The record-union., 1898-01-27

money centers can be utilized for the
moving OF crops and the prosecution or
general business. This system has been
thoroughly tried for many years by the
Canadian banks and in very small
towns IN the Dominion by means ef
these branch banks the same financial
advantages are enjoyed by the business
men of the locality as by the citizens
OF the largest cities. BY this means
also merchants and other borrowers il
the interior are enabled 10 discount
their paper at home, instead of being
obliged, IS at present in the United
States, to send the money TO centers
and sell through note brokers. This
system OF branch banks will inevitably
cause specific reductions and tend 10
equalization of the rates of interest
throughout the country, and this is the
scientific answer TO the demands of the
South and West for more currency 1t
will also furnish facilities for borrow
ing r1oney on mortgages or otherwise.
and will bring the borrower and lender
together at the borrowers home
ALVAH TROWBRIDGE,
Nice-President National Bank of North
America.
JAMES McCREERY,
OF James McCreery & Co
RICHARD J. CROSS,
OF Morton. Bliss & Co
ULYSSES D. EDDY,
OF Flint. Eddy & Co.
JAMES b. DILL.
OF Dill, Seymour & Kellogg
Delegation Of the Merchants Asso-
citation of New York.
HOUSE COMMITTEE MEETS.
WASHINGTON, Jan. 2G.-The House
Committee on Banking and Currency
held brief session to-day, but did not
take action toward reporting any cur
rency bill. Considerable interest at
tachss to the meeting in view OF the
recent extended hearing on the part of
the monetary meeting al indianapolis.
At the outset Johnson of Indiana. who
is regarded as favorable TO the Mon
etary Commission, secured the adop-
tion of a resolution for a statement for
each member as to his position on the
general question of a revision of the
currency.
Brossius was called upon. He stated
that he was not ready to define mis-
views on so broad a proposition. AS
the inquiry promised to lead to some
differences, Johnson withdrew the mo-
ton with a view to having the Repub-
Hcan members canvass the subject
among themselves later.
In behalf of the minority. Cox of Ten
nessee moved that the official proceed
lnSs embrace the application for a
nearing OF President Warner of the
Bimetallic Union, and Chairman Towne'
OF The Silver Republican Committee.
and the refusal of the committee 10
hear them.
The motion was defeated by a party
vote with the exception of Chairman
Walker, who voted with the minority.
The committee then adjourned until
next Wednesday, and the Republican
members went into secret session win
a view of reaching some common un
derseanding if possible.
AT the executive session of the Re
publican members of the House Com
mittee on Banking and Currency this
AFTERNOON the individual attitude of the
members was poled and the procedure
IN the drafting of the currency legisla-
ton mapped out.
walker favored a revision of the sys-
tenn which would take the currency
business away from the Government.
ana furnish at once a banking on as
sets He would not approve any plan
materially differing from this
Brossius of Indiana was opposed to
retiring the greenbacks and to bank
ing on assets in any degree.
Johnson of Indiana urged the gold
standard. retirement of the greenbacks.
eliminating the currency business from
the treasury and issuing new circula-
ton through national banks to take its
place, the new circulation to be under
national control.
Van VOORHEES, Of Ohio substantially
agreed with Brossius, while Messrs.
McCleary Of Minnesota and Mitchell of
New York had views along the lines of
Johnson's policy.
Spalding of Michigan opposed a
declaration for the gold standard in SO
many words. and was not certain that
he was willing to have the greenbacks
retired or to have credit currency.
Hill of Connecticut favored the Mon
etary Commission bill, and practically
agreed with Johnson.
Prince Of Illinois offered the speci-
fic declaration for the gold standard.
and thought the retirement of green
backs should be carefully dealt with
and favored banking on assets.
Capron Of Rhode Island approved of
allowing banks to extend circulation to
the par value Of their bonds, the incor-
poration of banks with stock. capital
and a diminished tax on circulation
This he believed. would pave the way
for more extensive currency legisla-
ton in the future.
ASSOCIATE JUSTICE McKENNA.