The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1894-06-14
BETTER CURRENCY
Walker Explains Proposed
Methods.
CHANGES IN THE SYSTEM.
What Is Expected of the New
Select Committee.
WILL BREAK AWAY FROM BILLS.
Naturalization of Banks and Broad,
Improved System Is What
Is Desired.

WASHINGTON, June misrepresentation
Walker OF Massachusetts. veteran men,
Der OF the Committee on Banking and the
senior representative member of the COM
mittee. says that, in his opinion, the ques-
ton of banking and currency about to be
matured, In comprehensive system. by a
select committee of FIVE mem bers. under a
recent vote of the Banking Committee, is
the most important subject before Con-
gress. not second to the tariff.
Sealed ballots are now being filed for the
purpose of selecting the committee of five.
Each member of the Banking Committee
has vote and names five of his associates
on the committee. The seals will be
broken on Friday and five mem bers having
the largest numb of votes will constitute
the select committee. Walker has agreed
that no votes be given to himself or to
Springer, Warner or Sperry, as each of
them has banking bill to which he
naturally will be inclined. The entire
purpose Of forming the select committee is
to break away from the present bills and
to get up broad banking system with
such good features of all bills as may
recommend themselves.
1.-The committee of five will sit continu-
ously," said Walker, with view of re-
porting their work to the House by the
9th inst. TO insure positive results. Re-
cent discussion in the House and in COM
mittee has made the substantial features
OF the system reasonably certain. 1t is in
the direction of national currency and
national banking and away from State
banking and based on gold and silver in
stead of bonds. The general desire is to
create system of national banks which
shall proceed along lines parallel TO the
present national-baDk bill. The latter
will be merged gradually into and alb
sorbed by the new 8 ystem. AS the char
tiers of the old banks expire they will be
given charters under the new banking
system. Thus the old and new systems
can proceed in parallel lines without any
dlsarrangement of either system"
Walker was asked what the new system
of banks would have to do with the ssu-
anee of money.
"The bill undoubtedly will provide"
said he. ''for doing away with the various
forms of currency now issued, and the
substitution therefor of a uniform paper
money issued by the Government through
banks. At present the Government cir
culates the treasury notes, green backs,
silver certificates and various kinds of cur
rency. and the Government undertakes to
make good this money. but the purpose
will be TO make the national bank the sole
source of Issuing currency, under Govern
ment su pervision and direction. The Gov
eminent thus will be relieved of the bur
den OF issuing, circulating and currently
redeeming these various forms of cur
reucy, and the entire responsibility will
be placed on the banks. This national
bank currency would be surrounded by
all the safeguards of the present laws and
such other safeguards as would insure its
proper redemption. In short. the Federal
Government will be relieved OF direct at
tention to the Issuance of money and all
responsibility for keeping it. 1t will be
good money. and yet will insure the public
that every dollar issued by the national
banks is good and redeemable the country
over"
"Can such a measure be passed at the
present session ?" Mr. Walker was asked.
Possibly not" said he, "but it will
serve valuable purpose to business. The
mere fact that such comprehensive
measure for a national currency can be re-
ported and put back on the calendar will
have a salutary effect in business and
banking circles. 1t will be in shape also
to be taken up at the next session of Con-
gress. The recent debate on State banks
has been one of the best and not beneficial,
from an educational point of view, we
have had in twenty years. 1t has cleared
the way for safe, sound and conserva-
tive system of nationalized banks and
currency"