New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-12-18

This criticism or the Dill VIII not oHlS -, i'r'','
to be eminenty Just but far within the truth whe,
the Carlisle bill is compared with the magnl'ie o., ol
G nto Tou1 M is rnportc1 It is the opn
ion Of a number of the most cear-neaitu anu I'M
nent hnanciers IN he country unat; law if Would
precipitate panic far more severe man .na' 0 ~
1893. 1t would compel the forced sale upon th'
market of nearly s2OoOcO,e0 of United states bonds
explicablc when ii is remembered That secretary
Carlisle testified that this bill. which he ha GRATED
any event relieve II materially for nve years. anu
might not for twenty years as follows ,,r,o
Mr. Walker-Iiave you thought of how long time
Secretary Carlisle-It might be that 1t would take
twenty years. and it might be done In hve OF SIN
Section l. line 8. repeals al acts and parts OF OF
acts which require authorize the deposit OF
United States bonds to secure circulating note'
etc. instead Of so much of all acts ana p atoS Ty
injured by such needless wholesale repeal OF statutes
whether the supreme Court after Years. 1l
such statutes which Secretary Carlisle had repeated
section ;. lines II and II. provides, that
each association hereafter organized and eacm
association applying for additional circulation shall
pay It's pro rata share into the said fund before re-
ceving notes" without defining how the total iuhd
or each share shall be ascertained .,,,.
that when a National banking association be-
comes insovent its guarantee fund held on deposit
shall be transferred to the safety fund herein pro-
yided for and applied to the redemption OF rs out
the safety fund and again there is no provision in
the bill for the OF the safety fund except py
implication i'm the lines quoted. .,
Lines 10 TO q OF the same paragraph provide
that lin case the said last mentoned iumd ,s'T r
dempton OF the notes OF failed National banks
and the Immediately available assets 81 S tnd
are sufficient TO reimburse H. Hilu ini,l M,
h., AT once restored by pro rata assessments upon
a.. ..nsenc,atinns so assessed shall have first lien
mon the assets OF each failed bank for the amount
properly chargeabe to such bank on account oi me
redemption of its circulation' ana me- n't a. a.
the provisions In the h %r NOV SSo an" Snail proceed
TO do it, a. TO how the notes OF failed nahAS sh@"
oe rbsi is on the face Of the Carlisle bill when
bank falls rs guarantee fund is TO he i'd INTO ths
safety fund Then The notes OF !hs i s ~. TAX nf
the National banks in the county, Are 1d to in
sessed TO make up the safety iTna hanks Of m.
country are to put I'm their claims 10 the receiver
the failed bank for The m9ney- nry o, Of the
failed bank Probably Secretary carlisle
h To- should lie FIRST expended In taking mp ine
currency notes Of the failed bank, ana tn4'
ever additional sum necessary should ne ,ah,n
on, ~ thr safety fund 90 complete their Tehcnp,
zion and the safety iund should -, pa ~
%nd Gi ,e in th assets Of The failed bank which
banks should be- assessed TO make so"' inc S'''''
fund. ., ,r ,r,h-
IN ~ t6e hast Win which the hnl was araN
o. a. bcforr stated. MIR carlisle informed tn'
committee that he had dictated Il N"iy hi.'.y ~, a.
his stcnosrapher, "h'h IL - M l,r,nfr~ Who can
that there Is not man IN '"" ',"' ,r s,"r.t,ry
bill To- accomplish N.'''' '''' 3D..
hns atiei1nptej without spending nearer month
nan a w..l IN studying the far-r"a'nins cHr.'r
upon legislation affecting interests "i sue" "''-
iTt these t,nss a:e Of little consequence ana
bclittle rather than enlarge th" iaiI KIRK n' :.
pressibly important ope',,'n' no, Win r@irfcnc
TO the finances 81 the country. or banking IN Us
erfect upon National banks should j." g. '"'..a T.
- ,,. ,'and,fnry as 10 National banks. "hNr
their present charters continue. ID IiiVN.'V' a..
I'm section : that every National hl"EinE as.
80 10. hrr,;oforc Organized and having bonds on
deposit 10 secure circulation. HhalI. @" % 49,, A.
the nrs day Of july $50 Withdraw .n.h .o, ,n "
and deposit with the Treasurer ~ thrr M;
states legal tender notes including Treasury not
is,ion As has before stated It o"mla l'' nrh
Hesitation would siartl- no, only the hhah'c'S ~
this country. but Of the world. o,.,,on. IN minor
To pass over many most s'i.ouN "hJ'' ,t..rs
details that M great AMI fundamei" i,',,,on-
as T. state banks. not" listt"n,is ,riy. ever.
cMis,In, n,trs into the state bank system IN,
bill were enacted. The taxation 'i Ni ' ~ ~"
Hi and T. Der cent pr annum under seton ,,,,,,
The hll making 'otai oI pyr , 10 per annam
mon the hanks under the National -y'ien, MN
there Is no reason - brlrf' i'' mn ,'' MON under
onv stat. system. Furtnormorc the stat; 't ,rr
The mo, iban tf tinted s,ates viii ever be- or
ough, be- regards bona, or ANA MAJ r.o,,ire the
depos., OF no vhai"ver We eanno, S,'f ,se
TIA, Vas the ntsni No. Conditions %, under witch
Sat,ono, hank. should ,s.ae currency az! nors
ontro1n man hanps or that II was the intention OF
uup,r~ CARLISLE or OF those who now enthuSas
C,S,,,lr IN force the National bank 10 'l"I'l
under state charters and ycl tran m,r x9mn,-
Hon Of r. and from the testimony taken nct',@ ti
Isanking and Currency , Fiji n II became =,
aT III ~ moi been allowed us FOR careful examlna-
zion 81 The evidence or more m"ih'I' am u i,
nugb ANALYSIS and formal "hle' non ~ u t.ir a.
urvlsinns Of the bill. but Ne pirucu"fN "',n, -,
raU he attention Of the House 10 the iae' 'nh' ="
the Witnesses nei NOR ,'" II"1 ecrS,,,ly 10 OBJ
br, a. the carlisle hill. and even thosc "lth.s'e
uuon REORGANIZATION reiudli'rl mann ,,,sss
hns. most conservative and rensonah." Tears nv
hrcn aroused lest the bill be- cA'l'l, ns., hi.
NM ,oii1n without consulting with the commute
These gentlemen were eminent al - i and
40, there are scores OF men In the country a 'iil
fore the committee ana nave HIoh'hn ~ i',in -.
| would have given pause to any such ies'SA''" d"
The chairman Mr. Springer presented Il r.', =, T., T.,
thn committee. read IT, and PROPOSED 10 pn' ~, j.. IL
ern hanker and when asked II ne nad oth't u,
tcrs from banker. concerning w. 'T they All ap
| proycd of the bill, his reply was. no. only '"'
o9 Nh. massage Of the Carlisle bin may meet som'
| ,oi,cal cxlgency Of which We do not know. nu
We do know that It's Passage wiil asSravais ,
,Irn ard especially that Of the United states Ireaa
ury The United states legatender nS,.I %i"1ra LAX
take out all the circulation permitted uIt e p,
,~ The Treasury This would not an ri any SUB
ctantial relief to the constant dram or g"hl IRON
| the Treasury. II would make sun more coz
snicuous and thus more urgent the demand i9r sol
upon the Treasury. ara the notes Issue, n,'f in h
! currcncv by adding from on" 10 forty-ilVe MOI
kinds Of moncy TO those aiTeady eN.,n r ,ts ,n
aIinrabc opposition TO allowing state banks 10 lsSe