Evening star., 1894-12-18

York, and the ruling then made was sub |
ieQuSntly adopted by Speaker Reed in the
House of Representatives in 1890. and the
lowed. while the principle has been ex-
rressly recognized and Incorporated in diff
3erent forms In the standing rules OF the
present and = former House Of Representa-
tvss, and tho constitutionality of such
rules has been affirmed by a decision OF
the buprsms Court of the United States"
Mr., Hin cloeed by declaring that no silly
ory Of gag law" should prevent amend
At the conclusion of Mr.. Hill's speech
Senator Harris gave notice that he would
oaIl I'D the shiloh Park bill tomorrow, and
Mr.. Turpie resumed his speech on the Mic
THE HOUSE.
Notwithstanding the fact that the de-
bate on the currency bill was scheduled
to begin in the House today, less than 100
members were present when Speaker Crisp
dropped the gavei and the attendance in
the public galleries was very light. The
committee on rules had prepared a spe-
cial order under which the House should
operate, but had decided. in view of DEM
ocratic opposition to the measure, not to
offer II at present, but to allow Mr..
Springer to call up the bill by virtue of it's
privilege. Immediately after the call of
committees for reports, therefore, the
chairman OF the banking and currency
committee moved that the House go into
committee of the whole for consideration
Of the bill His motion prevailed without
division. and Mr.. Richardson CTennD took
The chair Mr.. Walker (Mass.), in charge
of the opposition to the measure. gave no
tice that at the proper time he would offer
a substitute. Mr. Springer, before enter
ing upon his argument attempted to ef-
feet an arrangement by unanimous con-
sent for setting the limits of debate. He
asked that general debate should be con-
sidered closed on Saturday next, when the
holiday recess would be taken.
Mr.. Walker protested against any ar
rangement at this time. He said he felt
convinced that no member would discuss
this measure in other than a serious vein.
The subject was too grave. 1t could not
be trif1ed with. When Mr.. Sprnger's re-
quest was preferre1 MIR. Simpson CKan)
promptly objected.
The attempts to reach an agreement
having failed. M. Springer took the floor
and delivered the opening speech in favor
of the currency bill.
Mr. Springer Opened the Debate.
The great Importance of the pending
measure, he began, could not be more
effectively emphasized than by referring
to the report of the controller of the cur
rency. which showed that last year there
were S,00O.OOO depositors in national banks
having a capital stock aggregating 81 ,O69,-
OO0,OOO Their deposits amounted to 81, ,22O,-
CO0OO. Mr.. Springer declared that the
committee had given the subject the most
careful consideration. 1t had carefully ex-
amined the recommendations of the Presi-
dent and the Secretary of the Treasury,
had called before II some OF the ablest
financicrs in the country, and the result
had been the presentation of the pending
measure as a measure of financial reform.
He did not pretend to say that the bill rep
resented the views of individual members
of the committee. 1t was a compromise,
md har 0AI I'LL VI.n xriArUr
of all.
Mr.. Springer then proceeded to detail at
length the scheme OF the bill, reviewing
much Of the ground covered in his report,
which has already been printed.
Mr.. Sickles' Interruption.
Mr.. Sickles N.YD interrupted Mr..
Springer to ask him how he reconciled the
second and fifth sections of the bill. The
second provided that the note holders
should have first lien on the assets of the
bank issuing them, the fifth gave the asso-
'ciation of banks contributing to the safety
fund first lien on the assets. Mr.. Spring
er replied that the proposed act gave the
bill holders the first lien on the assets, the
banking association a first lien on the
remaining assets.
But the word remaining is not In the
fifth section" said Mr.. Sickles.
That will be the effect of the law" re-
marked Mr.. Springer.
1T is nor law yet," retorted Mr.. Sickles.
sententiously. You must vote it through
first"
Mr. Springer finally admitted that the
word remaining should have been in
corporated in the fifth section, but said
that this was one of the slight defects Of
the bin that could be readily corrected.
More Inquiries.
I'm case of panic. IL half the banks in
this proposed SYSTEM" inquired Mr.. Mahon
Pa.), should fail would the other half
be assessed to redeem the failed banks?'
Certainly
That is the solvent banks would be
bankrupted to aid the insolvent?'
There would be no such result" replied
Mr.. Springer. IF all the banks should fail
under this system the note holders would
be secure"
In answer to an inquiry by Mr.. Simpson
Kan.), Mr.. Springer admitted that time
alone could determine the amount Of cir
Culation which would be taken out under
any law, but that as far as the retirement
of the legal tenders was concerned, for
every dollar deposited in the treasury by
the banks 81 in circulating notes would be
issued.
The Right of Congress.
Mr. Sperry (dem), Connecticut, called Mr..
Springer's attention to the fact that the
bill provided for the substitution on July
], 1895. of 80 per cent of demand notes for
outstanding national bank circulation now
secured by S265,OOO.OO of United States
bonds
Has Congress any constitutional right
to change the character and amount of
security behind those notes?' he asked.
This BILL" replied Mr.. Springer, would
not effect outstanding notes. They would
be redeemed in accordance with existing
law. 1t would apply only to new issues"
While Mr.. Springer was discussing the
provision looking to the ultimate redemp-
tion and retirement of the legal tenders,
emphasizing the necessity for this by point
ing out that the treasury had within the
year twice been forced to issue bonds to
protect the redemption, Mr.. Cannon (rep.),
Illinois, asked whether it was not true
that $lOO.O0J,OO0 borrowed to maintain re-
sumption had not in reality been used to
pay the current expenses of the govern
ment
There is nothing in this bill on that
subject" responded Mr.. Springer curtly.
Mr.. Springer gave notice that at the
proper time he would offer sundry amend
ments looking to the perfection of the bill,
among them one permitting the deposit of
currency certificates issued under the act
of 1872. $5i,OOOOOO of which were outstand-
ing.
Chided by MIR. Dtngley.
Mr.. Dingley CMe) chided Mr.. Springer
for inconsistency in now supporting a bill
which contained a provision for the repeal
of the 10 per cent tax on state banks, a meas