Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1894-12-19
snvnnnlN onIrlcIsnp.
The Minority Report OF the Ranking
and Currency Committee.


washington, Dec. is.--The minority
members OF the banking and currency
committee severely erltlcisc the Carlisle
bill, They say; THE whole action OF
tho majority or the cemmittae was most
extraordinary and not approved by It's
voting majority.
Secretary Carlisle read a part OK the
bill on the first day OF hia address to the
committee saying he hnd not nnlshed
debating Il and would bring Il in when
he finished his address to the committee
on the following day. which he did IL
was not again read or considered and
opportunity 20 read or consider Il waa
refused 10 all members, Democrats and
Republicans allie
"on Saturday at 4 p, M, immediate
~ ON the close Of MIR. St John OF New
York q motion was made Ia close tho
hearing and 10 Into executive session,
Upon the attempt OF the minority
members to take NJ a bin for consider
alton they were Informed BY the ohait-
man, Mr.. Springer. that the majority
/ Democratic committen had concluded
I not to aubmii the htli TO the committee
4 for any motion whatever but to report
] 81 TO tho house on Monday, and that
each member could offer what amend
menta he chose IN the house,
! 1T IN the opinion or u number OF the
I most clear headed aud eminent imam
I clers IN the country that II the Carlisle
bill was enacted Into law Within
twenty days that 1, would precipltate
a panic far more severe than that OF
1888,
"Suction rcpeals an acts and parts OF
acts which require or authorize the do
posit Of United States bonds TO secure
circulating notes, etc., instead Of so
much OF all acts and parts of acts etc.
How many thousands may be &C.
riously injured BY such needless whole
sale repeal OF tho statutes or whether
ahe supreme court, after years Of MT
cation might by construction re-onact
some parts Of such Htatutoa which SEQ
ctliry Carlisle had repealed no ono enn
toll
"seetlen 6 provides that each Hsao-
citation organized and each association
applying for additional shall pay ITS
pro rata share Into the said fund
before rccrlving notes, without deiln-
ing how the total fund, or each Bharc
shall be ascerlained, In The ram1 para
graph II IN provided that
when national banking association
becomes insniyent its guarantee fund
held on deposit shall be transferred TO
the safety fund herein provided Tor
aud applied 10 the redemption OF ~
outstanding notes.
"That Is TO ray Il Il merged Into the
anfety FUND. and again there Is no pro-
vision IN the bin for the safety fund.
Tho same paragraph provides that ~
nase We said last mentioned tupu
aafety fund should at any tinc be I'm.
palred by the redemption Of notes ~
failed national banks aud tho inme-
dlatn available assete OF said banks arc
not sufficient 10 reimburse ", said fund
shall be at once restored by pro rata as'
sessmenta upon all the other nasociA'
tons. and also associations 80 Assessed
shall have ilrRt lien upon the ASSET
OF each failed bank for the amount
properly ciiargeabie 10 such bank OF
account OF the redemption of It's olrcu
lnIon, and these are all the provision
IN the bill OF how anyone IL no proceed
ard without defining Who shall proceed
TO do It. or as TO how the notoB Of fnilee
. banbs shall be redeemed
"That IL, IN the face Of the chrllsh
; bill, when bank falls IT'S guarantee
fund N TO be paid Into the snfety FUND
Then the notes OF the failed bank ar'
/. 10 be pnld out Of the safety fund. Ther
: All OF the national banlta IN the country
are 10 be assessed 10 make up the snte
. ~ fund. aud thon all the nnuont
Z banks o. the country are 70 put In tntil
! claims 40 tho receivers Of the failcs
! bank FOR the moneys they hnye pal,
: on assessment for the payment or th'
! notes OF the failed bank.
"Probably Secretary Carlisle intende
. 20 provide that the gunranree aind ?
= the faiied bank should be iifst *
pended IN taking up the currency note
D., OF the failed bank ana that whateve
= Traditional sum wsa necessary ahoul
!. be- taken out Of the safety fund 70 com
u Mote their redemption md the safet
= fund should be rcplcnished out OF m
assets OF the bank. and II there was
Il defcieDcy In the ashetH OF the faile
J bank which was fnade up out OF "a
! safety FUND, that all OF tho bank