St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-12-19
SPRINGER OPENS DEBATE.
House Leaders Reach Agree
ment for the Holiday
Recess.
IL TALKS CL0TURE.
HILL
Vigorous Argument in Favor
Of Amending the Sem
ate Rules.

WA SHINGTON, Dec. 1S.-The discus
sion on the Carlisle currency bill began
in the house today, but the opening of
the debate was a disappointment. 1t
lacked both spirit and interest and was
devoid of sensational features. Mr..
Springer, the chairman of the banking
and currency committee, who made the
first speech in support of the measure,
gave plain statement Of its objects, its
details, and gave a review of the argu-
ments in Its favor on the lines of those
contained in the report. Mr. Walker,
the leader of the minority of the com-
mIttee, devoted almost all of his time to
an elaboration of his own bill. AS usual,
he was inciSiye, was emphatic and ag-
gresSive, and the house gave him close
attention. Mr.. Hall, Democratic MEM
Der Of the committee from Missouri,
closed the debate for the day. All effort
to agree upon the limitations of the de-
bate failed today, and it Will probably
be allowed to run on for the remainder
of the week without vote. After the
holidays the committee on rules will,
unless the measure loses caste in the
meantime, bring in rule to close the
debate and force vote.
MIR. springer's Speech
in favor of the bill was the most i'm
pOrtant part Of the days proceedings
The great Importance of the pending
measure, he said, could not be more eff
fectiyely emphasized than by referring
to the report OF the comptroller of the
currency, which showed that last year
there were S,O9O,O0O depOsitors in ma.
tiUnal banks, having a capital stock ag-
gregating s. ,069, 600, 900. Their deposits
amounted to $4 220, 100000.
Mr.. Springer declared that he did not
pretend to say that the bill represented
the views of the individual members of
the committee. 1t was a compromise,
and as such harmonized fairly the
views of all. Mr.. Springer then went
on to detail the scheme of the bill, re-
viewing much of the ground covered in
his report, which has been printed.
SIN case of panic, if half the banks in
this proposed SYSTEM" inquired Mr..
MahOn (Rep., Pa SHOULD fail, would
the other half be assessed to redeem the
failed banks nOteS?"
"Certainly."
''That is. the solvent banks would be
bankrupted to help the inSolvent?'
''There would be 10 such result" re-
piled Mr.. Springer. ''If all the banks
should fail under this system the
Note Holders Would BE Secure,
In answer TO an inquiry by MIR. Simp-
son (POp., Kan.), Mr.. Springer admitted
that time alone could determine the
amount of circulation which would be
taken out under any law; but, so far as
the requirement of the legal tender was
concerned, for every dollar deposited
in the treasury by the banks two i'll cir
culating notes would be issued.
While Mr.. Springer was discussing
the provision looking to the ultimate
redemption and retirement of the legal
tenders, emphasizing tine necessity for
this by pointing out that the treasury
had within the year twice been forced
to issue bonds to protect the. redemp-
tiOn, Mr.. Cannon rep. Ill.) asked
| whether IL was not true that 500, ,00O, 600
borrowed to maintain resumption had
! In reality been used TO pay the current
expenses of the government
There is nothing III this bill on that
subject" responded Mr.Springer curtly.
MI. Springer gave notice that at the
proper time he would offer sundry
amendments looking to the perfection
of the bill, among them one permitting
the deposit of currency certificates is
sued under the act Of 1872, $54, ,OOO, OOU
of which were outstanding.