Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1898-01-13
cUaR' NcY HEAR \ !.
CONTINUED from page IL

governmental control than the tides ana
WINS II was natural and economic
'peFation between individuals I'm which
earh sought the best
Governments had adopted standards
tnea'y ~ existence and thus served the
onFthifnce 81 the people, but they had
ever created "A standard When !, 60,
bHh.fht sought to make gtaud;,r d 4,
mercy interrupted the natural Law and
| embarrassed natural exchanges II w,a
- 'hor" possible for u law TO ignore this
~ 81 natural standard than Ia iynor.
ne existence Of electricity Mat,fno :.
,h,ng legal tender gave it no Inherent
value inherent
E%-S"cretary FairchiId said that tho
nam 4louhh Tor government interference
u ihhk note circulation was IN faniiI
tate the rapidity of exchange nv ,,iv;r,
tfSuldritS 10 an otherwise natural onero
tioh between individuals SO as 10 ~
government stamp on coin. The govern.
NM ~ Snould am IN the natural operations
d "Hrhanec by aiding the rapidly NJ
money transactions and beyond this Tho
pcople should be left to themselves
lfhS government service was not en-
nv 70 the banks as TO the great body
OF me people who use the banks Th
bankers could place their canital oisa
where. But the great body Of the paonlo
USED 70 the banks as a beneiicent instr
Ineht Of civilization and 1t was the people
mol N" bankers. who were helnad ~.
wise government action.
ne design OF the banking feature of
me commissioner bill was to facilitate tho
natural operations Of banking aud cv-
chanFe by adding the governments Aid
,p"dfn rapi"lty. certainty ana safety of
these exchanges.
MI Newiand moved that tho committee
On ways and means and the committnc
N coinage be invited TO participate in
thcs" hearings. ia
Mr. Johnson of Indiana onnnso1 Tho
motion -"
The motion was defeated. Mr.. New
lands carrying the only vote for il.
Mr falrneld then went on with his
statement. lie said the banking features
Of the bill sought To follow natural line
ny binding all The banks resources rather
thhn requiring n deposit of bonds with n
government trustee. To accomplish this
an INC banks were bound together in
common action in a protection of all the
notes they issued
From a personal inquiry. all the losses
from national bank failures i'm Is.9 would
nay" "fc;tSi"n"d a tax Of less than one
bahkS If This proposed measure had been
in force. Such u tax would not be nm
exceptional burden 10 the banks. The
element Of loss by fraud was infinitely
small.
Mr.. Tairchld said that the commission
confined its plan to the protection Of
bank notes not Ia the protection of de-
p"sitors. as the latter had II private con-
tlH'L obliEi|lbH IN when II was not
necessary for the government 10 enter
Mr. Cox asked if he was right in under
standing that the measure accomplished
TWO things: First. the establishment of
tn" gold standard; second the retire
mont OF all paper currency except ma
ti"nal bank notes. Mr.. Fairchild as
scented to this. saying ii was the practi-
cal effect of the bill. Mr.. Fairchild will
proceed with his statement. tomorrow
Mr. Bush of Admission. Ala. member
of the monetary commission. was next
heard. He said it would not be to the
credit of any party in power to check this
for currency reform or to fail
q embrace the opportunity TO execute it.
There were some who were so bound up
in the tariff that they wished to CON
vince the country that the tariff would
accomplish everything. But the tariff
would not cure the vital evils of the cur
rency.
At the conclusion Of Mr.. Bush's state
ment the committee adjourned until to-
morrow. Chairman Walker and Repre-
Fowler of the committee met
members of the committee. tonight with
q view to seeing if there was any basis
Of agreement between their financial bills
and those of Secretary Gage