The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1894-12-15
SEATTLE. WASHINGTON. SATURDAY.

Monday. Chairman Springer said this
programme was mere surrnise. All the
committee had actually dcns WAS 10
agree 70 meeting suu<izy night. IL being
Understood that final vote on the bill
could then be takeaA Walker taereupon
moved that tire committee should not
consider such al agreement. We have
been turning over this currency question
for the last ten months. said Walker.
AT the end OF thar time Secretary Car
Isle comes IN with q bill which he tells
US be dictated hurriediy 10 bis steaogra-
pher before coming 10 the committee
room. No man living could prepare
measure affecting such vast interests in
less than a week Yet this. is the bsii
that Is TO be reported ofr-hand. This
haste is not becoming 20 Us as legss-
lators. There should be a fal consid-
Grafton OF the question without limit OF
time" Walkers motion 20 reconsider
was voted down by a strict party dsvis-
lon Yeas-waiker. RrosiGs and John
son. Of Indiana. Republicans. Nays
Sperry. Cox. Ellis. Cobb. Of Missouri.
Warner. Black. of Georgia. and Springer.
Democrats. johnson added his protest
20 that OF Walker. He said he had at
first agreed 20 the meeting tomorrow
night because he knew the majority had
virtually agreed on the bin and was
ready 10 push IL through the committee.
SO IL was useless 10 resist haste
Ex-Representative A. J. Warner. of
Ohio, president OF the bimetallic league
addressed the committee. going into the
principles OF the entire question. He
urged that an elastic currency. such as
Secretary Carlisle suggests. was an inn
possibility as ortces rose as fast as cur
rency increased. Mr. Warner said the
history Of the world proved that the gold
stanear; could not oe maintained by Civ
ing TO the banks the power OF expanding
the currency. He was amazed that this
proposition should be made in this enlight-
ened age, IN the face OF the financial ex-
periences OF the world
A long discussion arose between Gen.
Warner and MIR. sperry over a question
by the latter "a to the effect the increase
OF the circulation would have upon the
price OF labor. Mr.. Sperry called attsn-
tion 90 statement made by the treasury
department. showing that the circulation
in 1873 had been s771. GO. 900. whereas in
1888 II was over 81 20. .coo. 600. and asked him
crease in wages. Mr. Warner replied by
challenging the treasury report OF the
gold in circulation at the present time
which, he said was sz00. boo. GO beyond the
facts. and by referring 10 the increase OF
population and wealth. AIR. Sperry did
not consider the reply as adequate. ard
intirnated that. II MIR. Warmers theory
had nothing more to stand or. ii must
fail.
A. l. Ripley. vice president OF the Ma
tionaI Hide and Leather bank. OF Boston.
characterized the scheme OF issuing de-
oughly vicious. Under this system banks
had no means of adjusting their reserves
to meet the demand of the times. thus
compelling them 10 keep reserve which
at one time would be too large and at an
other time too small. He opposed state
banks because OF need OF uniformity. A
speedy and uniform system of redemption
thought. was best secured through the
national banks. Referring to Secretary
Carlisle's bill. Mr.. Ripley said he thought
the tenth and eleventh sections would
open the gates 10 extensive counterfeit
ing. unless changed He also thought the
provision for redemption in the case Of
the national banks would be found too in
adequate. Tue secretarys plan Ia this re-
speet would. II adopted. mark a retrogra-
ton IN banking. He considered the pres
ent system safer than the one proposed