The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1894-12-16
THE CURRENCY HEARING.
Banker 81. John, OF New York. Speaks
for silver Coinage.

Tor SILVER Coinage.
Washington City. Dec. i5.-Great inter
est was manifested today In the closing
hearing on the question OF currency re-
vision before The house committee on
banking and currency. President c.. G..
Williams. OF the Chemical National bank.
Of New York, represented the prevailing
view among bankers. while w p. ST.
John, OF the Mercantile bank. OF New
York. represented the Eastern view fav-
orahle to silver. The first problem in our
clumsy and congiomerate financial sys-
TEN IS the disposition to be made OF our
legal tender notes. said Williams. He
urged that these notes should be funded
90 at a time, until they were elm
mated from the financial system. Bonds
at per cent. should be received as se-
curlty for national bank notes on a basis
Of their par value. the government to
have a first lien on the assets Of the
banks. These notes should be redeem
able at New York city. and when issued
in sufficient volume. being readily con-
vertible. would furnish adequate elias
tlc,ty 10 the currency. The tax on the cir
culation OF the national banks should AZ
once be removed As 10 the Baltimore
plan. Williams said it would be safe in
large city. but II might start many mush-
room banks merely with a view TO issue
notes, and the failure OF such banks
would cause loss to the whole system.
Conservative and weIl-1na naged inst!tu-
tons would absolutely refuse 10 3ofn
hands IN meeting losses sure to arise
from these mushroom banks. After fund
ing the legal tender notes and giving TIE
new national banS Issue. Williams said
the next step was 20 look after the silver
certificates and Sherman notes. The hat
ter was amply protected by the 500 coo eoo
in the treasury. AS 20 the silver certlfi--
Gates, congress should PASS q law redeem
ing them IN silver bullion at the market
value at The discretion % the secretary
OF the treasury. and Il might be well 70
similarly redeem The Sherman notes. with
these changes the currency system would
become absolutely sound. and the bank
tnE system the most perfect ever devised
Williams was questioned as 90 the condi-
ton q bts own hank. He said It's capital
was N00a II had a surplus % 8 90 GO:
the undivided profits were more than
81 0ga ts0: the deposits reached So ago.sso
probably che largest IN the United States
y not IN the world, the dividends were 80
Per cent annually and the bank stock
sold for s. 60 per share Of slea
President -. John lent much spirit 70
the hearing by the vtgor % his statement
ana its novelty. coming from an Eastern
banker. IL nSer Official dictatson. safd
be 'strtorea hy ore 81 the nest aggrss-
slve % al our hansgsl ot gol3ltss "a
the United States. congress itdlss v1th
bank notes whiie The burning issue IS
our primary money coin. Ideuticaily tu-
tcrea. car chlef executive has required
his secretary 20 ahanston the option con-
fsrrei ~ law upon ths United States
ana grant holders of United States uotes
TIE rights "a exact Eold always. silver
never. as thelr re3eenlns coin- Had
the ofss.oe. 50 redeem silver dollars ben
exerysssea boldly ~ the tire when nutv
s. ss ao silver were 0w-ns3 By the Ur1te4
States. with al ownership of Sls esa re
IN gold. the only possible alarm wouid
have been hushe3 ~ s.orn. Arnen3-
rasn,s 70 sesze upon arsi exercise IRE op-
tssa now. or under prospective conditions
81 tns treasury. wogla be 70 ooart st
the peri8s 81 disaster
Mr ~. John SEATED thaz the same policy
LED 70 TIE present proposition &c Suhst&-