Evening star. [volume] (Washington, D.C.) 1854-1972, 1894-06-13
BANKING AND CURRENCY
Consideration of Plan to Secure q Com
prehensive System.
Representative Walker of Massachu.
setts Outlines the Work Expect.
cd to he Accompanied.

Representative Walker Of Massachusetts
| veteran member Of the committee on
banking. and the senior republican member
OF the committee, says that, in his opinion,
the question of banking and currency, about
to be matured into a comprehensive system
by select committee of five members,
under recent vote Of the banking COM
mittee. Is the most important subject be-
fore Congress, not second to the tariff.
Sealed ballots are now being filed for the
purpose of selecting the COMMITTEES OF five
Each member Of the banking committee has
vote. and names five Of his associates on
the committee. The seals will be broken
Friday. and five members having the larg-
est number of votes will constitute the
select committee. Mr.. Walker has urged
that no votes be given to himself, or to
Messrs. Springer, Warner or Sperry, as
each of them has banking bill to which
they naturally would be inclir ed The en-
tire purpose of forming the select COM
mittee Is to break away from present bills.
and to get up a broad banking system. with
such good features Of all bills as may
recommend themselves.
Objects of the Committee.
THE committee of five will sit continu-
ously." said Mr.. Walker, with view Of
reporting their work to the House by the
27th instant, to insure positive results. Re-
cent discussion in the House and in COM
mittee has made the substantial features
Of the system reasonably certain. 1t will
be in the direction of national currency
and national banking. and away from state
banking, and on gold and silver. instead Of
bonds. The general desire Is to create
system of national banks which shall pro-
coed along lines parallel to the present
national banks. The latter will be merged
gradually into and absorbed by the new
system. AS the charters of the old banks
expire. they will be given charters under
the new banking system. Thus. the old and
new systems can proceed In parallel lines
without any disarrangement Of either sys-
tenn"
MIR. Walker was asked what the new sys-
tenn Of banks would have to do with the is
Suance of money.
The bill undoubtedly will provide for
doing away with the various forms of cur
rency now issued and the substitution
therefor Of a uniform paper money. issued
by the government through the banks At
present the government circulates treas
ury notes. greenbacks, silver certificates
and various kinds of currency, and the gov
ernment undertakes to make good this
money. But the purpose will be to make
the national banks the sole source of issu-
ing currency, under government supervision
and direction. The government thus will
be relieved Of the burden Of issuing, circu-
lating and currently redeeming these va
rius forms Of currency. and the entire re-
sponsiblity will be placed on the banks.
This -,ational bank currency would be sur
ent law, and such other safeguards as
would insure its proper redemption.
Responsibility of the Government.
I'm short, the federal government will be
relieved of direct attention to the issuance
of money and all responsibility for keeping
1t good money. and yet will insure the
public that every dollar issued by the ma
tional banks Is redeemable and Is good the
country over"
Can such a measure be passed at the
present session. Mr.. Walker was asked.
Possibly not" said he. but 1t Will serve
a valuable purpose to business. The mere
fact that such comprehensive measure
for nationalized currency can be reported
and put on the calendar will have salu-
tary effect IN business and banking circles.
1t will be in a shape. also. to be taken up at
the next session Of Congress. The recent
debate on state banks has been one Of the
most beneficial, from educational view,
we have had In twenty years. 1t has
cleared the way for a safe. sound and con-
servative system Of nationalized banks and
currency"