Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1894-12-19

Disseminated IN favor OF State banks.
and would force national banks to ope-
rate under State charters. Nobody need
pay any attention to these charges. Inc
Carlisle bin has been examined by many
OF the ablest hnanclers and practical
bankers in the United States.
Mr.. Walker IA backed up by southern
Democratic senator In the opinion that
there will not be time enough during this
session to force the Carlisle bill through
both houses OF Congress. But IL the
President is earnestly DESTROYS that the
Carlisle bill shall become the law of the
land. he can bring powerful influences to
hear upon Congress our Washington
correspondent says what we all know to
be true, that the bankers are divided upon
that bill, the Republicans uncertain how
10 net. and the free-silver men displeased
with Il. Another rumor says that the
House Committee on Rules VIII refuse
In grant an order limiting debate. IL
they refuse TO grant this order, provided
such an order he needed. they viii XIII
the bill In the House OF Representatives.
We attach no Importance TO this report
for IL the opposition 10 the Carlisle Dill
IL as strong as such a refusal would indi-
cate. the bill would be easily defeated In
the Senate, In which body there Is no
previous question. Therefore. II would be
unnecessary for the House OF Representa-
ties 10 pursue the course pointed out In
the rumor
The conclusions OF Mr.. sprlnger's re-
port are so clearly and yet 80 briefly epit-
omized that we cannot but let our read
ers read them again. We quote:
.Tf the proposed bill should become a
law. II will provide for n safe. sufiicien''
and flexible currency. The bond security
required for natlonai-bank notes makes
nexibYlity very difficult, II not impossiple'
The proposed bill requires that the Secre-
tary shall keep on hand Olank) notes
which can be issued at any time 70 any
amount which may be required by ,pusi-
moss conditions within the limit OF the
circulation permitted under the Dill
Thus provision Is also made Tor retiT'ns
notes promptly when the banks may ue-
sire to do SO. and. as the outstanuils
notes will be taxed one half of per cent
per annum, and, as the banks taKlhs
Them will be deprived Of 30 per cent.
thereof In legal tender notes. there VIII
be an inducement to retire the circulation
when IL Is not needed, and at the same
time an inducement to take out circuia !.
ton when business conditions require IT,
Mr. Springer's committee tell us not only
what the new law will do. but how II IL
had been in force, It would have saved
the country from the hard times OF the
| last two or three years. Read:
"An exhaustive argument is made 70
| demonstrate that If the proposed blll nau
been in force during the crisis or 1875
| II all the banks had heretofore taken
| ont circulation to the maximum amount
| oIloved bv law. and IL the failed banks
| rad also taken out their maximum clrcu-
| lation the guarantee and SAFETY iunds
| would have been ample for the payment
| Of the entire circulation OF the outstanu'
| ing notes. and would have left surplus
| Of over Sl1.00O0O0 still in the safety tund
without the necessity. even in grea'
crisis Of that kind Of making any assess
ment on the resources OF the other ma
| tional banks. ,,-
"'The committee Is further Of the opinion
that should the proposed bill become
law the notes which would be ISSUED
under II would be absolutely safe undei
orv and all possible business conditions
The report contends that il the provisions
of the bill relating to State banks are
observed. they will throw around tht
state-bank circulation the most essential
safeguards which are provided 1or tnt
national currency. If they are not on
served the 10 per cent. tax Will be I'M
poeed and notes will be suppressed
This new Carlisle bill will come into
connection with the Baltimore plan
which IS also a meritorious scheme. And
as 70 the amendments TO the bill which
will be opposed by the Silverltes' the nat
money advocates, and other theoris's
their name will be legion.
If President Cleveland succeeds IN get
ting Congress to pass the Carlisle bill
and IT shall operate as its friends say 1t
will he will make for himself an enduring
ranptatiOu