The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1894-12-22
oAELrsLE.s BILL A FAILURE
Its Friends VIII Withdraw 1t and
freseat n <ubstftufe

Washington City. Dec 1.-THE Carlisle
currency bill. nov before the house OF
Representatives. viii be Withdrawn, and
a substitute viii be presented This de-
cls.on was reached after a caucus OF the
Democrats members OF the banking and
currency committee. which vas quietly
held last night. followed BY a conference
between Secretary Carlisle and Chairman
Springer today The substitute has al
ready beea drawn and viii be offered BY
Springer today or tomorrow. eertataly be-
fore the holiday recess as it is the desire
Of all to get il before the country pgior 70
adjournment II differs very materially
from the original Carlisle bill.
Two very important features appear Tor
the first time ia the substitute. Tne orig
inal Carlisle bill contemplated that ali
national banks must reorganize under the
new plan. This would have required them
TO surrender the government bonds whica
now constitute the basis OF their elregla-
ton. The substitute does away with this
imperative change. IL the national banks
wish TO continue 10 hol3 their United
States bonds and issue circulation there
on. they may do 50. Il IS felt that they
will soon discover the advantages Of the
new system, and viii therefore adopt l.
voluntarily.
The other important feature Of the sub
stltute is that it does away with the un-
known liability Of banks % guarantee tie
notes ot all other banks. The original
a.l contemplated that il national bank
failed. its notes would be paid out Of its
assets and general safety fund made up
By all the banks. but II the assets and
safety fund were insufficient 70 pay the
notes Of failed banks, then the comptroller
Of the currency has TO make a pro rata
assessment, and shoulder upon all the
other banks an unknown risk. In effect
Ii made them supply insurance on al the
no.es of banks In which they had no con-
Germ. In view OF these criticisms. the
substitute Will do away with the assess
ment plan. The safety fund VIII be the
limit 81 the liability Of all The banks Tor
the failure OF individual banks. They Will
however. be compelled 10 keep up this
safety fund by more rigid provisions than
we're proposed in the original bill
The caucus Of the banking and cur
rencv COMMITTEES Democrats was held at
the committee reosn last night, the fol-
loving members being present; Springer,
Cox, Calberson, Spcry, Warner, Cobb,
Ala. and Ellis. The absentees were Cobb.
No: Hail. No. and Johnson. Ohio. II
was re2orted that Secretary Carlisle was
present. bat this proves incorrect. The
discussion took g. wide range, and the
sentiment was general that the bih would
have to be materially changed in order
TO meet objections aud command a sup
part which would secure is passage. The
needed amendments ware formulated, ari
when the caucus adjourned It was not
contemplated that the Carlisle bin should
be more than aner1ed. 1t was arranged
that 2fr. Springer should Sra Secretary
Carlisle t0any ard submit the contem-
plated changes when Secretary Car
NsIe and Mr.. Springer net tosiay It was
determined that the better plan would be
to frame new Measure. In the nature OF
a substitute. instead Of mnalating the
original bill with many amendments
whira went 20 iss vital principles. Ac-
corllngIy the substitute was agreed 70 IN
full. and as soon as II can be copied ard
put In proper b,ll form, sc VIII be pre-
scented 10 tire house. and thenceforth De
the b.H on which the currency debate IS
"a f~cssseH