The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1894-12-15
MORE REMEDIES
Currency Committee Still Con
siders Money Question.
Mr.. Warner Says Carlisle's
Scheme is Not Elastic.
MANY MEN ARE HEARD
Democrats Agree to Report the
Carlisle Bill.

WASHINGTON, Dec. 15.=Ex- Repre-
sentative Warner of Ohio, president
of the Bimetalllc league, addressed
the house banking and currency com
mittee yesterday on the currency,
going into the principles of the entire
currency question. He urged that an
elastic currency, such as Secre tary
Carlisle suggests, was an impossible
ty, and that prices rose as fast as cur
rency increased. Mr.. Warner said
the history of the world proved that
the gold standard could not be main
tanned by giving to the banks the
power of expanding the currency
lie was amazed that this proposition
should be made in this enlightened
age, in the face of the financial ex-
periences of the world
Enoch Platt. president of the Balti-
more clearing house. was next heard
He said with regard to the Baltimore
plan that it embodied his views.
Speaking of the fifth section of the
Carlisle bill, providing for a guaran-
the fund, he said il would be safe if
the strong banks could be got into it,
which he considered i oub tful.
Among the letters and kilograms
read by the chairman was a telegram
from John r. Walsh, president Of the
Chicago national bank saying that it
had been impossible for him to leave
chicago lIllS week, OuB luKlLluk AL-
tention to the letter he had written
to Comptroller EckeIs. The letter to
Mr.. Eckels was also read la this
Mr.. Walsh states his objection to the
Baltimore plan They were that It
does not provide adequate security
for the notes; second, because it
throws on the treasury of the United
States the burden of redee ming the
notes Of failed banks; third, because
the people would never receive the
notes OF any bank not properly Sc
cured
He added that the Baltimore plan
is nothing but revival of the old
New York state safety fund plan. a
system which was abandoned long
before the organization Of any ma
tional banks. In his opinion, the
proper way to deal with the currency
is for the government to issue an ir-
redeemable ~ per cent bond which
could be made the basis of circulation
for national banks up to the amount
of the capital
General Warner and Mr.. Sperry over
a question by the latter as to the
effect that an increase of the cireula-
ton would have upon the price of
Ia Dor Mr. Sperry called attention
to statement bv the treasury de-
partment showing that the circula-
ton in 1873 had been S771, OOO, 600,
whereas, in 1893 it was over So. 900
600, 600, and asked him how how he
reconciled the facts with the decrease
IN wages. Mr.. Warner replied chaI-
le nging the treasurer's report of the
gold in circulation At the present time
" hich he said was 5000 600 600 beyond
the facts, and by referring to the in
crease OF population and wealth. Mr.
Sperrv did not consider the reply as
adequate and intimat-d that If Mr.
Warmers theory had nothing more to
on r017cf ia
The hearing was resumed in the
afternoon with A. L. Ripley. vice
president of the Natural Hide and
Leather bank of Boston on the stand.
He characterized the scheme of issu-
ing demand notes redeemable in gold
as thoroughly vicious.
Colonel Jackson of Jackson & Cur
tbs. brokers, OF Boston. followed Mr..
Ripley. He urged a provision in any
bill that might be supported by the
to begin ia January. 1895.
to cancel 81, 600. 600 worth of United
States notes each month until the en-
tire outstanding amount should be dis
posed of and to sell bonds if neces- I
sary to accomplish this result.
To pass the Carlisle bill without
any addition would, he thought, fall +
far short Of restoring the confidence (
of the world