The daily morning journal and courier., 1894-12-18

 against 1t. and again under the leader ship of the Hon. William M. Springer. on June c, 1894, by vote to repeal the 10 per cent tax of l02 for to l7s against.
 Therefore we protest against consum- ing the time of the house in profitless discussion of that objectionable section of the Carlisle bill.
 Finally. We are of the opinion that it is not safe for the house to enter upon the line of legislation proposed until some bill Is brought before 1t that has received far more attention than the Carlisle bill, and We recommend that it be indefinitely postponed.
 The report Is signed by J. II. Walker of Massachusetts. M. Brosius of Penn sylvania, Thomas J. Henderson of 1lli- nois. Charles A. Russell of Connecticut. Niles P. Haugen of Wisconsin and Hen ry IT, Johnson of Indiana.
 When the Carlisle currency reform bill reaches the senate. 1t Is asserted that 1t will probably be antagonzed by consideration of some of the leading democratic senator's Thhs senate scheme Is not yet perfected in all its details, but senator who has taken an active interest in the matter says that 1t is designed to bring the cur rency question back to solid democratic foundations. As outlined in general way, the new scheme contemplates:
 The issue by the United States Of all the money necessary for the people; the retirement of the paper money of all kinds now issued by the government and the substitution therefor of sin gle paper issue to be denominated United States notes; no note of this character below the denomination of So to be issued; the retirement of all ma tional bank note circulation; the na- tional banks to be continued, with this exception as at present, and under as at present, government control and supervision; and the free coinage of gold and silver alike at the hints of the United States. The advocates of this plan claim that all the good quali- ties of the national banking system will be retained by the proposed method oHu thC Ollly uduSSIouS poWVi thC poiiho possess-that of issuing money-will be eliminated. They say that if 1t is necessary to have basis of circula tion for United States money, a bond issue of $500, ,0O0, ,000 can easily be fioated and the money can be kept In the treasury as basis for the circulation of the United States notes, which are to take the place of the seven different kinds of United States money now in use.
 tI is pointed out that in the present condition of the gold reserve there is behind each dollar of treasury issues redeemable in gold but twenty cents, and the difference between this twenty cents and the face value of the treasury issues Is simply the credit and good faith of the United States. This also is the case with national bank notes The bank note is based on United States bonds, but the bonds are issued and the money thus obtained has al- ready been utilized and the only thing behind United States bonds aggregat- ing one billion dollars is the promise ito pay" at maturity by the govern ment; so that as a matter of fact, it is claimed, all the obligations of the United States, with the exception of gold and silver soin and gold and silver certificates, are simply fiat money, with no substantial basis for their redemp- ton except, the good faith and credit of the government.