The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1894-12-08
HAS HURT SILVER.
Democrats Fall Before
Grover.
CARLISLE'S SCHEME TO 90.
Springer Now Busy Preparing a
Bill.
SOUTHERN MEN RATHER WEAK.
Bowling to the Crack of the Whip
Against Their Lifelong
Convictions.
SOUTHERN MEN RATHER WEAK.

plans they have already accomplished one
Of Mr.. Cleveland's purposes and that
which the silver men believe to be the
chief one. 1t has divided the silver forces.
and the indications are now strong that
very few Democrats of the South will re-
ject il. Only the most radical silver men,
those who believe in silver for sllver's
sake, are expected to stand out against 1t.
Hlf the wishes of the advocates of the plan
are complied with and a caucus held on
the House side it is believed that the plan
will be Endorsed by good majority and
will be pressed for consideration. Men
who have been hesitating about express
ing an opinion are falling over one after
another to the administration side. The
plea that they must do this in order to get
ahead of the Republicans, who would
adopt something similar at the next Con-
gress, is evidently effective. Men from
the South. who have been strong advo-
Gates of silver throughout their Congress
sional career, and who still make the same
profession, are in favor of passing this
measure at once. The State bank feature
of il is what captures them, and the feel
ing that some thing must be done impels
them TO action.
Some of the extremely radical silver
men. who foresee that the adoption Of any
financial measure which will give an
abundance of currency, whether actually
good or not, will indefinitely postpone the
restoration of silver as a money metal, if
1t does not eliminate the question entirely
from the next campaign, are resisting the
movement as we'll as they can. and some
of them threaten to filtbuster in the
House until the end of the session if the
matter is pressed. Such filibuster, how
ever, would not be- effective if the Com
mittee on Rules should yield so far to the
wishes of the administration as TO bring
III a special order closing debate.
at least one member of the Committee
on Rules is earnestly in favor of the ad-
miniStration plan and insists that there
should be immediate action. This is Gen
ural Catchings. What the position of the
Speaker and Mr.. Cultivate is has not
yet been disclosed, and it is also uncertain
what position the Republican members of
the committee will take.
Though it did not seem possible until
now, it is beginning to look as if this plan
or one similar to it might be passed
through the House. IL the Committee on
Rules gives the right of way, so as to de-
strOy the power of the filibusters, the
chances are in favor of a majority follow
ing the administration. 1t would then be
with the Senate TO determine the question.
There the situation is different. A fiji
buster in the Senate can be successfully
managed, since there is no change of the
rules. The radical silver men of that
body, of whom the leaders ara on the Re-
n, hat A.,
that there shall De no financial legislation
which does not include the free coinage of
silver at the ratio of 10 to l. Their policy
Is to make a straight fight for silver al
this ratio, not with any idea of securing
legislation during either this Congress or
the next, but with the design to make the
free coinage of silver an issue in the next
Presidential campaign and in the contest
for the control of the Congress elected at
the same time with the next President.
Mir. Carlisle. it is expected, will appear
before the House Committee on Banking
and Currency 20 answer any questions that
may be asked in further explanation OF his
proposition and to assist in the prepara-
ton of bill covering his views on the
subject, which will soon be introduced by
Chairman Springer. While Mr.. Carlisle's
plan is faYoraby commented upon by
many prominent members of both houses.
there are others whose opinions are of
value who argue that the plan proposed by
Comptroller Eckels in his annual report
has superior merit, and when thoroughly
understood will meet with general APP
prevail A prominent Senator, who is
recognized as an authority on financial
matters, explained TO a representative of
the Associated Press his views Of the two
plans. He said:
"Mr. Carlisle's plan for currency reform,
when applied to practice. will produce the
following result: Taking for the purpose
of illustration the pie of a bank hav-
ing 100000 capital, such bank would be
entitled TO issue notes up TO the limit of
$4,000 % per cent of capitaD, but before
doing so must deposit legal tender notes
to the amount of 500. 500 80 per cent of
circulatiOD) This. in effect, would be
equivalent to a net issue of $50. 500 in cir
culation by the bank. or $500 Re lived
in notes from the Government, minus
So 800 in notes deposited with the Gov
eminent.
Upon this $50. 800 of currency the bank
would earn its profit provided it could
costs for redemption tax for the safety
fund and the tax for the adminstra ion
of comptroller's bureau. AS plan for re-
lieving the general Government from the
burden and charge for redeeming United
States notes, it would according to the
Secretary's estimate result in securing the
temporary deposit of so, 100000 of these
notes, with the Government. if the ma.
tioDaP and State banks now in existence
should take out circulation 10 the full
amount proposed.
''Let us see how this result could be
arrived at AT prese Mt the capital of ali
the national banks 10 existence Is about
S668, Zoo, 000 Ii to this is added 1892, COG. 900
as the capital of State banks avalling
themselves of the privilege, total capital
of 81, 00O. 900, 900 would be had as the basis
upon which to issue currency. Assuming
that all the banks possessing this capital
issued currency up to the full limit of IS
per cent we will have an issue of bank
currency to the amount of $3.50, 600. 600.
Against this, legal tenders to the amount
of 80 per cent of circulation must be de-
posted, OF 500. zoo, 000
sEYVbat mill ha fha offaot of thio ppo, 81 -,