The pioneer press. (Miller, Hand County, S.D.) 1893-190?, 1894-12-27
1tiE CURRENCY BILL
Secretary Carlisle's Measure Discussed I'm
the Lower HOnse Of Congress.

~ 'oNeT IhouHt VI SOng' "
On December IS Mr.. Springer dem, ILL., in
committee OF the whole opened the debate on
the currency bill. The great Importance Of
the pending measure. he began, could not be
more effectively mpbasiZed than by referring
TO the report of the comptroller OF the cur
rency, which showed that last year there were
5000 900 depositors in national banks having a
capital stock aggregating 81 ,O6J 1000 900. Their
deposits amounted to 81 go 1000. Mr.. Springer
declared that the committee had given the sub
ject the most careful consideration. 1t had
carefully examined the recommendations Of
the president and the secretary of tie treas
ury, had called before il some OF the ableSt
tinanciers in the country, and the result had
been the presentation OF the pending measure
as o measure of financial reform.
Mr.. Malone rep, Pa) thought that If half
the banks should fail and the other half be
assessed to redeem the failed banks notes, the
solvent banks would be bankrupted to aid
the insolvent banks, to which MIR. Springer re-
plie3: III all the banks should fail under this
system the note holders would be secure.
Mr.. Walker rep MaSs) said the bill pre-
sented by the secretary OF the treasury had not
one feature that could be enacted. except after
remodeling, without endangering the financial
interests Of the country. He then spoke of
his own bill and its superiority over the Car
Isle bill, and expressed his hope that his bill
would be passed in pace of the Carlisle bill.
Mr.. Hall (dem., Mo- said 1t must be distinct
ly understood by members that the Walker bill
was not under discussion and that when they
came TO vote they must vote either for the
Carlisle bill or a continuation OF the present
system. Mr.. Hall commended that the Carlisle
bill was opposed by the national banks because
they preferred the Baltimore plan. Why Be-
cause in the Baltimore plan the government
stood behind the notes issued, and IN the Car
Isle bill the banks themselves were RESPONSE
BILE for their notes. Mr.. Hall insisted that
every bank official summoned before the com
mittee had been forced TO admit, when cor
nered, that currency issued under the Carlisle
bill would be entirely safe. They had opposed
the bill on account of the fifth section. which
made the banks solely responsible for ;heir s.
sues.
On the 10Th Mr.. johnson (rep., Ind admit
ted the defects OF our currency system. but he
said their correction could not be obtained
along the lines suggested by the committee.
1t was much easier, he declared, to attack the
present system than offer a safe substitute for
il. While remedial legislation might be adj
yiSable. this was no time for experimental
legislation. Mr.. Johnson then contrasted the
advantages Of the national banking system
with respect to prompt and sat ~sfactory set
Element against failed banks and of security to
note holders, with those of the state bank sys-
TEN revived by the bill.
Mr.. Warner dem, N. Y advocated the pas
sage of the bill because of the proposed rehab-
~iliLation of state banks, and because of the
fact that il took the government ont OF the bust
ness Of issuing currency.
Mr.. Ellis dem, KY opposition was largely
based upon the fact that the bill provided for
"a reorganization and extension of the national
banking system, when every state and national
convention OF the democratic party for years
had declared against it, and this at a time
when the necessity for their services as fiscal
agents, if il ever existed, had absolutely passed.
Mr.. Bland dem, Mo- gave notice that he
would move to amend by substituting for the
bill his free coinage OF silver and coin note
scheme.