Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1894-12-12
BALTIMORE PLAN.
The Bankers Who Originated It Have Thar
Representatives Before the Committee on
Banking and Currency.

WAsEISGroS. ID. O., DecsSk -.
he2riag before the ;5:' ~
Currency CommS
reorganization Of
resumed n the rod I1r.r'...'
Means Committee,
off very promptly. Am
ent were Mr. HoraN
New York; Mr. G..
Of Baltimore, chairman Of the Co..
of national bankers to formulate the ~
called Baltimore plan, and Mr.. A. b. Hep
burn. of New York, ex-comptrollor OF The
currency. These three gentlemen repre-
sent the currency idea embodied in the
Baltimore plan, and they were present
for the purpose OF urging the merits OF
that plan.
After Secretary Carlisle had made bis
statement yesterday Comptroller Eckies
appeared before the committee and said he
believed that the government should not
extend help 70 the banks. except
10 give the people confidence that
there was something stronger
than the banks themselves behind
tnem. Any scheme devised 70 increase tho
volume OF currency should Include state
bank issues. Whether they were safe or
not, he would not attempt 20 say, This
the committee could determine. \
Mr.. White opened the hearing. Ia an
swer 10 questions be stated that be had
drafted a bill on the lines Of the Baltimore
plan and IL was arranged 80 TINT
should DO placed before the comm
MIR. Whites statement was read
manuscript, ana was a carefully pre-
review Of the banking question.
AL the close OF Mr.. Whites stateme
submitted his bill on the lines OF the
more plan. Mr.. Homer stated that
Committee Of National Bankers had
NOT YET FORMULATED THEIR BILL
Mr.. Johnson. OF Ohio, asked Mr.. Whit
opinion on Secretary CarliBle's currenW
piau Mr. White answered That DC Ola NJ
think the Secretary's plan would give The
elastic currency IL sought 70 secure. IL
compelled banks % put up ~ cents every
time they issued % cents.
THO Baltimore plan deals with only on
mart Of the banking business, that Of Is
ing circulating notes, function not lnq
pensable Dut valuable 70 the people.
He held that II was the paramount RI
and duty OF the State 70 provide for
safety Of the community. Hence, II md
prescribe the regulations under whic
circulating notes shall be issued. or gunI
pogder be stored, or liquor be sold. 10 10
not hound 20 give equal privileges 70 all
persous 20 exercise these functions.
at has been said that tnere 10 no more
reason why one government should guar
sntee the notes Of bank than those OF .
merchant a manufacturer or farmer.
Tbis would be trde II the notes OF the mer. /
cbant. the manufacturer and tue farmer
,gere allowed 70 circulate as money, bus
not otherwise"
Mr.. White said be saw no objection 20
the repeal Of the 10 per cent tax on State
bank notes provided the state banks COM
Div with ali The rec uirements OF the ma
tional banking iaw. and provided ne
means OF enforcing these requirements are
lodged with toe COmptrolier OF the Cur
reucy. But a mere power Of observation
without the power of enforcsmeEt. he
you'd consider unWlse. unsafe and sure 70
cagse embarrassment and 70 end IN dlsas-
ter
Mr.. Homer, Of Baltimore, spoke Of the i.
reouislte that a bank note De secured.
Tfniformity was another requisite This
was also secured by the proposed plan, 80
that tie system would be truly national.
uniforn In al States, instead Of varying
In eacn OF the forty-four states
The treasury plan. said Mr. Homer,
really formed a copaTtBer ship between ra-
tiopal banks. oy which they were compelled
"a meet each others notes, although they
bsd no voice in the direction Of their sister
banks.