The times. [volume] (Richmond, Va.) 1890-1903, 1894-12-16
CRITICISE CARLISLE'S PLAN.
Objections Of New York Bankers 10 his
Financial Proposals.
G, G. WILLIAMS BEFORE C)NKI1TEB.
View. OF the Chemical Nationals Presi-
dent aad of Mr. W. Z. 81. John, OF
the Mercantile National,

/ session Of the House committee on BANK
| ing and Currency closed the hearings
| that have been given during the past
! week on the subject Of revising the ma
| tlonal banking and currency system. Sec
rctary Carlisle, Senator Teller and
number Of others interested in financial
matters were present. Bankers repre-
senting views directly opposite occupied
the attention of The committee.
They we're Mr.. G.. G.. Williams, presi-
| dent of the Chemical National Bank, or
! New York and W p. St. John, president
| of the Mercantile National Bank, of New
| York MI. st. John is In favor OF free
silver, while Mr.. Williams is against II.
BANKER WILLIAMS PLAN.
! Mr. Williams maintained that the pres
| ent situation In currency matters was one
| requiring only nrmness and common sense.
| The first problem in a clumsy and con-
| glomeratcd financial system was the dis
position 10 be made OF the legal tender
notes. No financial system, he said,
could be permanently successful without
providing for the elimination OF the notes
from our fiscal system Provision should
be made at once for funding part of
them. say. $40. OO0.O0c. in amounts of per
haps S50,pDOyJO at a time, at the discre-
ton of the Secretary Of the Treasury.
United States bonds bearing d rate of
interest
would be that a per cent bond would
be the most advisable TO ISSUE as 1t
would never 20 below pdD, and that these
bonds should be received security for
circulating notes OF national banks, on the
basis of par for the bonds, the Govern
rnent having first lien also on the as-
sets of the banks, as additional security,
was suggested by Mr.. Williams. These
notes would be redeemable In New YORK
city, and would furnish adequate elasucl-
ty to the currency, when issued in salts
factory volume and being readily con-
vcrtible. the security would be ample.
The tax on the circulation OF national
| banks. he said, should be removed at
once. and with n per cent. bond at par
and no tax on circulation, there would
be satisfactory inducement for new banks
10 take out circulating notes.
SURPRISING INFORMATION.
Mr.. williams was asked a number Of
questions by members Of the committee
To one of these he said ne did not be-
Ueve that il was the business OF the
Government to issue notes. He was op-
posed to the theory of the Carlisle blll
for protecting nOte-hOldcrs by q SAFETY
fund. Conservative institutions. he said.
would not join hands and be jointly re-
spousible for the circulation of from
1000 to 6.0J0 other banks, as provided
in the Carlisle plan, for cases where the
safety and guarantee funds were not suf-
ncient 10 pay the debts of failed banks.
Incidentally Mr.. Williams gave a state
ment concerning his own bank, which
caused some of the members Of the com
mittee 10 raise their eyebrows IN sur
p,1se. It's capital IS $4,000; surplus
Sc oO1 600; it's undivided profits more than
81 90 900. its deposits S5O,O000)0; its divi-
n
stock was selling at $500 per share Of
500.
MR.. ST. JOHN FOR BIMErALIsM.
Mr. ST. John started of with a state
ment that showed the temper of his sub
sequeut remarks.
1-rder official dictauon, he said, tutored
by the one most aggressive OF al our
handful of goldites i'm the United states,
Congress hddles with bank notes, while
the burning issue is our primary money.
Redundant bank notes had invariably
banished gold and silver. They never were
suspected of enticing either into money.
The aggregate of money, said Mr. ~.
John. determines prices, and TO enlarge
! the aggre gate of money in the United
STATES was to raise normal prices ior
home and internationally consumed COM
modiues mere.
Mr. 81 John spoke I'm favor Of silver,
and urged bi-metallsm by concert OF
laws.
"But." he said, 1f any attempt to
achieve bi-metallism independently is 10
Weld silver as our only money, my con
vction is the conviction OF Robert MOT
ris. namely that silver IL preferable to
cold if either is to be the only current
money Of the United States. The present
Secretary OF the Treasury Of the United
1T nf tTfCi-
dents Cabinet. have lately shared a we'll
advertised effort to heap posthumoS non
ors on Robert Morris
10 BANK LEGISLATION WANTED.
Criticising the repeal Of the sherman
act. the pointing out what he called the
results and perils of gold mOnometallism,
Mr. ST. John urged that Congress restore
our Hami,ton-Jeferson coinage system,
founded with the mint maintained for
eighty years without complaint, and with
drawn unobserVedly at time when nelth-
er gold or silver was our current money.
Air ST. Johns entire statement was
devoted TO an argument that Congress
should enact a law providing bi-metallism.
This he claimed. would do away with
the necessity for other financial legls-
lation, and once such a law was passed
and approved there would be no reason
for passing new banking laws Bi-metal-
lism, and not banking legislation, was
what the country needed. He continued
his remarks with the statement that. act
ing entirely I'm good faith. he wished 10
say that he would antagonize everything
that he had seen printed and heard said
by gentlemen Of his association before
the committee.
BILL REPORTID WITHOUT AMENDMENT.
During the absence Of the mem
bers Of the minority it was de-
cided to report the Carlisle bin without
amendment. Several membe RS Of the ma
jority gave notice that they wished to
amend the bill, bat 10 was agreed not to
do this in committe. II was decided TO re-
port the bill to the House and allow
amendments 10 bee offered when ii comes
up for consideration. No action was
taken binding the majority to support
the measure In the House, or TO support
any amendment that may be offered
When this agreement had been reached
the Republicans were sent for. Soon az
ter the full committee met a motion TO
report the Carlisle bill favorably and
without amendment was made. The mo-
ton was agreed TO; yeas, o; nays. s.
On this motion Messrs. Johnson, of
Ohio and Ellis. OF Kentucky, Democrats,
voted with the Republicans against the
bill, the full vote being as follows:
Ayes-Messrs. SpeFry. Cox GTenn.), Cobb
Olo). Culberson CreXas). Cobb lAla.),
Warner IN. ". Black (Ga.), Hall (MoG
Springer Oll)-9.
Nays-Messrs. Ellis KyD, johnson (OD,
Walker (Mass.). Brosius Pa.)' Hender-