New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-12-05
THE NEW CURRENCY PLAN.

TT SPRUNG FROM A REPUBLICAN GERM AMI
DEMOCRATS ARE AFRAID OF 1T.
v.sh,nston. Dec (speciaD-Democratic mem
hers of the House of Representatives are shy VI
committing themselves either IN FAVOR VI ~
ecainst the Administration plan for the reorganl%a-
ton of the currency system until they have hao
on o,nor,unitv to study its details as set out IN
the report of the Secretary OF the treasury "'-.
was sent to Congress to-day In manuscript "
the frs. time in many years printed copies vi .e
Secretary's annual report. were not SEM ~ @
Capitol for the of Representatives on e'e '
of publication OF course the Demo-Popuhsts' VINO
probably outnumber all other sorts OF democrats
in the House strongly inclined 10 resa'u w"
grave suspicion any proposition LOT current! vs.
loation that emanates from or meets the approval
of President Cleveland as the so-caieu Oa'"s'.
.cheme apparently does. The attitude OF some Vi
+h.m however was correctly defined to-day IN
conversation with a Tribune correspondent by MI
Hall of Missouri, who is member OF the I'm"
rnittee on Banking and Currency. After saying 'ha'
ne had not yet had an opportunity 10 s'o''
a. "details ~ the plan he remarked that unless II
contained a great many defects he should not
vote against 1t. ,,
The nlan seems to be based upon the provisions
Of bill offered by Mr. Walker. OF Massachuset's'
In the List Congress. and afterward introduced u!
him IN the LID Congress, and favorabiy reported
with some notifications from the Committee Oh
Ranking and Currency. Mr. Bacon. OF New-for
who was then chairman of that committee maui
several attempts to have the bill considered pu'
did not succeed In the course of conversation TO-
day, Mr. Walker of Massachusetts,, VINO is no" a'
the head Of the minority OF the committee vi
Banking and Currency. said:
The President recommends that the greenbacks
and Treasury notes be taken out OF circuiauon sh1
be deposited to secure from one-thrd 20 one-ha U!
the circulation which the banks shall issue That
plan would retire about al OF the a fnr
them and would relieve the Government from the
fha
would then be placed upon the BANK , M cash
coin. and the balance in siver-to which the mes.
s 81 hs dGss nG ad the
are into b pr Se passeS by
it seems to that It would closely resemble PIE Tn, the
sG na more ny dNeoped in the %d
and reported to the House for passage by Mr.
on a' Banking and Currency Of that Congress: The
same plan is before the Committee on Bank,
very much more attention and favor there than
any other plan that has been asyanaseos
the and people IN many ways On the the
FurtSeT@ore e the bill could be passed which
of the Lid Congress. It would in its operations
put an end to the whole silver-coinage agitation
tangiement is In the reorganization Of the finance
and banking Of The country the b Sa5s , Si int
is susceptible of proof that the coinage laws en-,
acted in 1878 and subsequently are costing Inc
country to-day from $50 to $0,OCOJ annually
in the excessive amount OF coined money. we
have about 10000 OF visible gold and silver COIN
when the legitimate demand OF the trade OF the
country as measured by the coin used In England.
France and Germany. cannot exceed $poVW"N
Mr. Walker expressed the opinion. however that
It would be impossible to enact any legislation on
this subject before the expiration OF the Lilo
Congress on account OF very determined and
persistent opposition by Democrats to the Presi-
dents suggestions. When Mr.. Walker expressed
that opinion he might have had in his minds eye
Chairman Bland. OF the Coinage Committee. and
some other leading and influential Democrats. Mr.
Bland has arrived but ne Is not obtrudlng his
prescnce in the Representatives. chamber In a
manner to attract much attention. He Is doing
great deal OF thinking, however, and that ne
Smeans business is evident from remarks dropped
nv him in the many quiet conferences That ne mas
already had with the radical free-conage men
He said to-day that he would not call meeting
OF his committee this week. but that at me Nrst
meeting held free-coinage bill would be con.
sidered To an inquiry TO whether ne thoueh.
that such a measure would be favorcbly reported
10 the House Mr.. Bland replied: well, woulon I
like 10 say positively about that, but have strong
homes OF It, One thing will say: and II Is that
II the committee shall report free-coinage Dill
the House will pass IT, Mark that ~,
The Committee Banking and currency VIII
hold meeting Friday to discuss the so-caied
Carlisle plan.