Grand Rapids herald. [volume] (Grand Rapids, Mich.) 1892-1959, 1893-12-31

he says, could not occur again. be-
cause when there is a demand upon a
bank by its customers for currency the
bank can easily obtain all il desires by
putting up municipal bonds. Last sum-
mer when the banks had exhausted all
their government bonds they were at
the end OF their rope. lie believes fur
ther that his bill will give 10 the peop.e
a currency so elastic as to meet every
emergency. and that in consequence the
rate OF interest will be lowered all over
the country. He anticipates some OPP
position from bankers because OF the
probable decrease inanterest rates The
tax on the currency will insure its re-
turn 10 the treasury when IL is not
wanted He declares that new law Is
absolutely necessary. and that after ma
ture consideratiop his plan will. he be-
hevee, prove the best He says the un
conditional repeal OF tho national state
bank tax law is wholly ou. Of the ques-
ton.
Carlisle Wants Bonds.
The treasury department closed bust
ness for 1893 today with an estimated
balance OF s6e.000,000. Theexsct amount
will not be learned till Tuesday. This
is little better showing than yesterday.
but very poor compared with former
years. The balance last year was Sl3i.-
100000 Not since 1915. when the bal
ance was eSo, 600 has IL been so low
as today. IL 10 intimated at the treasury
department that Secretary Carlisle will
at once urge tho ways and means CON-
mittee 90 postpone the tariff bill fight
till IL reports bill and the house passes
il giving 10 the secretary of the treasury
authority TO rcplenish the treasury bal
ance by an immediate loan. He will
probably ask for authority 10 make a
sD0OO0.O00 loan at 3 per cent. but IL is
believed that he will be compelled 10 con
tent himself with sJ0.000.Ooo loan. and
that he will have reason 20 congratulate
himself " he gets that much. No lean
Was made twenty years ago and the
balance rose hut there was not the
necessity for big balance then. There
was no guarantee 10 redeem the out
standing greenbacks In coin. In 1873
the guarantee Was made. and today
s37i0oO.Op are outstanding subject 20
redemption in coin. and then there are
many hig contracts and other obliga.
tons To discharge. The situation is not
exactly critical: u 10 simply uncomfort-
able. and treasury experts believe that
II congress will speedily grant permis-
siou TO Secretary Carlisle 60 make a
temporary loan a fresh impetus will be
given to the restoration "a good times.
Comptroller kckles reports today that
the hank statements thus Far received
from the call of December "a show that
the banks have n large amount "a cur
rsncy on hand
HOUSE Program Ousiiacci.
Chairman Wilson "a the ways an a
means caasmittee - hsrd at work pre-.
parlng his speech for the opening 10 tho
iarid debate but Il has not progressed
far enough Tor him 20 Say bow long Il
viii sake 90 deliver a. The tariff bali
vill he callesi up in the house next
Wednesday, the day .cpBgfes@ eonseoes
after the rccess. lat ap H. the present
time 10 pfurram fos the discussion II
/ the matter Eas bssn arranged II the
I htli ie read ~ paragraphs tne day u IL
Z ealied up TIE reading uiii probably esE
I ssme neafiY al q the daye ee~sioe and
no speeches siil Dc made fH - nsi
~ cad Me- " ilsaa sal open the debate
I IA support ~ the nessare
~ prsseutafise ilaliry q feSas she
f ehsmftoaad thr etfssitson "a the Iof.
/ r<y tassrupfey hlii "a TIE house. Uhaxtl
xss asfeatsd sheFfiy befaFs asi'eufn-
meet fsF Ne heit.iay fecess 10 en- hsis,Bi
shat 81 besase o. pass sease sart II :
haskfHplff ssessafs teflFe rf snail
hAalls saloara fef the sssaea- -IheEs