said he
thoaght the tenth and eleventh section,
would open the gates 90 extensive coun'
,eflci,ing unless changed. He alst
ihoegh, the provision for redemption n
the case OF national banks would bt
found too inadequate. The Secretary
plan in this respect would, il adopted,
mark 3 refrigeration in banking. He con
s,der-j the present system sai,r thar
the one proposed.
e. {. Jack son, a broker OF Boston,
urged the committee 10 insert n pruvi.
sion in any bill they nigh, zee DC 10 re-
pof, requiring the Secretary OF the
Treasury 10 heein January |. 1895. TO re.
deem and cancel a. 90 oo worth OF le.
gal tender notes, grecnhacks. etc, pei
month authorize him 10 use the sinking
fund for this purpose. and II this 10 moi
sufficient, allow him 10 issue bonds 'or
the purpose. The Carlisle and Other
plans in his opinion would not give the
confidence required by home or foreign
investors. II MAS necessary in his opin.
ION 10 adopt . plan 10 insure the cancel.
la,lon OF the treasury notes.