Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1894-12-16
GARLIsLE's CURRENCY PLAN
WILL IN REPORTED FAvoRAnfY
ny THE HOUSE COMMITTED
On banking and WIN 10 Pushed 90
vote Late This wesis--The Vote
on tho Report was Closest. John
Tells About His Remedy.

md currency In the house. Secretary
carlisle was present at the opening OF
the session. The bankers to be heard
reuresented two widely divergent
,Iewa. President @. o. Williams OF
the Chemical National bank OF New
York, representing the prevailing views
among bankers, while President w.
p. 81. John OF the Mercantile bank OF
New York represented the Eastern
view favorable TO silver. The pres
ence Of Mr.. ST. John had drawn Sena-
tor Teller 10 the hearing, anxious to
hear the Views of an Eastern silver
man In necessary revision. Chairman
Springer read letter from Presideht
Post OF tho York National bank oil
York, Neb., indoraiug the Carlisle
plan.
Representative johnson. Republican
Of Indlana, asked why this letter was
chosen to be read when many iotters
giving different Vows were received
1t was explained that this was the only
letter from uational bank indorsing
the Carlisle plan. There was some
sparrinE over the letter. and Mr.. spIin-
ger Withdrew II. A.
There was added interest In the
statement OF Mr. Williams. who opened
tho hearing, from the fact that me
bank OF which he is president mas mo
largest deposits In tho United Btatob, IT
not IN the world
''The situation is ono requiring firin-
ness and common sense" said lao. lho
flrst problom In our clumsy and cyn-
glomerlted financial system IL me as
position TO be made of our legal ten
der notes"
lIo urged that these notes should DO
Funded $50. 100000 at a time. until they
were eliminated from our hacnl sys'
tenn. Bonds at 0 per cent should DO
received as a security 0f national bank
notos on bhsis OF par for the bonds,
tho government to have tirst Hen
on tho Rssota Of the bank. These notes
should be rodecm0blO in New york
city. and when Issued IN sufficient vol
ume aud being rcudily convertible,
would furnish adequate elasticity to
the currency. The tax on the circua-
zion Of national bhul9 should be at
once removed.
IA to tho Baltimore plan. Mr. WIN
Jams said 1t would be safe "a large
cldca, but Vt might start many mu9A-
room banks merely with a View to Is
auo uote9 and the failure OF such banks
Consery alive and wtll-mnnaged in3iltu'
tiona would absolutely refuse 10 join
hands IN meeting the losses sure 10
arise from Those mushroom banks
After funding the legal tender notes
and giving new national bank ISSUE,
Mr. Webb Siid the next step was TO
look after the allYcr certificates and
Sherman notes The latter was amply
protected by tho one hundred nall on
in tho treasury. AZ 20 the silver GER
tincates congress nhauld pNra law
reeccming them In alver btillon at
Its market value at tho discretion Of
the SECRETARY OF the treasury ana II
might be well TO similarly redeem the
Sherman notes
with these changes our currency
would become absolutely sound ana
our banking system the most perfect
ever Devised. Mr., Williams was lues-
foncd as to the condition Of hin own
bank. He Hnid ita capital Was 100000.
j had n surplus OF $4,000 coo. Tie un-
divided profits were more than one
mllAoa. The dep sits reached $4,000
900, probably the largest IN the United
Hlatrs. II not IN the world. The divl-
denda were 100 per cent only. The
bank stock sold for 1880 per share OF
800.
President 81 john OF the Mercantile
bank OF New York lent muoh spirit
10 tho hcRrlng by the vigor of his state
mnnt ana It's novelty Ss coming from
an eastern banker.
Under official dctation," he began
'tutored BY the one m'st aggressive
OF oil our handful OF gpldltna IN thg
Unitod StatoR oonErcHn q idle1 MlN
handS notes wtiil, tho burning isgue Is
our primary moneyp- coin. ldoniloally
tutnrcd, our chief executive has To
CURED his secretary 10 abandon IN,
option conferred by law upon tn
United States nnd grant To huller
OF the United states n'lca the right /,
exact gold alwayB. silver never hal
been their redeeming coin Had Oh
option to redeem In silver been oNer
clged boldly at the time whom onl
three millions silver dul AXIS were ownc
by the United States with an owner
chip OF SIG 600. 900 gold and poasib
alarm could have been laughed Il
scorn. To attempt TO ueize upon an'
exercise the option now or under I'm
inediNtely prospective oond tons OF tn
treasury wonid be 70 court all tn
perila OF Disaster"
MIR. st John stated that this sam
policy led TO the present proposition Q
substituting the bank promises OF mon
IN place OF tho primary and aecondar
money (gold and sliver) which the
promlae, Mr. ST. John took up the case
W hNANNA ACKNOWLEDGEMENTS Nv tAANANs
terlzcd the repeal OF the sherman az
last year and closinK the mints to al
YER as the worlds blind experiment
money. II severed the last link thu
coupled silver 20 It's crippled right
money In the western world, MIR, S
John declared that 1t was the duty {
congress to stop experimenting and d
back TO the Hamilton Jefferson coinae
RyHtem. to reatore bl-metallism lndi
pendent OF other nations. He took u
the objections OF what no termed n
''GOldltea"
lie cited the record OF France IN II
dependent bl-motalllsm. The condition
In the United Statoa were much nol
propltlous for such action. Within te
years, there wna promise OF cScecdin
yhe population OF Great Brltain an
France and our usn for gold and allv,
could circulate over a territory soyoi
teen times the area u France NJ
ct John closed with the notAb
fcaluras o, tho present nnanclai col
dillon The doli2r IA efficient. but prlcl
sre rulnonsiy lower. capital lacks h
i'estment manufacturng ia restrict,
by low prccs aud labor starves.
The enduring fact sSld ne, ~ N
naaect OF mouey Is 90 be preserved
that the rich ho made richer and u
poor poorer aa the one achievement
our statute law"
A. the conclusion % Mr.. ST. John
statement the COMMITTEES took recess
asking the Mituesg TO return for a