The herald., 1894-12-19

noie, asked whether it war not true that
tue 500. .000,0O0 borrowed to maintain
redemption had 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.
Mr.. Springer gave notice that at the
proper time he would offer eundry
amendments looking to the perfection
of the bill, among them one permitting
the deposit of currency certificates issued
under the act Of 1872, 1854. 900, 900 OF
which WAS outstanding.
Mr.. Dingiey, Republican OF Maine,
charged Mr.. Springer with inconsistency
in not supporting bill which contained
o provision for the repeal Of the 10 per
cent tax on the state banks, g measure
which he had earnestly opposed lese
than six months ago. Mr.. Springer in-
sisted he did oppose the repesl OF tho
tax on state hanss as q separate meas
ure. but whom mada part OF the gen
eral financial reform he considered it
safe, although no was frank to SAY he
would prefer eimply national bank cir.
culation.
THE OPPOSITION MEASURES.
Mr.. Walker, Republican of Masaachu.
sstts. who was in charge of ths oppoai.
tion to the measure, then took the floor.
He began with q statement of the es-
senoe OF the Baltimore plan. The be-
ginning and the end OF that plan, hs
said, was to give to national bsnk ks pow
or to withdraw their United States
bonds from the treasury and iasue cir
culating notes OH their assets up to 90
off0rdat ehadnw n
relief and did not deserve a moments
consideration. Again, the bill pre-
sented by the secretary of this treas
ury was an amazing scheme. The
bill had net a feature that could be en-
acted except after remodeiing, without
endangering the financial interests OF
the country. Mr.. Carlisle bad drawn
the bill over night. He described the
peril OF the present condition of things
in the banking world the dangers that
threatened, Yet the committee or
banking and currency had dawdled its
time until this undigested scheme OF
the secretary of the treasury had been
thrown into the hopper, when, after
. few hearings 1t had been brought into
the house without q single change. Mr..
Walker spoke of his own bill and its
superiority over the Carlisle bill. He
expressed the hope that the bill would
be passed in the place of the Carlisle
bill.
"That would be done il you had the
seurage Of your convictions" continued
he, addressing the Democratic side,
'but failing In that Ishope you will re-
commit the Carlisle bill as feel you
surely will, when you know its char
acter."
AN ANALOGY IN FRANCE.
While contrasting his bill with Mr..
Carlisle's, he dwelt upon the advantages
of divorcina trade from the government;
Of allowing banks to proceed under the
laws of trade, not the laws OF commerce.
A bank and its customers were mutually
dependent. bank could pay option
ally in gold and silver under his bill.
But the laws OF trade, the necessities OF
the cases and the need Of protecting the
currency would determine. The bank
of France furnished an analogy. That
bank would pay in silver ii silver would
do as we'll as gold. If the purposes for
quired gold, gold would he paid in any
quantity. The laws OF congress could be
deied; the laws OF trade never.
While describing the manner in which
his bill would redeem and retire the
legal tender, Mr.. Tracey of Now York
interrupted him to ask If his bill would
retire the Sherman notes.
"Yes. SIR" replied Mr.. Walker, Tread
my bill and you will find all the detsils
worked out. | have not been working on
this bill six yeara for nothing"
"Nor am |, )" be added, '-the most stu
pid man in the world. TE.aughtsr.1
have hsen laboring single handed until
fifteen months ego, whom l delivered my
Chicago speech. That reused the couu-
try somewhat, and it has been rousing
sver since" [Laughter.l
WHAT THE BILL WILL DO.
Mr.. Walkers elaboration OF the terms
Of his bill attracted the closest attention
and the members crowded about him,
taxing him with numerous questions
which he met and parnied. His bill, he |
declared, would bring the country back |
10 the old Democratic doctrines of Jack
ION and Benton. The banks which. il
Il we're in operation, would hold $780,
10000 in gold and $50, 100000 in sl-
YER.
1T Is SURE DEATH.
Speaking of the onerous work placed
apon the secretary OF the treasury by a
necessity of keeping up the gold reserve
n time of financial depression, Mr..
Walker created q laugh.
"Msnning died in Office" said he,
Window died in office. | say to you
hat any man who rams the treasury de.
oartment under the existing conditions
or four years aud does not die, he has
lone his duty"
In conclusion Mr.. Walker, while de.
,recating the effects of the Carlisle bill.
laid he had no doubt that in presenting
t the secretary had no other than the
highest patriotic motive of serving his
He apcke two hours and wss
'pplauded by many Democrats aa well
's Republicans.
OPPOSED TO NATIONAL RANEs.
Mr.. Hall, Democrat of Missouri, also
member oi the committee on banking
md currency, who followed Mr.. Walker,
aid it must be distinctly understood by
mem bers that the Walker bill was not
lnder discussion and when they came to
'ote they must vote either for the Gar
isle bill or continuation of the present
ystem. Mr.. Hall contended that the
Jarlisle bill was opposed by the national
,snks because they preferred the Balti-
more plan. Why? Because in the
Baltimore plan the government stood
behind tho notes issued and in tho Car
iele bill the banks themselves were
esponsible for their notes. Mr.. Hall
nsisted every bank official summoned
)eiore the committee had heen