The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1894-12-19


discussion, and Richardson of Tennessee
took the chair.
Walker of Massachusetts, in charge of
the opposition to the measure, gave notice
that at the proper time he would offer
substitute Springer. before entering upon
argument, asked that general debate be
considered closed on Saturday next, when
the holiday recess is to be taken. Walker
protested against any arrangement at this
time. He said he felt convinced that no
member would discuss this measure in
other than serious vein.
Attempts to reach an agreement having
failed, Springer delivered the opening
speech In favor of the currency bill. The
great Importance of the pending measure
he said. could not be more effectively en-
phasized than by,referrng to the report of
the Comptroller of the Currency. which
showed that last year there were 5000 900
der ositors in national banks, having a
capital stock aggregating $1,o69.000000.
Their deposits amounted to 1920, 900. 900.
Springer declared that the committee
had given the subject the most careful
consideration. Il had carefully examined
the recommendations of the President and
of the Secretary of the Treasury, had
called before it some of the leading finan-
cal men of the country and the result had
been the presentation of the pending
measure as measure of financial reform.
He did not pretend 10 say that the bill
represented the views of Individual men,
berS of the committee. 1t was a COM
promise and as such harmoniZed fairly
with the views of ALL Springer then pro-
ceeded to detail the scheme Of the bill.
repeating much in his speech which had
already been printed.
Sckles 3D. of New York interrupted
Springer 10 ask him how he reconciled the
second and fifth sections of the bill. The
second provided that the note holders
should have a first lien on the assets of
bank issuing them; the fifth gave the
association of bankers contributing to the
safety fund a first lien on the assets
Springer replied that the proposed act
gave the bill-holder the first lien on the
assets, the banking association first lien
on the remaining assets.
"But the word remaining is not in the
fifth section," said Sickles.
THAT will be the effect Of the law" re-
marked Springer
ut is not a law yet" retorted Sickles
You must vote it through first"
Springer finally admitted that the word
remaining should have been incorpor-
ated in the fifth section, and said this was
one of the slight defects of the bill that
could be readily corrected.
in case Of panic, if half the banks in
this proposed system should fall" in
would the other half be assessed to re-
ho IF ha foil an l,rO
certainly"
THAT is, the solvent banks would be
bankrupted to aid the insolvent?"
There would be no such result" re-.
piled Springer. ''lf all the banks should
fail under this system, the note-holders
would be secure"
In answer to an inquiry by Simpson of
Kansas, Springer said that as far as tie Re-
tirement of the legal tenders was con-
cerned, for every dollar deposited in the
treasury by banks 81 in circulating notes
would be found.
While Springer was discussing the pro-
vision looking TO the ultimate redemption
and retirement Of the legal tenders, en-
phasizlng the necessity for this by point
ing out that the treasury had within the
year twice been forced TO issue bonds to
protect the redemption fund, Can
non (R) of Illinois asked whether it
was not true that the 500, 900, 900 Dor
rowed to maintain redemption had in re-
atty been used to pay the current ex-
penses Of the Government.
There is nothing in this bill on that SUBJ
ject." responded Springer. Springer gave
notice that at the proper time he would
offer sundry amendments looking to the
perfection of the bill, among them one
permitting the deposit of currency certifi-
Gates issued under the act of 1872, $54, 0OO,-
GOO of which were outstanding.
Dingley (R.) of Maine charged Springer
with inconsistency in now supporting
bill which contained a provision for the
repeal of the 10 per cent tax on the State
banks, measure which he had earnestly
opposed less than six months ago.
Springer insisted that he did oppose the
repeal of the tax on State banks as a sep
arate measure, but when made part of
general system of financial reform he con-
sidered it safe. although he was frank to
say he would prefer simply national bank
circulation.
Walker (R) of Massachusetts. who was
in charge of the opposition to,the measure,
lueu IUUh tHe uOpE. lie began with q
statement of the essence of the Baltimore
plan. The beginning and the end of that
plan, he said, was to give TO national banks
power to withdraw their United States
bonds from the treasury and issue circu-
lating notes on their assets up to 80 per
cent. 1t afforded not a shadow of relief
and did not deserve moments consider
alton. Again, the bill presented by the
Secretary of the Treasury was an amazing
scheme. The bill had not feature that
could be enacted except after remodelfng
without endangering the financial interests
of the country. Carlisle had drawn the
bill over night. He described the peril of
the present condition Of things in the
banking world; the dangers that threat
ened. Yet, the Committee On Banking
and Currency had dawdled its time until
this undigested scheme Of the Secretary
OF the Treasury had been thrown into the
hopper when, after few hearings. it had
been brought into the House without a
single change. Walker spoke On his own
bill and its superiority over the Carlisle
bill. He expressed the hope that the bill