St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-06-14

= WASHINGTON, June 1S.-Repr esenta.
tive 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 comprehen-
sive system by select committee of
hve members. under recent vote OF
the banking committee, is the most i'm
portant subject before Congress, but
second to the tariff. Sealed ballots are
now being filed for the purpose OF Sc
lecting the committee 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 hav-
Ing the largest 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 inclined. The entire purpose
OF forming the select committee is to
break away from the present bills,
and to get up broad banking
system, with such good features
OF all bills as may recommend
themselves. The committee of five will
sit continuously. said Mr.. Walker, with
view of reporting their work to the
house by the 9th inst. to insure posi-
tive results. Recent discussion in the
house and in the committee has made
the substantial features of the system
reasonably certain. 1t will be, in the
direction of national currency and ma
tonal banking, and away from state
banking, and based OH +....s...,
GOLD AND SILVER,
instead of bonds. The general desire is
to create system of national banks
which shall proceed 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 on parallel lines
without any disarrangement OF either
system. So ;
MIR. Walker was asked what the new
system OF banks would have to do with.
the issuance OF money.
The bill undoubtedly will provide
for dong away with the various forms
OF currency now issued, and the sub.
stitution therefor OF a uniform paper
money issued by the government
through the banks. At present the
government circulateS treasury notes,
greenbacks, silver certificates and va.
rlous kinds Of'curreney, and the govern
lhent undertakes, to make. good this
money. But the purpose will be to
make the national banks the sole source
OF issuing currency, under government
supervision and direction The govern
ment thus will be relieved of the bur
gen of issuing, circulating and cur
rently redeeming these various forms
OF currency, and the entire responsible
ity will bo
PLACED ON THE BANKS.
"IhiS national bank currency would
be surrounded by all the safeguards OF
the present law and such other safe
guards as would insure its proper re-
delnptiOn. 1t short, the federal govern
lneHt. will be relieved of direct attention
to the Issuance of money and all re.
.sponsibility:, for keeping it good
money" and yet will insure the public
that every dollar issued by the national
banks Is gsod and redeemable the coun-
try over"
Can such measure be passed at the
present session." Mr.. Walker was
asked.
Possibly not" said he, "but it will
serve valuable purpose to business.
The mere fact that such compre-
hensive measure for nationaized cur
rency can be reported and put OH the
calendar will have salntary effect on
business and banking circles. 1t will
be in shape also to be taken up at the
next session of congress. The recen.
debate OH state banks has been one of
the most beneficial from an educational
point of view we have had in twenty
years. 1t has cleared the way for
safe. sound and conservative system of
nationalized banks and currency"