' of a raise in interest, the diminishing
.. ride much of the time. . . . V
TALKING 0N CURRENCY L
Views of Secretary _—Gage and Ex-
' Secretary Fairohild.
, THE THEQRIESVFOF BANKING
I How the Interest Rate Is Governed Here
and in England and What the Signifi-
cance of the ‘Endless Chain’ Is-V-Extent
of Gold Shipments. V”
Washington. Jan. 18.—Secretary Gage]
and ex-Secretary Fairchild were before
the House Committee on Banking and
Currency yeéterday to give their views
, as experts 011 the pending plans for
currency r.eform After considerable
controversy as to 110w they were to be
:westiohed, Chairman Walker made the
interrogatories;
In response to questions by Mr.
Walker, Mr. Gage said he had been in
the banking business for forty years;
for ten years was president of the First
National Bank of Chicago, with a capi-
tal of‘$3,000,000 and loans and discounts
of $16,000,000 to $20,000,000. He assented
to Mr. Walker’s question that he ap-
peared as a bankerand financier of long
experience to aid the committee; The
:hairmanasked if it Was possible ;to use
paper money and keep it at an equality
. with, coin in purchasing power without
the coin on hand. Mr. Gage answered
that he thought not. Without the spe-
cie on hand there was a tendency to
distrust, if not panic, and to demand
for specie.
The Interest Rate.
Mr. Walker’s questions took a .wide
range, going into the technicalities and
theories of monetary science;.the effect
of loans, etc. Mr. Gage and Mr. Fair-’
child alternated in giving their views,
which in the main covered the general
lperation of banking and the conditions
nost conducive to profitable circu-
latiOn. Mr. Gage said it would be im-
possible in this country to have a gen—
eral rate of interest, as prevailed in
England, where the Bank of England
fixed the rate. Here it varied in the
many States, under statutory law, and
the banks of the country had never
ween able to coalesce on a ruling rate of
interest.’ Mr."Fairchild, in turn, ex-
plained that the rate of the Bank of
England was governed by the market
rate, which compelled the establish—
ment of the bank rate. To this extent
London and New York were on the-
same basis, each interest .rate being
responsive to the market, and the law
of supply and demand.
Further questions brought from Mr.
IE4‘airchild the statement that one of the
effects of a raise in interest was to
check the demand for gold, and this
was the experience of the Bank of
England. V
Mr.-Fowler asked if anti per cent.
rate-of interest would’not almost in.-
variably stopthe flow ofgold from this
“country. - Mr. Fairchild thought it
would if the gold standard was in op-
station.
Mr. Gage responded to another
tended question that confidence
pended on the' assurance of coin
demption.
The “Endless Chain.”
Referring to. the “endless chain” pro-
cess, Mr. Gage said it was a figure of
speech applying to all financial opera—
tions, where obligations came in and
went out, in a circle. So long as the
obligations were met, the operation was
’ not a terrible thing. but was right and
necessary. Mr. Fairchild assented to
this, saying this circle by which re-
demption was accomplished was essen—
tial in banking, but that the evil lay
.' in the fact that the Government had
not the banking facilities to make this
redemption absciutely regular and cer-
:ain. Lacking these facilities, fear was
inspired and the demands fo1 gold in—
meased.
Mr. Mitchell, of New York, called
attention to the provision of the Gage
bill for the accumulation of green-
backs in the Treasury for the purpose
of preventing the “endless chain.”
Mr. Gage said that, as applied to the
Government, the endless chain was
prejudicial because the demand liabil-
ities of the Government were so great
that theoretic provision of gold is inad-'
equate to redeem promptly and to give
confidence of prompt redemption, and
that, said .Mr. Gage, is a source of
weakness. 9’
Mr. Gage made a general statement
of what he hoped to see ultimately ac-
cornplished as a permanent financial
‘system. “It would be,” said he, “a
condition of affairs with'national bank
notes, more safe to the people without
specific security therefm, wisely re-
stricted by law so as to preve ent such
evils as might arise and with the en-
tire elimination of the United States
Government from paying its debts by
giving other debts in payment. ”
“Why not accomplish this now?”
ex-
,de-
re-
1'-
ALL QUIET AT HAVANA
Itate Department Officials and Minister
De Lome Think the Tlouble Is 0ve1.
WashingtOn, Jan. 18. —-The State De-
partment officials and Senor Dupuy. de
Lorne, the SpaniSh -Minister,_ express
the opinion that the trouble at Havana
has blown over.
Senor De Lome ‘has received a cable
from Havana, saying: “Absolute tran-
quility. There is no fear it will be
broken.”
The State Department has given out
a. statement on the allegations that the
Spanish officials in Cuba had been plac-
lng obstacles in the Way of ,the free ad-
mission of food and other supplies sent
for the relief of the suffering. While
solid foundation for these complaints,
Consul- General Lee has been directed
to investigate.
To Arrefit Havana Editors.
Havana, Cuba, Jan. 18 ——The Military
ludge has ordered the arrest of the edi-
tor of El Reconcentrado, Senor Ricardo
.Arnauto, for having attacked the army
in his paper during the past few days.
Theman who attempted to shoot
Senor Marcos Garcia, Governor- of
Santa Clara, on Saturday, is a hospital
employee named Picon. His attempt
is said to be the result of a desire for
revenge, owing to having been dis-
charged. Senor Garcia was cheered as
he returned from his residence.
RACE FOR KLONDIKE CLAIMS.
llIercury Stood 30 Below Zero."
Tacoma, Wash, Jan. 18.—With the
thermometer 30 degrees below zero, a
midnight race of over thirty—five miles
at rough mountain country in the heart
of the Klondike has earned for George
Graham, a Shelton logger, the first
orize of skating out overlooked and un-
registered placer claims valued at $200, -
900.
Graham w as at the Canadian Regis-
.e1’s office on the afternoon of Novem—
ber 15, when a man rushed in and filed
a claim on French Pere Creek, which
Ldjoins the richest part of Eldoradc. He
1ad discovered that in the rush to stake
the Klondike district five claims on
French Pere Creek had been over-
‘ooked. Graham hastened to locate the
athers, having given the tip to three of
i1is>friends. They were followed in a
wild race by two hundred othe1 min-
ers, but succeeded in getting on the
coveted ground first.
Dawson City has received no regular
mail since last August. Both Ameri—
3an and Canadian miners there believe
their respective governments have for—
gotten them so far as mail facilities
are concerned, Many of the miners
have paid $1 per letter to have mail
brought out *0 relatives and f1iends.
Generally this has been th1ough to the
Sound cities, though one or two parties
report that some of this mail 11 as dis-
carded by_ the carriers, and is to be
found scattered along the VUppe1 Yu-‘
{1011 and lakes.V " ‘ ,
0
MINERS TO SHARE PROFITS.
the New Trust.
New York, Jan‘. 18.—J. Pierpont Mor—
gan, in carrying out his plans for the
formation of _a bituminous coal'trust,
proposes to share the .profits of the
new combination. with the minerswho
lig out the coal. Each advance in coal
prices is to carry with it an increase in
the wages of the men. It is stated that
200,000 men will be affected by this
plan, and the companies propose to en—
:ist‘the miners, so that they will see it
is to their personal interest to co—op-
317218 in the new arrangement
Mr. Morgan’s plan is to restore the
price of soft coal to a living basis in
Pennsylvania, West Virginia, Ohio, In-
diana and Illinois. Difference in the
several coal districts will be adjusted
at the general interstate organization
meeting in Chicago this week.
He Delayed the Mail. 11
Kansas City, Mo., Jan. 18.—Alexan-
der Hamlin, Sheriff of Miami County,
who attached several passenger en-
gines of the Missouri, Kansas and
Texas Railroad, at Paoli, Kan, last
week, and chained them to the track
to enforce the collection of a $6.000
iudgment against the company,. has
been arrested by t’re United States au-
thorities on the charge of delaying the
nails. Hamlin was notified by the com-
pany that he was interfering with the
mails, but he replied that he kneu his
business. General Attorney Sedgwick
said the company offsied to deposit
sufficient money to covei the amount
of the judgment. in a Paoli bank, if the
Sheriff would release the engines. He
refused todo so. He now has about
$30,000 worth of the company’s property
tied up. ' ‘
Fourth-Class Postmasters.
Washington, Jan. l.8.—-1?ostinasters
”fed Mr “ alker 1ave been appointed as follows:
Theoretically there is no reason V New Jersey—Farmingdale. Mon-
Why 1t should. not be done now; prac- ’Umouth, William B. Goodenough;
tically there are many reasons. The
predisposition of the people is in favor
of government notes. I believe the eco-
' nomic loss to the people from this sys—
tem, although unknown, outweighs the
narrow advantage of the mere saving
of. interest secured by these .Govern-
.ment notes. You cannot change the
minds of the people. They are timid
and suspicious of bank—note issues.
They disbelieve that any one can up-
hold a system such as I have sketched
without selfish and sordid motives.
They fear it involves hazard and loss.
They recall 'the period of wild-cat
banks. It is desireable, therefore, to
make the first step so simple as to show
the people that it involves no dangers,
so that in timethe full. development
of the plan would be responsive to pub-
lic sentiment.”
The extent of gold shipments was
' gone into. l/Ii'. Prince, of Illinois,
brought out the point that since Mr.
Gage had been in_the Treasury-the gold
supply had increased from $155, 000, 000
0 $162, 000, 000, notwi‘. hstanding the op-
{rations of the greenbacks.
Mrs Lane May Recover.
Washington, Jan. 18.—The physicians
1ttending Mrs. Lucille Blackburn Lane,
who was mysteriously shot in her
. apartments at the Wellington Satur-
iay night, believe that she has an even
_zhance of recovery. No effect has been
made to find the bullet, and as the ball
:‘a small one, it may be deemed un- .
necessary to risk the danger of an at-
.cmpt to extract it, Ex-Senator J. C.
' ‘.'Blac_bur1'1.her father, is at her bed-
11d.-
New Yo1k—-—Blasdell, Erie, William C
Stambach; Copenhagen, Lewis, Aithui
E. Sherwood; Couse, Rensselaer, East
Greenbush, Rensselaer, “falter C.
Link; Eilenburg :DepVot, Clinton. Lu-
:her S." Carter; Kenmdre, Erie, Francis
B. Fulton; North Gage, Oneida. Alex?
inder Blue; Peru, Clinton, Datus Clar .
Ellwodd P. Abraham; Defiance, Bed-
‘ord, Charles V. Fry. '
Silverite Will Be Elected.
Washington, Jan.
the election of officers of the Demo-
zratic Congressional campaign Com—
rnittee on to-morrow night. Senator
Faulkner has said that he .does not.
desire re-election as chairman. His
successor will be an out and out silver
rnan. F1iends of the white metal are
tctive and uncompromising. They com-
nrise two- thirds of the committee.
Some of the sllv erites say they did not
receive proper campaign literature last
year. The printing press- during the
201111an campaign will be in their
1ands.‘ '
Big Colliery Disaster. .
Berlin, Germany, Jan. 18. —A dispatch
:rom Glewitz, Prussian Silesia, an—
nounces a terrible colliery disaster at
laborze. The Koenigen- -Luise eclliery-
.aught fire, and 'ot the fifteen men
irought to the surface seven died. It is
.eared that twenty-five others, VWhose
',\
Viscape was cut" all, have perished.‘ _
the officials believe that there is no'
Keen Prospector Located His Mines \Vliilc -
About 200,000 Coal _kaers to Benef 11; by .
Springfield, Union; George M. McDon-~.
Pennsylvania—Abrams, Montgomery. '
'18.—A hustling .
3ampaign will be brought to an end by;
”—r
lNCORPOBAIED. 1821.
~EDWIN O. KEFLEB. ,
.P. L. CUNNINGHAM.
- Pimples, blotches, blackheads, red, rough, oiVly, . .
mothy skin, itching. scaly scalp, dry, thin, and
falling hair, and ‘baby blemishes prevented by
CUTICURA, SOAP, the most. effective skin purify. .
ing and beautifying soap in the world, as well an
' purest and sweetest for toilet, bath, and nursery.
(talcum
is sold through011tJtheVVworld. P011211 11.1: 0. Comp. Sole
. Props, Boston. How to Beautify the Skin," free.
BLOOD HUMORS
P‘IANOS
We are now closing out at a sacrifice several odt
styles oi new pianos, and a great variety o'f slignth
used organs and pianos to make room for new stock
ORGANS
Catalogues, full particulars and
terms sent upon application.
SOLD 0" INSTALMENTS, IF DESIREII.
distant. 551111111 00. ‘
3 and 5 WEST 18th STREET. NEW YORK.
Permanently Cured by
Gil 'l‘ICURA VREMEDIES-
\r
I), q 1 (B .1}
. . ’1 -. ). . Z V R
i/w so A A
o weekly faslnbn periodical is making an
ofi’er of exceptional value. It consist-s of
MAGNIFICENT
.ART PORTFOLIOS
each of which ronlaz'lzs six proofs, 511-1216;, x .
23 inches, of mgmved Home; pieces of or!~
There are four of £11 52 supegb Portfolios,
and than) are sold separately at ,‘5 5 oo apz'ere...
Whichever one "you select will be sent you
3 '~ FREE "-
' wrru ONE
$4 00 susScRiprloN
T0
HARPER’S BAZAR
Write to us for an Illuslmled catalogu,
or send as $4 00 and we will mail you
HARPER’S BAZAR for one year and one
of HARPER’S BAZAR Art Portfolios.
Tln's Qfer zs [looted to Marc]: ‘1, I898.‘
‘10 Cents a copy. 8110., $4 00 : rem.
Address HARPER 81 BROTHERS, Publishers, li.VY. Gill ,
W. H. HAYWARD 81 COV
Prusmn 1111111811 and 85115111.
10911111511111.1111: Street.
WASHINGTO .v. D. c
All classes of .clazms pron-11:411...."
before , the Interior Department.
Rejected pension claimsh‘tpecmng.
Correspondence solicited. V
44 Wall St.. Nor-walk, Conn '
Capital 210 out:
Enwm 0. K131211111, President. '
DAVID B. MILLEB,‘Vice-Presidem V
L. 0. Guns. 1 ashier
' Mossss H. GLovnn
DAVID El. MILLER, A. J. Muslim:
.F. ST. Ions Locswoon. Tnsononn E. SMUH
IRA COLE, 01158. F. 21111151111111
Accounts of "Manufacturers Mercba ,and
Individuals solicited.
’Safe Deposit Boxes in: to. ‘Ild tom. 11
CENTRAL NATIONAL BANK
28 WALL ST" NOR WALK.
. 1101190111111» SEPT. 1
CAPITAL. . . .
61101103 11. Homes. President.
E. L. Bonn. Vice-President
ll)" n
W1LL1A113A.'Gon no as}. 1.
DIRECTORS :' V .
Gnonon M. HOLMES. H- 19.011411.
- J '1‘. Pnowu“
11.1.. 3011113. 8. H. Home.
, ‘ J . 00081113. .1111.
ulscouni Dal. 81mm."
P. W. BATES’.
42 11111113111551,
You can find as fine an assortment 01".
11111111111] 81611111111 Work
As canbe found in any Yard in the
" State. Look it. over and get.
' prices- ‘before‘ going elsewhere.
.I. .n. JEIIIIIES,
llll ll Elli A K EVR l",
"_°-' 7, MAIN STREET. "'
VNVIGHI‘ mun ninth).
1,
.‘V.
.VTIIE
I ‘VV‘ I I I VsVVTMEIV
h
L151. this sale
Fifteen Cases Ladies’ Muslin underwear
Now on our counters for exhibition and selection. .. , .
A
V251: to 75c.
A VERITABLE WHITE FAIR.
6g" more dainty Underwear than \Tol walk ever saw is now on our counters!
URL: Bur. _ Mainand Wall Sis.
BOSTON
VAfter stock taking prices I n
'~D().\IESTICS.
1 Case ME NOW
mourning P1 Ems. the best quality; 40.
1 Case best quality Indigo blue and»
fancy Prints. t.'1 1 0c quality 4c. '
25 pieces of the prettiest Outing flan-
,1
mourning and half
hole you over 51w. 1i:
terns. Sc
I Case heavy Black Rock unbleached
sheeting. the 6&1: kind for 50.
5010. full bleached sheeting, fine
and heavy, 14c kind, for. 10c.
20 pieces 8c heavy domet flannel,
don’t’. sav we didn't- have it if you come
to late.
5 yd.
181:.
You know silks like groceries and
everything else that you have to buy,
has advanced £10111 25 to‘50 percent.
He1ela1e'a few pieces of silks at the
old prices.
$1. 50 blacksttin Duchess 27 in. wide,
$1.00. ‘ ' .
“n t- and dark pat-
”(5-
pieces Bildeye cotton diaper
Cloak Dc pt
Two Interesting Events for this Week
' OUR ANNUAL
Muslin Underwear Sale
and
0111' TREMENDOUS
MARKED SALE
Jackets Cape‘s
A few items that will talk for the
many othei s.
$1.50 black fine heavy taffetta that
rustles and Whistles 24 in. Wide, for
this sale, only $1. 00.
980 black satin Bhadame, with beau-
tiful lustre e. No over shot threads look
at it for 750. I '
890 black tafi'ettas good for waists or
linings, 23 in. wide, for 69c.
750 colored tailed-as, all the beautiful
shades 69c.
Come and look at these great bar-
gains in silks; you will ‘pay from 250 to
500 more in"New York for the same.
Convince yourselves.
BLOUSES.
$33.00 Black Velour just think $15200.
sey blouses, $10. 00.
MISSES JACKETS.
Fancy cloths, beaver and boucle. all
worth $5.00 and $6.00 will go at $3.50.
$15.00Red, Brown and Black Ker- '
. $10.00.
, CAPES. V
quality Beaver capes 24 &. 275111,
Fi
deep, rimmedwitli-braid- and fur,
duced from $110010 $2. 50.- ' ' .
$7. 50 cloth Capes- 97 in. deep $4. 98. ' l
Plush cages that we1 e $18, 50 reduced
to $12. 50.
Boucle capes that were $5. 00 reduced
$2. 50. , s ‘9
$39. 00 L1ectr1c§se3.l'capes reduced to '
$25.00. ' . . . '
re—
1'
K .
TACKETS
$5. 00 and $6.00 Children’ s jackets.
several styles, all f01 $2. :10.
$10. 50 and $11.50 fine. heavy, boucle
Children 5 jacket for $6. 00. ,
$18. 75 Ladies’ -fine, imported kersey
jackets in Red, Black and Green$13.00.
. $16.75 fine tau and black kers’ey jack-
ets reduced to $10.00.
$15. 98 rough boucle and fancy cloth
jackets that weie cheap $10. 00 all for
$5.00 Beavei jackets good and ser- -
viceable, $3.50.
Corset Covers me to 75¢.
Chemises, 25c to 50¢. =:-
r:
at; 1,. .
GoWns, 251: to $1.75.
Skirts, 39c to $3;
Drawers, . ,
1118031111
' 1.1.1... cm, 1.1.... mu ; INSURE YOUR
IN THE
"015‘- CONNECTICUT-f .. _- ' 7,
Norwalk Chronicler