New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-01-13
those of the commisAen representing tho various
sections OF the country"
AN APPEAL FOR PROMPT ACTION.

strong appeal for early action. THE best time 10
rectify financial evils. said he is In time Oh peace
time Of pinch The time TO prepare for the storm is
when the storm Is far Off. so that wnen IL coiies
,es ship of state will be ''a"'A well manned ana
As Mr.. Edmunds to be engaged In the s SUI
| committee ask questions to-day. This mace the
discussion general Representative Cox .D mIn3;
to show that the effect Of the bill would be to con-
vert all debts pu6s and that h'H would
vert every Government obligation except rev , OF
minor form into gold oe S at make AMI ali Tnted
States oblsaons PAYABLE in gold q as Ed no PT
answered empha Ideally in the negative. saving that
proviso in the Commissions bill declared that
held the present legal tender quality of the
silver dollar the subsidiary or minor coins or the
Mr. Cox Insisted. however that the logical effect
Of compelling silver to be kept at parity with
s sSe into gold Obligations on this point Mr. Ed
munds and Mr.. Cox differed widely and were not
able TO reconcile their views.
Mr. Edmunds said the Commission represented
the convictions OF communities widely scattered
and had presented It's mature conclusions to Con
gress. In effort TO aid those Interested with the
forestall or embarrass this committee or Congress
Mr. Walker said the committee fully appreciated
Gage in seeking to remedy currency conditions.
He asked If the bill was designed TO change the
TO the point where 1t was most needed. and fol-
Logged law Ike that Of srs AZ asked
the word had sHiGen ny of g98 answered
Mr. Edmunds, and that is why we are struggling
for both. 1t was this that led to the rush to the
Mr. Newands and himself looked after themselves
and lived ten years more they might see such great
sary make silver the standard Of value, because
OF It's becoming the more precious of the two
MIR. FAIRCHILD's ARGUMENT
Ex-se,retary Fairchd next spoke on the bank
10
ever, by saying that monetary standards were no
more subject TO governmental conro, than the
tides and winds. 1t natural and economic
SDsraho mo 1eWeen indiydgas in which each
dards already in existence. and thus serving the
created standard WHEN OJ gove T a' sought
TO make standard ii mercy Interrupted the natu-
question not one Of theory. but one Of fact,
the same as the existence OF steam electricity.
II was no more possible for law TO ignore this
TACT OF natural standard than to ignore the
istence Of electricity. Making a thing a legal
AS to banking. Mr. Fairchild said IT was useful
would conduct banking without the aid of law, and
from that TO judge what the Government can do As
the Government being a factor The main ground
for Government interference in banknote circu-
lation was TO facilitate the rapidity OF exchange
oy giving regularity to an otherwise natural opera
ton between individuals So to the Govern
and the Government entered the TRANSACTION by
assaying and ESTABLISHING what the value was.
the Government should aid in the natural opera
tons of exchange by aiding the rapidly of money
be left 10 themselves. He emphasized the fact
that TINS Government service was not so much to
the banks as to the great body Of the people who
capital elsewhere the siockboders pree not n' so
dependent on Government regulation. But the
great body of the people used the banks a great
hSenehcent Instrument Of civilization. and 1t vas
wise Government action. This View. he said re-
moved narrow prejudices and placed the subject on
a he psi Of ba hop
ing feature of the Commissions Bill was to facili-
change, by adding the Governments aid toward
rapidly. certainty and safety of these exchanges.
AT this point the hearing was adjourned for
hodr.
After recess and before continuing Mr. Fair
the commttee on WAYS and Means and the CON- ON
mittee on Coinage be invited to take part in these
involved bonds which were Within the jursdcton
Of the Ways and Means Committee, and coinage.
as currency, to which this committee was con-
Mr. johnson, of Indiana. opposed the motion.
saying It would embarrass aid delay tho subject.
Leading of TO many new Inquiries and bringing
committee should not abdicae its authority and in
Mr. Fowler, Of New-Jersey, said that self-respect
SHOULD inspire the committee to proceed with the
The motion was defeated. Mr. Newlands casting
the only vote for l.. Mr.. Farchild then went on
with his statement.
BANKING FEATURES OF THE BILL
Mr. Fairchd said the banking features OF the
bill sought follow natural lines by binding all
their resources rather than requiring a deposit of
bonds with Government trustee. To accom-
plish this all the banks bound together in
common action In protection Of all the notes they
issued. From personal inquiry Mr.. Fairchiid
SAID that all the losses from National bank fail
ures in lS93-the worst year for them-would have
occasioned tax Of less than oneoighth OF one per
cent on the combined banks If this proposed meas
had been In force. Such a tax would not he an
loss by fraud infinitely small. and bankers
would have reason to fear from that. The
Of banknotes not to The protection OF depositors
as the latter had private contract oDheauoh. IN
which II was not necessary for the Government 10
Mr. Cox asked II he was right in understanding
that the measure accomplished two things-arst |
the establishment Of the gold standard; second. the
retirement Of all paper currency except National
Mr.. F4rchild assented to this. saving it was the
practical effect Of The Nm Mr. Fairchid Will pro-
Mr.. Bush. Of Admission. Ala. another member OF |
said It would be to the credit Of any party In
power TO check this movement for currency reform
There were some who were bound up in the |
tariff that they wished to convince the country |
that the tariff would accomplish everything. But |
the tariff would not cure the vital evils or the |
OF Congress meet these evils as to furnish battle
ships and cruisers as pTeparstEon Tor emergency
committee adjourned until tomorrow, when the |
Chairman Walker and Representative Fowler. of |
the committee. met members OF the Commission |
tonight with n view To seeing II there was any |
sis OF agreement between their financial bills and
those OF Secretary Gage
NEED OF BANKS IN THE SOUTH
LARGER CITIES WILL. SEND MORE THAN THEIR |
ALLOTTED NUMBER OF DELEGATES
TO INDIANAPOLIS.
indianapolis Jan. 70 (SpeciaD-A representative |
OF the Executite Committee OF the Monetary Con- |
ference said tonight that though the interest mani
and lost IN he u0rk ~ ff.