The Helena independent., 1894-12-19
EACH HAD A SCHEME
SPRINGER TALKS FOR THE MEASURE


/ Today less than 100 mDmhcr3 were
present when Speaker Crisp dropped
The yhyel. The committee ON rules had
prepared n special order. under which
the house should operate. but had de-
cided, in WOW of the democratic oppo-
BtiOn to the measure. not 70 Offor " at
present, but 70 allow Springer 10 call
up the bill by virtue ~ its privilege.
Immediately after Tho call of commit
tres for reports, therefore. the chair
man of the bnnklng and currency cotn-
mittee moved that the house go into
committee of the whole Tor the consld-
Grafton of the measure. The motion pre-
vailed without discussion. and Richard
son, of Tennessee. took the chair Walk,
er. of Massachusetts,. Ia charge of thh
Opposition to the measure, gave notice
that at the proper time he would offer
q substitute. Springer, before entering
upon his argument, asked that general
debate be considered closed Saturday
next, when the holiday recess Is TO be
taken. Walker protested against any
arrangement Mt this time. He said he
felt convinced no member would discuss
this measure In other than a serious
vein.
Attempts 10 reach an agreement haV-
ing failed, Springer delivered the open
ing speech IN favor OF the currency bill.
The great Importance OF the pending
measure. he said, could not be more
effectively. emphasized than by refer
ring TO tie report Of the comptroller
NJ the currency, which showed that last
| l a..
national banks having "A capital stock
aggregating 81 ,O69 0OO.OO Their depos-
I it's amounted 10 1920 900. 900. He de-
= clared the committee had given the
subject most careful consideration. IL
had carefully examined the recon-
mendations OF the president and the
secretary OF the treasury. had called
, before II some OF the financial men OF
: the country, and the result had been the
) presentation OF the pending measure as
the measure OF financial reform. He did
not pretend To say the bill represented
! the views OF the individual members OF
. the committed IL WAS "a compromise
A and as such harmOnized fairly the
. views Of all. Springer then proceeded
I 10 detail the scheme of the bill.
$ Sickles Interrupted Springer 10 ash
! him how he reconciled the second and
NTH sections of the bill. The second
provided that note holders should have
= "A first lien on the assets OF the bank Is
/ suing them, then the fifth gave the as
/ sOciation Of bankers contributing 60
the safety fund a first lien on the as
sets.
Springer replied that the proposed act
give bill holders the first lien ON the
assets the banking association hrst
p lien on the remaining assets,
but the word Remaining Is not In
the nth gGffIUU - EufI StFNlpH.
THAT viii DE the effect OF the law,
remarked Springer
IT is not "A law yet" rctorted Sickels,
you must vote II through first
Springer finally Fdmitted that the
, word remaining should have been M
; cOrpordted In the nth section, but 'aid
this was one of the slight defects of the
hill thnt could be readily corrected.
y In ease of panic, II half the banks IN
. this proposed system should fail, in
- ouired Mnhon. "would the other half he
. assessed to redeem the failed bank
notes.
Certainly"
That is. solvent banks would be
bankrupted 10 aid insolyent?
, There would be no such result, re-.
piled Springer, "if all the banks should
! fan under this system note holders
would be secure
Springer said that as far as the relire-
ment OF legal tenders was concerned
n for every dollar deposited In the trehs'
n ury by the banks, s. In circultlng notes
. would be Issued.
! proper time he would ofter sundry
= amendments. looking To- the perfection
], of the bill, among them one permitting
. the deposit Of currency certificates ls'
= D a.. go Of AZ
Sit 600 600 were outstanding In hh-
/, swer Ia an Inquiry. he said he opposed
. the repeal of the tax on state banks az
n sepurate measure, but when made a
, mart OF the general system of financial
. reform. he considered Il safe, although
M, was frank To say he would prefer
simply national bank circulation.
walker. Of Massachusetts, who was
In change of the opposition L. lht
- measure, then took the hoor lie be
4 ran with "A statement NJ the essence col
tbr pnltimprr plan The beginning and
. end uf that plan, he said, was 70 give
p tn untiunal banks power tn withdraw
, United Stul,s bonds from the ueosulS
. and ls4iir circulating notes nu th"f ds
sets ip Ia in per cent N Afforded MOI
"A shai,W of relief and ava not deserve
ca moments consideration Again th'
bul presented hy the secretary ui ~,
treasury was au amazing Hrh'm'- lh'
bil had not feature thnt could ID,
, enacted cXccpt after rrmndrlllnE, with
- uut cndauprHng the financial Interest,"
. az The country lie spoke oi What h'
, called the peril of the present condition
J of things in the banking world, the
dangers that Threatened. Yet the COM
mitiro ou banking and currency mac
4 daWdled away It's Time untll TINS un
+ dlgrstcd scheme of the secretary ui th'
treasury had heeu thrown INTO lhr h"r
per, Whru after u few hearings II hht
ha.u hrnuuht into tho house without j
single change walker spoke OF hh
\ ,Yu blu and its superiority over thl
- Gnrllslp bul lie expressed the h0pi
thnt me bIll would hc passed In place O
Inc CARLISLE bill THAT would be dunl
, An ynu had the courage ot your convic
, unus." he continued, addressing th'
, democratic side, "hut failing In that
hone YOU viii rrcommlt the Carlisle bll
hs / feel you surely viii whom you know
It's character"
A bank. walker said, could not %,
drained of gold like the federal treas
4 ury The government could not refuH'
p gold A bank and its customers wor'
!, mutually dependent. A bank could pas
| optlunnlly In gold and HlNpr under hii
\ bill But the laws OF trade, the ncccs
{ stiles OF the ease ana The necessity ol
protecting the currency would deter
mine The laws ~ congress could b.
dcned. the laws uf trade, never VIM,
+ describing the manner In which hts bil
a would redeem aud retire the legal ten
= der. Tracey interrupted him Ia ASK II
To- his bltl would rctirr the sherman notes
4 "Ycs. sir" replied walker