The morning call., 1894-12-15
NR. SPRINGER IN A HURRY.
Regardless of the Wishes of the
Minority.
DEMOCRATS MAKING A RECORD.
It Is Desired That One Question at
Least Be Settled by This
Congress.

WASHINGTON, Dec. 14-There was
spirited incident before the Banking and
Currency Committee to-day. Represen-
tative Walker of Massachusetts, said he
understood that a programme had been
quietly agreed upon by which the cur
Iency bill would be considered by the
Democrats of the committee tonight, by
a full committee tomorrow night and be
presented to the House Monday. Chair
man Springer said this progromme was
mere surmise. All the committee had ac-
tually done was 10 agree 10 meeting Sun
day night, it being understood final vote
on the bill could then be taken. Walker
thereupon moved that the committee
should not consider such an agreement.
''We have been turning over this currency
question for the last ten months" said
Walker. SAT the end Of that time Secre-
tary Carlisle comes in with a bill which
he tells US he dictated hurriedly to the
stenOgrapher before coming to the conf
mittee-room. No man living could pre-
pare a measure affecting spch vast inter-
ests in less than a week. Y ct this is the
bill that is 10 be reported off-hand. This
haste is not becoming TO US as legislators.
There should be full consideration of The
question without limit to time"
Walkers motion to reconsider was voted
down by strict party division. AYES
Walker. Brosius and johnson Qnd. Rep.).
Noes-SperIy, Cox, Ellis, Cobb of Mis-
souri,, Warner, Back of Georgia and
Springer Dem).
johnson added his protest TO that of
Walker. He said he had at first agreed to
the meeting Sunday night because he
knew the majority had virtually agreed on
the bill and was ready 10 push it through
the committee, so it was useless 10 resist
haste.
Ex-Representative a. J. Warner of Ohio,
president of the Bimetallic League. ad-
dressed the committee, going into the prin-
cipes of the entire question. He urged
that an elastic currency, such as Secretary
Carlisle suggests, was an impossibility, as
prices rose as fast as currency increased.
Mr.. Warner said the history of The world
proved that the gold standard could not be
maintained by giving to the banks the
power of expanding the currency. He
was amazed thas this proposition should
be made in this enlightened age in the
face of the financial experiences of the
world.
A long discussion arose between General
Warner and SpeTry over question by the
latter as to the effect that the increase of
the circulation would have upon the price
of labor. Sperry called attention to a
statement made by tho Treasury Depart
ment showing that the circulation in 1873
had beer LEGO. 900. whereas 10 1898 it
was over 50. 200, 00O.000 and asked him how
he recoBcIIed the facts with the decrease
in wages. Warner replied by challenging
The treasury report of the gold in circua-
ton at the present time, which be said
was $500. 900. COO beyond the facts, and by
referring to the increase Of population and
wealth. Sperry did not consider the re-
ply as adequate, and minated that if
Warmers theory had nothing more to
stand Cd. it must fall.
The hearing was resumed in the after
noon, with A L. Ripley, viee-president of
the National Hide and Leather Bank Of
Boston. on the stand. He characterized
the scheme of Issuing demand notes re-
deemable in gold as thoroughly vicious.
Under this system banks had no means of
adjusting their reserves to meet the de-
mand of the times, thus mpelling them
to keep q reserve which at one time would
be too large and at another time too
small He opposed State banks because
of the need of uniformity. A speedy and
uniform system OF redemption he consid-
cred as necessary. and this, he thought,
could be best secured throu Oh the national
banks.
Referring to Secretary Carlisls's bill Mr..
Ripley said he thought the tenth and
eleventh sections would open the gates to
extensive counterIeiting unless changed.
he also thought the provision for REDEEM D.
iIon in the case of the national banks
would be found inadequate. The Secre-
tary's plan in this respect would, if
adopted, mark a retrogrsssion in banking.
he considered the present system safer
than the one proposed.
The committee adjourned with the an
nouncement by the chairman that Messrs.
st. John ana Williams, of New York.
would be heard tomorrow.