The Durham daily globe. (Durham, N.C.) 1889-1894, 1893-11-23
ABOUT THE MONEY
The Report Of the Comptroller Anx.
iOusly Awaited.
The Committees in Both Houses Fail
to Agree.
SPRINGER TELLS WHAT he THINKS

Suggestion Has '~en Made to Change
the Basis of Ect!onaI Banks
Circulation.
WASHINGTON, Nov. 23 Il Special. lit
has been many years since the annual re-
| port of the comptroller of currency has
Len awaited with as much interest as
| the one VIII = is expected to be made
public within the next two weeks. Mr..
James II. Eckels, the comptroller, who is
skillful lawyer and is making brilliant
| record as the comptroller of the national
| banking system, has an opportunity to
| make great reputation. 1t lies within
his power to dictate to congress the legis-
lation which is anticipated upon the bank.
ing and currency questions.
There are what appear to be irrecon-
cilable differences, not only in the house
committee on banking and currency and
| the senate committee on finance, but
among the leading members of the pre-
dominant party upon one or two ques-
| tions which threaten to defeat all cur
| rency legislation. Chairman Springer,
of the former committee, to your CORE
spondent the other day indicated one
| trouble which has divided his committee,
and which will seriously divide both the
house and senate if the proposition ever
comes before those bodies, and is likely
| to defeat any legislation upon the subject
Of state bank circulation. Mr.. Springer
| says that if it is proposed to "federalize"
state banks by extending the national
banking examination system, or if in per-
| mitting state banks to issue circulation
upon private securities, 1t is provided
that they shall be subject to approval by
| the comptroller Of the currency or the
| treasurer of the United States; or, if there
is provision that all Of the currency
shall be printed by the government, in
| order to make it uniform and avoid the
invitation to wholesale counterfeiting, it
| will be held that the law gives to state
banks privileges which are not extended
to national banks. 1t will be charged
that the state banks are given all
of the advantages which national banks
have without being required to meet the
rigorous laws under which the latter
operate.
Mr. Springer says his committee in
tends to report general currency meas
ure which will provide circulating
medium elastic in character and suffi-
cient in volume to meet all emergencies.
This means that the power of the gov
ernmeat to redeem in coin, either gold
or silver, all =. the obligations which it
| will put out under the new law will be
SaIiSd LAtO AuCStIOLAI dAO tAai tAC ouO OJS~S
of bond issue will be arrayed in oppo-
sition to the issuance of treasury notes.
| Whenever bond issue and an issue OF
treasury notes are brought into conflict
| the differences in opinions in congress
become so great As TO be almost irrecon-
cilab!e, and 1t is believed that + those
differences cannot be avoided they will
defeat any measure. The free silver
men in both branches OF congress are
opposed to an issue of bonds, because it
means an enlargement of the interest
bearing debt. They demand an issue OF
treasury notes, redeemable, as the out
standing notes are in coin, which may
| and may not be interpreted 10 mean gold
or silver.
4 suggestion has been made that the
basis of circulation for national banks
may be changed in such a way as TO pro-
vide al elastic currency with which the
government may meet ep.ergen cies SINH