The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1894-12-22
CURRENCY DISCUSSIONS
Mr.. Sprinqer's Amendments to the
Carlisle Scheme.
THE DEMOCRACY DENOUNCED
MIR. McLaurin, of South Carolina, Makes
Vigorous Attack Upon the Policy OF
the Party sn Financial Ques-
tiOns and Predicts Disaster.
BY the United Press.

BY the United Press.
Washington, Dec. 21.-The substitute
for the pending currency bill laid be-
fore the house today by Mr.. Springer
consists of the amendments which have
been agreed upon by the Democratic
members of the committee; others that
were suggested by Secretary Carlisle,
the author of bill that has been un-
der consideration all week, as we'll as
certain features of the Carlisle bill
which 1t has been deemed advisable to
retain. After laying the substitute be-
fore the house, Mr.. Springer briefly ex-
planned the important changes made in
the Carlisle bill and their effect as fol-
lows:
Permitting the deposit of cur
rency certificates under section 5l93 of
the revised statutes, to secure circulation
as well as the deposit of legal tender
notes and treasury notes. These certi-
ficates represent legal tender notes ac-
tually held in the treasury and the effect
of depositing certificates is, therefore, the
same precisely as to require the deposit
of notes.
Second-So amending the present law
as to permit state banks to deposit legal
tender notes and procure these currency
certificates in the same manner that ma
tional banks are now permitted to.
Third-Dispensing with the provision
which authorizes an assessment upon the
national banks to replenish the safety
fund for the redemption of the notes of
failed banks and, in place of this provis-
ion, insert one providing that the collec-
ton of the one-fourth of cent. tax for
each half year shall be resumed when the
safety fund, is impaired and continued un-
til the safety fund is restored.
Fourth-AuthoriZing the comptroller of
the currency, instead Of the banks them
selves, to designate the agencies at which
national bank notes shall be redeemed.
The effect of this will be to secure the
redemption not only at the office of the
bank, but at other places accessible to
note holders.
Fifth-Dispense with the provision COM
pelling existing national banks to with
draw their bonds now on deposit, and
take out circulation under the new sys-
tenn, and In lieu of that provision insert
one permitting the banks to withdraw
their bonds, If they see proper to do go,
| by depositing lawful money as now pro-
vided by law, and then to take out circu-
lation under the new system If they
choose to do so.
| Sixth-Providing that the notes of failed
national banks which are not redeemed
on demand at the Office of the treasurer
of the United States, or an assistant
treasurer of the United States, shall bear
interest at the rate of 6 per cent. per an
mum from the date of suspension of the
bank until the thirty days after public
notice has been given that FUNDS are on
hand for their redemption.
This imposes no obligations upon the
part of the United States to use its own
funds for the redemptions, as the safety
fund is in the hands of the treasurer
and he will redeem notes out of that
fund.
No action was taken on the substitute
but 1t was agreed it should be printed
in bill form and published in the
Record.
Mr.. McLaurin Dem., s. c. made a
vigorous attack upon the policy of the
Democratic party upon financial mat
ters in the past two years and ventured
the prediction that II this bill became
law at the next election the people
would wipe out the last remaining ves-
tige of the Democratic party.
General Sickles Dem., N. " created
much amusement by his answer to a
question by General Henderson, of
Iowa, as to what was his attitude
toward the bill. He said that while not
approving many Of the provisions, nor
agreeing with the reasons advanced for
its passage and reserving to himself the
right to vote upon 1t as he saw fit, when
the time for voting came, he stood with
the committee on banking and currency
in favor of the measure.
Bills were passed permitting laborers
from foreign countries employed by ex-
hibitors at the Atlanta, Ca, exposition
to be held next year, to come into the
country and remain during the con-
tinuance of the exposition and also to
permit articles imported for exhibition
at the Portland, Ore, exposition, also
to be held next year. to come In free OF
custom dues.
A bill was also passed for the reliet
of homestead settlers in Wisconsin
Minnesota and Michigan, who suffered
loss of life or property In the forest
fires of last season, by extending the
time in which they make final proof OF
location and permitting them under
regulations to cut the burned timber
on their lands.
A concurrent resolution was agreed
to providing for the holiday recess Of
congress extending from Dec % to Jan
3. This passed by vote Of 172 to IL.
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