The herald., 1894-12-19
THE CURRENCY BILL.

Springer Makes tn" Opening Speech In
the House.
WASHINGTON, Dec. 18.-Notwithstand-
ing the fact that debate on the currency
bill was the schedule begun in the house
today, less than 100 members were pres
cut when Speaker Crisp dropped the ga
vel. Tho committee on rules had pre-
pared special order under which the
house should operate. but had decided,
in view of Democratic opposition to tho
measure, not to offer it. at preeent but
allow Springer to call up the bill by vir-
tue OF its privilege Immediately after
the call of committees for reports.
Therefore the chairman OF the banking
and currency committee moved that the
house 60 into committee of the whole
for the consideration of the measure.
The motion prevailed without any dis
cussion and Richardson of Tennessee
took the chair.
Walker of Massachusetts, in charge of
the opposition to the measure, gave no.
tics that at the proper time he would
offer substitute. Springer, before en-
tering upon his argument, asked that
general debate be considered closed Sat
urday next, when holiday recess is to
be taken. Walker protested against any
arrangement at this time. He said he
felt convinced that no member would
diacuss this measure in other than
serious vein. Attempts to reach an
agreement having failed, Mr.. Sprinec-
delivered the opening speech in favor OF
the currency bill.
IMPORTANCE OF THE MEASURE.
The great Importance of the pending
measure, he said. could not be more
effectively emphasized than by referring
to the report of the comptroller OF the
currency. which showed that last year
there were 100000 deposisors in ma
tional banks having a capital stock ag-
gregating 81. .O69. 600 900. Their deposits
amounted to 81 ,220, ,000. 900.
Mr.. Springer declared that the COM
mittee had given the subject the most
careful consideration. It had carefully
examined the recommendations of the
president and the secretary of the treas-
ury, had called before il some Of the
financial men of the country and the
result had been the presentation OF the
pending measure as msasure of fnan,
cial reform. He did not pretend to say
the bills presented the We've OF individ-
q compromise, and as such harmonized
fairly with the views of all. Mr..
Springer then proceeded to detail the
scheme of the bill, repeating much in
his speech which had already been
printed.
Mr.. Siokles, Democrat. of New York,
interrupted Mr.. Springer to ask him
how he reconciled the second and fifth
sections of the bill. The second pro-
vided that the note holder should have
first lien ON the assets OF q bank issu-
ing them; the fifth gave the association
of bankers contributing to the safety
fund first lien on the assets.
Mr.. Springer replied that the proposed
act gave the bill holders the first lien on
the assests; the banking association the
first lien on the remaining assets"
.'The word remaining is not in the
fifth section" said Mr.. eickles.
That will be the effect of the law"
remarked Mr.. Springer.
''It is not q law yet," replied Mr..
sickles; you must vote it through
first"
A SLIGHT ADMISSION.
Mr.. Springer finally admitted that the
word remaining" should have been in
corporated in the fifth section, and said
this was one of the slight defects OF the
bill that could be easily corrected.
''In case OF panic, if half the banks
in this proposed eystem should fall"
inquired Mr.. Mahon. Republican OF
Pennsylvania. would the other be as
sessed to redeem the failed banks
notes?'
Certainly"
''That lie, the solvent banks would be
bankrupted to aid the insolvent?"
'There would be no such result" re-
piled Mr.. 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. Populist of Kansas. Mr.. Springer
said that as far as the retirement OF the
legal tenders was concerned, for every
dollar deposited in the treasury by the
banks. 81 in circulating notes would be
found.
CHARGE OF INCONSISTENCY.
While Mr.. Springer was discussing
the provision looking to the ultimate
redemption and retirement of the legal
tenders, emphasizing the necessity for
this by pointing out that the treasury
had within the year twice been forced
to issue bonds to protect the redemp-
tion, Mr.. Cannon, Republican. OF Iili-