Birmingham age-herald., 1894-12-16
For Revising the National Bank
 ing and Currency System
TO BE REPORTED FAV0RABLY
By the House Committee-TWo
 Prominent Bankers Give Their Views of the Plan.

EANCh ouiiuB tnC paoO WCCh od bhO oooJSOt ot revising the national banking and cur rency system. Secretary Carlisle, Senator Teller and nnmber of others interested
 in financial matters were present.
 Bankers representing views directly op- posed 10 the secretary's plan occupied the attention of the committee. They were MT. G. G. Williams, president of the Chemical National bank of New York, and W. P. St. John, president of the Mercan- tile National bank oi New York. MT. St. John is in favor of free silver, while MT. Williams is against it.
 Mir. Williams maintained that the present situation in currency matters was one re- quiring only firmness and common sense. The first problem in a clumsy and con- glomerated financial situation was the dis position to be made of the legal tender notes. No financial system, he said, could be permanently successful without the elimination of these notes from our fiscal system. Provision should be made at once for funding a part of them, say $250, ,000, 900 in amounts of perhaps $50 ,000, GOO at time, at the discretion Of the secretary of the treasury.
 United States bonds bearing rate of in- terest not over per cent (and his idea would be that per cent bond would be the most advisable to issue, as it wou Id never go below par, and these bonds should be received as security for the cir cuating not.s of national banks on the basis of par for the bonds, the government having a first lien also on the assets of tue banks as additional security, was suggested by MT. Williams. These notes would be redeemable in New York city and would furnish adequate elasticity to the currency when issued h sufficient volume, and, be- ing readily convertible, the security would be ample. The tax on the circulation of national banks, he said, should be removed at once, and with per cent bond at par and no tlx on circulation there would be suffi cient inducement for national banks to take out circulating notes-
 MT. Williams was asked a number of questions by members of the committee. To one of these he said he did not believe 1t was business for the government to issue notes. He was opposed to the theory of the Carlisle bill for protecting note hold ers by a saiety fund.
 Conservative institutions, he said, would not join hands and be jointly responslb.e other banks as provided in the Carlisle plan for cases where the safety and guar antee funds were not sufficient to pay the debts of failed banks. Incidentally, MT. Williams gave statement concerning his own bank hich caused some of the mem- bers of the committee to raise their eye brows in surprise. It's capital is $500, ,000; its surplus, $6 900 900; it's undivided prof it's more than $1 ,000, ,0O0; it's deposits S3o,- 00O 900; it's dividend 150 per cent per an num- ard it's stock was selling at S4300 per share of s100.
 MT. St. John started off with statement that showed the temper of his subsequent remarks.
 Under official dictatiop, he said, tutored by one of the most aggressive of all our handful of "goldteso in the United States, congress fiddles with the bank notes, while the burning issue is our pri- mary money. Redundant bank notes had invariably banished gold and silver. They never were suspected of enticing either into money. The ag- gregate of money, said Mir. St. John, determines prices and to enlarge the aggre- gate of money in the United States was to raise normal prices Tor home and interna- tionally consumed commodities here.
 Mir. St. John spoke in favor Of silver and urged bimetallism by concert of laws. stBut,' he said, "if any attempt to achieve bimetallism independently is to make our silver our money my conviction is the conviction of Robert Morris, namely, that silver is preferable to gold fl eli her is to be the only current money of the United States.
 .sThe present secretary of the treasury of the United States and his associates of the present cabinet have lately shared in well advertised effort to heap posthumous honors upon Robert Norris"
 Criticlsing he repeal of the Sherman act and pointing out what he called the results and perils of gold moHometallism, Mir. St. John urged that congress restore our Hamilton J efferson coinage system, founded with the mint, maintained for eighty years without complaint and with drawn unobservediy at a time when neither gold nor silver was our current money. Mr. St. Johns entire statement was de- voted to an argument that congress should enact flaw providing bimetaIlism. This, he claimed, would do away with the neces- .s.I 1~<~ t-ktx such law was passed and approved there would be no reason for passing new b,nk- ing laws. Bimetallism and not banking legislation was what the country needed.
 He concluded his remarks with the state- ment that acting in entirely good faith, he wished to say that he would antagonizs everything that he had seen printed and heard sad by gentlemen of his profession b before the committee.
 During the absence of the members of the minority it was decided 10 report the Car lisle bill without amendments. Several members of the majority gave notice that they wished to amend tue bill, but 1t was agreed not to do this in committee. It was decided to report the bill to the house and allow amendments to be offered to it when it 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 re- pubicans were sentfor.
 Soon after the fuli committee met mo- tion to report the Carlisle bill favorably and without amendment was made. The motion was agreed to-yeas 9, nays 8. On this motion Messrs. Johnson of Ohio and Ellis of.Kentucky, democrats, voted with the republican, against the Dill, the full vote being as follows:
 Ayes--Messrs. Sperry of Connecticut, Cox of Tennessee, Cobb of Missouri, Gull person of IL xas, Cobb of Alabama, Warner of New York, Black of Georgia, Hall of Missouri, Springer of Illinois.
 Nays-Messrs. Ellis of Kentucky, John. son of Ohio, Walker of Massachusetts, Brosius of Pennsylvania, Henderson of Illinois, Russell of Connecticut, Haugen of Wisconsin, J oh nson of Indiana.
 Before adjournment Chairman Springer gave notice that he would call up the bill on Tuesday next aud ask the committee on xnlea to brinR In q rule for ifs considera-