Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-12-09
\ NEW BANK CURRENCY.
representative Walkers Plan to Replace
All Government Issues
The Details of the scheme to Relieve
the Government of All Respon-
sibllity for Redemption.

One Of the most aggressive and deter
mined advocates of financial reform In the
House of Representatives is Representative
Walker, republican. Of Massachusetts For
years he has stood with a determined front
against all Of the attacks of the free silver
coinage men, and now. after he has witness
ed the overthrow of the Sherman act he has
turned his attention to the betterment of
the paper currency OF the country. Mr.
Walker has always contended that the gov
ernment had no right to burden itself with
this circulation, and in a measure he has
leaned toward the English system. He has
now prepared a plan, which has been sub
mitted to the House committee on banking
and currency, looking to the creation of an
independent bank currency to replace all
government paper issues.
The details Of this plan are concisely out
ined by Mr.. Walker as follows:
1. The United States government to be
completely relieved from any responsibility
for the current redemption of any circulat-
ing government or bank currency notes
whatever, and thereby relieved of all ex-
pense and risk of maintaining any coin re-
deInption fund or coin measure of value.
risk and expense of both to be deyolyed
upon the banks by the operation of the bin,
the Dill TO be so drawn as to cause each
and every bank to assume proportiona tely
the current redemption of a new greenback
and practical destruction of the legal-ten-
der note in its present form. The banks to
accept a new greenback in place of the
present one. and be responsible only for its
current redemption. and the United States
government to be responsible for its final
redemption.
2. The United States government. in the
interest of the safety of banks, in order to
protect the people from loss, to exercise, as
now, and extend its thorough supervision
over all banks and make public their con-
dtion.
3. The banking bill to be so drawn as to
cause each and every bank to assume pro-
portionately the current redemption and
practical destruction of all treasury notes.
4. The banking bill to be so drawn as TO
cause each and every bank to assume pro-
portionately the current redemption and
practical destruction of the excess of silver
certificates and TO cause silver dollars to an
equal amount to be covered into the treas
ury as bullion, but to leave in circulation as
now every coined silver dollar we now have
that the people can be induced to use.
3. To provide for the absolute safety of
every circulating note.
6. Circulating notes shall be free of cost
except for printing, &C.
Z. The volume OF circulating notes to be
sufficiently elastic to expand to meet the
EXTREMIST demands of the people and con-
tract automatically so as never to exceed
In volume the amount needed.
\. Circulating currency notes to be so is
sued not to in crease the interest paid on
loans of capital, as is the case under ex-
listing law.
3. They shall be uniform
10. They shall be so Issued and reissued as
to be forced back to the bank issuing them
and where most needed.
IL. The United States government shall
act simply custodian of coin and issue
certificates of deposit thereon. as now.
II. The United States government on
special occasions to provide temporary safe
guards to deposits TO dispel fear in order TO
prevent the paralysis of business by the
withdrawal of individual deposits from
clearly solvent banks, because of unreason
able fear.
Is. All existing banks may reorganize i'm
mediately, or at the expiration of their
charters, under the act.