Great Falls weekly tribune. [volume] (Great Falls, Mont.) 1894-1???, 1894-12-21
FOR FRBBCO|NAGB
silver Finds an Able and Earnest
Defender Among the East
ern Bankers.
St. JOHN OF new YORK CITY
Makes a Vigorous Plea For Free
Coinage Before the House
Committee.

WASHINGTON, Dec. 15.-Great interest
WIS manifested today in the closing
hearing of the question Of currency re
vision before the committee on banks
and currency of the house. President
G. G. Williams of the Chemical National
bank Of New York represented the pre-
vailing view amoug bankers, while w. p.
st. John of the Mercantile bank of New
York represented the eastern view favor
able to silver. "T.he fret problem in our
clumsy and conglomerate financial sys-
tenn is the disposition to be made of our
legal tender notes." said Williams. lie
urged that these notes should be funded
s~50,0O0,00O at a time until eliminated
from the financial system. Bonds at 3
per cent should be received as security
for national bank notes on the basis of
the par value, the government to have a
first lien on the assets of the banks. The
notes should be redeemable at New York
city, and when issued in sufficient vol
ume, being readily convertible, would
furnish adequate elasticity to tho cur
rency. The tax on the circulation of
national banks should at once be re-
moved. AS to the Baltimore plan, Will
Jams said it would be safe in a large
city, but it might start many mushroom
banks, mainly with 4 view to issue
notes, and the failure of such banks
would cause a loss to the whole system.
Conservative and well managed ~institu-
tions would absolutely refuse 10 Join
hands ia meeting losses sure to arise
from these mushroom banks. After
funding the legal tender notes and Civ
ing a new national bank issue, Williams
said the next step was to look after the
silver certificates and the Sherman notes.
The latter were amply protected by the
100000 900 in the treasury. AS to silver
certificates. congress should pass a law
redeeming them IN silver bullion at the
market price at the discresion OF the
secretary Of the treasury, and it
might be we'll similarly to re-
deem the Sherman notes. With
these changes the currency system would
become absolutely sound and the bank
ing system the most perfect ever devised.
Williams was questioned as to the con-
dition Of his own bank. He said it's
capital was 100000 and it had a surplus
of six millions. The undivided profits
were more thar a million and the de-
posts reached ~S30,O0O,0o0, probably the
largest in the United States, il not in
the world. The dividends we're $50 per
cent annually. The bank stock sold for
$500 a share of 500. President st.
John lent much spirit to the hearing by
the vlgor of his statement and its novelty
n coming from an eastern banker.
Under official dictation," said he,
tutored by one of the most aggressive
Il all the handful of oddities in the
Jnited States, congress tiddles with
'ank notes while the burning issue is
ur primary money coin. Intentionally
utored, our chief executive has required
is secretary to abandon the option con- {
erred by law upon the United States, &
nd grant holders of notes the right to +
xact gold always, silver never as their a
edeeming coin. Had the option to re-
eem in silver coin been exercised boldly q
t a time when only three millions of silver -
ollars were owned by the United States,
18th the ownership of $116,00O,O0O in
old, any possible alarm would have
cen hushed to scorn. 10 seize upon q
nd exercise the option now, or under l.
le prospective conditions of the treas u
ry, wouln be to court all the perils of Ii
4