The record-union., 1894-12-19


resumed his speech on the Nicaragua bill.
lurple devoted some time to consider
aIlon OF the questions of the concessions
ana 1orfellures possible in the event of
the non-compIetion OF the canal within
ten years from 1887. The provisions re-
gardlng these matters were exceedingly
strict. The concession given in 1857
would be absolutely forfeited in 1887.
w hat title did the company have in the
canal route? There was nothing TO mort
gage and nothing 10 SELL The conces-
slons gave no title and no sort of property
rights to the company.
Iaklng up the question of the physical
construction OF the various portions of
! canal, the Senator went on to point out
the great difficulties that would have to
be overcome, and 10 argue that the eSti-
mated cost OF the minor canals forming
part OF the whole system were TOO low,
and IN one case, that of the canal between
Lakes Managua and Nicaragua, the esti-
mate was mere guess work.
turning then to the matter of terminal
points OF the proposed canal, the Senator
insisted that the estimates affecting the
work at those places was much too small.
The engineers said 81, $40, 900 would be
required to restore the harbor at Grey
town on the Atlantic, whereas he had
heard naval officer say SIO,0 600 would
be required. AS to Brito, the Pacific ter
minus, the place was not even a road
stead. 1t was simply a stretch of sand in
! the ocean.
Regarding the statement that the con-
struction OF the canal would give work to
/ deserving people, the Senator quoted
! from report that Jamaica negroes were
the only ones that could do the work
under the climatic conditions existing
there. The whole thing appeared to Mr..
! Iurple as having every indication of be-
ing gorgeous bubble.
Without awaiting the conclusion of the
! speech. the Senate, at 4:I0 p. NJ, went
into executive session and at 4:2S ad
journed.
IN THE HOUSE.
| WASHINGTON, Dec. 1S.-Notwithstand-
ing the fact that debate on the currency
bill was on the schedule to begin in the
| House to-day, less than 100 members
were present when Speake Crisp dropped
| the gavel.
| The Committee on Rules had prepared
| special order under which the House
should operate, but had decided, in view
OF Democratic opposition TO the measure,
not TO offer it at present, but TO allow
Springer to call up the bill by virtue of
Its privilege Immediately alter the call of
committees for reports; therefore the
Chairman of the Banking and Currency
| Committee moved the House to go into
Committee OF the Whole for consideration
OF The measure,
The motion prevailed without discus
sion, and Richardson of Tennessee took
the chair.
Walker of Massachusetts, in charge of
the opposition to the measure, gave no.
tlce that at the proper time he would offer
a substitute.
Springer, before entering upon argu-
| ment, asked that general debate be con-
sldered closed on Saturday next, when
The holiday recess Is to be taken.
W er protested against any arrange
| ment at this time. He said he felt con-
vlnced that no member would discuss
this measure in other than a serious vein.
Attempts TO reach an agreement having
failed, Springer delivered the openin 9
speech in Iavor of the currency bill. The
| great Importance OF the pending measure,
he said, could not be more effectively en-
phasized than by referring TO the report
of the Comptroller Of the Currency, which
showed that last year there were 5000, 600
depositorS in national banks, having a
caDital stock aggregating 81, ,069, 900, ,OU0
Their deposits amounted TO 81, ,220, 900, 00O
Springer declared that the committee
had given the subject most careful con-
sideration. 1t had carefully examined
the recommendations of the President
and the secretary OF the Treasury, mad
called before it some of the financial men
of the country, and the result had been
the presentation OF the pending measure
as measure of financial reform. He did
not pretend to say that the bill repre-
sented the views of individual mem-
bers of the committee. 1t was compro-
mise, and as such harmonized fairly with
the views OF all. Springer then proceeded
to detail the scheme OF the bill, repeating
much in his speech which has alread Y
been printed.
Sickles (Dem.) of New York inter
rupted Springer to ask him how he recon-
ciled the second and fifth sections of the
bill. The second provided that the noie
holder should have first lien on the
assets of the bank issuing them; the fifth
gave the association OF bankers contrib
uting 10 the safety fund first lien on the
assets.
Springer replied that the proposed Act
gave the bill holders first lien on the
assets. and the banking association first
lieu on the remaining assets.
But the word remaining Is not in the
fifth section,'' said Sickles.
That will be the effect Of the law" re-
marked Springer.
lit is not law yet" retorted Sickles,
! you must vote it through first"
Springer finally admitted that the word
remaining" should have been lncorpo-
rated in the fifth section, and said this
was one of the slight defects Of the bill
| that could be readily corrected.
I'm case OF panic, If half the banks in
this proposed system should fail.'' in
quired Mahon (Rep.) OF Pennsylvania,
would the other half be assessed to re-
deem the failed bauknotes?"
Certainly"
THAT is, the solvent banks would be
bankrupted to aid the insolveut"
There would be no such result" re-
piled Springer. ''If all the banks should
tail under this system the noteholders
would be secure.n
In answer to an inquiry by Simpson
! (Pop.) OF Kansas, Springer said that as
far as the retirement OF the legal tenders
was concerned. for every dollar deposited
III the Treasury by the banks 81 in cir
culatng notes would be issued.
Wnlle Springer was discussing the pro-
vision looking to the ultimate redeinp-
ton and retirement of the legal tenders
emphasizing the necessity tor this by
pointing that the Treasury had within
the year twice been forced to issue bonds
to protect the'redemption, Cannon (Rep.O
of illinois asked whether it was not true
that 500, ,0O0,0 900 borrowed to maintain re-
demption had in reality been used to pay
the current expenses Tor The Government.
There Is nothing in this on that SUBJ
Ject," responded Mr.. Springer.
Dingley tRep.) of Maine charged
Springer with Inconsistency in now sup
porting a bill which contained pro-
vision tor the repeal of the 10 per cent.
tax on State banks, measure which he
had earnestly opposed less than six
months ago.
Springer insisted that he did oppose
the repeal of the tax on State banks as a
separate measure, but when made part
OF general system of financial reform
he considered Is safe, although he was
frank TO say he would prefer simply ma
tional bank circulation.
Walker (Rep) of Massachusetts. who
was in charge of the opposition to the
nnaSura then took the ttnnr IIn I,o,rnr,