Birmingham age-herald., 1894-12-19
Brings Forth Much Discussion in
 in House.
A STRONG OPPOSITION
To It Shown in Speeches Made. Hill's Eloquent Appeal for
 Cloture Rule.


 the currercy plan proposed in Carlisle 8 bill reported from the committee on bank ing and currency was begun in the house today, according 10 the notice given yes terday b. Chairman Springer. Objection was made to MT. Springer's request for unanimous consent that general debate should be closed with the adjournment of the house for tLe hoitay recess, and it be- gan with no agreement of limitation in sight. The speakers today were Mir. Springer, democrat, of Illinois, chairman Of the committee on banking and currency, and Mr. Wa ker, republican, of Msssa- chusetts, who advocated the adoption of his bill, which he said he would offer as substitute Tor the Carlisle bill. These gen. tlemen, recognized as the leaders of the fore .s Tor and against the bill, spoke with out limit, and were listened to attentively throughout by large proportion of the members of the house.
 The last hour of the session was oocu- pied by MT. Hall, democrat, of Missouri, member of the committee on banking and currency, who reviewed at length the ot jeciion to the Carlisle bill made in the report of the minority of the committee. He declared it to be absurd and said that the condition which confronted the house was that if any relief were desired from tue oppression oi the present national banking law the Carlisle bill must be passed. The NeDdIe, Tn dcCOTudECO WILL tu6 pItSSut understanding, will continue the remain der of the week.
 Mir. Springer, in opening the debate, an alyzed and explained the bill. He said that il aid not represent the views Of any mem- Der 0. the committee or of tbe country in it's entirety. It was a compromise measure and submitted as the best that can be hoped for at he present time. IL IS be- leved to be step in the right direction, in the direction of giving greater stability and Rdap t,t ha tod f.fe md tn ha whole world. The fuaniClal world, Mir. Springer said, had come 10 the conclusion that bond security was no longer neces- sary 10 the establishment of a circulation. The bill before the house does not re- qulre it.
 MT. Smith, republican, Of Illinois, asked what provision had been made in the bill for protection of de ostors.
 MT. Springer responded that 1t was a currency measure and was not intended to interfere with nor change the regulations for the security of national bank deposit tors found in other parts of the national bank act. MT. Springer declared that this bill provided for elasticity of the currency, the Jack of which had been the greatest drawback of the system.
 Mr. Simpson, populist, of Kansas, ask ed if thechairman of the committee had made any calculation Of the amount Of additional currency that might be issued under the bill, ana did he bear in mind that by the deposit of greenbacks as security they would be taken out of circulation, SD that the amount of circulation would be re- duced S200, coo, GOO Or $300. GOO ,030.
 b.r. springer replied that IL would be impossible to make any definite approxi mate estimate on the amount of currency that would be issued under the operation of the bill, but he would call the attention or the gentleman from Kansas (Mr. Simp- son) to the fact that fer every B of green backs deposited as securi y there would be issued Sl00 Of coin. The speaker stated that at the proper time he would move to amend section of the bill so as to give national banks year after the passage of the bill within which to comply With the terms of Inc law, instead ot fixing the limit at June 30, 1895. He believed that banks could al once conform to the require ments of ihe bIll, but he recognized, he said the ne cesslty of avoiding what might possibly cause a furry in financial circles.
 Referring to the provision regarding state back issues MT. Springer said that it might be assumed that states which wished the circulation of their banks to go beyond the borders of the state would make proVi- sion for the redemption of their bank notes which would make them safe. The state bank notes, however, would not be legal tender. The proposition regarding state banks was different from the one dis cussed by the house ut its last sessloD-the repeal of the 10 per cent tax. He did not favor the repeal of the 10 per cent tax. He had not changed his mind regarding the state banks, but this did not prevent him from agreeing to compromise, as he was not the kind of legislator who refused to take anything because he could not get what he wanted. This was not such n bill as he would report if he could have had his way. All legisla- and if any benefits were expected this should b, accepted. If this bill was enacted it would improve our financial system. It would not only do tbis,. but, in his opinion, iJ would give the United States the best financial system of any civilized country in the world. ''If we passed it, said he, ''we would receive the commeuGation of our constituents which we had not received at the last cleo tion.'
 h closing Mir. Springer called on the members to support the measure and give the country Il much needed relief.
 Mir. Walker, republican, of Massaclu- sets, followed. h opening he referred 10 the Baltimore plan and dismissed IL after n brief criticism by saying that it did not deserve moments consideration. In reference to the Carlisle bill he said that if there ever was cas. in which bread was asked and stone given, tsh asked and scorpion given, it was in this instance. Under the lead of questions by members surrounding hi"> MT. Walker said his bill had been |. ported to the house In the Fifty-second congress by Representa- tive Bacon, chairman of the committee on
 
 he wanted to get back to the Jackson Ben ton democratic platform of compelling the banks, In return for the franchises granted them. to maintain at their own expense the parity of their notes with gold. "I want congress- '' he said, "to do with regard 10 banking just what it does with regard to murder aud theft-meddle for the benefit of the whole people and for nothing else" Under the operations of his bill, Mir. Walker said, ihe losses from failed banks in the last thirty years would have amounted to SS000, an infinitely small sum.
 h conclusion Mir. Walker said his bill provided for the appointment of com 1. mittss, consisting of five leading bankers ! In the five principal redemption cities, kvhich shall give the secretary of the treas-
 " advice and counsel in all matters re-
 Ing to the financial matters of the gov
 aent. This was measure of relief to
 scretary that was worth whole ses-
 yd of legislation. "Manuiug has died ,. DWindom has died, and any secretary who remains at the head of the treasury aepArt-