The times., 1898-01-15
P0SERS FOR JUDGE TAYLOR.
He Could Not Answer All Questions
at the Monetary Hearing.

| at the Monetary Hearing.
| Friends of the theories of the Indian
apolis monetary commission were by
no means encouraged by the explana-
| tions given yesterday by Judge Robert
| +. Taylor. of Indiana, and Mr. j. w.
| Fries. of South Carolina, of the details
| of the measure the commission is anx-
| ious for Congress to adopt. The gen
| tlemen were promptly on hand when
| the House Committee on Banking and
Currency met, and Judge Taylor was
requested to resume his explanations of
the plans of the single gold standard
advocates. He said:
There is no doubt that large area
| of the country in the South and West
| is suffering for want of adequate bank
ing facilities. The methods Of modern
business make the bank almost as in
dispensable part of4the machinery of
society as the railroad. | am quite
aware that it is not possible TO Gre
ate business conditions by the mere
adjustment of banks: on the other
hand, there arrives time in the de-
velopment of the business affairs of the
country when its progress will be very
much arrested if suitable banking IA
cilities are wanting. 4
The bill before you appears to me
to furnish an opportunity to the citi-
zens of the South and West to help
themselves to these important aids in
their own development in highly ad-
vantageous manner. The reduction of
the minimum of capitalization to s25.-
600 will put it within the power of the
citizens of very small towns to organize
and establish banks. 8
1T is mooted. questions as to wheth-
aT these ADVANTAGES he hest nht.
ed by the organization of small local
banks or the establishment of branches
by larger ones located in the great busl-
ness centers. Each of these has its
own advantages The bill before you
provides for both.
There is no doubt I suppose, that an
extensive system of branch banks
would have a more effective tendency
to equalize rates of interest than the
establishment of a like number of indie
pendent small banks; and if the branch
bank system should meet with favor
and be extensively introduced L should
look for decided advantages from it in
that direction.
But for the present it appears to
me that we must look mainly to inde-
pendent, small, local banks for the re-
lief which is needed. Under the pro-
visions of this bill these can be organ
lied in any part of the country with
just as much freedom and ease as
would be possible under any conser-
vative system of State banks, and the
banks can at the same time secure the
inestimable advantages of membership
in great national system.
They can issue notes as quickly and
readily as they could under any State
bank SYSTEM and at the same time
these notes will be received as part of
the great currency of the nation, guar
anteed by the entire brotherhood of all
the banks. This will give to the bank
itself and to its currency a credit and
value which it could not possibly at
tain under any purely local system
This having been done, such a law as
is here outlined having been enacted,
I should be entirely willing to see the
prohibitory tax on State bank issues
repealed"
When Judge Taylor had finished
these remarks Mr.. Newlands, of Neva-
da, and other members of the commit
tee subjected him to a cross-eXamina-
tion from which he retired with a care
worn look. 1t became evident from the
questions propounded by Mr.. New
lands that it was his object to ascertain
the amount of knowledge of finances
possessed by Judge Taylor one of the
leading members of the commission
This information was wanted as a text
to enable the committee to understand
precisely the breadth of knowledge OF
the subject possessed by the monetary
commission and if their views reached
beyond the single gold standard in the
formation of their conclusions as rep
resented in the bill under consideration.
The Judge, when pressed for specific
facts by Mr.. Newlands, confessed in
many instances his inability to make
satisfactory answers. This was partic-
ularly true in his reply to the query of
where is the almost $13OoO0, 900 of gold
located which the monetary commits
sion says is in this country? He was
unable to answer this, and said
he had simply accepted the official re-
port of the Treasury, Other questions
of a like character We're asked, with
similar result, but when asked about
what the bill is expected to accom-
plish, Judge Tasler Swas perfectly at
f1cme. and his story was largely retold |
Hewas followed by Mr.. ]. w. Fries.
of South Carolina, who answered ques-
tions until recess. and after reassem-
bling continued his explanations of the |
sntil 4:30 o'clock, when the commit |
tee adjourned until Monday. In all that |