Red Lodge picket. [volume] (Red Lodge, Mont.) 1889-1907, 1894-12-22

against any arrangement at this time
FL said he felt convinced that no n1en-
| Der would discuss this measure III other
| than a serious vein.
SPRINGER's SPEECH
Attempts 70 reach an agreement hay
| ing failed, Mr.. Springer delivered the
| opening speech in favor Of the currency
| Pill. The great Importance Of the pend
| ing measure, he said, could not be more
effectively emphasized than by refer
ring TO the report Of the comptroller Of
currency. which showed that last wear
there We're 100000 depOsitors i'll ma
tional banks, having 4 capital stock ag-
sfegating 1,o69 900, 00D. Their deposits
amounted To 81 ,22o, 900 OO0 Nh Springer
declared the committee had given the
subject most careful consideration. 1t
had carefully examined the recommen-
dations Of the president and secretary
# the treasury; had called before it
some Of the best financial men Of the
country and the result had been the
presentation Of the pending measure as
q measure Of financial reform He did
not pretend to say that the bill repre-
sented the views Of Individual members
"
mise and as such harmonized fairly the
views Of all MI. Springer then pro
ceeded to detail the scheme Of the bill,
Mr.. Sickels interrupted Mr. Springer
to ask him how he reconciled the sec
Ond and fifth sections Of the bill. The
second provided that note holders
should have a first lien on the assets Of
the bank issuing them then the fifth
hoo
uting to the safety fund first lien on
the assets.
Mr.. Springer replied that the proposed
act gave note holders the first lien on
the assets. the banking association the
first lien on the remaining assets.
But the word remaining is not in
the fifth section said Mr.. Sickels.
That will be the effect Of the law"
remarked Springer.
1T is not a law yet retorted Mr..
Sickels, you must vote ii through
first" Mr.. Springer finally admitted
that the word remaining should have
been incorporated in the fifth section
but said that was one defect of the
bill that could be readily corrected.
In case Of panic, if half the banks
in this proposed system should fail,
inquired Mr. Mahon, would the other
half be assessed to redeem failed bank
notes ?'
"Certainly.'
THAT IS, the solvent banks would be
bankrupted to save the insolvent'
There would be no such result" re
piled Springer If all the banks should
fail under this system the note holders
would be secure
In answer to an inquiry by Mr.. Simp
son, Mr.. Springer said that as far as the
retirement Of legal tenders was con
cerned for every dollar deposited in the
treasury BY the banks s. in circulating
notes would be issued,
Mr.. Springer gave notice that at the
proper time he would offer sundry
amendments looking to perfection Of
the bill, among them one permitting
a deposit Of currency certificates issued
under the act Of 1872, S54 900, 900 Of which
were outstanding.
Mn Dinglev charged Mr., Springer
with inconsistency in now supporting a
bill which contained provision for the
repeal Of the 10 per cent. tax on state
banks. a measure which he had earnest
IL opposed less than six months ago.
MI. Springer insisted that he did op-
pose the repeal Of the tax Oh state
banks as a separate measure, but when
made part Of the general system Of
financial reform. he considered it safe.
although he was frank to say that he
would prefer simply national bank
circula ton.
WALKER in OPPOSITION.
Mr. Walker Of Massachusetts, who
was ia charge Of the opposition 70 the
measure. then took the floor. He be
gan with a statement Of the essence Of
the Baltimore plan. The beginning
ana end ST the plan. he said, was to
give to national banks the power to
withdraw United States bonds from the
treasury and issue circulating notes on
their assets up to 50 per cent. 1t af-
forded not q shadow Of relief and did
not deserve a moments consideration.
Again the bill presented by the secre-
tary Of the treasury was an amazing
scheme. The bill had not a feature that
could be enacted, except after remodel
ing, without endangering the financial
interests Of the country. He described
the peril Of the present condition Of
things il the banking world and the
dangers that threatened. Yet the com
ffl1llep Oh DdIhIllS dlll WI ltiiSS 4ieI1i
dwindled away its time until this undi-
gested scheme of the secretary OF the
treasury had been thrown into the hop
per, when. after a few hearings, it had
been brought into the house without
a single change,
Nj. Walker spoke Of his own bill and
/ its superiority over the Carlisle bill.
| He expressed hope that his bill would
be passed in place Of the Carlisle bill.
That would be done if you had the
courage Of your convictions" continued
| he, addressing the democratic side, 'but
failing in that, hope you will recon-
nit the bill Of Carlisle, a I feel you
| surely will when you know its charac-
ter" A bank, he said could not be
| drained Of gold like the federal treas
ury The government could not refuse
/ to pay gold. A bank and its customers
We're mutually dependent. A bank could
| pay optionally in gold and silver under
| his bill, and the laws Of trade, the ne
| cesssities of the case and the necessity