The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1893-11-17

. ,,ubliean and Democratic Members
of the Banking and Currency
Committee
Trying to Fix Upon a Scheme Fer
Sound and Elastic Medium of
Trade.
Mr.. Springer, the Chairman, Gives
Out His Idea as to What Ii
Should Be.

WASHINGTON, Nov. 16.-One OF the
first subjects to engage the attention or
congress when it convenes in regular
session at the beginning of December
will be a new banking and currency
system. Following closely upon the re-
peal of the Sherman silver purchase law,
has come to the study of the banking
and currency system of the country, and
for the past two weeks Congressman
Springer of Illinois, chairman of the
house committee on banking and u r
rency, Senator Voorhees, of Indiana,
chairman of the senate committee on
finance, Congressman Dewitt Warner
of New York and others who will be
prominent in any legislation on this sub
ject this winter have been
Engaged In Frequent Consultations
with the president, secretary OF the
treasury, comptroller of the currency
and other financial officers of the admin
istration, with the view of proposing leg
islation which will meet with the neces-
sites of the government and provide a
larger and more convertible circulating
medium without involving any of the
financial and political embarrassment
that would grow out of the revival of the
fiat money days. Chairman Springer of
the house committee on banking and
currency has just left the city, after a
number of conferences with members of
the administration, Chairman Voor-
hees of the senate finance committee,
and the financial officers of the treasury
department. and it is expected will, in
connection with his committee, submit to
the house important legislation on
this subject Immediately after the recon
vening of congress. Congressman
Warner, Sperry and the leading Repub-
lican members of the house committee
on banking and currency are said to be
Mr.. Springer's active c~o-laborers. and it
is quite generally conceded that any
legislation which may become a law can
only he the
Result of Harmonious Action
between the two political parties, and
will not be credited as the marked
achievements of either. When asked
4OI ID Sopf VI ihC Cu1u CAAN w w
under consideration by himself and col
leagues, Mr.. Springer said that it could
not be given out in detail until it had
met the full approval of the various
other members of the committee.
1--WE have been engaged for several
months" said Mr.. Springer, I'm the
preparation of q measure which at the
proper time I will introduce in the house
and have referred to the committee on
banking and currency, of which l am
chairman. Our object is to respond, as
far as possible, to the reasonable de-
mands of the country for a better system
of currency and to provide some plan by
which our currency may be placed upon
u better basis"
Does Not Favor State Banks.
Mr.. Springer does not favor state
banks of issue, but thinks a plan will be
arranged whereby other approved secur-
titles than government bonds may be
used as a basis of circulation by national
banks. In this connection he said:
1.-The near approach to the time when
national bonds will be due and payable,
the limited volume of such bonds of this
kind, and their high prices in the mar
ket, prove conclusively that other secur-
ity for circulation must be resorted to.
With proper regulation under govern
mental provisions the bonds of the states,
of counties and of certain municipalities
can be utilized for the purpose Of secur-
ing a national circulation, and all banks,
state as well as national, depositing such
securities ought to be permitted to take
out currency to at least 30 per cent of
the par value of such bonds. Efficient
provisions should be enacted requiring
additional security in case of the slight.
est depreciation of these securities. The
government
Should Assume All Responsibility
for the redemption in coin on demand of
such notes, and provisions should bt
made therefor by a coin reserve equal tC
at least 90 per cent of the outstanding
circulation. The government having thus
assumed all responsibility for redemp
tion and retirement of its currency
there would be no necessity for banl
reserves or for withholding any porto,
of the currency that might be issued
from circulation among the people
These generally are my individual
views, and | hope that with the aid O
the committee on banking and currenc
and the members Of congress generally
without regard to party, will be able +
formulate such legislation upon the ger
eral lines / nave indicated as will con-
mend itself to the favorable action q
both houses of congress and the pres
dent"
After Chinese Trade.
PrTTsBURG, Nov. 16.-Mark Ten Sin,
q Chinaman representing the Gres
Northern railway. la in the CITY estal