The state herald. (Holyoke, Logan County, Colo.) 1887-1921, 1894-12-21
CONDEMN THE BILL.
AGAINST MIR. cARLIsLE's PET
MEASURE.
Tho Minority of ,hs Hoais committss on
Ranking And CURRENCY Point Out the
DANGER 81 the Proposed Regulation
IL WIN Cause . Panic.

| washington, DEC, lI,-Ine minority
Of the house committee on banking aud
currency have made report severely
condemning the Carlisle currency bill
which was favorably reported to the
house to-day. Tho minority complain
that the bill was not carefully consll'
cred by the committee. They also say
ut Is the opinion Of number Of the
most clear headed and eminent Imam
clers Of tho country that II the Carlisle
bin was enacted into a law, within
twenty days that 1t would precipitatt
n panic far more severe than TINT u
1893, as II would compel the forced
sale upon the market Of nearly $780,.
900, 900 of United States bonds within
six months.
"sectlon ,rS,eals all acts and parts
of acts which require or authorize the
tieposit OF United States bonds to Sc
cure circulating notes. ETC., instead Of
80 much of all acts and parts Of acts
etc.
"How many thousands may be
seriously injured by such needless
wholesale repeal OF the statutes, N
whether the Supreme court, after years
Of litigation. might By, construction re.
enact some parts OF such statutes
which Secretary Carlisle had repealed.
section 6 provides that feach us
ISOLATION hereafter organized and each
association applying for additional cir
culation shall pay it's pro-rata share
into the said fund before receiving
notes. without defining how the total
fund yr each share shall be ascertained
I'm the same paragraph 1t Is pro
vided that when a national banking
association becomes insolvcnt, its guar
anty fund held on deposit shall be
transferred to the safety fund herein
provided for. and applied TO the re-
demptlon Of tts outstanding notes.
That il TO say. 1t is merged In the
safety fund. and again there Is no pro
vision In the bill for the use OF the
safety fund except by application in
the lines quoted.
Whatever legislation is had with
reference to the finances of the coun.
try or banking. its effects upon ma.
tional banks should DO pcrmissive and
not mandatory us to national banks
while their present charters continue
To provide, as in section Z, that every
national banking association heretofore
organized and having bonds on deposit
to secure circula ton shall on or before
the, 1st uay OF July, 1895, withdraw
such bonds and deposit with the treas.
urer OF the United States a guaranty
fund, consisting of United States legal
tender notes. including treasury notes,
cannot be justified upon any principle
OF safe legislation. Ii could not fail
TO produce a panic, ana the reckless,
ness Of such legislation would startle
not only financlers In this country, but
| In the world.
THE provisions OF exemptions ms TO
state banks, Notwithstanding the many
restrictions upon them. would drive
every cNistihg national bank that de-
ssir.s TO take out circulating notes Into
the state bank We're they enacted. The
taxation of national bank notes Is On
half per cent. per annum In seqfao2G
ini enc-half per cent. per anoss ii 49,
section .. maklng, Z. t2jol r. =, yyy
cent per aHnQ1& No. -
taxation o. ptn10 tpon
III, eazo0 uD1RzlI0nGnko1ai system,
whicA UDee = ~ reason to believe
frofn lX4 e1xrf1eeAte OF the past would
be III o69d 6bon them under any state
eystcfh. Furthermore, the states would
b. far more liberal than the United
States Will ever be. or ought to be. as re
CARDS bonds or any other security or
redemption fund. for they may require
the deposit OF no bonds whatever. We
cannot believe It was the Intention OF
the Trainers OF the Carlisle bill to make
the conditions under which the ma
tional banks should Issue currency any
more onerous- than those imposed or
likely 10 be- Imposed upon state banks,
or that II was the intention OF Mr..
Carlisle or OF those who now enthusias-
ticllly support the Carlisle bill, or who
VIII vote for 1t in Congress. to force