Waterbury evening Democrat., 1893-12-30
A NEW CURRENCY BILL.
Chairman Springer of the House
 Committee Is the Author.
STABLE YET ELASTIC CURRENCY.
py Issuing Netes on state, County and sIu- nieiPal Bonds Mir. Springer Proposes to Combine an Advantages of Other FInan- eiAI sohemss-Ths President RetarnA


 eiAI sohemss-Ths PresIdent RetarnA
 WASHINGTON, Dee. 5.-Representative Springer, chairman of the committee on banking and currency of the house. has prepared national currency bill. Mir. Springer, in explanation of the provisions of the bill, made the following statement:
 ''The object which have had in view has been to secure to the people safe and lasting currency, which shall be equal at all times and under all circumstances to the wants of trade and commerce, aud which currency shall be uniform in value throughout the United States and at all times shall be maintained at par by being convertible into coin on demand. The na- tional currency which would be furnished under this bill would have the following advantages over a currency which would be furnished through the instrumental ity of state banks:
 Advantages of the Bnl.
 "The notes would be easily recognized, absolutely at par and distributed generally in every part of the United States. They would be legal tender in the payment of debts, and not to local or national taxa tion, except as prescribed by the bill.
 "If there should be any redundancy in such notes, they would be returned to the United States and cancelled, and they could not be issued in excess of the wants of trade so as to iniate prices by reason of the fact that at all times they would be convertible into coin on demand.
 1.-The banks through which they would be issued would not be required to main tain any reserve fund whatever for their redemption, and thus they would get the full benefit of the circulation which would be furnished them on deposit of the bonds required in the act.
 "The danger of wildcat and irresponsi.. ble currency would be averted, and no ap- prehension could ever exist in the public mind as to the redemption in coin of the notes which would be issued, for the bur den of redemption would be upon the gov ernment and not on the banks. In short, the system which I have proposed em- braces all the advantages which could pos sibly be secured through state hanks, and it is subject to none of the objections which can be urged against state banks author ized to issue circulating notes.
 No HoardInE of Capital.
 "The plan which I have proposed has also an advantage over the system of sup plying currency to the people embraced in the Sherman and Bland-Allison acts By these acts the bullion purchasedis is hoarded in the treasury and there becomes dead capital, earning nothing and becoming a burden and expense for its preservation and safekeepinR.
 "The visible supply of such bullion in large quantities also tends to depress the price of bullion in the market, and by such continued depression of its price remoneti- zation is difficult, if not impossible, with out an international agreement. The bill introduced by me will not interfere with the existing treasury notes nor with the operations of national banks or national bank currency, but ultimately by addition al legislation all paper currency may be brought within the provisioas of this bill.
 "The discontent which exists in the minds of the people in many localities of the Unit ed States at this time is due largely to the fact that there is, in tha'ir opinion, an in sufficient circulating medium for the trans sction of the business of the country.
 T am of the opinion that the plan which have proposed, if carried into effect, will result in supplying the people with an amount of currency which will at all times be sufficient for the purposes of trade and 1 commerce and which can at no time be de- preciated or become worthless, us it will i have the security of the national, state or | municipal bonds required, the guarantee | of these bonds by the banks taking out the ! currency, and the further guarantee of the | United States for the redemption in coin ! on demand of all currency notes issued. | Being thus not only doubly but thrice se- | cured, depreciation will be impossible, and as the currency will be issued to all banks | alike which apply for it and comply with ! the conditions of the law, there can never l be a currency famine or even a stringeney. 1 ''If this bill should become law, it is my opinion that it would at once furnish ] the currency to all parts of the country which is required for the transaction of i business, meet all the demands of the peo- | pie for increased circulation and restore | confidence in all branches of business