New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-12-12

| 70 day without making any appreciate change IN
| the amount OF gold IN the possessio" VI u''' Wv
eminent
! HORACE WHITES CLEAR STATEMENT.
! No criticism ON the score of concseness or lu
ciS!ty could be fairly made upon the Statements
submitted 10 the committee to-day BY Horace
| White of New-York and President Homer. OF the
| Second National Bank OF Baltimore, botn OF whoh
| are members OF the committee appol'l'eo a' '"e
| Baltimore meeting Of the American Bankers Asso-
| citation 10 prepare bill to embody the PROPOSE
tions contained in the so-called baltimore piah'
| several OF which have been adopted by both sec
retary Carlisle and Controller Eckels
Mr. Whites review of the systems or banking
| In tho United States during the period prior 10
| 1850 was as interesting as IL was Instructive ana
his argument in favor of the safety iund system
| first established in Newyork in 1879. which was
partial failure on account Of errors In the early
legsla tion but f. now In successful operation in
| Canada and which is the basis OF the Baltimore
plan was both able and vigorous one w men
Mr. White remarked that he could see no objection
10 the repeal Of he tax on State bank circ"'atioh
the State bank partisans in the committee pricKed
, their ears and looked pleased. but when he went
on TO mention the conditions and safeguards upon
which the repeal should be based. and impressive
" declared that without the enforcement or those
conditions and safeguards the repeal would be
"unwise. unsafe and the sure cause or emparrass-
ment and ultimate disaster, theT commentaries
fell The proposition that "the Government ought
not TO allow any currency 10 circulate that was
bad or doubtful" was about as distasiefui to some
of them as any financial proposition could possibly
have been.
Mr. Whites criticisms of the Carlisle plan were
rather severe and he made II clear thar IN MS
opinion it was an impracticable one His state
ment that the Baltimore plan was designed only
to give greater elasticity to the currency without
any sacrifice the expense Of the safety and uni
formity, appeared TO be surprise TO some or the
members OF the committee who had apparently
supposed that the Bankers Association had under
taken to grappc with all the difficulties that beset
the finances of the country. In response to ques-
lions. Mr.. White said that he favored the funding
OF the legal tenders in bond at low rate of in
tercst.
MIR. HOMER ALSO CRITICISES CARLISLE.
Mr. Iomcr's exposition Of the Baltimore plan was
concise. but clear. and his criticism of the car
lisc plan were frank well vigorous. He re-
garlc1 the deposit feature a fatal defect OF
coursc the motive behind il Was well understood.
# was desire to make the banks redeem the legal
tender notes Of the government Tho SO provision
would hc an unnecessary burden upon the people
The practice - redemption OF bank notes by
central agency. as ~ present too good to be
ahan ioncd in his opinion. and he vigorously com
hatteI Secretary Carslc's declaration that II re-
suits in locking W. currency and asserted that tho
Administrators scheme would result IN tying up
an Infinitely larg. amount % notes and cause the
most severe currency famine ever KIN '"n Mr.
Homei's objections 10 the Carlisle plan covered
every provision - IL. and h. vas especially sever"
In his comments upon that featur" which would
compel an tho banks to enter into a copirinershp
with unlimited liabilities and absolutely with
OH. control or SUPERVISION OF management Under
the present system the Controller N the currency
was most Efficient md -ife ally. and To rob the
system Of his services would seriously impair. II
not destroy. IT, he assO clearly showed that the
Administration scheme would giye the country two
kinds 81 bank notes instead Of one. and declared
that the people q tho country would not sanction
tina, or any other act 81 rerogrcseion. Mr. Homcr's
frank clear explanations and his prompt AMI peril
nen, replies 20 the questions put to him. ovi1enty
produced deep impression upon the minds OF
majority 4 tho members OF The committee
An opportunity viii be- given tomorrow 20 hear
the question discussed from the point Of view %
men engaged In the banking business under state
laws and charters W g Cornwcii president ~
the city Rrnk ~ Buffalo. who is also the president
Of the New York state Rankers Association. and
George A. But,cr precedent Of tho Traicsmen'' Ma
,ional Bank. % Ncw-liayen. conn VIII be heard
MIR. CARLIsLES BILL
The tex, Of the bin which sir. Carlisle submitted
to the committee f. ~ follows.
An Act to amend the laws .relstine TO National
banking associations. 10 sScinpt Inc notes V'
State banks from taxation upon CERTAIN 'oh"'-
tons, and for other purposes
Section J. BE IL enacted that all acts ana paris
Of acts which require. or anihorisc ne ncPo, OF
issued BY National banking associations De ma
the hereby repealed. ana such not"s h't'.
after prepared shall not contain 'he statement
Sec That any National banking arse,
snv National banking association hereafter organ
izcd may take out circulating notes to an amount
not exceeding - per cent OF itS pa' up m r un'
paired capital upon d"poHing win the treasurer
Of the ntcd states United states l'gaI ''nn'r
notes including Treasury notes issued under IN"
act approved july H. 80 emitted Al a', ',i,,,
IN. me purchase Of silver bullion am ihe Issue O.,
as a guarantee fund equal 10 - hSr cent "i t"r
circulating notes applet i9T. ne o, ,',i "a a,,,
from the Controller OF the Currency circulating
notes In denominations 81 50 and muluples thor
videi ~ lay" ana az sN, n,o,' i.rr,tnf 80.
the circulating notes Of Nhflohhl h"hhlnH "fS"-
cations now outstanding. saal constitute, ana are
hereby declared to be-, hIst men 'iom an ' IN
assets OF the association issuing me tdI.c- Az
banking associations shall he uniform "A design,
but any association desiring 10 redeem us clT'H-
Ali. In mat coin and th~ Secretary ~ IN" Treas
urv is hereby authorized ana directed 10 nave pre-
pared and keep hand rcApy Tor delivery on AZ
,Iir,tion a reserve Of blank notes for each Va
iional banking association having .irculhtloh; out
such reserve for each bank snail AZ no time be In
EXCESS OF the difference between the amount OF IT'S
notes outstanding and thc total amount
Sec B. That in lieu OF all existing taxes. each
National banking association shal pay to the
Treasurer OF the United states. IN The months ~
Jnnuary and July each year. duty Of onc-four'h
OF per ccnt for each half year upon The avernse
putting such average all notes Issued by such as
ISOLATION and not actually reureI from ciicuihtion
i'm the manner hereinafter provided shall be- IN
o'G@e' That each National banking association
shall redeem It's notes par In lawful money OF
Once or at lis own ONCE and such agencies
- srR m