The record-union., 1894-12-15
snecial to the RrcoRn.ux1ox-

Special to the RECoRD-UNToN
WASHINGTON, Dec. 14.-There was a
spirited incident before the Banking and
currency Committee to-day. Represen-
tatlVe Walker Of Massachusetts said he
understood programme had been quiet
~ agreed upon by which the currency
Dill would be considered by the Demo-
Gratis OF the committee tonight, by a fun
committee tomorrow night, and be pre-
sented to the House Monday.
! Chairman Springer said this pro-
gramme was mere surmise. All the
committee had actually done was to agree
to meeting Sunday night, it being un-
derstood final vote on the bill could
then be taken.
walker thereupon moved the commit
tee should not consider such an agree
ment. I'VE have been turning over this
currency question for the last ten
| months" said Walker. "At the end of
| That time Secretary Carlisle comes in
with bill. which he tells l.s he dictated
nurrledly TO the stenOgrapner before COM
! ing 10 the commlttee-roOm. No man Iiv-
ing could prepare measure affecting
| such vast interests in less than week
u ct this Is the bill that is to be reported
| od-hand. This haste is not becoming TO
US as legislators. There should be fun
consideration Of the question without
! limit to time.''
| Walkers motion to reconsider was
voted down by strict party vote.
AyeS-W aIker, BrosIus and Johnson
! lind. Rep.l.
Noes-Sperry, Cox, Ellis, Cobb of Mis-
souri,, Warner, Black of Georgia and
! Springer (Dems.).
johnson added his protest to that Of
! Walker He said he had at first agreed
! TO the meeting tomorrow night because
! he knew the majority had virtually
agreed on bill and was ready to nusb II
| through the committee so it was useless
to resist haste.
EX-Representative A. J. Warner of
! ONO, President of the Bi-metallic
League, addressed the committee. He
| urged that an elastic currency such as
| Secretary Carlisle suggests was an inn
| possibility, as prices rose as fast as cur
! rency increased. MIR. Warner said the
| history OF the world proved that the gold
standard could not be maintained by Civ
ing the banks the power of expanding
| the currency. He was amazed that this
proposition should be made in this en-
| hghtened age, in the face of the fnan-
| claI experience OF the world.
A long discussion arose between GEN
eral w arner and Mr. Sperry over ques-
! tlon by the latter as to the effect that the
increase would have upon the price Of
! labor.
Mr.. Sperry called attention to a state
ment made by the Treasury Departments
showing that the circulation in 1873 had
oeen SII 100000, whereas in 1893 it was
over S2,ZOO, 100000, and asked how he
| reconclled the facts with the decrease in
wages.
Mr.. Warner replied by challenging the
| treasury report OF the gold in circulation
at the present time, which be said was
S2oOOO0,OUO beyond the facts, and by re-
1erring to the increase of population and
wealth. Mr.. Sperry did not think the
reply adequate. and intimated that if MIR.
| Warmers theory had nothing more to
| stand on, it must fall.
AT lilo p. NJ. the committee took a re-
| cess for an hour.
The hearing was resumed in the after
noon, with a. l.. Ripley, Vice. President
of the National Hide and Leather Bank
OF Boston, on the stand. He character
| lzed the scheme of issuing demand notes
redeemable In gold as thoroughly vicious.
| Under TINS system banks had no means
OF adjusting their reserves to meet the
! demand OF the times, thus cOmpelIing
| them to keep reserve which at one
time would be too large and at another
| time too small. He opposed State banks
| because of the need of uniformity, A
speedy and uniform system OF redemp-
ton he considered as necessary, and this
he thought could be best secured through
the national banks.
| referring to Secretary Carlisle's bill.
! Mr. Ripley said he thought the tenth and
eleventh sections would open the gates to
extensive counterieiting unless changed.
lie also thought the provision for re-
! demption in the case of the national
| banks would be found too Inadequate.
| L he Secretary's plan in this respect
! would, if adopted, mark a retrogation in
banking. He considered the present sys-
tenn safer than the one proposed.
The committee adjourned, with the an
! nouncement by the Chairman that
| N1essrs. st. John and Williams of New
! York would be heard tomorrow.