The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1894-12-15
BANKING AND CURRENCY.
Opinions of Witnesses as Varied as
the CoIors of n Salt Lake Sunset,

Washington, Dec 4-There was
spirited incident before the banking and
currency committee today. Representa-
tive Walker, of Massa chusetts, said he
understood a programme had been quietly
agreed upon by which the currency bill
would be considered by the Democrats
OF the committee tonight, by the full COM
to the House on Monday.
Chairman Springer said this programme
vas a mere surmiSe. All the commit
tee had actually done was to agree to a
meeting on Sunday night, it being UNDER
stood the firal vote on the bill could then
be taken.
Walker thereupon moved that the COM
mittee should not consider such agree
ment. I'VE have been turning over this
currency. question for the last ten
MONTHS said walker. AT the end
of shat time, Secretary Carlisle comes in
with. bill which he tells US lie dictated
hurriedly to a stenographer before coming
to the committee room. No man living
could prepare a measure affecting such
vast interests in less than a week Yet
this is the bill that is to be reported off
he nd. This haste is not becoming to us as
legislators. There should be full consider
alton. of the question without limit of
! time"
johnson added his protest to that of
| Walker He said he had at first agreed to
meeting tomorrow night, because he
knew that the, majority had equally
agreed on the bill and was ready &c push
It through the committee, so it was use
less to resist haste.
voted down by a strict party division:
Yeas-Walker, Brossius and Johnson,
Indiana Republicans: NaIXsnSperryI, +, Coy
Georgia; and Springer, Democrats.
Ex-Representa.tive A. j. Warner, of
Ohio, president of the Bimetallic league,
addressed the committee, going into the
principles Of the entire question. He
/ urged that an elastic currency such as
Secretary Carlisle suggests was an i'm
possibility as prices rose as fast as cur
| history of the world proved that the gold
standard could not be maintained by CIV
| ing to the banks the power of expanding
| the currency. He was amazed that this
proposition should be made in this en-
| lightened age, in the face of the financial
| experiences of the world.
| long discussion arose between Gen
eral Warner and Mr.. Sperry, over a
| question by the latter as to the effect
| that the increase of the circulation
would have upon the price of labor. Mr..
| made by the treasury department, show
| ing that the circulation in 1873 had been
| sri. OO0. 600, whereas in 1898 it was over
200 100000. and asked d, him ~ how ne re,
| wages. Mr.. Warner replied BY chad
longing the treasury report Of the gold
| in circulation at the present time, which
| he said was $500, G00,090 beyond the. facts,
Y
| lation and wealth
| Mr.. Sperry did not conslde:. The. reply
rs adequate and int3nated that II MT n
| Warmers theory had nothing more &c
| stand on, it must fall.
| The hearing was resumed in the after.
| noon with A L. Ripley, vice-presidenit OF
f1e National Hide and Leather bank o.
| Boston, on the stand. He characterized
| he scheme of issuing demand notes re-
| 1eemable in gold as thoroughly vicious
| Under this system, banks had no mea ms
! # adjusting their reserves to meet tine
| demand of the times, thus compelling
| hem 10 keep a reserve which at one
| time would be too large and at another
| ine too small. He opposed state banks
/ BECAUSE of the need of uniformity. A
| needy and uniform system of redemp.
| ion. he considered as necessary and this
| e thought could be best secured through
| ne national banks. Referring to Sc
| etary Carlsle's bill. Mr., Ripley said he
| rlolIe.at the tenth and eleventh sections
| rnlIld open the gates to extensfv
| onnterfeiting unless changed h also
| bought the provision for redemption ir
| ne case of the national banks would bf
| ound too inadequate. The secretary
| ian in this respect would, II adopted
/ mask a retrogatfon in banking. He con.
| sdered the present system safer thar
!! he one proposed.
| The committee adjourned with the an
| ,ouncement by the chairman thar
| Messrs ST. John and Williams Of New
York, would be heard tomorrow.