Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1894-12-16

WASHINGTON, December There was
great interest in the currency hearings to-
day, President W. Z. 81 John. who was
present. represented the Eastern view IA
Vorable 70 silver.
Mr.. Williams. OF the Chemical National
Bank Of New York opened the hearing.
'sThe situation requires hrmness and COM
mon sense. " SAID he. the hrst problem
IS our clumsy and cOng.omerated financial
system Is the disposition 20 be made OF our
legal tender notes. These notes should oe
funded 5O.oOOOOO az time, until elmln-
ated TWO per cent bonds should be received
for National bank notes az par redeema-
bic 10 New York City, and when issued IS
sufficient volume aud being readily con-
verICle would furnish adequate elasticity
20 the currency. The tax should be re-
moved
Mr. Williams, questioned as 20 the con-
ditiOn az his own ua0-. said rs capital was
s3OO. 600; surplus S6,UOOOO0; uniiviCei
prOnts Sl,UUU.OJU; uespOsiLs S5J,OlOOlO
probably the largest in the L nited states,
If not in the world dividends l5O per cent.
annually. The bank stock sold for S5,4OO
per share OF SlJJ
'Under official djctation," began Mr.. st.
John" tutOreC by the one most aggressive
Of an our handful of 'gO.dites ia the
LlMALEA ENNANe1s AOAEAN~H aAAAlAea hf+eA @e-AHN
notes while the bgruiug issue IS our
primary money, coin. lucidentically our
chief executive has caused his secretary 70
abandon tle option conferred by law
upon tie United States and grant
10 holders of the United States notes
power 20 exact god always, silver
never, as their redeemlng coin. Had the
option to releem silver dollars been eXer.
eised UOldly 80 the time when only 3,o00,-
r...H flrrH g HIan
United states, with an ownership OF Sllo,-
OOOu0O ia gold. any possible alarm could
have seen laughed 20 scOrn. To attemPt
10 seize upon and exercise the option now
or under Immediately prospective condl-
tionsCf the treasury, could be 70 count al
the psriIs Of Disaster Mr. ST Jonn
stated that this same policy led 10 the
present proposition OF substituting the
banks promises in place OF the primary
and secondary money (gold and silver
which the notes promise.
Mr. ST John closed, saving: The dol
lar is efficient out prices are ruinOusly
low; capital lacks investment manufac-
turing is,resrriCted by low prices aud labor
starves. tThe enduring fact, Wy SaiC he, 'lt
this aspect Of money is 70 oe preserved, is
that the Ikch be made richer and the poor
poorer IS the one achievement OF QUE
Astotbet Carlisle plan, Mr. St. John
said 10 wOuN "ial Hat NaOonal banks
would not dccept It. They would become
State bank8 Butthe Secretary'S bill was
better than the Baltimore plan.
Chairman Spr,uger-'N Ould the cur
renew under Ebe Carlisle plan be safer
Nir st Johr-"There would be no cur
repcv issued. They would not accept It,
Instead Of that YOU would have the worst
panic on record.' He pointed ont that the
''safsty funds under the Carlisle plan was
20 be accumulated in small percentages,
ard would not be realized for ten years
The witness said state banks would oe
iDst ss object Anabls to-day as thev were
IA the past atever system was adopt
ed should beN under federal control and
thrs uniform g country over.
The committees went into executive ses-
sion 20 determine on wnat bin TO be re-
pOrted.