The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-12-19
CARLISLE'S BILL TAKEN UP.
Springer, Walker and Hall Make The
Opening Speeches.

for the Carlisle Bill Which He is to In
troduoe-Messrs. Walker and Springer
Recognized as the Leaders of the op-
posing Forces.
Washington. Dec. 1s.-The debate upon
the currency plan proposed in the Carlisle
bill. reported from the committee on
banking and currency. was begun In the
House to-day according to the notice given
yesterday by Chairman Springer Objec-
ton was made to Mr. Springer's request
for unanimous consent that the general
debate should bo closed with the ad-
journment OF the House for the holiday
recess and it BEGAN with no agreement of
limitation in sight.
The first speakers to-day were Messrs
Springer dem, Of Illinois, chairman of
the committee on banking and currency
in favor OF the bill, and Mr.. Walker, rep,
Of Massachusetts, who advocated the
adoption of his bill. which he said he
would offer as n substitute for the Carlisle
bill. These gentlemen. recognized as the
leaders Of the forces for and against the
bill. spoke without limit, and were listened
TO attentively throughout by large pro-
portion Of the members of the House
The last hour Of the session was occupied
by Mr. Hall, dem, Of Missouri member
Of the committee on banking and cur
rency who reviewed at length the objec-
tions to the Carlisle bill made in the re-
port of the minority of the committee. He
declared them to be absurd. and said that
the condition which confronted the House
was that if any relief were desired from
the inequalities and oppression Of the pres
ent national banking law the Carlisle bill
must be passed.
The debate, in accordance with the pres
ent nderstanding, will continue the re-
mainder of the week.
Mr.. Springer. in opening the debate
analyzed and explained the bill. He said
that II did not represent the views OF any
member Of the committee or of the currency
committee in its entirety. 1t was a COM
promise measure and submitted as the
best that can be hoped for at the present
time. 1t is believed 10 be a step IN the
right direction. in the direction OF giving
greater stability and confidence to the
United States and to the whole world.
The financial world, Mr. Springer said.
had come to the conclusion that a bond
security was no longer necessary to the
establishment of a circulation. The bill
before the House does not require it,
Mr.. Smith, rep, of Illinois. asked what
provision if any, had been made in the
bill for the protection of depositors.
Mr.. Springer responded that II was
currency measure; and was not intended
to interfere with, nor change the regula-
tions for the security of national bank
deposltors found in other parts Of the
national bank act.
Mr. Springer declared that this bin pro-
vide that elasticity of the currency the
lack of which had been the greatest draw
back Of the system.
Mr.. Simpson, pop, of Kansas, asked If
the chairman of the committee had made
any calculation of the amount of addi-
tional currency that would be issued un-
der the bill, and did he bear in mind that
by the deposit of greenbacks as security
they would be taken out Of circulation, so
that the amount Of the circulation would
be reduced $500, 900 900 or 5000, ,00O0 900.
Mr. Springer replied that it would be i'm
possible to make any definitely approxi-
mate estimate of the amount of currency
that would be issued under the operations
of the bill He would call the attention
of the gentleman from Kansas (Mr. Simp-
SOM to the fact that for every $50 of green
backs deposited as security there would be
issued 800 of notes
The speaker stated that at the proper
time he would move to amend section of
the BILL so as to give the national banks
a year after the passage of the bill within
which to comply with the terms of the law,
instead Of fixing the limit at June 30. 1895
He believed that the banks could at once
conform to the requirements of the bill
but he recognized he said, the necessity
of avoiding anything that might possibly
cause a furry in financial circles.
Referring to the provision regarding
state bank issues, Mr. Springer said that
it might be assumed that states which
wished the circulation Of their banks to
go beyond the borders Of the state would
make provisions for the redemption OF
their bank notes which would make them
safe. The state bank notes, however,
would not be legal tender. The proposition
regarding state banks was different from
the one discussed by the House at its
last session-the repeal Of the 10 per cent.
tax.
He did not favor the repeal of the 10
per cent tax. He had not changed his
mind regarding the state banks, but this
did not prevent him from agreeing to a
compromise as he was not the kind Of
legislator who refused to take anything
because he could not get what he wanted.
This was not such bill as he would re-
port, If he could have had his way. All
legislation was the result of compromise,
and if any benefits were expected, this
should be accepted. If this bill was en-
acted into a law. it would improve our
financial system. 1t would not only do
this, but in his opinion, it would give the
United States the best financial system
Of any civilized country in the world. ''If
we passed it," said he, I'VE would receive
the commentator of our constituents,
which we had not received at the last
election"
In closing Mr.. Springer called on the
members to support the measure and give
the country a much needed relief.
Mr. Walker, rep, of Massachusetts, fol- /
lowed In opening, he referred to the Bal
timore plan. and dismissed it after a brief
criticism by saying it did not deserve
a moments consideration In reference
to the Carlisle bill, he said that If there
ever was a case in which bread was asked
and stone given, a fish asked and a
given, IT was in this instance.
Under the lead OF questions by men,
bers surrounding him, Mr.. Walker said |
his bill had been reported to the House
in the Fifty-second congress by Repre- |
sentative Bacon, chairman of the commit |
tee on banking and currency.
Mr.. Walker said he wanted to get back |
to the Jackson Benton democratic plat |
form of compelling the banks. in return |
for the franchise granted them, to main I
tain at their own expense the parity of |