Evening star. [volume] (Washington, D.C.) 1854-1972, 1894-12-14
WALKER SOUNDS WARNING
The Massachusetts, Member Tries to Pre-
vent Hasty Financial Legislation.
The Banking and Currency Committee
is Determined, However, to Form
ulate a Currency Bill mt Once.

There was a spirited incident before the
banking and currency committee today
when 1t resumed consideration of the cur
rency question. Representative Walker of
Massachusetts said he understood q pro-
gram had been quietly agreed on, by which
the currency bill would be considered by
the democrats OF the committee tonight,
by the full committee tomorrow night, and
presented to the House Monday. Chair
man Springer said this program was mere
surmise. All that the committee had
actually done was to agree to a meeting
Saturday night, it being understood that a
final vote on the bill could then be taken.
Mr.. Walker thereupon moved that the
committee reconsider such agreement. He
protested against this undue haste.
I'VE have been turning over this cur
rency question for the last ten months. -
said Mr.. Walker. "At the end of that time
Secretary Carlisle comes in with bill.
which, he tells us, he dictated hurriedly to
his stenographer before coming to the COM
mittee room. No man living could prepare
measure affecting such vast interests in
less than a week. Yet this is the bill that
IS to be reported ofr-hand. This haste is
should be full consideration of the Ques-
ton. without limit of time"
A Party Vote i'm the Committee.
voted down by a strict party division. viz.
ayes. Walker. Brosius and johnson of In
diana, republicans; nays. Sperry, Cox.
Ellis, Cobb of Missouri, Warner. Black of
Georgia and Springer. democrats.
Mr.. Johnson Qnd) added his protest to
that of Mr.. Walker. He said he had at
first agreed to the meeting tomorrow night
because he knew the majority had virtual
ly agreed on a bill and were ready to push
II through the committee, so that 1t was
useless to resist the haste.
Il hope" said Mr.. Cox, doubtfully, ''that
the gentleman Is right in saying We can
get a bill through the committee"
Mr.. Cox added that an understanding had
been reached by the majority as to the
character of the bill.
More Criticism OF the Carlisle Bill.
Repre- sentative A. ]. Warner Of Ohio,
president of the Bimetallic League. ad-
dressed the committee. going into the
principles of the entire currency question.
He urged that an elastic currency such as
Secretary Carlisle sought was an impos-
sibility, as prices rose as fast as currency
increased. Mr.. Warner said that the his
tory of the world proved that the gold
standard could not be maintained by Civ
ing to the banks the form of expanding
the circulation. He was amazed that this
proposition should be made in this enlight-
enad age, in the face OF the financial ex-
perience of the world.
Mr.. Enoch Pratt, president of the Balti-
more clearing house, was next heard. He
said with regard to the Baltimore plan that
it embodied his views. Speaking of the
fifth section of the Carlisle bill providing
for a guarantee fund he said 1t would be
safe IL the strong banks could be gotten
into 1t. which he considered doubtful.
Chicago Attacks the baltimore Plan,
Among the letters and kilograms read by
the chairman was a telegram from John r.
Walsh, president of the Chicago National
Bank, saying it had been impossible for
him to leave Chicago this week, but in
viting attention to letter he had written
to Controller Eckels. The letter to Mr..
Eckels was also read. In this rWalsh
states his objections to the Baltimore plan,
the first of which was that it does not pro-
vide adequate security for the notes; sec
ond, because 1t throws on the treasury of
the United States the burden of redeeming
notes of failed banks; third, because the
bank not properly secured. He adds that
vival of the old New York state safety
fund plan. system which was abandoned
long before the organization of any nation
al banks. In his opinion the proper way
to deal with the currency Is for the gov
errment to issue an irredeemable l-2
per cent bond, which could be made the
basis of circ ulation for national banks up
to the amount of the capital.