New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-01-18
THE CURRENCY HEARINGS.
SECRETARY GAGE WITNESS ONCE
MORE.
Hp AND Ex-sEcRErARY FAIRcHTID GIVE THEIR
VIEWS ON CURRENCY REFORM
WALKERS COMMITTEE NOT LIKELY
TO REPORT BILL FOR
SOME TIME.
fpY TELEGRAPH TO THE TRIBUNE


that the majority of the House Committee on
Banking and Currency do not expect TO be aple 70
frame and report a general measure OF cu'Ioi'1'
and monetary reform much before the m'o"lc Va
April or the first OF May. one Of these Indications
onpeored to-day. when Chairman Walker offered a
resolution to be submitted 10 the House ior duop-
ton authorizing the committee to employ person
to assist the clerk collecting and Arranging such
material and making such Investigations as might
be necessary TO assist the committee IN framing "
BILL tho person employed TO be PAID AT tho rae
OF Sc a day, and the total expenditure not 20 eA-
coed 800 This OF itself. locked as though chaif-
man Walker expected the siege 10 cover at ieast
ninety days The resolution passed the committee
by strict party vote.
The adoption OF this resolution was not aloie d"
indication that considerable delay Is expected but
also that the committee has n large conception O.
the size and Importance as well as the ntricacies
and difficulties OF tho problem with which II has to
deal. For IL must be remembered that the Bank-
ing and Currency Committee in the Lllld Con-
gress and also in the LIVth Congress devoted
itself with energy. zeal and industry TO inVestiga-
tions OF this subject and received the beneni
OF the oral and written suggestions and ADVICE
together with all tho facts and information they
could lmparU Of large number OF eminent man
cers successful bankers. Treasury officials and
others-ali OF which published and are now
accessible TO members Of the committee, and make
a considerable library. Moreover. the committee
which conducted the Investigations in the LIVth
Congress composed OF nearly the same mem
bers which form tho present one. and they may
be presumed be familiar with all the facts that
were then developed and with tho arguments and
suggestions then submitted The present commit
tee. In ADDITION, has had the benefit OF the report
and suggestions ard recommendations of the pres
ent Secretary of the Treasury and OF the Monetary
Commission and all the later official statistics are
accessible It,
MR.. JOHNSON URGES ACTION.
That these considerations are inpressing
Of the members OF the committee with q strong
desire to proceed speedily practicable with
the framing OF bill. II 1t be possible for them TO
agree as to the necessary provisions. became
clearly apparent In the course OF to-day's pro-
ceedngs. when Mr. Johnson. OF Indiana. emphati-
cally expressed and reiterated the opinion that
''the committee would better stop talking and get
to work" Under the circumstances, he undoubt
eddy felt that his opinion sound one and
the expression OF II both timely and necessary. A
half hour had been consumed at the beginning
Of this mornings session bv wran2e over the
order OF procedure caused by the demand OF Mr..
Newlands for "at least three hours of the time
in which to cross-examine ex- Secretary Farchiid.
And when the committee reassembled this after
noon another hour consumed In a second
wrangc. due to proposition offered by Mr.. Hill.
of Connecticut. which provided that the limit OF
time for the examination OF each person who app
4
the committee AS the committee consists Of
seventeen members this would involve the
sumption OF about three hours OF time for each
witness. The minority protested against this limi-
taton. and vehement speeches against 1t
made by Messrs. Cox and Newlands The Re
publican members were divided In opinion. and
after speeches had been made by Messrs Brosius.
Johnson. McCleary and Hill 1t was resolved 10
allow each member OF the committee who might
choose to do so to occupy an hour in the examina-
|
| prospect before Secretary Gage. who is a pretty
busy man. AS for ex-Secretary Farchlld. he
marked that he rather liked IT,"
WIDE DIFFERENCES OF OPINION.
One incident of the discussion possessed sig
| nihcanco Mr. McCleary remarked that every
Republican member OF this committee is In favor
Of the single gold standard" whereupon Mr.. Hi Of
Connecticut, sprang to his feet and protested, say
| ing that Mr.. McCleary mistaken. Several
| ether Republican members Of the committee also
| indicated their dissent, and Mr.. MCCleary finally
modified his statement that 1t would apply to "a
| majority OF the Republican members OF the COM
mttee." In the course OF the discussion, also, Mr..
| johnson took occasion to express his approval OF
the Monetary Commissions bill. and especially Of
| the clause reafirmng the gold standard Other In
| dcations cropped out during the day Of diver
| gences and even OF strong antagonsms OF opinion
| among the members OF the majority -nd.ca tons
which suggested. II they did not Justify. the belief
| that 1t might be almost s difficult mpracticablc
for them to agree among themselves on general
| measure of currency reform for them to sgr.e
| with the free-silver minority.
At the forenoon session Chairman Walker Insist
| ed that the committee should pursue a novel and
probably unprecedented course IN the examina ton
Of Secretary Gage and ex Secretary Fairchid. and
rs usual he carried his point Both Of them were
placed on the stand at tn. same time and queS-
toned simultaneously, the answer Of either to n
question being adopted as the answer OF both, un-
| less the who did not frame the answer objected
| to the reply OF his co-witress This naturally
| caused some confusion. especially when member
| Of the committee addressed the wltnoss-or Joint
| wincsses-as "gentlemen," and received an answer
sometimes from one and sometimes from both. But
| this novel method unquestionaby added the spice
| lions asked by Chairman Walker had been care
| fully prepared and put on paper and were some,
times Secretary Gage. who bore the brunt OF them,
once or twice he appeared to be mysthed and at a
! loss 10 understand them even then Not all of his
| but his statements were at least clear and easily
understood. His explanation Of the common figure
the manner OF its operation in banking business.
and his statement of the reasons why 1t would be
unwise as well az inexpedent TO retire and cancel
the grecnbacks at once and to substitute banknotes
by legislative enactment. were especially luminous
Ts as Of % Ge conhte 10 "0'' OF Inc
At the afternoon session Of the committee ex-
Secretary Farchild continued ms statement In ex-
PLANTATION OF the provisions OF the Monetary Com
commended Secretary Gage will appear again to-
morrow.
MR. GAGE ANSWERS QUESTIONS.
In response to questions from MT Walker. Mr..
| Gaze said no had been IN the banking business for
forty years: for ten years was president Of the
| First National Bank OF Chicago. with capital OF
100000 and loans and discounts OF from SC,OJG 90
! to Sa00DCOo lie asscnted to Mr.. Walkers question
| that he appeared as a banker and nnancer Of long
| experience 10 aid the committee. The chairman
asked II 1t was possible TO use paper money and
keep IL at equality with coin IN purchasing,
| power without the coin on hand Mr.. Gage an