The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-12-07
A STATE BANK CURRENCY.
CaTliSle'S Scheme Well Received BY The
House Democrats.

I DNhtNNAutOt
The Committee on Banking and Cur
rency Expected to Report a Bill on the
Lines Drawn by the Secretary II
Canvass of the House Leads to a Be-
lief That the Measure Would Pass the
House, but Its Fate in the Senate
Doubtful.
Washington. Dec. GA consultation Of
the leading democrats in the House and
Senate within the past two or three days
has resulted in a determination to do
something toward passing the currency
reform scheme suggested by Secretary
Carlisle and indorsed by the President.
For this reason the meeting Of the bank
ing and currency committee of the House,
which has been called for tomorrow
morning. promises to result in the final
reporting of bill framed upon the lines
Of these suggestions.
Invitations will be sent out to the promi-
nent bankers OF New York, Boston, Phila-
delphia, Baltimore and possibly Chicago,
to appear before the committee and give
retary's proposition. Secretary Carlisle
was at the capitol to-day and promised to
appear before the committee next Mon
day.
The sentiment of the House has been
gathered with some care by Representa-
tive Catchings, the leading member of the
committee on rules. and the first heuten-
ant OF Speaker Crisp. He said, as the re-
suit Of this canvass. that he believed a
bill framed in accordance with the views
of Secretary Carlisle would be reported
and would be passed. 1.-THE support for
such a bill would not be confined" said
he, TO any section"
Bourke Cochran of New York, who
stands as the representative of the ultra
conservative sound money sentiment of
the House, favors the proposed scheme.
While 1t is equally favored among south
erners, who want an elastic currency Mr.
Cochran said: There is no doubt that
something must be done with our present
currency system. 1t is too rigid In
France and Germany, where the systems
are different from those In force in Eng
land and the United States, thew pass
through panlcs with more ease than we
do here. Personally 1 have always been
believer in states banks of issue 1 advo-
Gated them years ago, when l was laughed
at for my temerity, and L am more con
Vinced now, more than ever, that govern
mental control of banks is not desirable"
II the bill is reported, there will. of
course, be cooperation on the part of the
committee on rules for it's consideration
Beyond doubt there will be no trou-
BILE on that score"
Mr. Springer, the chairman of the COM
mittee, believes that a financial bill will be
reported from his committee before the
holidays, and he also believes that il will
pass the House. He has always been
against state banks, but now says that If
the states can guarantee the redemption
of the currency of the banks, there ought
to be no objection of their establishment
Mr.. Sperry of Connecticut said that he
thought bill might be reported but he
was not so certain as to its passage.
Southern men, on the whole. are in IA
vor of the action. The state bank idea has
always been popular with them Some of
them, as Mr. Tate of Georgia, for in |
stance, regret exceedingly that President
Cleveland did not at the time he advocated
the repeal of the purchasing clause of the |
sherman law, advocate some sort of fnan-
cial scheme such as he now indorses. ''It !
would have meant so much more to us |
then" he said.
Representative Williams of Mississinni |
who is southern silver man who favors |
the Carlisle plan, says that he advocates |
1t totally Independent of any question of /
free coinage. Currency reform is one |
thing" he said, ''and the free coinage of I
silver is another. Because all agree to |
the one, it does not mean that we aban
don the other We do not propose to yield
in the slightest degree our support of sill
ver."
Other southern members, including Mr..
Cobb of Alabama and Mr.. Henderson of
North Carolina, the chairman of the post
office committee, are anxious to see some
kind of financial legislation enacted. while
Mr.. Brookshire of Indiana, a member of
the appropriations committee says that
the Carlisle plan receives his approval
because it is the best solution which has
yet been offered.
All OF the congressman who are thus will
ling to do something in the House ac-
knowledge that they are by no means Ger
tain that any plan can pass the Senate.
They realize that in that body the demo-
Gratis are by no means united, and that the
republicans are not likely to SUPPORT anv
which has a democratic parent
age. These obstacles, they agree. NAV
be insurmountable, but they are anxious
that the House shall take prompt action
and thus throw upon the Senate the re-
sponsibility of the non-action which they
are only too sadly afraid is to be the final
outcome of the lively interest which is
felt in the House. 1t was the sentiment of
the democratic senatorial caucus TODAY
that some financial legislation on the lines
above indicated should be pressed for
final action during the present session.