Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1894-12-18
THE BANKING BILL.
In VIII Not Be Acted On Bsl0l'
Christmas.
MAJORITY AND MINORITY REPORTS
pesume Of the Views ON Both Sides of shs
Questjon-somc Republican
Sarcasm.


n ia understood that the Carlisle bank
ing bill will not be voted upon before
H.. holiday recess. 1t will probably be
taken M In a day or two and discussed
until the holiday adjournment and the
vote on its passage will be taken some
,,re after the reassembling In January.
II Is thought almost impossible to hold a
voting quorum IN Washington until the
discussion OF the bill nas been concluded
and for this reason the postponement VIII
protably be agreed TO by the friends OF
the measure.
The committee. the majority report
saws. are OF the opinion that security
tt, the full amount of the circulating
notes issued is no longer necessary ior
the safety OF the notes.
An exhaustive argument Is made 70
demonstrate that II the proposed Dill mad
been In force during the crisis OF 1875
II all the banks had heretofore taken
out circulation to the maximum amount
allowed by law, and II the failed banks
had also taken out their maximum crcu-
lat,on. the guarantee and safety funos
wculd have been ample for the payment
Of the entire circulation OF the outsfand-
,nr notes. and would have left surplus
OF over sll .OOO, 900 still in the safety fund,
witt out the necessity, even In great
crisis Of that kind. Of making any assess
ment on the resources OF the other ma
tional banks.
The committee is further Of the opinion
that should the proposed bill become
law, the notes which would be issued
under IL would be absolutely safe under
any and all possible business conditions.
The report contends that IL the provisions
OF the bill relating to State banks are
ob.eryed, they will throw around the
STATE bank circulation the most essential
safeguards which are provided for the
national currency. II they are not OBJ
served, the 10 per cent. tax will be i'm
posed and the notes will be suppressed.
COMMITTEE CONCLUSIONS.
The conclusions Of the committee, as re-
nected in the report, are thus briefly
epitomized:
II the proposed bill should become a
law, 1t will provide for a safe, sufficient.
and flexible currency The bond security
required for national-bank notes makes
hexibility very difficult. IL not impossible
The proposed bill requires that the secre-
tary shall keep on hand tblank notes,
which can be issued at any time TO any
amount which may be required by busi-
ness conditions within the limit or the
circulation permitted under the bill.
Thus provision Is also made for retiring
notes promptly when the banks may de-
sire TO do so, and, as the outstanding
notes will be taxed one half of / per cent.
per annum, and, as the banks taking
-
thereof in legal tender notes, there will
be an inducement TO retire the circulation
when II is not needed. and at the same
time an inducement 20 take out circula-
ton when business conditions require It,
1.-THE extraordinary conditions which
confront the Treasury Department have
constrained the members Of the majority
OF the committee, while not agreeing TO
all the provisions of the bill. nor TO all
the reasoning employed in this report,
to concur in reporting the measure to the
House for it's consideration, each re-
serving to himself the right to offer such
amendments as he may deem proper,
and to vote on the bill finally as he may
determine"
MINORITY REPORT.
The report of the Republican members
OF the committee begins with the state
ment that the signers "most heartily and
enthusiastically join with the Democratic
majority OF the committee In repudiating
the measure. In the opinion OF the mi
nority, the provisions Of exemptions as
to State banks would drive every ex-
listing national bank that desires to take
out circulating notes into the State bank
system If the bill were enacted. The
taxation OF national banks would amount
to 100000 annually under the present
bill. which there is no reason to believe
would be imposed upon them under the
State system. Furthermore, the States,
even the most conservative among them,
would be far more liberal than the United
States as regards bonds, or any other
security or redemption fund, for they
| may require the deposit OF no bonds
whatever"
1.-THE minority cannot believe that IL
was the intention OF the trainers of the
Carlisle bill to discriminate In favor of
State banks. or force the national banks
to operate under State charters, yet such
| In their opinion would be the inevitable
| effect II the bill became a law in its
present form"
The report directs attention to the fact
that all the witnesses who appeared be-
fore the committee objected seriously to
the bill, and "the gentlemen who APP
peared were," the report says, "eminent
as hnanciers, and unprejudiced az any
men are likely to be.
The passage Of the Carlisle bill NAV
meet some political exigency Of which we
do not know, but we do know that its
passage will aggravate rather than re.
iieve the perplexities OF the financial stu.
alton. and especially that OF the United
States Treasury"
The minority contends that IL Is 4
| hopeless task TO undertake to pass legis
lation permitting State banks to issue
currency notes. and ii therefore protests
against consuming the time OF the House
In profitless discussion Of that objection
able section of the Carlisle bill.
Finally. we are OF the opinion that (,
| Is not safe for the House to enter upor
the line of legislation proposed until some
bill Is brought before II that has received
| far more attention than the Carlisle bill
| and rpC0pnmpnA hat IL ha ind