The times. [volume] (Richmond, Va.) 1890-1903, 1894-12-18
AyT1-rox1SH N THE HOUSE.
RRP UBLICANs OBJECT.
Why They arc Opposed to the Carlisle
Bill

Bill.
WASHINGTON, Dec. i7.-It is under
stood that the Carlisle banking bill will
not be voted upon before the holiday re-
cess. 1t will probably be taken up in a
day or two ana discussed until the holi-
day adjournment, and the vote on its
passage taken some time after the re-
assembling n, January. II is thought al
most lmpOsslb ble to hold voting quorum
in Washington until the discussion OF the
bill has been concluded and Tor this Ica-
son the pOstDOnCment will probably be
agreed 20 by the friends OF the measure.
The committee, the majority report says,
are OF The opinion that a security TO the
fun amount of the circulating notes is
sued is no longer necessary for the safety
Of the notes. An exhaustive argument Us
made TO show tnat III the proposed bin
had been i'm force during thc crisis OF l%G,
AZ all the banks had heretofore taken out
circulation 20 the maNmum amount al
lowed by law, and IL the failed banks had
also taken our their maximum circulation.
the guarantee and safety funds would
have been ample for the payment Of the
entire circulation of the outstanding notes
and would have left n surplus OF over
$ll.W).DO still IN safety fund. without the
necessity; even i'm great crises OF That
kind. Of making any assessment on the
resources of the other national banks.
The committee is furtrcr of the opinion
that should the proposed bill become "A
law the notes which would DE issued, un-
der IT, would be absolutely sale under
any and all possible business condition.
The report contends that If the "rO-
visions Of the bill relating TO state banks
is observed, il viii throw around tile
State bank circulation the most essen
tial safeguards which are provided for
the national currency. II they are MOI
observed the ten per cent. tax viii be irl-
posed and the notes viii be suppressed.
CONCLUSION OF THE COMMITTEE.
The conclusions OF the committee. as
reflected i'm the report, are thus briefly
epitomZcd:
II the proposed bill should become a
law il will provide for a safe, sufficient
and flexible currency the bond security
required Tor national bank notes makes
heXbiIty very difficult. if not impOssi-
BILE The proposed bill requires that th.
secretary shah keep on hand blank notes
which can be issued at any time 10 any
amount which may be required by hu-i-
ness conditions within the limit Of the
CIRCULATION permitted under the bill.
Thus provision is also made for Zee
firing notes promptly when the banks
may desire TO do so, and, as the out
standing notes will be taxed one-haU of
one per cent. per annum. and as The
banks taking them Will be deprived of
thirty per cent. thereof in legal tender
notes, there viii be an inducement t0
retire the circulation when II Is not need
ed, and, at the same time, an ihducemcut
10 take out circulation when business
conditions require IL. The extraordinary
conditions which confront the Treasury
Department have CONSTRAINED the MEM
DerS Of the majority OF the committee.
while not agreeing 90 an the prov siOns OF
the bill, nor TO all The reasoning en-
plOyed in this report, TO concur in Pee
porting the measure 10 the House for
it's consideration. e9cn reserVing TO him
self the right 10 offer such amendments
as he may deem proper and 40 vote on
the bill finally as he may determine.
OBJECTIONS OF THE MINORITY.
The report of the Republican members
OF the committee begins with lhe state
ment that the signels most heartily and
husiaStiCally join with the Democratic
majority OF The committee in repudiatiug
the measure. ln the opinion of The mi.
nority the provisions of exemptions as TO
State banks would drive every existing
national bank that desires TO take out
circdlatns notes into the State bank sys-
TEN II tnr bll were enacted. The taxa
uOn OF national banks would amount t.
So.VN,VJO annually under the present bill,
Wnlch Nere Is 10 reason 10 believe would
De imposed upon them under the State
system. Furthermore, the states, cVel
the most conservative among them, would
be far more liberal than the United States
as REGARDS bonds or any other security or
redemption funds, for they may require
the deposit Of no bonds whatever.
The minority cannot believe that 10 was
Isle bill 70 discriminate in favor of state
banks, or force the national banks 70
operate under State charters, yet such,
In their opinion, would be the inevitable
effect if the bill became law in its pres
ent form. The report directs attention
10 the fact that all the witnesses who
appeared before the committee objected
seriously to the bill, and those who ala
not repudiate many of its sections upon
REORGANIZATION, 1.-THE gentlemen VINO
appeared were the report says, emf
nent as financiers and unprejudiced az
any men are likely TO be. yet there are
scores OF other fnanciers in the county,
equally eminent who would have slauay
appeared and have spoken in tones t,ss Iae,
would have given pause to any suo"
Islation."
IMPOSSIBLE TO PASS THE BILL
The passage OF the Carlisle y' ubjci |
meet some political exigency % It's |
we DO not know, but we do kio" ,ban re-
passage viii, aggravate rn,nhea financial |
eye the perpiexites OF me me, Of the
situation. and especially '"''
United States Treasury -. a "a n home
less task " undertake. ~ p'"