The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1894-12-17
THE CURRENCY BILL.
Great Opposition to It-eounter
Proposition in the SEN
ate--Present Stats.

WASHINGTON, Dec. IL lS94.-W men
the Currency Reform bill reaches the
Senate Gf it ever does so) it is asserted
that it will probably be antagonized by
measure which is now receiving con-
sideration of some of the leading Demo-
cratic Senators. This Senate scheme is
not yet perfected in all its details, but
in the language of one of the Senators
who has taken an active interest in the.
matter, the Senate bill is designed to
bring the currency question back to solid
Democratic foundations. AS outlined in
general way, the new scheme contem-
plates: -
The issue by the United States of all
the money necessary for the people;
the retirement of the paper money OF all
kinds now issued by the Government
and the substitution therefor of single
paper issue to be denominated United
States notes: no notes of this character
below the denomination of IS to be is
sued the retirement of all National bank
note circulation; the National banks to
be continued with this exception as at
present, and under, as at present, Gov
ernrnemt control and supervision, and
the free coinage of gold and silver alike
at the mints of the United States. 1t
is pointed out by the advocates of this
plan that all the good qualities of the
National banking system will be retained
by the proposed method, and the only
dangerous power they possess-that of
issuing money-will be eliminated. Those
favor1ng this scheme say that if it is
necessary to have basis of circula-
ton for United States money, bond
issue of $500, 900 can easily be fioated and
the money kept in the Treasury as a
basis for the circulation of the United
States notes which are to take the place
of the seven different kinds of United
States money now in use.
1t is pointed out that in the present
condition of the gold reserve there is be-
hind each dollar of Treasury issue re-
deemable in gold but twenty cents, and
the difference between this twenty cents
and the face value of the Treasury issue
is simply the credit and good faith of the
United States. This also is the case with
National bank notes. The bank note is
bonds are issued and the money thus
obtained has already been utilized, and
the only thing behind United states
bonds, aggregating over one billion dol
lars, is the promise to pay" at maturity
by the Government of the United States,
so that, as a matter of fact, it is claimed
States bonds and paper issues, with the
exception of gold and silver coin and gold
and silver certificates, are simply fiat
money, with no substantial basis for their
redemption except the good faith and
credit of the Government of the United
States
Mr. Cox, (Dem., Tenn.) a member of
the House Banking and Currency Com
mittee, today gives the following as the
status of the Carlisle banking bill:
Tomorrow morning the currency bill
will be called and debate will proceed
thereon, as the committee is privileged.
When the debates will end depends upon
the action of the Committee on Rules.
That committee has not reported rule
as yet
Strong opposition manifested itself in
| the House against any attempt to force
a vote on the new banking bill before
| the holiday recess. Messrs. Walker of
Massachusetts, and johnson of Indiana,
who have written the minority report
against the measure will urge the Com
mittee on, Rules to give them hear
| ing.
One of the most prominent members
of the Committee which framed the bill
said at noon today, that there ought to
| recess before the House votes on the bill
| and amendments He explained-and
many Republicans entertained the same
view-that the House could act more
| intelligently .:plon the measure after
| the members had gone home and con-
| suited their constituents and after every
body had had an opportunity fully to
| digest the propositions involved in the
I Carlisle bill.