The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1894-12-29
HE CURRENCY PROBLEM.


the Lower House.
On the elst Messrs. Pcndleton dem
| W. Val, Russell (rep., Conn.,. Siekles tdem
N.Y.. McLaurin (dem., s CD and Rawlini
| (don.. UTAH. participated In the currency dis
custom Mr.. Sickles said that he would like
20 zee the measure perfected In order that he
could give q cheerful vote for bill intended &C
relieve the financial embarrassments OF the
/ country Two evils. said he, threatened the
nation First. the serious drain OF gold from
ire treasury as result OF the outstanding
legal tenders. In this bin he found no remedy
for this alarming menace. This fact eonsti-
tnted his first criticism OF the bill IL was IN
this respect inadequate. The government
paper was In reality governments debt which
ought 20 be funded. Let us return" said Mr..
Slckles. ito the sound principles OF the days
before the war. Let us adopt the McCulloch
plan OF funding the greenbacks."
Mr.. Springer (dem. Ill then offered n sub
nitute for the pending bill. IL consists OF the
amendments which have been agreed upon by
,he democratic members OF the committee.
tthers that we're suggested by Secretary Car
Isle. the author OF the bill that has been under
consideration all tho week, .as well as certain
baturos OF the Carlisle bill which II has been
leemed advisable 10 retain. After laying the
tubstitute before the house. Mr. Springer
briefly explained the important changes made
IA the Carlisle bin aud their effect as follows:
I. Permitting the deposit OF currency GER
hncates issued under section b,iQS OF revised
statutes 70 secure circulation as well as the
deposits OF legal tender notes and treasury
notes These certificates represent legal ten
Or notes actually held IN the treasury and
DE effect OF depositing certificates is. there
pre-. the same precisely as 10 require the de-
tosit OF notes
So amending the present law as 20 permit
itate banks 20 deposit legal tender notes and
procure these currency certificates In the same
banner that national banks are now permitted
. do
3 Disper sing with the provision which au-
lhorizes an assessment upon the national
banks 10 replenish the safety fund for the re-
bemption OF the notes OF failed banks, and, In
place or this provision. insert one providing
lhat the collection OF the one-fourth OF n cent
lax for each half year shall be resumed when
he safety fund IS impaired and continued un-
kil the safety fund IS restored.
/ Authorizing the comptroller OF the curren-
BY instead OF the banks themselves TO desig-
bate the agencies at which national bank notes
shall be redeemed. The effect OF this Will DO
90 secure the redemption not only al the once
pf the bank. but at other places accessible TO
note holders.
s. Dispense with the provisions compelling
existing national banks 70 withdraw their
bonds now on deposit aud take out circulation
under the new system, and IN lieu OF that pro-
vision insert one permitting the banks TO with
draw their bonds. II they see proper TO do so,
by depositing lawful money as now provided
by law, and then 10 take out circulation under
the new system II they choose To do so.
q. Providing that the notes OF failed nation
nj banks which are not redeemed on demand
at the once OF the treasurer OF the United
States, or any assistant treasurer OF tine
United States, shall bear interest atsSfe rate
OF per cent per annum. from the date OF the
suspension OF the bank until thirty days after
public notice has been given that funds are on
hand for their redemption
This imposes no obligation upon the part OF
the United States 20 use It's own funds for tho
redemptions us the safety fund Is In the hands
OF the treasurer, and he will redeem notes out
Of that fund.
on tho ed Mr. Coombs dem. " W spoke
In favor OF the bill. Mr.. Bell dem. Tex) OPP
posed che measure lie said that he noticed
that the practical direction OF currency reform
was toward contraction.
Mr. Bowers (rop AL and Mr.. Bryan tdem.,
Neb) also opposed the bill. The latter at
lacked the administration yiciously for
dumping on the committee on banking and
currency and the house a hastily considered
bill like the one pending. Its weakness was
demonstrated when. after four days OF verbal
IL has been practically with
Drawn and another measure substituted. Mr..
Bryan said that. stripped OF It's verbiagc this
bill was simple proposition 20 authorize tho
government 10 loan banks money az q low rate
n interest or at no rate TO be IN turn loaned
Dy them at whatever rate they could secure.
MIR Cleveland thinks said Mr. Bryan.
that the issue OF currency is IA function OF the
banks Jefferson declared such an issue Is q
junction. OF the government and thought the
banks should 90 out of the issuing business. I
I'm not ashamed to say that stand by Thomas
Jefferson and not Grover Cleveland 4"
Mr. Bryan said he had beon and was now In
avor OF gold and silver money because the
AMOUNT OF money would depend on the law OF
supply and demand