The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1894-12-22

WAsursoroX, D. G., Dec. 2l.-The Car
Isle currency bill, now before the house
OF representatives, will be withdrawn
and q substitute presented. This de-
cision was reached after caucus OF the
Democratic members OF the banking
aud currency committee, followed by
conference between Secretary Carlisle
and Chairman Springer. The substi-
tute has already been drawn and will
be offered by Mr.. Springer. 1t differs
very materially from the original Car.
Isle bill.
The caucus Of the banking aud cur.
rency committee Democrats was held
at the committee room, the following
members being present: Springer, Cox,
Culberson, sperry, Warner. Cobb { (Ala.),
and Ellis Mo-
The absentees were Cobb (Mo.), Hall
(Mo.l, and Johnson (0,l 1t was re-
ported that Secretary Carlisle was pres.
ent, but this proves 10 be incorrect.
The discussion took wide range, and
the sentiment was general that the bill
would have to be materially changed in
order to meet objections and command
a support which would secure its pass
age. The needed amendments were
formulated, aud when the caucus ad-
journed it was not contemplated that
the Carlisle bill should be more than
amended. It was arranged that Mr..
Springer should see Secretary Carlisle
to-day and submit the contemplated
changes.
When Secretary Carlisle and Mr..
Springer met it was determined that
the better plan would be 70 frame q
new measure in the nature OF q substi-
tute instead OF mutilating the original
bill with many amendments which
went to its vital principles. According
ly the substitute was agreed on tn full,
and as soon as it can be copied and put
in proper bill form it will be presented
to the house, and thenceforth be the
bill ON which tho currency debate Ia TO
proceed. Two very important features
make their appearance for the first
time in the substitute. The main one
will have the effect of allowing the na.
tional banking System to run along.
without an arbitrary provision that
banks must organize under the new sys-
TEN.
The original Carlisle bill contem-
plated that all national banks must re-
organize under the new plan. This
would have required them to surrender
the government bonds which now con-
stitute the basis OF their circulation.
But the substitute does away with this
imperative change. II national banks
wish to continue to hold their United
States bonds and issue circulation there.
on they may do so. 1t 10 felt that they
will soon discover the advantages of tho
new system and will therefore accspt it
voluntarily, but the option will be given
to them to judge for themselves, and II
they wish they may continue as national
banks.
The other important feature OF the
substitute Is that 1t does away with the
unknown liabilities OF banks to guarau-
tee the notes OF other banks. This
feature OF the original bill has been
much criticised. 1t contemplated that
if q national bank failed the notes
would be paid out OF the assets and the
national surety fund made up by all the
banks. But il tho assets and surety
fund were insufficient to pay the notes
OF the failed bank then the comptroller
OF the currency was to make pro rata
assessment on all the banks Of the
country. The banks said this protec.
tive assessment shouldered them with
an unknown risk. In effect it made
them supply insurance on all the notes
OF banks Ia which they had no concern.
In view OF these criticisms the substi-
tute will do away with the assessment
plan. The safety fund.- will be the
limit Of the joint liability Of all the
banks for the failure Of individual
banks. They will, however, be COM
PEELED to keep US this safety fund by
more rigid provisions than appeared in
the original bill.
Besides these two main changes,
there arc many lesser ones which were
summarized as amendments In these re-
ports yesterday, but which will now be
incorporated as part OF tho substitute.