New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-12-23
BANK BILL NO. g.

BdNh DILL W.. -
This Administration Of failure confesses that
its Currency bill cannot pass the House. A cah-
voss disclosed il IS stated that in a House about
two ,hinls Democratic the bill would be beaten
bv more than fifty majority. The same onenSNe
detection which compelled the reporting Oh 'he
bill without decent consideration or any chan'e
10 offer amendments will now try 10 force upon
the party the substitute II IS 10 Swallow VI
fail 10 BASS any currency bill 1t was indecent
treatment. not Of the Republicans only, put as
much of the Democratic majority, 10 report 'he
bill at all in its present form Yet more HUT
cent appears the attempt 10 chanse the 'i'"'
IRE without consulting the House 10 WHICH "
has been improperly submitted. Nopody sup
noses that 1t represents the wishes OF either
Marty. or of a majority of members, but only 'he
will Of a djctatorial Administration. NoDoo!
will have any respect for the proposed revision
n r. represents, not the Judgment OF the coiii-
mttee but the will Of the President. Leslsa-
zion on that plan has gone far enough. Ia
,vaiian methods were bad enough applied 10
American residents Of Hawaiian Islands Du'
tho IiliuokalanI STYLE Of lawmakng does not
belong here
The Administration Bill No ., the text OF
"
Of the serious objections TO Bill No l. On me
contrary. in attempting to avoid criticism that
rho National banks would be forced 10 surrender
their privileges All unconstitutional requirement.
and Tins TO throw their United States bonds
ON the market. Mr. Carlisle now throws away
entirely the chief pretext given for the measure
His new bill would permit all e1ist'ng oa"As
20 on ON a. they are II they can. but that would
1nrki
tenders. Secretary Carlisle has all the time
claimed that the proposed bill was necessary III
order 10 relieve the Treasury. from the constant
redemption Of legal-tender notes. But absolute
" nothing is proposed by him 10 cause maj re-
tirement Of such notes, or any part OF 'heu
II has been pretended that this reform would
simplify the currency. but Bill No. does eA
actly the contrary; IL creates new Kihu Vi
bankpotes against which no bonds wouid oe
deposited and on which II would not be stated
that they are so secured. and besides creates
forIy-four new kinds of State banknotes, eacu
depending for security upon such regulations us
the different States may enact. ana on the
fidelity OF the officers OF different States AS
there IS absolutely nothing in the new plan 20
make State banks less dangerous. nothlng 10
eoualiZe their taxes with those or National
hanks nothing 10 restrict their issues 10 notes
of $40 or more. and nothing TO keep within safe
or decent limits their issues Of currency. IL fol
lows that there is nothing 10 give National
| hanks q chance for existence in competition
with wildcat State banks. nothing 10 prevent
the destruction Of the National system. ami
therefore nothing 10 prevent the rapid sale OF
about $500. 100000 United States bonds now held
bv National banks, with all the disastrous con-
sequences Of such sale
one dangerous provision. making National
! banks liable to assessment when one fals' -
! properly eliminated. and doubtful provisions
about transfer Of the guarantee fund 10 the
safety fund are cleared up Currency cer'ih-
Gates are also properly included among the no'es
which may be deposited IN the guarantee f'lnd.
Redemption is required AT such offices as may
he designated by the Controller OF the Currency
IA mischievous and dangerous provision Notes
Of failed National banks II not redeemed upon
presentation, are TO bear Interest at u per cent
mill redeemed: a statement full Of peril. AZ il
| is a declaration that the United States may not
| be able TO perform its duty by redeemng notes
already outstanding, and that the guarantee
and safety fund may not suffice for the redcnp-
| zion OF banknotes TO be hereafter issued.
II cannot be pretended that such "A substitute
will materially lessen the opposition to the Dill
The. truth is that the Administration IL so com
pletely incapable. or 80 obstinate in lis blind
ness that il either knows nothing or cares no'h
Ing about the main reasons which prevent the
passage of It's Measure There Is really nothing
10 do but TO send this bill back 10 The committee
Is that discourteous 10 the Administration
Nothing could be more deserved than proof
that an American Congress does not have ~
laws made for II and dictated TO II by des
potic ruler Would IL be discour,eOus TO the
ma iorty Of the committee: Not In the least
unless that committee purposely avoided its duty
| in conserving TO report bill known to be utter
" unfit for consideration If 1t did, 1t deserves
10 be recalled To its duty by members OF the
House. which really has no business 10 enco'lr
oye q mere toady Of the Administration In the
position Mr.. Springer occupies