Evening star. [volume] (Washington, D.C.) 1854-1972, 1894-12-04
AR. WALKERS IDEA
Where the Scheme Of Secretary Carlisle
Originated.
1t IL the Same Introduced by Repre-
Congress-What He Says About 1t.

Few democrats or republicans would have
looked for the source of the President s
recommendations for a new banking sys-
tenn in the bills, reports and speeches of
a republican member Of Congress Yet
those Congressmen who are close students
Of finance discovered. from even the i'm
perfect synopsis Of the proposed plan for
the reorganization Of the currency which
Is contained in the Presidents message,
that such was the fact. The attention
of Controller Eckels was called to his
circumstance. He said: Eyes, 1T is a fact
that the germ Of the proposed scheme is to
be found in the Walker plan
The subject was deemed to be Of suffl-
cient interest to endeavor to ascertain
what Congressman Joseph H. Walker of
Massachusetts 0or he is the man referred
to) might be willing to say upon the SUBJ
5ect. Congressman Walker. while disclaim-
Ing that he was engaged in the business Of
writing the Presidents message. and while
he stated that he had not been called into
consultation by the President, or by. his
advisers on the subject, was willing to
say this:
What Mr.. Walker Says.
'The redeeming feature of the message
is the courage which the President has
shown in recommending that the currency
Of the country shall be rerlitted to :he
banks where 1t belongs, and that the gov
ernment be absolutely divorced from hav-
ing anything to do with the currency or
banking OF the country, further than the
supervision Of the banks in order to Sc
cure to the people a sound currency.
The President recommends that the
greenbacks and treasury notes be taken
out Of circulation, and be deposited to Sc
cure from one-third to one-half Of the
circulation which the banks shall ISSUE
That plan would retire about all of the
greenbackss and treasury notes, substi-
tuting bank circulation for them, and
would relieve the government from the
risk and expense of the circulating medi-
um, because the current redemption of
all OF the currency would thereby be
placed upon the banks. OF course, the
banks should be required to keep their
cash reserve in coin, and the major part
Of 1t In gold coin. and the balance in sill
ver-to which the message does not al
lude. When the recommendations of the
President and the Secretary Of the Treas
ury are crystallized into a practical work
ing system, and formulated In a bill to be
passed by Congress, 1t seems to me that
1t would closely resemble the scheme intro
duced into the Fifty-tirst Congress by me.
and more fully developed in the Flfty-sec-
ond Congress, and reported to the House
for passage by Mr.. Bacon of New York,
chairman of the committee on banking and
currency Of that Congress. The same plan
is now before the committee on banking
and currency of the House, and has re-
ceived very much more attention and ia
vor there than any other plan that has
been presented"
No Likelihood Of LegisIation This
Session.
do you think, Mr.. Walker that there
Is any prospect that the House will act
favorably upon this plan, or upon the
Presidents plan, II 1t shall be differently
formulated, or upon any plan at this ses-
sion. or enact any financial legislation7'
Il am sorry to say" replied Mr.. Walk
er. that 1 do not think 1t will be possible
to secure the adoption of any banking
scheme in the present Congress. / fear
that the President will find very deter
mined and persistent opposition to his sug-
gestions in his own party, which will make
it impossible to secure the adoption of
any banking plan in the brief tinle that
remains before March 4. The plan suggest
ed would be very advantageous to the gov
ernment and people In many ways" con-
tinued Mr.. Walker. "One of the benefits
$1OO,OOO,OO0 Of the present gold reserve, or
$3,O00.OOO. Furthermore, If the bill could
be passed which was reported by the
banking and currency committee of the
Fifty second Congress, 1t would, in its op-
erations, put an end to the whole silver
and coinage agitation. In fact, the only
solution of the present silver ENHANCEMENT
is In the reorganization of the finance and
banking of the country upon the basis of
the best and safest European banks. I
think that 1t is susceptible of proof that
the coinage laws enacted in 1878 and
subsequently are costing the country to-
day from $50, 1000 TO $40 000, 600 annually
in the excessive amount of coined money.
We have about $SO0.0OO.OOO of visible gold
and silver coin, when the legitimate de-
mands of the trade of the country. as
measured by the coin used in England.
France and Germany, cannot exceed $780,.
600 600"