Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1894-12-03
ON HAND FOR WORK
National Statesmen Flock To-
gether Once Again.
FINANCE THE GREAT ISSUE

C0naptfoiler EckeIs report On Ihat Wat
ter. which Probably Foreshadows What
the President Will Say in His Message-
Propositions to Eliminate the National
Bond and to Redeem and Retire Govern
ment Issues of Currency-Other Points
Of the Document Noted.
WASHINGTON. Dec 3.-The second SEES
sion of the Fifty-third congress began at
noon today with the vice president in the
chair i'll the senate and Speaker Crisp
welding the gavel in the house. For some
time before the session was called to order
the members of both houses were gather
ting in the chambers, collecting in knots
and discussing the recent political cy-
rlone, as a general thing, bat in some
cases talking of coming legislation.
Among the members of the dominant
party in the house, over half of whom
were defeated for reelection, there is a
great deal of feeling against the admins
tration for real or fancied grievances. 1t
will be the purpose of the Democratic
leaders to curb as far as posi-.
bic the display Of resentment.
publicans will spare no pains to provoke
and goad their defeated advcrsarics into
letting loose their walls of wrath.
Finances Will Give the Chance.
If the president outlines financial
scheme in his message, as anticipated, it
will probably furnish the opponents OF
his banking and financial views their dc
sired opportunity. The senate VIII DE
largely governed as well as the house, SC
far as Eyeliness is concerned b. the finan.
cial recommendations, for there arc many
senators who have no use for those views
generally accepted as held by the admin
istration. Without the finances. how
ever, there is plenty of business to keeI
both houses employed for some weeks, and
this question may not come up until ate,
the holidays some time. In fact it is al
NEST certain not to come up until that
time, and il is doubtful if much business
of any kind will be done before Christ
mas.
Report of Comptroller Eckels.
The financial question as presented by
the supposed views of the administration
is largely a question of banks and papel
currency, and that being the case the re
port of Comptroller Eckels is likely t.
present the ideas that prevail in admins
tration circles. The report is ont and i;
largely devoted to the question The
comptroller says that the defects of the
currency exist in the note-issuing powers
of the national banks and ne holds that
mo section of the law should be disturbed
which cannot be materially improved
upon and no amendment engrafted Inles
such amendment will work out better re
suits than flow from the existing order O
| things. As for the present law it must b,
conceded it has been successful in every
material feature. excepting in the matte
of bank note issues, and here the failur
has been but partial one. The notes is
sued by the banks under government SUI
pervision have been uniform in appearance
and under any and all circumstances o
the full face value which they purport Il
carry.
Elasticity the One Thing Wanting
They have possessed the first requisit,
of q good bank note issue-immediate con
/ vertibility into coin upon presentation.
is probable that there could be no bette
plan for simply insuring the note holde
| against loss than the present Requirement
of deposit OF bonds to secure bank
circulation; but it is equally certain tina
method could be devised not less safe il
scssing that which is essential and i
now wholly wanting-elasticity Of issue
The complaint, therefore. made aeains
the present system is that lacking il
elasticity of issue it fails to meet AS full,
as il ought the varying wants of tn
| country's trade and commerce
| states the Cause of the Defect.
"This defect must attach to every schem
/ for n currency iSsIlpd nv the hanks ao,i ~
a deposit of bonds the market value o
which fiuctuates. while the percentage O
Issue, less than the value of the bond
granted the banks, remains unchanged
1t must also be wanting in such meth
od because of the delay in the face of
pressing need, occasioncd by tigh
money market or other reasons. in secur
ing and depositing the bonds required an,
taking out the circulation thereon"
HOW TO SUPPLY THE NEEDEUI