The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1894-12-19


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 a plain statement
OF its objects, its details and gave
review of the arguments in its favor
on the lines of those contained in the
report Mr.. Walker, leader of the mi
nority of the committee. devoted most
all his time to an elaboration of his
own bill. AS usual, he was incisive,
emphatic and aggressive and the
House gave him close attention. Mr..
Hall, a Democratic member OF the
committee from Missouri, closed the
days debate. An effort TO agree upon
the limitations of debate prevailed to-
NAY and it will be allowed to run on
for the remainder of the week without
2, vote. After the holidays, the Com
rnittee on Rules will, unless the meas
ure loses caste in the meantime, hiring
in a rule to close the debate and force
a vote.
Notwithstanding the fact that the
debate on the currency bill was
scheduled to begin in the House
today, less than 100 members
were present when Speaker Crisp
dropped his gavel. The Committee on
Rules had prepared special order
under which the House should operate,
but had decided, in view OF Democrat
&c opposition 10 the measure, not to
. offer it at present, hut allow the speak
er to call up the bill by virtue of it's
privilege.
Immediately after the call OF COM
n1ittees for reports, therefore, the chair
man of the banking and currency COM
r1ittee moved that the House go into
committee of the whole for the consid-
EaHen OF the measure. The motion
[pSevailed without discussion, and
Richardson, of Tennessee, took the
chair.
Walker. of Massachusetts, in charge
g TIE opposition to the measure. gave
notice that at the proper time he
would offer q substitute.
Springer, before entering upon his
argument, asked that the general de-
bate be closed next Saturday, when the
holiday recess will be taken.
Walker protested against arrange
ment at this time. He said he felt
convinced that no member would dis
cuss this measure in other than a seri-
Gus vein.
Attempts to reach an agreement
having failed, Mr.. Springer delivered
The opening speech in favor of the
currency bill.
SRringer's Argument.
The great Importance of the pending
measure, he said, coulG not be more
effectively emphasized than by refer
ring to the report of the comptroller
Of the currency which showed that
n Fast year there were 100000 deposit
tors in national banks having capital
" stock aggregating Loss. 100000. Their
deposits amounted to 1920, OCS, O00
Mr.. Springer declared that the COM
mittee rad given the subject the most
careful consideration. 1t had carefully
examined the recommendations Of the
president and the secretary Of the
treasury; had called before it some OF
the financial men Of the country, and
the result had been the presentation
of the pending measure as a measure
of financial reform. He did not pre-
tend to say that the bill represented
the views of individual members Of the
committee. 1t was compromise and
as such harmonized fairly the views
of all. Mr.. Springer then proceeded
TO detail the scheme of the bill, re-
peating much in his speech which had
already been printed.
= MIR. Sickels, Oem) Of New York
Interrupted Mr.. Springer to ask hin
now he reconciled the second and fifth
" Ta1sO.
Vided that the noteholder should have
a first lien On the assets of the bank
issuing them, the fifth gave the asso
citation of bankers contributing to fht
safety fund a first len on the assets.
Mr. Springer replied that the pro
posed act gave the bill holders tbs
first lien on the assets, the banking
association a first lien on the remain
ing assets.
but the word remaining is not il
the fifth section" said Mr.. Sickels.
That will be the effect Of the law,
remarked Mr.. Springer.
TT is not law yet retorted Mr.
Sickles, you must vote it through
first"
Mr. Springer finally admitted tina
the word remaining" should haV'
been incorporated III the fifth section
but said this was one of the Sigh
defects OF the bill that could be read
ely corrected.
in case of a panic if half the bank
sn this proposed system should fail,
inquired Mr.. Malhon, Rep.) of Penn
sylvania, would the other half be as
sessed to redeem the failed banl
notes?'
"a Certainly"
THAT is, the solvent banks would b
bankrupted to aid the insolvent?"
There would be no such result" re
piled Mr.. Springer, IF all the bank
should fail under this system the note
holders would he secure"
In answer ITO an inquiry by MI
Simpson. Pop.) of Kansas. Mr.. Spring
er said that as far as the reuremen
of the legal tenders was concerned, 70
every dollar deposited in the trea sur
by 1.-THE banks 81 in circulating note
V'0f Id be issued
Wine M. Springer was discussln
the provision looking to the ultimat
redemption ard retirement of the lega
tenders, emphasizing the necessity 70
this by pointing out that the treasur-
had within the year twice been force
ticn, Mr. Cannon. (Rep) of Illinois
asked whether 1T was not true tina
$100,000,000 borrowed TO maintain re
sumption had IN reality been used L
pay the current expenses of the gov
eminent.
There is nothing in this bill on tina
subject" responded Mr.. Syringe
curtly
Mr. Springer gave notice that at TIL
proper time he would offer sundr-
amendments looking to the perfection
Of the bill. among them one pernittin
n The deposit Of currency certificate
issued under the act OF 1872, S54o00,00
a Of which were outstanding.
MI: Dingley. Rep.l Of Maine, chals