Red Lodge picket. [volume] (Red Lodge, Mont.) 1889-1907, 1893-11-18
Republican ard Democratic Members
Of the Banking and Currency
Committee
Trying to Fix Upon a Scheme For a
Sound and Elastic Medium of
Trade.
Mr. Springer, the Chairman, Gives
Out His Idea as to What It
Should Be.

| VIII De ueW uduRllS dIu 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 cf Illinois, chairman of the
house committee on banking and cur
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 ether financial officers of tle 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
fat 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
e4.- I, L.. 10
the house important legislation oa
this subject Immediately after the recon-
vening of congress. Congressman
Warner, Sper1y and the leading Rerub-
lican members OF the house committee
ON banking and currency are said to be
Mr. Springer's active co-laborcrs. and it
is quite generally conceded that any
legislation which may become law can
cnly be the
Result OF Harmonious Action
between the Two political parties. and
will not be credited as the marked
achievements Of either. When asked
for copy Of the measure said to be
under consideration Icy himself and col
leagues, Mr.. Springer said th,,t 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 MIR. Springer, "in the
preparation of a measure which at the
proper time I will introduce III the house
and have ref rred to the committee on
banking and currency, of which / am
chairman. Cur object is to respond, as
far as possible, to the reasonable de-
lnanGs Of the country for better system
of currency and to provide some plan by
which our currency may be placed upon
q better basis"
Does Not Favor State Banks.
Mr.. Springer does not favor state
banks of issue, but thinks a plan viii be
arranged Whereby other approved secur-
tiles than government bonds may be
used as basis Of circulation by national
banks In this connection he said:
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 il, the mar
ket, prove conclusively that other sccur-
ity for circulation must be resorted to.
With plcper 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 national circulation and all banks,
state as well Is national, depositins such
securities o'!@}lt 10 lie permitted to take
out currency to at least 30 per cent Of
the par value OF s7scil bonds. Efficient
provisions shorll be enacted requiring
additional security in case Of the slight
est depreciation CT those securities. The
government
Shoaid Assume All Responsibility
for the redemption in coin Oh demand OF
such notes, and provisions should be
made therefor by a coin reserve equal to
at least 30 per cent Of the outstanding
The government having thus
assumed all responsibility for redemp-
lion ard retirement Of its currency,
there would be no necessity for bank
reserves CT for withholding any portion
Ct the currency that might be issued,
from circulation among the people.
These generally are my Individual
views, and hope that with the aid of |
The committee Oh banking and currency
and the ine,ni ers of congress generally, |
without regard to party, will be able to
such legislation upon the gen
II i lines l have Indicated as will COM
nend itself to the favorable action Of
10th houses OF congress and the presi-
lent"