The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1894-06-14
BANKING AND CURRENCY.
Most Important Matter Now Before
Congress.

WASHINGTON, June Representative
Walker, of Massachusetts. a veteran mem
Der of the committee. says that in his
opinion the question of banking and cur
rency about to be matured in a COM
prehensive system by a select committee
of five members. under recent vote. of
the banking committee, is the most I'M
ond to the tariff. Sealed ballots are now
being filed for the purpose of selecting
the committee of five. Each member OF
the banking committee has a vote and
rames five of his associates on the con-
mittee. The seals VIII be broken Friday,
and the five members having the largest
number of votes will constitute the seiec
committee. Mr.. Walker has urged that no
votes be given to himself or to Messrs:
Springer, Warner, or Sperry, as each of
them has banking bill to which they,
naturally, will be inclined
The entire purpose of forming the select
committee is tc break away from the pres
ent bills and to get up a broad banking
b M sR z9eh ge0dd feaaFfS Of al
THE committee of FIVE will sit continu-
ously," said Mr.. Walker, with a liew
of reporting their work to the House ~
the 9th inst, to insure positive res llts.
recent discussion in the House and il
committee has made the substant al
features of the system reasonably certain.
1t is in the direction of national currency
and national banking, and away, from
state banking and based on gold and
silver, instead of bonds. The general
desire is to create a system Of NATIONAL
banks which shall proceed along lines
parallel to the present national bank bill
The latter will be merged gradually into
and absorbed by the new system. AS the
charters of the old banks expire they will
be given charters under the new banlliny
system. Thus the old and new systems
can proceed in parallel lines without any
disarrangement of either system.
Mr.. Walker was asked what the nev
system of banks would have to do with
the issuance of money.
The bill undoubtedly will provide for
doing away with various forms of cur
rency now issued and the substitution
therefor of a uniform paper money issu I'd
by the government through banks. At
present the government cir 7ulates the
treasury notes, greenhacks silver certifi-
Gates and various kinds of currency. an
the government undertakes to make tn S
the national bank the soul source of is
suing currency, under government supe,.
vision and direction. The government thus
will be relieved of the burden of issuing
circulating and currently redeening thes-
various forms Of currency, and the entir,
responsibility will be placed on the banks
This national bank currency would be sur
rounded by all the safeguards of the pres
ent laws and such other safe guards rs
would insure it's proper REDEMPTION In
short. the federal government will be re-
lieved of direct attention to the issua-ce
of money and all responsibility for Keeping
it.
1T will be good money, and vet will
insure the public that every dollar Issued
deemable the country over"
Can such measure be passed at TIE
present session. Mr.. Walker was asked
Possibly not" said he, 'but it Will
serve a valuable purpose to business
The mere fact that such a conprehe nsiva
measure for national currency can he
reported and put back on the calendar
and banking circles. It will be in shane.
also. to be taken UP at the next session
of Congress. The recent debate on state
banks has been one of the most bone
fetal, from an educational point of view.
we have had in twenty years It has
cleared the way for a safe, sound anj
conservative system OF nationalized banks
and currency"