New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-12-13
CARLlSLE'S PLAN HIT HARD.
NOTHING EUT CRITICISM FOR 1T FROM
PRACTICAL BANKERS.
GEORGE A. BUTLER. OF NEw-IiAVEN. SHEDS a
FLOOD OF LIGHT on TIE sUBJECT-LN-
MAN J. CAGES PLAN.
wy Tr,T,iHApH 70 TnF TRIP ~

Banking and Currency is obtaining volume OF 'es-
tlmony against the wisdom and effectiveness as
well as against the practica6ility OF the Admins
trations scheme OF currency reform that ought 10
have great we;sht In the minds Of members OF the
House of Representatives whenever. II ever inc
scheme snail be brought before that body Tor con
s!derston and action. Despite the reluctance ana
inlispos!ton that bankers and students o. hhahCi"
subjects who appear before the committee hatura''!
feel to crticise recommendations advocated ana
,.r~cI by the Secretary of tive Treasury ana APP
proved by the President Of the United states IS
very cyilen: that all OF them tfus Tar resalu '"e
scneIne unsound impracticabie ana IN SOM
RESPECTS even dangerous. The moderate tone OF inc
criticisms offered has seemed to add to their weish.
and effectiveness. OF course. in TINS case az We"
rs in most other cases where committees OF 'oh
gress invite the suggestions and advice OF men WIN
do no, profess TO be statesmen and whose lucas
are founded on study and practical experience one
fnGs that some of the members OF the commi''ee
have plans or theories of their own to exploit 80
that a good many of the questions they ASK are
either arg,Inentative or hypothetical as wei as
discurs!ve but on the whole the testimony mus
far has had a pretty direct bearing on the matters
that the committee has under consideration
MR. BI-TI.ER'S CAUSTIC COMMENTS
The hearing to-day was an exceedhsy n'o'. 49,,
ing one although President Cornwall OF the |'s
Bank of Buffalo. unfortunately arrived IN asn'ne
ION al TOO late an hour make his statement
George A. Butler president of the Tradesmeh
National Bank Of NewHaven. Conn, appeared.
and his statement and replies 10 quesuo"S "
nv members of the committee occupied Host "a NV
time Mr. Butler has been engaged IN the nanhns
business from boyhood. having risen from the DOT
tom 70 the top and his arguments and statements
,oaav c,sarlv showed that he has been ana Is
mos, Industrious painstakng and thorough STUDENT
OF financial subjects. well as an abe anu s".
cessful man Of affairs. He was ready anu iu "
MS replies to the questions almost 100 lu'' i0' Wv
cnmfor; Of Mr.. Cox. of Tennessee who Is one OF
the strongest and most active advocates oi 'ne ~
conditional repeal Of the tax on STATE oanh
90, who hold seats in Congress Mr. COX spohe
Of the dearth Of money in certain parts OF the eou
,rv and wanted to know whether tne p''P0'.
scheme of State banks would not supply '"e pe0p'e
~ those regions with the money which they 50
,,uch nned Mr. Butler replied in substance as loi-
lows: ,, so,cea IN
dif7eTent forms and | sympathiSe with peop,e NM
are in want of money that they haven 20" ockatss
how Tsm aTT spu s sonSSersaon had with gentle
a1a5a ssseral re years com nsG Of S
among the Ie0Pe and Of sa the Country
RousS we're sn n ssp6st in a' se
h hin, hank IN Alabama his check would not be
promptly hop9 S Ps he FeRf he , scd leo bales Of
then asked h rssponsble man. he would have
' .GfSsa5 h has pay Gxed Tor II
Tnns he would be unable TO collect H. ana
TO both questions he replied Nh, ,ne nors banks were
NEEDED. and he replied TO develop the S3S1 Vas
My reply to that b %as m ams' capital and the
Government should food that part OF .ns Of ais
Win among the people 80 per cent OF II
WOULD be found in New York and other nr mSaeS
csnial Of the country to be found there amn
that the latter state OF tne peSp wo,id he worse
than their former state
This "Reminiscences which was at the same t'"e 50
nert,nent and pointed reply 10 MI cox SUE"
gestion seemed sadly to discoheer' u'a' =
man as we'll as several of his colleagues VINO are
.,wsvs complaining about the scarcity OF cur :
rancv.. IN their respective districts and States ana
c,anorins for more money OF some kho. Inc
number of Democratic infationists In 'he 1ou'e
30 p.nrasentatves now is as large relatively as
=, was half generation ago, when Johii W.
Carlisle and his party associates were o'a-o -,
Tor free silver coinage and voting TO retre All
National bank notes and replace them WIN green"
rail-. and also voting to repeal the Resumption
act and II seemed pity that all o. 'hei' '0'''
not have heard Mr.. Buffers statements
DANGER IN STATE BANK ISSUES
Good deal OF time was occupied to-day with
6{scussion of the state bank feature OF the h'''
trat$p scheme and Messrs GOD Vi &C.,, -,
Rlack OF Georgia: Ellis. Of Kentucky ana nan "
Missouri as well as Mr. Cox. put good hia''y
questions framed and designed apparently 10 eho'
from Mr. Butler some expression IN iaEo' VI =.
They were encouraged TO do this ana ihoie "0pe,N
of success on account or his deciafa''o" ~
~, ,,a, no d,d not believe that Congress had any
right 20 NEEDLE with the currency except u p'o''
system OF coinage and that 1t exceeded us au'"0
d. when 1, enacted the National banking law d.
well as by his statement that the state Dahk sS'."
or systems in vogue prior 10 the Ci'i va,
country a more flexible currency IMAM '''i' ""'N
4, now possesses. But all the attempts " e"N
an expression IN favor OF the scheme met WIN
success The strongest admission that cou'' o'
drawn from Mr. Butler was that state bank mig.
he so hedged about by safeguards as 70 nsute ~ ~.
must be National supervision and resu
iation publication of reports, Nauona M n
Tor the redemption of notes-in word iuIi coi, n
snce with ali the provisions and requirements appr
cable to National banks MI butler sr ,b. ban X,
Sae c u ought be preserved and 1ha
there was need Of two knos o' mere wonid
e State Sank Sank no M Ru
Ter sep cc,omed to and have confidence in the Ma
tS9s . DISCUSSION sssis at H0 one upon the
.niiity that the country might De uIve d 10, ~ Ina
Whcreupon Mr. Butler remarked that II ma
sssna happcn he would sell everything ne had an.
invest the money in reai es.a' e,o 80 the recen
sddea bn mo sopped as soon the election
returns felt that the dans sr money into rea
WHY w WOO ca y1p went to silver basis? aske'
Mr. Hall Of M dS raise my rentals and get iai
Zee for my money the prompt repiy N,
r added thai what S sps mH
DO or fail 10 do. bankers sapitass h n' the che
tois Gown ,rom bad or unwse legislation ~oud
shn wspe-carners and farmers OF the country
NAr,oNAI BANKS WOULD NOT c"NshNA
.r.o,r the other features Of the Carlisle schem
ma, Mr.. Butler sharply criticised was ,ha' WIN,
provides that all the National "anHS sn''' y II, ~,
liable for notes OF iailen Dam. soo,,o
=, tho opinion that unless that sectio
should b. eliminated the National banks woai' r., re
fuse 10 take cireuis,on pf9 Hnk Mo amour
" socna'nt OF banks In whose manage W, ,
Saa no voice He confident that ,ht ue gcoi
uau ,he hank OF wAch he Is the lresiaeht ~tur
s,e Thai course and he believed that the uren.o'
.nr.ks