Warren sheaf. [volume] (Warren, Marshall County, Minn.) 1880-current, 1894-12-27
THE CURRENCY elLLsa.

secretary Carlisle's Measure Discussed In
the Lower House OF Congress. &
On December ~ MI. Springer dem, MY q
committee OF the whole opened the debate on
the currency bnl. The great Importance 81
the pending measure, he began, could not be
more effectively emphasize than by referring
10 the report OF the comptroller Of the cur
rency, which showed that last year there were
8,OCO COO depositors in national banks having a
capital stock aggregating 81 ,069 GOO COO Their
deposits amounted to 81 go 600 600 Mr. Springer
declared that the committee had given the sub
1ect the most careful consideration. It had
carefully examined the recommendations OF
\ The president and the secretary Of the treas-
ury, had called before it some Of the ablest
nnanc1ers In the country, and the result had
been the presentation of@the pending measure
as measure of financial reform.
MT Malone. rep, Pa) thought that II half
the banks should fail and the other half. be
assessed to redeem the failed banks notes, the
solvent banks would be bankrupted to aid
the nsolvent banks, to which Mr.. Springer re-
plies: III all the banks should fail under this
system the note holders would be secure
Mr. Walker (rep, MASSEY said the bill pre-
Sented by the secretary OF the treasury had not
one feature that could be enacted, except after
aremodeling, without endangering the financial
interests OF the country. He then spoke Of
MS own bill and its superiority over the Car
IL /
would be passed in place OF the Carlisle bill.
Mr. Hall (dem., MOI said it must be distinct
~ understood by members that the Walker bill
was not under discussion and that when they
came to vote they must vote either for the
Carlisle bill or continuation of the present
system. Mr.. Hall commended thatthe Carlisle
: bill was opposed by the national banks because
they preferred the Baltimore plan Why? Be-
cause in the Baltimore plan the government
stood behind the notes issued, and IN the Car
Isle bill the banks themselves were response
BILE for their notes. Mr.. Hall insisted that
every bank official summo ned before the COM
m1ttee had been forced to admit, when cor
nered, that currency issued under the Carlisle
bill would be entirely safe. IT hey had opposed
the bill on account OF the fifth section, which
made the banks solely responsible for 5heir s.
sues.
On the 10th Mr.. johnson (rep, Ind admit
ted the defects of our currency system. but he
said their correction could not he obtained
along the lines suggested by the committee
1t was much easier, he declared s to attack the
present systenstllan offer safe substitute for
IT, While remedial legislation might be adj
VISIBLE this was no time for experimental
legislation. Mr.. Johnson then contrasted the
advantages of the national banking system
with respect to prompt and sat sfactory set
Element against failed banks and Of security to
note holders, with those of the state bank syS-
TEN revived by the bill.
Mr.. Warner (dem, N. advocated the pas
sage OF the bill because OF the proposed rehab.s
ililation of state banks, and because OF the
fact that it took the government out of the BUSH
ness OF issuing currency.
Mr.. Ellis (dem., Ky.) opposition was largely
based upon the fact that the bill provided for
a reorganization and extension of the national
banking system, when every state and national
convention OF the democratic party for years
had declared against it, and this at time
when the necessity for their services as fiscal
agents, If it ever existed had absolutely passed.
Mr.. Bland (dem., MOI gave notice that he
would move to amend by substituting for the
bill his free coinage OF silver and coin note
scheme.
On -the 2lst Messrs. Pendleton dem
w. Va.), Russell rep, COMFY. Sickles (dem
N. W. McLaurin (dem., S. CO. and Rawlins
(dem, Utah) participated in the currency dis
cussion. Mr.. Sickles said that he would like
to see the measure perfected in order that he
could give a cheerful vote for a bill intended 10
relieve the financial embarrassments OF the
country. Two evils. said he, threatened the
nation First, the serious drain Of gold from
the treasury as result OF the outstanding
legal tenders In this bill he found no remedy
for this alarming menace. This fact consti-,
tuted his first criticism Of the bill. 1t was in
this respect inadequate. The government
paper was in reality government debt which
ought to be funded. "Let,us RETURN said Mr..
Sfckles, Ito the sound principles of the days
before the war. Let US adopt the McCulloch
plan of funding the green hacks