The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-12-18
oARLIsLE's BANKING BILL.
The Measure Not to Be Voted on Be-
fore the Recess.

Washington, Dec. Representative
Springer will not be able to force a vote
on the Carlisle financial bill in the House
before the Christmas holidays. Under
meath all the speculation that is being in
dulged in on the subject tonight is the
fact that the committee on rules has de-
cided to allow general debate on the bill
to proceed until next Saturday, when con-
gress will adjourn for the holiday recess.
until Jan. 3. Upon the reassembling of
congress the discussion of the financial
measures will continue under the five min
ute rule until Jan. S. when it is proposed to
take the final vote. Representative Living
stone and many other democratic mem
bers insisted that the bill should be voted
upon without delay, even if the usual
Christmas recess was abandoned. The COM
mittee on rules decided otherwise. and the
programme as above outlined will be car
ried out.
Representatives Black of Georgia and
Mallory of Florida, both members of the
banking and currency committee, are in IA
Vor Of using due deliberations in dis
posing of the pending measure. Mr.. NAL
lory says that when so many Of the expert
! financiers of the country differ so radi-
cally on such a great question, congress
should hesitate before indulging in any
N@NRSAAAAANAAAoA ANSlSidAiOu
The committee, the majority report
says, are Of the opinion that security to
the full amount of the circulating notes
! issued is no longer necessary for the safety
of the notes. An exhaustive argument is
made to demonstrate that if the proposed
bill had been in force during the crisis of
1898, If all the banks had heretofore taken
out circulation to the maximum amount
allowed by law. and if the failed banks
had also taken out their maximum circu-
lation, the guarantee and safety funds
would have been ample for the payment
of the entire circulation of the outstand-
ing notes, and would have left a surplus
of over 100000 still in the safety fund,
without the necessity, even in a great
crisis of that kind, of making any assess
ment on the resources of the other ma
tional banks.
The report contends that if the provis-
| ions of the bill relating to state banks are
| observed. 1t will throw around the state
bank circulation the most essential safe
guards which are provided for the ma
tiOnal currency. If they are not observed,
the 10 per cent. tax will be imposed and
the notes will be suppressed.
The conclusions of the committee, as
reflected in the report, are thus briefly
epitomized: If the proposed bill should
become a law, it will provide for a safe,
sufficient and flexible currency. The bond
security required for national bank notes
makes fiexibility very difficult, if not inn
possible. The proposed bill requires that
| the secretary shall keep on hand blank
notes which can be issued at any time to
any amount which may be required by
| business conditions, within the limit of
the circulation permitted under the bill
! Thus provision is also made for retiring
notes promptly when the banks may de-
/ sire to-do So and as tie outstanding notes
will be taxed one-half of l per cent per
annum, and as the banks issuing them will
be deprived of 80 per cent thereof in legal
tender notes, there will be an inducement
to Fetire the circulation when it is not
needed and at the same time an induce
ment to take out circulation when busi-
ness conditions require it.