New-York tribune., 1893-12-10
CONGRESSMAN WALKERS SCHEME.
\ PLAN FOR THE BETTERMENT or THE PAPEf
CURRENCY OF THE COUNTRY.

\ PLAN FOR TIE BrTTERNENT OF THE PAPER
CURREHcY OF TILE COUNTRY.
Washington. Dec. 9.-One Of the most aggressive
and determined advocates Of financial reform In the
House OF Rcprcse nta tvcs IL Representative walker
CRep MGss1 For years nc has stood with de-
terlrcd front against all Of the attacks Of the free
silver coinage men and now. after he has witnessed
the overthrow OF the silver purchase clause OF the
Sherman act he has turned his attention 10 the bet
terinent Of the paper currency OF the country MI
Walker has always contcnded that the Government
had no right to burden Itself with this circulation
and In a measure he has leaned toward the Engiish
system lie has now prepared plan, which has
been sen, to the House Committee on BANKING ana
Currency looking 20 the creation OF an Independent
bank currency to replace all Government paper is
sues The details OF this plan are concisely outlined
by Mr. Walker rs follows:
o. The United States Government TO be com
plctely relieved from responsibility for the cur
rent redemption OF any circulating Seroh, releved S
OF all expense and risk OF maintaining any com re-
dSmponM Of na bSh or to 'f be- eyoed upon the banks by
the operation OF the bill the bill to be so drawn as
TO cause each and every bank TO assume propottiOn
etey the current redemption Of a new greenoack
and practical destruction OF the lega-tcndet noe III
It's present form: the banks 10 accept new green
hack in place of the present and be Responsible
only for It's current redemption ana the tnitcd n
States Government to be responsible Tor us hhai
q, The United States Government in tho interest
Of the safety OF banks In order to protect inc people
from inss 10 exercise as now. and extend It's
thorough supervision over all banks ana make
Co The banking bill to be so drawn as to cause
each and every bank 10 assume proportionately the
current redemption and practical destruction oi all
Treasury notes -, o.. 90 o,uso
each and every bank TO assume propor''onately tne
current redemption and practical destruction OF lhe
excess OF silver certificates and 10 cause SlNer
dollars 10 an equal amour; 10 be covered INTO tle
Treasury az bullion but to leave IN circulatioh az
now every coined silver dollar we now nave that
the people can be induced TO use . -
(J) To provide for the absolute safeV OF every
circulating note. . - -. . o~.on,
for printing, etc . =, n,,
"a The volume OF circulating notes to he snnlcl-
entity elastic expand 10 meet the extremes, W.
lnands OF the people and contract AUTOMATICALLY 80
as never TO exceed In volume the amount needed
(sJ Circulating currency notes 10 be so issued as
not 10 Increase the interest paid on loaned capital
! az Is the under existing law
| (a) They shall be uniform. .
Q0) They shall be so Issued ana reissue'i az 10
be forced back the bank Issuing them ana where
most needed . Au 40,
Simply as custodian OF coin and issue certihcatcs
| OF deposit thereon, az now .. - oet,
occo sons TO provide temporary safeguards TO de-
poss 10 dispsl fear In order 10 prevent the paray,
sis of business by the withdrawal or indiVliuai
| deposits from clearly solvent banks, because OF
| unrca sOnable fear. ,,,
GS All existing banks may reorganize immedl-
ately or at the expiration OF their charters uhuer
he