New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-02-03
CURRENCY PLANS DISCUSSED.
STORMY MEETING OF THE HOUSE COMMIT
TEE-MR JOHNSON CRITTCISEs
THE PRESIDENT

STORMY MEETING OF THE HOUSE COMMIT
TEE-MR JOHNSON CRITICIsEs
THE PRESIDENT.
Washington, Feb. 1.-The House Committee on
Banking and Currency held a turbulent session
to-day over the pending propositions for currency
revision. Early in the meeting Mr.. Johnson. OF
Indiana had a heated colloquy with Chairman
Walker. in the course OF which MT. Johnson oe-
cared that the chairman was pursuing rule or
ruin policy to the line OF currency action which
the committee should take Mr. Walker resented
this. saying ne would regard Mr.. Johnsons course
as personal II It was persisted In.
Later Mr. HILL OF Connecticut. moved TO take
up the measure embodying the Presidents recon-
mendations 10 three specific changes In the
banking laws. This again met warm opposition
from Mr.. Johnson who said action OF this limited
character would be antagonistc TO larger measures
OF currency revision pending before the com
mittee In vehement tones he questioned the good
faith Of those who urging limited measure
OF revision saying that they were too much con-
cerned in the annexation Of Hawaii to give sincere
support TO the full accomplishment OF nnanciai re-
form. With much feeling and emphasis MI John-
son expressed his regret that the PRESIDENT III"
not earnestly urged the fullest measure OF cur
rency revision instead OF the limited plan no"
brought before the committee.
Owing to the feeling aroused on the suo)ect hha'
action not taken on the motion 10 proceed on
the Presidents recommendations, and the fepuo-
lican members determined 10 take up TINS anu
other subjects later in the day. when the Demo
cratic members were not present. Without oo)ec-
ton tho committee determined to report favoraolyy
representative Coxs bill 10 promote the salety Vi
National banks. The essential feature OF tne i1eas-
ure Is a restriction bank officers from borrow ng
funds OF the bank, and thus Gripping H. IL pro
vides that no such loans shall be made until ma
jor.ty of the bank directors approve them 1t also
prohibits the overdrawing OF accounts by the pres
dent. directors and other officers OF the banks Nio-
OF made a
subject to fine or imprisonment.
he was ed e'feF n maResh the Bill
bodying the Presidents Recommendations, one OF
Johnson was opposing the President. To this he
replied that he was not opposing the Presldent
otto purposes At the same time Mr. Johnson de-
clared ne would not hesitate in proper parliament.
airy language to take issue with the President
either in the committee or on the floor of the House
when he believed that the occasion required. lie
felt that in the present the President was not
putting his whole heart into the cause Of currency
revision: and that II this influence properly
and legitmately exerted in this matter. as it was
in the Hawaiian matter 1t would secure results
Of far greater Importance to the country ;han the
the committee in part responsible for this cordi-
lion as had failed TO agree on on
port and influence. Let the committee agree on
such a measure. and Mr., Johnson did not doubt
that the President would give his powerful as
sistance toward its enactment
At the caucus Of Republican members OF the
over the bills before the committee with view 10
agreeing on 6he general principles OF measure
10 be reported.
CONFERENCE OF SOUND-MONEY MEN.
Washington. Feb. The Executive Committee Of
the National Sound Money League. organized In
Chicago after the last National election held a
conference here to-day with Of the State vice.
presidents OF the league. Among those present
were George f. Leighton. OF St. Louis: NJ z.
ingalls, OF Cincinnati: John K Cowen. OF Baltimore.
II. p. Robinson. OF Chicago: f. V. Smalley. Of St.
Paul: w. C. Cornwell. OF Buffalo; A. Blair. OF North
Carolina; John p. Jackson OF Pt;sburg. and ". n.
Royal. OF Virginia letter written by ex-fiov-
Morrill, OF Kansas read. in which he said
that sound money sentiment rapidly gaining
ground in his State and in his judgment would
carry the State II separated from all other issues.
State and local. Mr.. Royal. in a brief address said
that the people OF Virginia had been led into The
silver movement by OF the want OF sufficient
currency meet business requirements. and that
should a better banking system be established. oy
which the smaller cities and towns could have bank
ing privileges the people would have little Interest
in silver. Other speakers expressed the same idea.
\ proposition made looking to a consolidation
OF the league with the indianapolis monetary move
ment, but the sentiment OF the meeting was agains,
Il on the ground that the Indianapolis movement
had for It's prime object reform In banking egisla-
ton. while the league more particularly advocated
the gold standard The conference adjourned 10
meet in Chicago some time in April.