The Big Sandy news. [volume] (Louisa, Ky.) 1885-1929, 1894-12-21
FINANCE BILL.
Republican Minority Of the Currency Com.
mittee Reports-They Make serious OBJ
jections TO Secretary Carlisle's Measure.

WAfHiNGToN, Dec. ll.-Ihe report OF
the republican members OF the bank
ing and currency committee on the
Carlisle banking bill begins with the
statement that the signers ''most
heartily and enthusiastically join with
the democratic majority Of the COM
mittee in repudiating the measure"
The report states that the whole ac-
tion OF the party majority Of the com
mittee was most extraordinary andnot
approved by It's voting majority. The
bill was only read in committee in part
on one occasion, and an opportunity 10
consider or amend II was refused both
TO the democratic and republican mem
bers
The report continues that II is the
opinion OF number OF the most clear
headed and eminent hnanciers In the
country that IL the Carlisle bill is
enacted into a law II will within TWEEN.
ty days precipitate panic far more Sc
we're than that Of 1893, as It would com
pei the forced sale upon the market Of
nearly se00,OO0,OOO worth OF United
States bonds within six months.
This haste 10 report the bill Is all the more
/ inexpllcable, the report adds, when Il Is re-
membered that Secretary Carlisle testified
that this bill, which he had drafted himself for
the relief OF the treasury, would not In any
event relieve Il materially for five years, and
might not for twenty years"
The report calls the attention to GER
tain sections OF the bill and sharply
criticises them. The shortcomings in
the Carlisle bill from the minority
standpoint are accounted for by the
probable haste with which the bill was
drawn, inasmuch as Secretary Carlisle
informed the committee that he had
dictated II hastily TO his stenographer.
"Whateyer legislation Is had with reference
| 20 the finances OF the country or banking. In
its effects upon national banks, should be per-
missiye and not mandatory as 20 national
banks while their present charters continue
To provide as In Section :. can not be justified
upon any principle Of safe legislation As has
been before stated, Il could not fail 70 produce
panic. and the reeklessness OF such legisla.
tion would starile not only the nnaneicrs II
this country, but OF the world"
In the opinion Of the minority the
provisions Of exemptions as TO state
tanks would drive every existing ma
tionnl bank. that desired to take out
circulating notes, into the state banl
system II the bill were enacted. The
taxation OF national banks would
amount TO $4,000 annually usdei
the present bill. which there is no rea
son TO believe would be imposed upor
them under the state system.
Furthermore. the states. even the mos
conservative among them. would be far NOR
liberal than the United States as regard
bonds, or any other security or redemption
funds, for they may require the deposit OF N
bonds whatever"
The minoUity can not believe II wa
the intention Of the trainers Of tn,
Carlisle bill 20 discriminate in favor o
state banks or TO force the nationa
banks To operate under state charters
The report directs attention TO tn
fact that all the witnesses who aT
pearcd before the committee objecte
seriously to the bill, and those who di
not repudiated many Of its section
upon cross-examination.
The chairman, Mr.. Springer, presented
! letter 70 the committee from a western banhl
| approving the Carlisle bill. read e. and pr,
posed 10 put Il ~ the record. aud when aske
II be had other letters from bankers concerI
ing the bill. he replied. Yes as many as ifty
and when asked II they all approved Of u
; bill. his reply was No, only this one
The passage Of the Carlisle bill may me,
some political exigency OF which We do NJ
| Ian wa Al huf NJ
, aggravate rather than relieve the perplexltis
Of the final situation and especially that Of II
, United States treasury.
The United States legal tender notes with
drawn from circulation. did all existing nj
tional banks take out all the circulation PEI
/ mitted under the bill, would only be tl5i 900
CO., stll leaving iaS0 600 900 10 veK the treasur
This would not afford any substantial rel
TO the constant drain OF gold from the treasur
II would make still more conspicuous al
thus more urgent, the demand for gold upS
the treasury. and the notes issued under Il
bill would make confusion worse eonfOund,
IN the currency by adding from one TO fort
i've more kinds Of money 70 those already e.
I lsting.
Twice within short time has tho house d
!, elarcd It's unalierabie opposition TO allowil
: state banks TO issue currency notes, once
; June @ is91 by vote OF ~ for. 10 lis again
i II. and again under the leadership against sta
n banks Of the gallant and versatile gentleml
h from Illinois, Hon VIM. NJ Springer. on Jul
q, 1891 by vote to repeal the 10 per cent IA
OF i0s for 10 Ia against IL Therefore we pr
n test against consuming the time OF the hou
In prohtless discussion OF that obiectionah
. section Of the Carlisle bill
Finally VIC are OF the opinion that IL Is n
n safe for the house Co enter upon the line
!, legislation proposed until some bill Is broug
= before Il that has received far more attenti
: : than the Carlisle bill and We recommend IN
il be indefinitely postponed"
WASHINGTON, Dee ls-Commission
Miller has amended treasury depaI
ment ruling As TO assessments on spi
its for deficiencies and excesses. 1t
4 cided that assessments for deficienci
e and excuses for the month of Augu,
q 1894, and subsequent months, will
E made mt the rate OF one dollar and t,
E cents for each proof gallon, and tn
G. those for months previous to Augui
le 1891, will be made at the rate Of nine
: cents for each proof gallon.