Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1894-12-12

disaster.
He considered as desirable, though
not indispensable that the government
shali continue as now, responsible FOR
the redemption OF bank notes. The
biumore plan simply takes the law
as II finds Il. II makes a change In
the manner Of relmbursing the govern
ment Tor the redemption OF failed
notes The only question Is whether
inc suggested change puts the govern
ment TO any greater risk. This Is
question Of mathematics. II il to be
answered By the tables of bank NOR
tally In the past thirty-two years.
Taking up another branch OF the
question. Mr., White said: "It has been
sad that there Is no more reason why
the government should guarantee the
notes OF bank than those OF a mer-
chant, manufacturer or farmer
This would be true II the notes OF the
merchant, the manufacturer and the
farmer were allowed TO circulate as
money, but not otherwise" Mr. White
announced himself In favor of the re-
tirement OF the legal tender notes not
withstandlng the retirement is not In
oluded in the Baltimore plan. He would
have them extinguished. not merely
temporarily withdrawn.
"My reason" he said In conclusion,
FOR desiring the extinction OF the legal
tender notes is that they are constant
menace to business; they have kept
political parties in hot water for thirty
years, and have obstructed progress
and REFORM"
At the close OF MIR. Whites state
ment he submitted his bill on the lines
OF the Baltimore plan.
Mr. Homer stated that the committee
OF national banks had not yet formu-
lated their bill
Mr.. Johnson Of Ohio asked MIR.
Whites opinion OF Secretary Cnrllsle's
currency plan.
Mr.. White answered that ne did not
think the secrctary's plan would give
the elastic currency IL sought to Sc
cure. II compelled banks to put up
80 cents every time they issued rs
cents.
Mr.. Walker Of Massachusetts asked II
the bill printed by Mr.. White would
secure safe and uniform currency
1T will have that tendency" said
Mr.. White.
"That is not It," said Mr. Walker.
I'VE don't want to provide tendency
toward a safe currency, but the actual
safety"
Il am not omnipotent," suggested
Mr.. White. He added that In his judy
ment the bill would secure an elastic
currency.
Secretary calisle came at this point
and was an Interested listener to Mr..
Whites answers TO questions as to the
want Of elasticity In Mr. Carlisle's cur
rency bill.
Mr.. Warner of New York asked what
restriction should be imposed on state
banks.
Mr. white said he would subjectstate
banks to the same regulations asthose
Imposed on national banks.
Mr.. Cox OF Tennessee asked II this
would not do away with the need of
state banks.
MIR White answered that st would.
He said he believed in one uniform
banking system--not forty-four sys-
aems--there being forty-four states.
Secretary Carlisle then resumed his
statement begun yesterday. He pre-
scented the bill he had prepared EN-
bodying his plan OF currency revision
and read Il to the committee, com
mcnting on II Us he proceeded When
he had concluded reading the bin Mr..
Carlisle explained Il in detail. He
pointed out the various sections of the
present law proposed TO be repealed.
Concerning the conditions imposed on
state banks by his bill he said certain
features had been added TO meet crlu-
cisms made OF the plan as outlined in
the annual report.
Mr.. Brosms (Rep) of Pennsylvania
asked whether It was not desirable
for the government to assume the risk
OF redeeming rather tken leaving II 10
the banks.
Mr.. Carlisle answered In the mega
tive. He said he did not believe In
government responsibility further than
In providing the most ample Eufe-
guards. The secretary presented tables
showing the profits OF national banks
under the proposed plan as compafei
with their PROFITS under the present
law. It showed the additional profits
and Inducements would incline national
banks to cut circulation. In the course
Of the general discussion Mr. Carlisle
said he did not think any Immediate
retirement OF the United States treas
ury notes was practicable. The secre-
tary spoke OF Comptroller Eckeps cur
rency plan. without wishing TO criu-
cise IL. he thought It's fatal defect was
IN requiring national banks 70 take
out two different kinds OF circulating
notes.
Mr.. Hall OF Missouri asked the sec
rotary as to Mr.. Whites statement
that the treasury plan lacked elasticity.
T. u
ence between the plans as 10 the
amount Of circulation which could be
taken out.
The shipments OF gold were discussed
nj much length. MI Carlisle said the
loss OF gold was very heavy after the
passage OF the Sherman law. The loss
az our gold had brought on financial
dlstrust and hal threatened panic.
Tnt there had been no real danger.
These panics were largely the result OF
sentiment and public feeling, Instead
OF wen based fears.
During a general discussion between
Mr.. Carlisle and members Of the COM
,nittee. the secretary referred TO tins
tes,tyng Of bonds. He said that as
mnch as he regretted IT, he saw no way
N nreyenting the further Issue OF
bonds as long as the present system
remained.
Mr.. white was again questioned after
.be recess. Mr.. Ellis OF Kentucky ask
| ~ ,,l,n IN national banks would consent
~ hreonie guaranteers for the notes Of
al the banks. He said at the Outset
1 ha doubted whether national banks
,vo,,ld adopt this plan. but that they
,vai,id ultimately accept II.
Mr. Homer Of Baltimore then adj
drsssed me committee On The Baltimore
man. The proposed plan undertook q
nrovide this requisite without The ne
Sessjty M a government bond. Uni
| forrnify WINS another requisite 81 sac
banRing. This was also secured by th'
rropossd plan, 70 that the system
,vo,ild be truly national, uniform In al
states. instead Of varying IN each o.
1 the fortv-four states He urged tina
/ n fsatr 80 lta stN