The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1894-12-16
SILVER tn. SOLUTION.
Dsaker H. Joha Tells Them . Thing q
Two About the White Metal.


Bssksr IT, John Tells ihsm rhing or
Two About tho White Metal.
WASHINGTON, Dec. l5.-Great interest
was manifested to-day In the closing hear.
ing on1he question Of currency revision
before the committee on banking and cur
reucy Of tho house. President G. G. vii.
liams, Of the Chemical National bank OF
view among bankers, while w. p. st.
John, Of tho Mercantile bank, New York,
represented the eastern view favorable to
silver.
President st. John lent much spirit to
the hearing by the viRor of his statement
and it's novelty. coming from an eastern
banker. "Under official dictation," said
he, "tutored by ono Of tho most aggressive
Of all tho handful of goldites In the United
States, congress flddles with bank notes,
while the burning issue 10 our primary
money coin. Identically tutored, our chief
executive has required his secretary to
abandon the option cocferred by the law
upon the United States and to grant
holders Of United States notes the right to
exact gold always, silver never, as their
redesminR coin. Had the option to redeem
In silver dollars hsen exercised boldly
when only 100000 silver dollars were
owed by the United States, with the owner
ship Of eiiG. 100000 in gold, any possible
alarm would have been laughed to scoru." "
Mr.. ST. John stated that tho Same policy
led to tho present proposition Of suhstil,i-
ting the bank promises of money in the
place Of primary aud secondary money
(eold AMI silver which they promise. Ho
took up the case OF monolnetallism. Ho
characterized tho repeal of the Sherman
act last year and the closing Of tho mint
to silver ~ ''lhe worlds blind expert.
that coupled silver to its crippled right
Of money In tho western world. He de-
clared that It was the duty Of congress
10 stop experimenting and GO back
to the HamiltonJeiferson coinage system,
to restore bimetallism independent OF
other nations. He took up the subject OF
what he termed ''aoldites." He cited tho
record Of Franco In independent bimetal.
l,sm. The conditions In the Unitoe States
were much more propitious for such &C.
tion Within 10 years there 10 the promise
Of exceeding the population Of Great
britain and France aud our gold and Gil.
ver could circulate over territory II times
the area Of France.
Mr.. St. John closed with review Of tho
notable features Of tho present financial
condition. Tho dollar 10 efficient. but
prices aro ruinously low, capital lacks in.
vestment end manufacturing 10 restricted
by low prices and labor s,arves.
''1'he enduring fact" said he, ''if this
aspect OF money is to be preserved, Is that
tho rich will be made richer and tho poor
poorer as tho one achievement of our
statute law"
Representative Culberson, of Texas,
questioned St. John as to the remedy ho
would propose for tho present conditions.
Tho witness presented o bill as remedy.
II provides for silver coinage on
tho same basis as gold. To meet
the money strinRency tho bill provides
for coin certificates based on bonds by.
psshecated by tho banks in such quanti-
ties NJ the secretary of the treasury may
determine. Mr.. st. John said tho bill
would put the country on q silver basis
for time; thereafter both metals would
circulate. As to tho Carlisle plan, Mr.. St.
John said it would "fall Hat" Tho banks
would not accept.
Chairman Springer-Would currency
under the Carlisle plan he safe?
St John-"rherc would be no currency
issued by them. They would not accept
il. Instead Of that you would have tho
worst panic on record" He pointed ou
that the "safe,y fund" under the Carlisle
plan, was to he accumulated IN small per-
cen,aRes and would not be realised for 10
years. In the meantime for tho next u
years there would be no safety fund be-
hind the proposed bank notes.
St.John said the ban kers before the COM
mittee had weighed the retirement of
greenbacks. but he REGARDED AS pre-
postrous the idea that S3i6, 10000 of non
interest bearing greenbacks should be re-
tired by tho government at the very
moment that the government was issuing
s50.U00,0O of tive-pcr-cenr. bonds. The
witness SAID state banks would be jus, as
objectionable to-day as they were in the