, ment notes.
: :han'ce of recovery.
RRRIRR RR IIRRRRRI
Views of Secretary Gage and EX-
Secretary Fairohild.
THE THEORIES or BANKING
How the Interest Rate Is Governed Here
and in England and What the Signifi- -
lcance of the ‘Endless Chain’ Is--Extent
of Gold Shipments.
' Washington. Jan. 18.4Secretary Gage
and ex-Secretary Fairchild were before
the House Committee on Banking and
Li‘urrency yesterday to give their views
as experts on the pending plans for
:mrrency reform. After considerable
controversy as to how they were to bé
questioned, Chairman Walker made the
interrogatories. ,
In ., espouse to questions by Mr.
Walk‘ r, 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 loansand'disoounts
of $16,000,000 to $20,000,000. He assented
to Mr. Walker’s question that he ap—
peared as a banker and financier of long
experience to aid the committee. The
:hairman asked if it was possible to use
pap. 1' money and keep it at an equality
wit.i coin in purchasing power without
the» coin on hand. Mr. Gage answered
in; a he thought not. Without the spe-
zi : 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 theotechnicalities and
theories of monetary science; the effect
of a raise in interest, the diminishing
of loans, etc. Mr. Gage and Mr. Fair-
“:hild alternated in giving their views,
which in the main covered the general
:peration of banking and the conditions
nochonducive to profitable circu-
lation. Mr. Gage said it would be im-
possible in this country tohave 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
)een able to coalesce on a ruling rate of
interest. Mr. Fairchild, in turn, ex-
plainedthat 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
hondon 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.
Fairchild 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. ‘ '
M-r. Fowler asked if a 6 per cent.
rate. of interest would not almost in-
variably stop the flow of gold from this
country. Mr. Fairchild thought' it
would, if the gold standard was in op-
n‘ation. .
Mr. Gage responded to another ex-
tended question that confidence de-
pen‘ded on the assurance of coin re-
i'empt-ion.
The “Endless Chain.”
Referring to the “endless chain" pro-
cess, Mn. Gage said it was a figure of
speech applying to all financial opera.-
lsions, where obligations came in and
went out, in a. circle. So long as the
ybligations 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—
i‘emption was accomplished was essen-
tial in'banking, but that the evil lay
in the fact that the Government had
not the banking'facllities to make this
redemption absolutely regular and cer—
:ain. Lacking these facilities, fear was
inspired and the demands for gold in-
creased.
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 thedemand liabil-
ities of the Government were so great
that theoretic provision of gold is inad-
equate toredeem promptly and to give
confidence of .prompt redemption, and
that, said Mr. Gage,
weakness. .
Mr. Gage made a general statement~
of what he_hoped to see ultimately ac-
complished 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 therefor, wisely re-
stricted by law so as to prevent 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‘rpaiyment.”
“Why not accomplish this now?”
usked Mr. Walker.
“Theoretically there is no reason
why it should not be done now; prac—'
tically there are many reasons. The
predisposition of the people is in favoifi
at: government notes. I believe the eco-
nomic loss to the people from this sys—
cem, although unknown, outweighs the
- narrow advantage of the mere saving
of interest secured by these Govern-
Yoxz cannot change the
minds of the people. They are timid
m‘d suspicious of bank-note issues.
I‘hey disbeliefve that anyone can up-
aéid a. systemsuch asIhave sketched
without "selfish and sordid motives.
they fear it involves. hazard and loss.
I‘hey 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 time." the full development
at the plan would be responsive to pub-
lic sentiment.” ' .
The extent of gold shipments was
gone into. Mr. Prince. of Illinois,
brought out the point that since Mr.
Stage had been in the Treasury the gold
supply had increased-from $155,000,000
to $162,000,000, notwithstanding the op-
nations of the greenbacks. '
‘ Mrs Lane May Recover.
'Washington, Jan. 18.——The physicians
'tttending Mrs. Lucille Blackburn Lane,
who was mysteriously shot inv her
apartments at the Wellington Satur-
Say, night. believe that she has an even
No effect has been
mde to find the bullet, and as the ball
:5 a s‘“mall one, it may be deemed un-
’ necessary to risk the danger of an at-
tempt to‘extract it“ Ear-Senator J. C.
3. Blackburn. her'fathcr, is at her bed-
iide. much of the ‘-'time. ° j
N
is a source of»
. WHO “ARE THEY? ,
The “lords ‘t‘h’at‘ .Car'ry
Weight in. 'NOrwalk Are
from Norwalk People.
When anything that promises relief
is offered you, the first. thing 'you web
to know is if it-ever helped anyone else;
and the amount of faith you ,will have
in trying; it will depend upon the relia-
bility of the testimony offered in its
half. When this is from remote
strangers, way beyond the reach of your
consultation, doubts may remain; but
when it comes from disinterested Nor-
walk peeple,,whom you can consult-at
any time, its reliability is apparent; its
truth not. to be doubted. And the tes-
timony of N orwalk people, and of prom-
inent people among them, is united in
declaring that California Catarrh Cure
cures catarrh, that it removes all
traces of this persistent and humiliat-
ing disease. Note the words of a man
you know you can believe:
N orwalk, after suffering with catarrh
for years, tells of his relief as follows:
“I find that California Catarrh Cure,
has relieved-me very ».much. It keeps
'my head and throat much clearer than
they had been for a long time, and the
relief is wonderful. Anyone sufiering
from catarrh in any form will surely
find it an excellent remedy._ It relieves
at once, and I believe the relief is per-
manent.” .
Break up your colds with California
Catarrh Cure, and prevent colds E‘hang-
ing on.” Sold by all dealers; 50c,
three times as much, $1.
ALL QUIET AT‘HAV.. X.
llate Department Officials und‘ Mininzcr
De Lome Think the Trouble Is Uvm'. ,
YVashington, Jan. 18.~——The State life-
partment oificials and Senor Dupuy do
home, the Spanish Minister, express
the opinion that the trouble at 1_-....---l
Las blown over. » ,
.Senor De Lorne 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-
ing obstacles in the way of the free ad-
'Inission of food and other supplies sent
for the relief of the suffering. While
the officials believe that there is no
solid foundation for these complaints,
Consul-General Lee has been directed
to investigate. ‘
To Arrest’Hava'nn Editors.
Havana, Cuba, Jan.v18.—The Military
Fudge 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.
The man 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-
:harged. Senor Garcia was cheered as
he returned from his residence.
RACE fOR KLONDIKE CLAIMS.
Keen Prospector Located His Mines ‘Vliile
Mercury 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
arize of skating out overlooked and un-
egistered placer claims valued at $200,-
900.
Graham was at the Canadian Regis-
ters office on the afternoon of Novem-
ber 15, when a man rushed in and filed
it claim on French Pere Creek, which
idjoins the richest part0! Eldorado. He
iad 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
athersnhaving given the tip to three of
his friends. They were followed in a
wild race by two hundred other min—
ers; but succeeded in getting on the
coveted ground first.
-- Dawson City has received no regular
,mail since last "August. Both Ameri-
can and Canadian miners there believe
their respective governments have for-
gotten them so far asmail facilities
are concerned. Many of the miners
have paid. $1 per letter to have mail
brought out to relatives and friends.
Generally this has been through to the
Sound cities, though one or two parties
report that some of this mail was dis-
carded by the carriers, and is to be
found scattered along the Upper Yu-
konjand lakes.
MINEBS TO SHARE PROFITS.
About 200,000 00a! Workers to Benefit by
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
newi combination with the miners who
iig out the coal. Each advance in coal
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-
erate in the new- arrangement
Mr. Morganig plan is‘to restore the
price of soft coal to a. living basis in
Pennsylvania, .West Virginia, Ohio, In-
:liana. and Illinois. Difference in the
several coal districts will be adjusted
at the general interstate organization
meeting in Chicago’this week.
I
Another Enemy of capital.
In selecting a jury in a. Southern
court, a lawyer in a murder case asked
a hardy mountaineer:
“Do you believe in capital punish-
ment?"
‘fIn ‘capital punishment’?”
"‘Yes.” ' ’
“Naw, I don’t! I’m agin capital wher-
ever I sees
lion.
1
At tho-“Politico! Meeting. .
“Who is that tall, distinguished look-
ing man with the high forehead?",
“That is Sen‘atorBannister's secre-
tary." _ - . ' . ‘ r”
“And who is that weazened little fr?-
low he. is talking with?” ‘
“That’s Bannister.ff—Chicn.go News.
\,
Mr. D. C. Croft. 11 East avenue, East. ,
\
: CHECKER-QBO‘ARD BUSINESS DIRECTORY.
. I '.
NORWALK
Plreinsuranca CR.
In Successful Oper-
ation Since 1860.
No Outstahdlno Claims.
/
Sales For Rent-
vnunissmnm
IN .
Safe Deposit .Vauli
OF THE
NATIONAL BANK
OF HOBWALKa
6. Ward Sellock.
BEST GOODS.
TEAS and. GOPFEES
is WALL s'r.
' GAZETTE ADS.
BRING I
GOOD RESULTS
_____.____’____———-
‘PIEI.’ 3808’.
Real German Lager,
0n draught
and in Bottles,
_ AT ._
BATGIIFOIIII’S,
44' Main Street
Geo. W.Raymond,
DEALER IN
Staple and Fancy
~ Groceries
AND.
Provisions
No.9 Main St. ‘
S. 3. WILSON
Practical Contrac-
tor and Builder.
Estimates 0 h e e r-
fully . given. Large
buildings a. Specialty.
Contracts taken in
try. Steam M11
yard, 8 Cross St 01‘-
fi‘ce. 92 Wall St... 2'
Frank T. Hyatt
DENTlST,
8 West Avenue.
NASH XIVANSCOY
—Dea.lers in—
Cnocuumz. CHINA AND
GLAss ABE.
vu'ml'lne. sum
Ann GASEITTIIG.
‘ (ior. Main'éc West ts .
ENTERPRISE
Bottling Works,
7 Wall Street.
I'll! MES All Ml“
uxrnnssm For. rm-
rmr .
Mail orders receive
prompt attention.
“tin—a zuu‘rr,
Fla .
Edgar Buttery, Norwalk. Conn.
N u rseryman ,
NORWALK, CONN.
Trees. Shrubs and
Plants. Strawberry
Plants 8. Specialty. .
Brandy Wine. Rio and
Marshel. 30 other
Varieties.
Office, 6 Water St.
Nurs’ys, Broad River.
h,.Clams,
Oysters, Fruits
and Vegetables.
69 Washington at
WEE
LOBSTERS CAUGHT OFF
NORWALK ISLANDS.
Leave your orders and
ave them delivered
every Sa.turdav.s. m.
EMBOSSING
DONE AT
80. NO RWALK'. CT
any part of the. coun-
l and
THIS OFFICE. , ‘
“ AND‘D
HARNESS AND
r3191) A. WALTER ~ - I . -
mush: . ‘ '-' ! ..
Em}: m ‘ ' .
none]: GOODS.
Repainn of all kinds
done at s ort notice.
messmado lit or.
der. a special .
. 31 MAI 31.
WhOIesale‘und Retail
Dealer in '
GOAL. "MID. .
“III 81’"! All
MASOIS‘ Illllll-
III HATEIMLS
MANUFACTURER or
CEMENT -:- PIPE.
*Ofli‘oe and Yard.
33 to 43 Water Street.
carpenter _
and Bulldor,
76 Franklin Ave. ,'
NORWALK. CONN.
TRY
man's .
§ 3an WATER
39 Wall st.
chas. Bloom"! .
II. n. Iiifi_
SAWIIG All) PLAIIII l
a
Norman. ’- - Conn,
lIRiIIRlIIRR. .
lieu l. sham-Billing
Painting. Pa. or
hanging. Ks. somin-'
mg and Hardwood :
Finishing.
G. l. PM",
52 Wilton Avenue.
Norwalk, Conn .
Send for book eon-
taiuing samples.
PARLOR
BARBER-:-Sll0P,
r. s.‘ LEOBOLD.
4-1 Main Street.
l
Job Printinz
orI'
EVERY BESGIIPTIBI
uxncurnn AT m
9mm ornct
1r.-
‘ w. H. ammo-II
prices is to carry with it an increase in _ "
A POSITIVE CURE F 0/?
'DYSPEPSIII. Mlllllllll, ,
’ CHILLS a! FEVER. GRIPPE. : ;
ll - RILIoIIsRRss.SICK-lunar .
consumer .I”. , A /
GEliElllll. DERILIn.
VA ‘
PRICE 50 01:8.
AT ALI.
DRLIooIsrs.
Dyspepsin.
49 and 51
liar-ion St, N. 1'.
silver: Liven mus 25 CENTS.
small my taken.
Purely Vegetable. Will cure Biliousness, Consdpation, Piles. Sick-Headache, and E
afimuflmfif
Will Keep your
Stomach in Healthy
. Condition.
3m mains} me “Trade 3
m" bum in 0:37 bottle. 0
SCHLElOHER &’ SON’S
& SPEEI.
omen-ought to be without the SAVER FEMALE REMEDY (surrosuordr. ). 59nd to: Pamphlet-
E
it.”—At1anta Constitu‘
The‘ Successful Merchants in N Orv
Walk'all advertisein. The GAZETTE.
because; it {keeps them]iillg';gt0uc.h, with
.the entire purchasmgcommumty , _
other on the market. ‘
O
"JADs -
. TONE, I;
i FINISH, .
DUMBILITY, ,
" ORIGHTNESS iIN PRICE.
V"
.’_.,0.flice and} Factory, Pacific '
" STA-usual), CONN. .
E
Street?
. There is'simply no use comnaring this piano With am
Norwalk Chronicler