The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1894-12-19

now supporting a bill which contained
a provision for the repeal of the y
per cent. tax on the state banks,
measure which he had earnestly OF
posed less than six months ago
Mr.. Springer insisted he did oppose
the repeal OF the tax on state banks as
a separate measure. but when made a
part of a. general system of financial
reform, he considered it safe, although
he was frank to say he would prefer
simply national bank circulation.
Ess&nce of the Baltimore Plan.
Mr.. Walker Republican,, of Massa-
chusetts, who was in charge of the OPP
position to the measure, then took the
floor. He began with a statement OF
the essence of the Baltimore Plan. The
beginning and the end of that plan, The
said, was 10 give to national banks
power to withdraw their United States
bonds from the treasury and issue cir
culating notes a. their assets UP to SO
per cent. 1t afforded not a SHADOW of
relief and did not deserve momsnt's
consideration. Again, the bill pre-
scented by the secretary Of the treasury
was an amazing scheme. The bill had
not a feature that could be enacted,
except after remodelling, without en-
dangering the financial interests of the
country. Mr.. Carlisle had drawn the
bill over night He described the peril
of tine present condition of things in
the banking world, the dangers that
threatened. Yet the committee on
banking and currency I'd daWdled
away its time until tins undigested
scheme of the secretary of the treasury
had been thrown into the hopper Wi1en,
after a few hearings. it had been
brought into the House without single
change. Mr.. Walker spoke of his own
bill and its superiority over the Car
Isle bill. He expressed the hope that
the bill would be passed in place of
the Carlisle bill.
That would be done if you mad the
courage of your convictions" continued
he, addressing the Democratic side,
but failing in that, 1 hope you will
reeommit the Carlisle biz as 1 feel you
surely will when YOU know it's charac-
ter
While contrasting his bill with Mr.,
Cariisles, he dwelt upon the adyant-
age of divorcing trade from the gov
eminent, of allowing banks to proceed
under the laws of trade, not the laws of
commerce. A bank, he said. could not
| be drained of gold like the federal
] treasury. The government could not
1 refuse gold. a bank and its customers
We're mutually dependent. A bank
could pay optionally in gold and silver
Z -
the necessities of the case and the
necessity of protecting the currency
would determine. The Bank of France
furnished an analogy. That bank
would pay in silver if silver would do
as we'll as gold. II the purposes for
which the money was to be used re-
Quired gold, gold would be paid in any
quantity. The laws of Congress could
| be defied, but laws of trade never.
! a ma
his bill would redeem and retire the
legal tender. Mr.. Tracey OemocraD. OF
! New York. interrupted him to ask If
his bill would retire the Sherman notes.
Yes. SIR replied Mr.. Walker, read
my bill and you will lind ali the de-
tails worked out. / have not been
working on this bill six years for moth
ing. Nor am t. he added, THE most
stupid man in the world. daughter
L have been laboring single-handed, he
continued, lifting his arm aloft. until
fifteen months ago, when 1 delivered my
Chicag go speech. That reused the
country somewhat and it has been
rousing 1T ever since" Oaughter)
Mr.. Walkers elaboration of the terms
of his. bill attracted the closest atten-
tion and the members crowded about
him, taxing him with numerous ques-
tons which he deXterously met and
bring the country back to the ole
Democratic doctrines of Jackson and
Benton, the banks of which if it was in
operation, would hold $50, 100000 Of gold
and $50 000, 900 of silver. Speaking OF
the onerous work placed upon the sec
rotary Of the treausry by a necessity
of keeping up the gold reserve in time
of financial depression, Mr.. Walker
created a laugh. Manning died in
| aodfi-ta' - Saidt died; i'm
office. I say to you that any man who
runs the treasury department under
the existing conditions for four years
and does not die, has not done his
duty"
In concluding. Mr.. Walker. while de,
precating the effect Of the Carlisle bill
said he had no doubt that in present
ing it. the secretary had no other thar
the highest patriotic motive Of serving
his country. He spoke two hours anC
was applauded by many Democrats as
we'll as Republicans.
Mr.. Hall OemocraO, of Missouri
also a member of the committee OF
banking and currency, who followed
Mr.. Walker. said it must be distinctly
understood by members that the Wal
ller bill was not under discussion, anC
that when they came to vote they mus
vote either for the Carlisle bill or
continuation of the present. system
Mr.. Hall contended that the Carlisl,
bill was opposed by the national banks
because they preferred the Baltimor
. plan; the government stood behind TIN
notes issued, and in the Carlisle bill
the banks themselves were responsible
| for their notes. Mr.. Hall insisted tina
, every bank official summoned befor
the committee had been forced to ad
NIT when cornered that currency is
sued under the Carlisle bill would b
entirely safe. They &-1I opposed TIL
bill ON account of the fifth section
which made the banks solely respon
sible for their issues. He also repudi
ated the statement that this bill ha,
been prepared in haste. He said i
had been prepared after IS months o
investigation by the Banking and Cur
rency Committee and 20 months of suf
fering by the treasury. At the conciu
: sion of Mr.. Halls speech the commit
tee rose.
: Mr.. Henderson, of North Carolina
reported the postoffice approximation
4 bill. and then, at 5:15 p. m, the Hous
> adjourned.
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