New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-12-19


Try TELEGRAPH TO THE TRIBUNE1
washington. Dec. 1s.-The speech in which Chair
man Springer. of the Committee on Banking and
currency opened the debate the Carlisle Cur
.rcv bill in the House of Representatives to-day
,a not seem TO be regarded by members OF that
s,sv ~ either interesting. instructive impressive.
!, one could fairly judge from the general inatten-
,or and painful lack of interest that prevailed. \
rher Of times while he his feet the
s,,,man ~ the Committee OF the Whole
ue5 10 ask him suspend and appeal
nembcrs to carry on their conversations farther
-av SO as not to drown the voice OF the statesman
"a, was trying TO address them a most import
m. subject
pefore Mr. Springer began he asked unanimous
.,sen (which he probably did not expect to obtain
=, have general debate on the bill end this week.
NJ Walker. of Massachusetts. promptly objected.
~, there were also murmurs of dissent on both
,aes OF the House. Mr.. Springer then asked unani-
nous consent that any and all members who might
:, desire be allowed to have printed in The
pecori" lnspoken speeches the subject before
enc House To this request Mr.. Simpson. OF Kan
s.s objected. and score Of other members were
,,.iy 10 do so II ne had failed.
v- Springer then began his speech. which was in
,,r, rehash of the report which accompanied the
I'm As one Democrat described ii. 1.-The report was
tho litter on which the Carlisle bill was borne Tito
On. House" Ii would be unfair as well as inaccu-
:. rensth,n the prospects OF the measure in the
rs, degree despite the fact that at the outset he
,,,ered novel truth. or made remarkable con-
,.ssion for a chairman Of a committee u u..er or
mako In regard to measure brought forward by
81, committee when he remarked that not single
rsmber of the committee was in favor or the bill
Sin rs entirety" When he followed that with the
.,.,sment that the bill was "a compromise meas
ure he was less accurate but equally nfelici,ous in
expression
chairman Springer stumbled often and OCCASION
.ry with considerable violence in his attempts to
.xnain the various provisions of the measure ana
;s probable effects II enacted into Jaw. In the
on,nion Of some of the members who paid him the
commitment OF listening TO his speech. Mr. Springer
Ala not understand the meaning and effect OF some
=, the provisions or he would no; have made some
a, the statements that he did make. Under TIE CIR
cumstances the interruptions OF his speech by men,
bsrs who asked him questions that he could not
Satisfactorily answer seemed 10 be actually C'.eI
,,- he stumbled more awkwardly than ever ana
finally los, his temper when he was asked by Mr..
Cannon OF Illinois. whether the N0OWo.VbO borrowed
nv the secretary Of the Treasury within the last
,su months had not been applied or was not being
used in the payment OF current expenses OF the
government There Is nothing in this bill about
mat" was his curt reply.
Another thing that seriously deiracted from the
sssc, Of the speech was Chairman Springers safe
sundry amendments 10 the various sections IN ofder
80 nsrfec, the measure" This sounded strange IN
the ears Of men who knew that no attempt what
ever had been made or allowed 10 De maue 10
amend or perfect the bill in committee before IL
mas ,brust into the House. accompanied by pro-
eramme 10 rush i, through that body IN 1our Gays,
under a gag rule that would not only choke on
discussion. but prevent FAR cohslue'd''V" VI ian
opportunity for amendment.
In contrasting the provisions OF the bill Tor re-
dsmpton of notes of failed banks with those q me
s,ealled Baltimore plan. Mr.. Springer 'Ssertei
that they were practically identicai III 'her nc
and extent All the National banks ana fank rs III
,ss United States had indorsed the Baltimore plan
safe and desirable one
Mr. Mahon (Rep. PENN asked what "ou'o oe inc
snec, of the scheme were half of the banks to faii
Mould the other half be assessed 10 pay INC "S'''
Of the failed banks?
Mr. Springer responded that II all the banks failed
the fund provided In the bill would be vastly more
than sufficient to meet every demand maze upon IT,
Discussing further the mutual naoiii'y proposeu'
Mr. Springer called attention to the fact that IL was
similar TO the provisions OF the Canadian and SCOT
fish systems In Canada the notes OF failed banks
bore per cent interest and generally went AT once
10 a premium. They were sought TOT Ds Oa"he'S
and fnanciers investments. In all the years.
that the law had been in existence there Ead peeh
only one case where Canadian bank failed 10 pay
no.ehoders and depositors IN full and IN that case
the depositors received % 13 per cent or their
claims the noteholders being fully repaid The
Scottish system. in the AS years OF It's existence
had never failed TO pay noteholders In ful.
Mr. Springer stated that at the proper time ne
would move to amend Section of the BILL 80 as
10 give the National banks year after the passage
Of the bill within which 10 comply with me terms
Of the law instead Of fixing the limit at June '''
1886 He believed that the banks could at once con-
form 10 the requirements Of the BILL but ne iecog-
nized he said. the necessity or avoiding anythhs
that might possibly cause furry In hnancia cir
c.es.
Referring to the provision regarding State bank
issues Mr. Springer said that 1t might De assumed
tina. States which wished the circulation OF their
banks to 90 beyond the borders Of the State wouid
make provisions for the redemption OF their BANK
notes which would make them safe The state
bank notes however. would not be legal tehoer
The proposition regarding state banks was u'iei-
ent from the one discussed by the House at Its
last session-the repeal Of the 10 per cent TAX lie
did not favor the repeal OF the 10 per cent TAX
He had not changed his mind regarding the state
banks but this did not prevent him from agree
ing to a compromise, as he was not the KIM Vi
legislator who refused TO take anything oecau'e
he could not get what he wanted Ihis was not
such bill as he would report " he coud nave
had his way II this bill enacted into law
It would improve financial system. IL wouid
not only do this but, in his opinion, IL would give
the United States the best financial system or any
civilized country in the world IL tine Rouse
passed 1t. he said he believed they wouid receive
the commendation Of their constituents which they
had not received at the last election.
Mr. Walker Oep., Mass) followed. lie sa'u
that II there ever was a case In which bread was
asked and a stone given. a fish asked and scor-
pon given, It vas in this instance our banking
system was so faulty that 1t was costing the peo
pie tsOOoOo merely for the machinery OF toah ina
only $4,000 900 of s.. 300 100000 or capita no
other banking system ties up so much OF its iUa
Ind
on Banking and Currency refused to come TO the
sd Of the people by providing or Proposln6 'I nr
legislation that was necessary ANY FORM VI
legislation which operates first to the advantage OF
the cities was to the detriment or the c Wur
and then IL returns blast the cities MI. WaIker
said the proper time he would omer MS o""
Dill a substitute for the Carlisle Dill
In x.l.. Linn ~ a