New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-12-13

agencies for the current redemption OF Masionai
he sstsed tn h
vision a: OF exceedingly great importance. ana
d n nsn ne h Would heary that plan
between thar plan. however without those aneIa-
ments ant tie Admns'TaPn n pan m ne tine he had
finished MI Butler had riddled The latter plan
pretty completely.
THIS A SERIOUS CRISIS.
II was evident from the general tenor OF his re-
marks that the Connecticut bank president regarded
the existing financial situation extremely serious
IL not actually critical Among otter things he said:
Il am not an alarmst. and have never seen the
time when | felt moro uneasiness in regard 10 inc
future financial condition of tha country man H.nca
disaster unless something Is done. ana zone quvN?
Congress can DO muah 70 rrmey ha h
necessary was the gradna retiregnr Ut hy
Congress with the volume of bank-note circulation
except far might be necessary TO- secure SAY.
security and uniformity. together with proper ina, ma
chlnery to facilitate the speedy reemPu9n 81 oa ,nS
notes In order to mpart greIsyr er discussed at
considerable length the causes OF the outflow OF
god and the decline of prices Of agrcu.tra' PrT h
ucts In his opinion among the potent causes % VA.
heavy exports Of gold have been iehunuda cited
abroad in regard to the ability Of the United state, nS
redeem its nSte ISSUES Hs, in the ea best the
maintain that af p nroes of eoGn Wheat ard
agricultural products would fall still lower ana
The borrowing of money by the sale OF interest a ST.
serve he regarded as unnatural, unscientifc ana
exceedingly expensive and he did not see why II
n nM c S IN iesa:tcndeTs worked s fnIl ca ca
Gacity could draw M""N"% OF coalitions gSn re Would
not be affected one iota. The Government canno,
arnfs inS Y" chG he declared with emphasis
Horace White who was present was recaIie' an. .h
he answered number Of questions in regard to ,nr
of he
IL was applicable non-legal-tender paper Slr' 1
cP IN iSe eSampe Showing that even the
better money had been driven out Of circulation al
rency. although neither kind was legal lender :, dr
Mr. Cox OF Tennessee then gave yoi ice to n by Of
National banks TO make loans on certain forms s, 90
sscuy r ssgssdh s, sal Ssnk or issue That loaned
money on mortgage securities woud nor Iast 'et ~
long In reply TO so Gn ssnR ct y no., supply any
local demand for currency that could not De ss
apmes,inn hy Mr. Russell Of Connecticut. he said
that National bank directors would shy az ",
adopt the course that would involve the least iia-
bility."
VIEWS OF LYMAN J. GAGE.
chairman Springer read letter from PRESIDENT
Gage Of the First National Bank OF Chichso' WHO
was unable to appear in person. in when ne sa''
"Ae-eeing with the criticisms made by these o''-
oc-s Of the Government (the President ana the SEC
rotary Of the Treasury to the present weakness
NJ o,r situation and the desirabiity 81 sePa
rating the Government from the direct resi,ohs
nv not ready 10 accept their recommendations as
to the methods proposed In makins any o,,
nrehend H. and il should be seen that me 40
Effects would be in any direction ds'urD'hs ,bo
Baltimore plan carries the true principles OF rem
currency. but we cannot reacn IL ~ oma be real,
lied In the mean time the way for the 'rove,n,
ment step out OF the currency buS,nrs an" -,ioI,
Of rod.
"Authorize the issue OF sso"oooo Of 2s per cen,
bonds payaOe at sn esrabe e to be- offered to sub
scrIbers al par Accept in payment Lni'el 49,
eea-tender notes or Treasury notes, the same 10
Amend the National Bank act that banks can
OBTAIN n .etriV for crcuaon Reduce the
circulating notes TO one hall OF per cent, ,no
| This done. National bank notes would make
good the vacuum caused by the retirement OF Coy
eminent notes In fact there would ne soDnn con
traction through forced redemption Of bank issues
be true as some CLAIM ,,e ns state as IL large
a. ~na shri shs s G,n9w Il
| This be So il contraction through the expectation
OF gold or by the retirement OF portion o, ,ns
rsan in thai case the Government being safe from
demands the banks with circulation ,s,n
rover limits but all this would work Itself on
need be a~, upon at ,s eng ;hs
| out OF the note-!ssung business - l., ~,
'First~without contracting the currency In tn
ssecond-wlthout inviting to expansion. ,ro
SECRETARY Carlisle's plan Is subject 10 the dange
| involved under the last sngges,ion> 1oWs W.
| truly. III A!tA. = rarat,.,
| "P S-were the above suggestions TO receiv,
| serious onsideration there are some features OF
| the National Bank act that would require ameni
| ment in order TO give note-holders easier az.
| cheaper access 10 the point OF redemption lhhi
| now exist. Redemption agents In cities sh0uM %
| restored--but these details which VIII pas
| by" ,, ,,o,o T.,
! Views In writing also received from r'l
| ward NJ Gibbs. president OF the Thames hah ~ q
| Norwich. Conn and treasurer OF the New or
| Life Insurance Company. and Enoch fratt' Pi'S'
| dent Of the Baltimore Board OF Trade