New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-01-14
THE CURRENCY HEARINGS.
MEMBERS OF THE MONETARY COMMITS
SION AGAIN SUBMIT THEIR VIEWS.
MEssRs. FArRcHIr.D. BUSH AND TAYLOR BEFORE
THE BANKING AND CURRENCY COMMIT
TEE-sEoRErARY GAGE TO AP-
PEAR TODAY
[pr TELEGRAPH TO THE rRIBuSE.I

[pY TELEGRAPH TO THE TRIBCNE1
Washington JAN l3-The hearing before the
House Committee on Banking and Currency was
continued to-day. and good many facts were de-
veloped which interesting. as well as some
that may be regarded as important on account OF
the bearing they may have on the prospect OF
general monetary legislation at this session or by
the LVth Congress. For example. Chairman
Walker took occasion 10 Indicate that ne was
strongly II not unalterably opposed 10 the cur
rencv reform bill framed and recommended by the
indianapolis Monetary Commission. and TO say that
he had slight respect for the opinions OF any
other member Of mis- committee "or ANYBODY else
whose views the subject he believed TO be I'M
sound or mistaken. From questions asked ana re-
marks made by several other Republican members
.. tho committed IL was evident that they were
not disposed to give an unqualified support TO the
bill which the subject OF discussion despite
the strong arguments In favor OF II and the STURDY
support Of the representatives. OF the lndianaPoHs
Commission who appeared to-lay-Messrs. Bush'
Falrchild ard Taylor Mr.. Bush. who Is farmer
merchant manufacturer and railway manager IN
Alabama finished the statement which ne began
Yesterday. and which appeared favoraOy 10 I'M
press some OF the committee He IL a man oA
pleasant address and he showed thorough iaii'i-
iarity with those branches OF the question winch
he discussed ~,
rxsecretarv Fairch!ld also submitted some aodi-
,,o,al observations and submitted 70 somewhat
rigid and protracted cross-examinatio' ii'' a.
svers to some OF the questions ola not appear ~
va ol,og.ther satisfactory 10 those who asked
,bar, Mr. cox OF Tennessee however WHO pu.
cod many Of the questions. must have been saus-
Ned because he afterward remarked tha' ar.
child has got himself into hole i'or" VIM" 80
cannot escape.
DRIFT TOWARD THE GOLD STANDARD
Tho afternoon session o, the Committee was as
signed for the hearing OF Messrs Taylor OF lholaI1
md Fries Of North Carolina, both u Wloin
~ISGlO
e. ,au,,e- but :. quickly became apparent INA,
49, Nd been drlgent and thorough STUDENT anu
-.,, investigator OF currency questions ana "l't
ha u able 20 present his views ana tNe 'e'u''
~ his researches IN an attractive ana '"'e'V.'s
form lie was frequently Interrupted oS ,
% the committee who piled him win Ques o
all o. which were promptly and fuHy answer -
question asked by Chairman Walker was "'e'Ie''
I'm the speakers opinion the present drlI' u $50.
,nent among the plain people VINO cast q i''Y',
~ tho votes" in National elections, was j" i''O -
o- onnosed % the gold standard MI Taylor rfp'leu
that IN his opinion based on persona! oOse'N 'o.'
and ,nves,,cation the trend Of sentiment a'no"s
tho neonle OF Indiana during the last year hau D'
6e,i1ediv f., favor OF the gold standard. The same
oninion was expressed by Nj Johnson the 'tu'd""
member OF the Banking and Currency Co'linI'| e
Secretary Gage s 20 appear before the commute
tomorrow 10 give his views on the 4hda"dpo"'
plan. a- ga
Mr. Bush urged the ease OF redemption unoer ,.'e
nlao of the Commission. There might De o'n'cu'ues
in immediate redemption at the points u 's9"0'
but this would be overcome by the process OF re-
d.nntIon constantly going on throughout the couh-
~ He also made the point that while his ir'enas
might not succeed having this entire Dill ens0'e
as law yet they al least desired that us esssnaA
features 0. relief should be incorporated INTO
measure OF financial reforrr'
Mr.. FAIRCIuID ANSWERS QUESTIONS
Tho examination O. ex-secretary Falrchild. which
was suspended to allow Mr.. Bush 10 submit Ms
statement was then resumed. MI COX. OF len
nessee n-opounded a series o: questions TO Mt
Fairchrd Technically he agreed with MT COX
that the silver certificates were simply warehouse
certificates but practically they were USED mus
crininately and fulfilled all the functions OF any
o,bo- class OF money Under the Commission $
plan the ex-Secretary said. the DahKs cou'd 'e-se'
| notes n any lawful money.
III the bank elects 20 redeem IN silver and the
noteholder demands gold" asked MI cox "ouIi
there be any way 0; compelling the BANK 10 pay
gold?' ,., -.
,a,, INA, the silver obtained from the bank
o@r,I 10 exchanged AZ the Treasury for gold. He
- IA, The Commission had discussed the az
ysaby 0; b eo 6~1o6 R soa that u sod
hv banks would Immediately place 6rea,eF DuI IN,
on he Treasury by Discriminating agaInst cas- s
o. Goyernment lega-tender money Under this
plan the only method or me DailHs - IT, r-sn
% 5Ck you'd he out OK existence. SO that II the
lfug did not Surlce 70 procure
g1il sror the Treasury for the redeinptl ot its
Co. 60 " he banks would be compelled 10 procure
ia olsovvhere lie denied that the GoYernment
eoaid he forced 20 redeem indirectly an the OaiA
ro-es IN gold The Governments goa recon ptlou
.r1i1 he limited 70 the outstanding silver ana O'heV
sI IT. mis- bin operates law M Fairchild
- " ~, There viii be three kinds OF currency
~ IT, certincates and banknotes. Practcaly
! Eli Tor redemption purposes VIII De so'l' Will =
"9''yos repllel Nj Farchild.
Nj cox raised the legal point as 20 "Hat eu-
.b,-i.v was conferred. and under what Jaw on tne
S.,.,r- ,nort 10 exercise the supervisory authority
/ ,rvolIeJ In the bill over the banks, MI fdlrcnl.
ia NAT was a constitutional question that ne ia4
s'1. into. the Commission proceede!
on the assumption that there "as I+tY, an
,he fiscal system ~. C,..u-... -,
! Then YOU defend the uo0ti'''o '''" mp 80
oi,trrrcss has absolute authority IN this mat
! ter"
Mr.. TAYLORS STATEMENT.
Dollar, : Tavlo- OF Fort Wayne Ind. appeared
! -. Tho afternoon session. In the course OF MS
..,-,e,, no said: The nearest approach we have
! hi 70 stable monetary conditions since 10 was
| a,-4-- tho few. years following the resumption OF
e,c, navrerts in 1872. Since then the silver agi-
,a,ton has opened questions more threatening imam
/ ,hoso which preceded. What may come next no
| o,e knows There is no way to end such ael'd.io'
h,,a ,ha subject remains open The most FOOLISH
.,o,oe has the sa me right TO the floor as the pes.
! go II l. time 10 close the debate. we nave hau
! IN, o,ouch experience enough, disaster enough
! .,,. business OF this country has b'en