The Portland daily press., 1894-12-27
WASHINGTON NEWS.
Story OF The Forming Of The
Currency Bill.
LEADERS ARE NEEDED TO HELP
THE MEASURE ALONG.

How Mr.. Springer Stood on the Banking
Bill at the Beginning of the Session
Its Not Expected the Present Bill Will
Pass the House-A Proposition to
Hold Democratic Caucus.
Washington, December 25.-Before the
House of REPRESENTATIVES resumes its
work next week, it is hoped by some of
the friends of currency reform that mnch
of the fog in which the peEdin G curren-
cy bill is hi dden will be cleared up, and
that it will be possible to bring good
measure out of what is admitted to be
good deal of muddle. What has been
discussed as the substitute bill by the
way, ought not to be called substitute,
but proposed su pstitute, or bill pro-
posed to be offered as substitute. The
newspapers, owing to Mr.. Springer,
largely, have talked of it as an actual
substitute. But il has not been su bstl-
tuted for the original Carlisle bill,
which is under consideration In the
House as in committee of the whole.
When the committee met at the begl n
ming of this session, it's liveliest recollec-
ton was of the signal defeat of the bank
administration currency plan was going
on. Mr.. Springer, who had seen new
light, did not maintain his former alll-
ance with the Repu blican MT m bers. lie
fell in with the majority, ard offered to
cooperate with them. A careful can
showed that while barely majority
favored the report of "a" bill, there was
not the slightest hope of obtaining
majority on any particular bill.
After repeated caucuses, in which 1t
was discovered that there were as many
shades of opinion as there were Demo-
cratic mem bers, it was agreed to report
the Carlisle draft of bill, just as it
came from the Secretary. This was the
only way to get bill before the House,
as there was mo agre ement asto proposed
am endments. In reporting the Dill, 1t
wasxagreed that each Der OF the
majority was at liberty to offer sand sup
port any amendments to 1T that
he considered desirable. There was
au understanding among the Democrats
of the committee at this time that. i
view of facts brought out in the hear
ings on the Secretary's plans, the Secre-
tary would propose comprehensive
scheme of amendments. These amend
ments weresexpected with deep interest.
When, on Wednesday, Decemb Der 19 Mr..
Springer passed about the scheme" pre-
pared it was found to the surprise of the
mem bers of the committee to be merely
plan Of immaterial perfection, rather
than one of amendment.
MI. Springer, on Thursday last. Sub
mitted these amendments to the House
OF his own volition he had drafted them
into what he considered a substitute,
and this he gave out with sundry inter
views intended to make the text of the
bill clearer to readers. AS matter or
fact the committe has agreed to no sub
stitute. The understanding among It's
mem bers is that the bill is in the House
and OPEN to amendment, and that the
southern and western members who
have amendments to offer making
changes IN the state bank provisions,
which are not objectionable to their col
leagues, as they are believed to be in the |
direction of simplicity and safety, are
to have opportunity to press them. Mr..
Sperry and Mr.. Warner demand more sub |
stantial proviaion for green back retire |
ment than the surplus revenue clause in |
the bill and the per cent deposit in |
connection with the curreDcy.lssues. Mr.. |
Warner objects totally to the 30 per cent (
deposit requirement., ana an are agreed
that the limitation as to the denomlna- |
ton of notes, it retained, shall apply to |
state bank issues, as well as to national
bank issues.
This is the situation that will be met |
when the House resumes the discussion |
a week hence. The friends of currency |
reform believe that the situation is not |
hopeless if it is we'll handled. What is |
needed is leadership. Some Of the mem I
bers OF the committee admit that it |
would be- accepted from the President, |
the Secretary of the Treasury, or the |
chairman of the committee, If it be |
clearly and vigorously expressed. Thus
far thoseewho have known what they
wanted appear to have got it., and they
have improved the shape of the bill. |
It remains to be seen whether the bill |
can be perfected:and passed.