New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-12-06
CARLISLE,S BANKING SCHEME
NO ONE BUT THE PRESIDENT ENDORSES
IT UNQUALIFIEDLY.

n
cuLATIoN AND BID FOR THE FREE-sILvER
voTE-GovERNoRs DINGLEY's VIEWS
[RY TELEGRAPH TO rRrBuNEl
Washington. Dec. 5-Comparativey few members
on either side OF the House OF REPRESENTATIVES
have as yet found time 10 study and digest the
Administrations banking scheme. and those
who have carefully read 1t are not disposed either
TO approve or condemn II as a whole. Tribune
correspondent. who sought to ascertain the views
Of a considerable number of Representatives, 10
day found those who willing 10 express any
opinion at all widely divided on the question: anu
not one OF them ready willing to give his I'M
aualiAed approval to the scheme. one Democrat
Mr. Sperry OF Connecticut. on the other hand
condemned 1t without qualification. He Is the
author OF a hill to codify and amend the National
Banking laws. which is now pending before the
/ Committee on Banking and Currency. Some OF It's
main features are:
To deprive National bank notes OF such legal
tender qualities they now posse ~; to re1uire
The banks to keep deposit in the Treasury a
5 Der cent redemption fund In coin that each BANK
may deposit State or other bonds approved py t ne
Controller OF the Currency TO i:s circulating
notes and receive notes equal in amount to the par
value OF the securities deposited. such amount.
however not to exceed 20 per cent q It's Paid-up
capital
Mr.. sperry says that many bankers object TO his
bill because II requires each bank TO invest IN
bonds for deposit its circulation. where
as they want to issue notes not only ~ an amount
10 CORRESPOND with the amount OF their deposits
but also an amount to correspond with their
credits on account OF loans OF said deposits 10 their
customers
Mr Johnson. OF Indiana. who is member or
the Committee Banking and Currency Is
strongly inclined to favor that part OF the pro-
posed scheme relating to the National banks. but
Is utterly opposed to that part which -elates TO
State banks. He favors n safety FUND system 10
which Mr. sperry is strongly opposed
one OF the most thorough and careful students OF
financial questions in Congress is Representative
Dlngley. OF Maine whose opinions always command
respect In conversation with Tribune CORE
spondent to-day Governor Dingley said:
1t Is matter Of eongratuation that even a Demo
e,en fha the prsper solution Of the currency
question. far a. that portion outside OF coin Is
tional banking system az will make the note-issue
Junction castle or TO pvsn ner reaebns
so wise Judgment should propose douole-headei
union OF !orty-four different State systems with
the National system IL beyond my comprehension
bnIns the National system and the state system;
@ IN ee be ea 81 bank Stni ho esnf Se eo the
| State bank notes are TO be exempt from the Ma,
mateiy 10 revive state bank circulating notes ana
! strange the National bank circulation have only
! To say that this prominent feature OF the plan IS
/ unwlse and unsound. and can never be approved by
National bank note system under National author
/ l;y and supervision. and not lor,y-fonr different
]
/ different states.
several other members Including both Democrats
-, yn,,,i,oa,s criticised tho state hank feat,re
anu H'P"'''''''' -, -. -
OF the scheme on the same grounds and quite as
severely as did Governor Dngley.
The truth IN that ever = nee Johh u CARLISLE hrst
entered Congress member OF the House OF
Representatives In 1871 he has been consistent
and persistent opponent OF the National banking
-, T., 1878 no voted for a bill TO retire the
ss " ,s,,.,,,, ava ,ssua o,roo,hacLs a.,
/ nd . "a NOT all 10 In
$50, proposing and recommending the adoption OF
- - -. ,,,oh 4, onac,ad into l.w and
currency So"e''. "''."' - no W. NV -,
81 s,a, nanr no,es undsr svstem that would
result in financial disaster to the country. OF
| course he has now another object In view For
years ana uh, hr saw va e thick and min advo
| rate and supporter OF the free and unlimited coin
age OF silver ana NJ repeatedy VV,eu 10, IRE o, u,
ase pins. ,om' T ranws nder bonds NOT To- en-
cou,ase ~, ,a b Tati,nai banh circulation would
"v,' 90 -. 80 ~. heeves draw To the sup
AT .he SAM III, a. ~ ,nns financial nolicy
PoIt OF thc ~, 80 IT, por,ocras az m.
sn'h aoS aaYthwes whose ciamor FOR free coin
Sonth ano ,,t ~ anac,,nsnt 81 Legislation
~ mid resnnnd to their demand FOR more
49, ", some Kind without any nice distinctions
no,rS VI I ,ImI "''''' " '
10 ~, ar no,n Indications already that Southern
ihsie mr. ' ', nanocratic infiationiss are dis
Ahu soutn W., ~, uaiIou tho half first ,lyestng
poser 10 $50 =, nos.,hle ~ those provisions which
the schrnt u p'1nnnI h.,ts I, ia asserted that
the Carlisle plan J. 70 DE PIesseu ~ n. wtb aiI
grcss. III II Shall Iali III 'ne P.esr. III, H.,