The Union times. [volume] (Union, S.C.) 1894-1918, 1894-12-21
FINAL HEARINGS
OF THE HOUSE BANKING AND
CURRENCY COMMITTEE.
Great Interest Manifested In Currency
Discussions.

A Washington special says: Great
interest was manifested Saturday in
the closing hearing of the currency re-
vision before the committee on bank
ing and currency Of the hotisc.
Secretary Carlisle was present ut the
opening of the session. The bankers
to be heard represent two widely di-
verSeut views, President G.. G.. Will
liams, of the Chemical National Bank
of New York, representing the pre-
yaillng view among bankers, while
President w. p. st. John, of the Mer-
camille Bank of New York, represent
ed the eastern view favorable to silver.
The presence of Mr.. st. John had
drawn Senator Teller to the hearing,
anxious to hear the views of an eastern
man.
Chairman Springer read n letter
from President Poul, Of the York
National bank of York, Seb. en-
dorsing the Carlisle plan. Reprcsen.
tative johnson, (rep.), of Indiana,
asked why this letter was chosen to be
rcad when many letters giving differ
cnt views were received. 1t was ex-
planned that this was tho only letter
from n national bank endorsing the
Carlisle plan. There was some spar
ring over the latter and Mr.. Springer
withdrew it.
Largest Deposits in This Country.
There was added interest to the
statement of Mr.. Williams, who opened
tho hearing from the fact that the
bank of which he is president hus the
largest deposits in the United States,
if not the world.
"Thc situation is one requiring
tirmness and common sense" said he.
The first problem in our clumsy and
conglomcrntc financial system is the
disposition to be made of our legal
tender notes."
He urged that these notes should be
funded $50, 900, 600 Mt time until
they were eliminated from our fiscal
system. Bonds at 3 per cent should
be received as security of national
bank notes on basis of par for the
bonds, the government to have n first
lien on the assets of the bank. These
notes should be rcdcCmublc in New
York city and when issued in sufficient
volume and being readily convertible,
would furnish adequate elasticity to
the currency. Tho tax on the circula-
tion of national banks should at once
DC removed.
Baltimore Plan Not Safe.
AS to the Baltimore plan, Mr.. Will
iams said it would hc safe in largo
cities, but 1t might start many mush-
room banks merely with view to
issue notes, and the failure Of such
banks would cause loss to the whole
system. Conservative ard well man.
aged institutions would absolutely re-
fuse to join hands in meeting the
losses sure to arise from these mush-
room banks.
After funding the legal tender notes
and giving new national bank issue,
Mr.. Williams said the next step was to
look after The silver certificates and
Sherman notes. The latter were am
ply protected hy the one hundred mil
lion in the treasury. As to the silver
certificates, congress should pass n
law rcdc@ming them in silver bullion
Mt lis market value at the discretion Of
the secretary Of the treasury, and it
might he well 10 similarly redeem the
Sherman notes. With these changes.
our currency system would become
absolutely sound and our banking sys-
tenn the most perfect ever devised.
During the absence OF the mem
bcrs of the minority it was dccid-
cd to report the Carlisle bill without
amendment. Several members Of the
majority gave notice that they wished
to amend the bill, but il was agreed
not to do this in committee. 1t was
decided to report the bill to tho house
and allow amendments to bo offered to
it when it comes mp for consideration.
No action was taken binding the ma
jority to support the measure in the
house or to support any amendment
that may be offered.