The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1894-12-15
A FRIEND OF SILVER
Two New York Bankers Give
Their Money Views
Dir. st. John is an Fastener
Favorable to Silver.
HE is An ANOMALY.
Says Strong Things About Cleve-
land and Carlisle.
OnlyOne National Bank IndOrses
Carlisle's Plan.

WAsHINGTON. Dec. 15.-Great interest
was manifested today in the closing
hearing the question Of currency re-
vision before the com mirtee on banking
and currency of the house.
Mr.. Carlisle was present at the open
ing Of the session. The bankers to be
heard reported two widely divergent
views. President G. G. Williams of the
Chemical National bank OF New York
represented the prevailing views among
bankers. while ". p. ST. John of the Mer-
camille bank of \ lew \ Ork represented the
eastern view favorable to silver. The
presence of Dir. st. John had drawn
Senator Teller to the hearing anxious to
hear the views of an eastern silver man
on currency revision
Chairman Springer read a letter from
President Post of the York National
Bank OF York, Neb., endorsing the Car
Isle plan
Representative johnson (Rep-Ind-)
asked why this letter was chosen to be
read when many letters giving different
views were received. 1t was explained
that this was the only letter received
from national bank endorsing the Car
Isle plan.
There was some sparring over the let
ter and Mr. Springer withdrew it.
There was added interest in the state
ment Of Mr.. Williams, who opened the
hearing, from the fact that the bank of
which he is president has the largest de-
pOsits in the United States, if not in the
world. The situation is one requiring
hrmness and common sense" he said
"The first problem in our clumsy and
cOnglomerate financial system is the dis
position to be made OF all our legal ten
der notes"
He urged that these notes be funded
fifty millions at time until they were
eliminated from our financial system.
Bonds at per cent should be received
as security of national bank notes on a
basis of par for the bonds, the govern
ment to have first lien on the assets of
the bank. These notes should be ra-
deemable in New York city and when
issued in sufficient volume and being
readily convertible, would furnish ade
quate elasticity to the currency. The
tax On the circulation of national banks
should at once be removed.
AS to the Baltimore plan, Mr.. Williams
said it would be safe in large cities, but
it might start many mushroom banks
merely with d view TO Issue notes, and
loss to the whole system. Conservative
and we'll managed institutions would abb
solutely refuse 70 join hands in meeting
the losses sure to arise from these mush-
room banks.
After funding the legal tender notes
and giving new national bank issue,
Williams said the next step was TO look
after the silver certificates and Sherman
notes The latter were ply protected
by the one hundred millions ia the treas
ury. AS to the silver certificates con.
gress should pass a law redeeming them
in silver bullion at its market value at
the discretion of the secretary OF tie
treasury. and it might be well to SINH
larly redeem the Sherman notes. With
these changes our currency system would
become absolutely sound and our bank
ing system the most perfect devised.
Mr. Williams was questioned as to the
condition of his own bank. He said its
capital was 100000. 1t has surplus of
100000. The undivided profits were
more that S1.00O.OOO. The deposits
reached $50. g00,O00- probably the largest
in the United States, if not in the world.
The dividends we're 80 per cent annual
ly. The bank stock sold for $4,000 per
share of $1,000
President ST. John lent much spirit to
the hearing by the vigor Of his state
eastern banker. 81 nder official dicta-
tion," he began. s'tutOred by the one most
aggressive of our handful of 'gOldites' in
the United States, congress fddles with
bank notes while the burning issue is
our primary money coin
'Identically tutored, our chief execu-
tive has required his secretary to aban-
don the option conferred by the law
upon the United States and grant to
holders OF the United States notes
the right to exact gold always. silver
never. as their redeeming coin Had the
option to redeem IN silver dollars been
exercised boldly at the time when only
three million silver dollars were owned
by the United States. with an ownership
of 1l6 million gold. any possib bic alarm
could have been laughed to scOrn. To
attempt to seize upon aud exercise the
option now, or under imm ediately pros
pective conditions of the treasury would
be to court all the perils of disaster"
THE CONVERTED PRIEST