Bismarck weekly tribune. [volume] (Bismarck, Dakota [N.D.]) 1884-1943, 1894-12-21
DIVERGENT OPINIONS.
Williams Of the Chemical, and st,
John Of the Mercantile, Before
the House Committee.
WILLIAMS PERFECT SYSTEM
st. Johns Views We're Distinctly in
Favor Of Silver---Synopsis Of
Their Views.

WASHINGTON, Dec. 17.-Great interest
was manifested in the closing hearing
on the question of currency revision
before the committee on banking and
currency Of the house. Secretary Car
Isle was present at the opening Of the
session. The bankers to be heard rep.
resented two widely divergent views,
President G. G.. Williams of the Chem
ical National bank of New York, repre-
senting the prevailing view among
bankers, while President W.P. St. John
of the Mercantile bank of New York,
represented the Eastern view favorable
to silver. The presence of MI. st. John
had drawn Senator Teller to the hear
ing, anxious to hear the views Of an
Eastern silver man on currency revi-
sion.
Would BE Mushroom Banks.
The statement Of Mr.. Williams
opened the hearing. 1.-THE situation is
one requiring firmness and common
sense" said he. .The first problem in
our clumsy and conglomerated fnan-
cial system is the disposition to be
made of our legal tender notes." He
urged that these note should be funded
$50, O00, 900 at a time until they were
eliminated. Bonds at 8 per cent should
be received as security of national bank
notes on a basis of par for the bonds,
the government to have a first lien on
the assets of the bank. These notes
should be redeemable in currency and
when issued in sufficient volume and
being readily convertible, would fur
nish elasticity to the currency.
As to the Baltimore plan Mr.. Will.
Jams said it would be safe in large
cities but it might start many mush'
room banks merely with aview to issue
notes and the failure of such banks
would cause loss to the whole system
Conservative and we'll managed insti
buttons would absolutely refuse 50 joir
hands in meeting the losses sure tt
arise from these mushroom banks.
Would Make a Perfect System.
After funding the legal tender notes
and giving a new national bank ISSUE
MI. Williams said the next step was tx
look after the silver certificates ant
Sherman notes. The latter were amply
protected by 800, 600, 900 in the treas
ury. As to the silver certificates con
gress should pass alaw redeeming then
! in silver bullion at it's market value a
the discretion Of the secretary of tn
treasury and it might be well to SINH
larly redeem the Sherman notes. Witt
these changes our currency system
would become absolutely sound and GU
banking system the most perfect eve
devised.
Mr.. Williams was questioned as t
the condition of his W bank. H
said its capital was $500, 900. It had
surplus Of S., 900, 900. The undivide'
profits were more than ST. 900, 900. Tn
deposits reached $50, 600, 900, probabl,
the largest in the United States, if no
in the world. The dividends were Is
per cent annually. The bank stock sol
for 81, 800 per share Of 500.
President St. Johns Views.
President st. John lent much spiri
to the hearing by the vigor Of his state
ment, and its novelty as coming fro1
an Eastern banker.
"Under official dictation," began he
''tutored by one of the most aggressiv
Of all our handful of 'goldites,' in til
United States, congress fddles wit
bank notes, while the burning issue
our primary money, coin. Identicall
tutored, our chief executive has require
his secretary to abandon the option COZ
ferred by She law upon the Unite
States, and grant to holders of tn
United States notes the right to exac
gold always, silver never, as their re
deeming coin. Had the option to re
deem in silver dollars been exercise
boldly at the time when 5000, 900 silve
dollars were owned by the Unite
States, with an ownership of SIG, 600
900 gold, any possible alarm could hav
been laughed to scorn. TO attempt t
seize upon and exercise the option nov
or under Immediately prospective COL
ditions of the treasury, would be t
court all the perils Of disaster.
Et-s
viii Propagate Buddhism.
Sam Fp ANrTSrO Der ~ -Rishc