Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1894-12-20
SPRINGER NAMES AN El,ARoR-
ATE EXPOSITION.
The Word "Krmaiu>" t. he Added to
thr Fifth S,Ntion The Security VI
\u,rholttcl~ N Cases Of Failure
Various Arguments rrn and Con
The Nay IN ;hr House,

y
prevailed and MIR. Springer rs chair
maH Ut HE committee on banking and
currency, in charge Of the bill, took
the floor 10 make an argument III ia
vur OF lis passage. Before hrginuiug
his argument, however, he attempted
L. rtl,N't the arrangements Ivy unani-
nous consent for setting the limits ot
debate al next saturday, when the
holiday r>'rSS will hc takru. MIR
Walker. ut Massachusetts, in charge
OF the opposition, protested against
any arrAng, ment M this time, He felt
convinced that no mrmhrr would dis
ru>S the bill in other than Il serious
vein.
Nh Springer then began an Ar&u
mrnt in behalf nf The bill. He began
Ivy relating the amount of cou$i,irra
tion given 10y THE committee to the
bill Including The taking Of opinions
of ,hr ahlr>t tin%cjrrS in the country,
besides having the H>SiStamrr Vt lh"
government financial and executive
officer, and the hill reported. while 4
compromise OF the ideas Of the COM
Hlll ttt. lill ~ ltI'l H~tIltt ih' ~'llll"
mrnts of lis members. He then dc
tailed 1T length the scheme OF thc bill,
Mr.. SivkelS interrupted to ask how
Mir, Springer r~nnrtled the srrond
and nth sections. Tho second gave
note holders a first lien un the assets
IT the bank issuing them; the iifth
gave tn" association of banks vrrn
,,,;l, :, ~. Al,
on the assets.
Mr. Springer said The hill gave note
holders a lir>t lien On the assets aud
the banking association a first lien on
III" remaining assets, MIR. Sicl>lrs said
the firth section did non contain the
wore, "rHnaung" Mr. Springer
admitted the WORT should be- inrorpor
atrd in that section.
I'm ease Of Il panic, If half the banks
in This proposed system" said Mr.. Nc
Mahon, Of Pennsylvania. SHOULD tail,
would The other half he assessed to re-
deem The failed banks notes." Ger,
tainly." "'Fhat is, the solvent banks
would Il" hankrupted to aid the insol-
vent" "rhcrr will hr no such result"
replied Mr. Springer, III all banks
should fail under this system the
n"tehnld,rS will he secure, For every
dollar deposited in the treasury by
banks two dollars in circulating notes
would he issued"
While Mr.. Springer was discussing
the provision looking to the ultimate
redemption and retirement of the legal
tenders. emphasizing the necessity for
this hy pointing ont that the treasury
within the year was forced 10 issue
bonds to protect resumption, Mr.
Cannon asked whether il was not
true that HE $l0O.ouu,OOO borrowed
To maintain resumption had i'm reality
been used to pay the current expenses
Of the government. "Thrrr is moth
iuG in the bin on tn" subject" re.
Sponded Mr.. Springer curt!E.
Mr. Springer gave notice that at til"
proper time he would offer sundry
amendments looking 10 The perfection
Of he bin, among them one permit
ting hr deposit of currency certificates
issued under the act Of ISL, S5i,ooo,-
600 of which is outstanding. Mr.,
DiHgloy charged Mr.. Springer with in
consistency in now supporting bll
which contained a provision for
the repeal Of the ten per cent. tax
on state banks. a measure which
he earnestly opposed less than six
months ago. Mr.. Springer insisted
that he did oppose the repeal OF the
TAX on state banks as Il separate meas
urp. hut when made part of gen.
craI system Of financial reform he con
siaerpd il safe. although he was frank
Ia say that he would prefer simply
the national bank circulation. Mr.
! Walker. who is in charge Of the 0ppo-
Sitinn to the measure, then took the
floor. He began with Il statement Of
the Baltimore plan II afforded not
shadow Of relief. and did not deserve
d moments consideration, he declared.
Again the LII presented BY the score
tary Of the TREASURY was an amazing
scheme The bin had not feature
that could be enacted. except after re
modelling without rndangcring he
financial interests Of the country. Mi
Walker spoke Of his own bill aud IT.
superiority over the Carlisle bill. lie
expressed the hope that his bill would
b. passed in place Of the Carlisle bill
Mr. Walkers elaboration Of the terms
~ I'LL, bill attracted the closest atten.
ton. Speaking Of the onerons work
placed upon the secretary Of the treas.
nry h> tie attempt to keep NJ the gold
reserve III times of financial depres
sGou Mr. Walker created laughter.
Manning died IN office, said he.
WINDOW died In office ! say 10 yon
that any man who runs the treasury
department under the existing condi
tions for four years and does not die
ha. not done his duty
Mr. Hall, also member u The com.
mittee 81 banking and currency, who
followed contenlra that the Carlisl"
hin vas opposed ~ tile national banks
De-ause they preferred the Baltimore
plan. Why Because In the Balti-
more plan the government stands BE-.