New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-01-24
SPRINGER rs STILL HOPEFUL
STILL CONFIDENT THAT HE CAN GET HIS
CURRENCY BILL PASSED.
OTHER MEMBERS or HIS COMMITTEE TALK IN
DIFFERENT sTRArN-MR WALKER ON
IL

Committee on Banking and Currency. is mere than
hopefui-he is actually contident-that within the
next five or six days his committee or majority
of IT, will have agreed to and reported currency
bill that will pass the House OF Representatives.
In conversation with a Tribune correspondent this
, afternoon. the Sangamon statesman said:
The prospect appears brighter now than IT has at
any time since began our efforts. ana II IS
growing brighter daily. / have seen Secretary Car
Isle again. and We discussed number OF the pend
Ing propositions He appeared feel hopeful. and
OF course ne is exceedingly anxious that agree
ent shall be reached and that legislation shall be
enacted"
"Wi the measure that you propose TO bring
forward follow the main lines OF the one which
the House refused to consider on the terms pro-
posed by the M jorty of the Committee on Rules
asked tic correspondent.
Yes but a NUMBER Of amendments will be pro-
posed. They have rot Yet been formulated how
ever or formally considered by the majority of the
committee"
what about the guarantee funds OF State banks
Of issue? Who're Will they he de7ositsi?'
"oh. each state viii designate TIE pace and the
o:I,lal custodian. You understand that the pro-
visions In regard TO State banks OF issue Will not
become operative in any State unit. after the Lcgls
laturc has enacted proper legislation on the sub
ject"
some Of the states viii be obliged to amend
their constitutions before such laws BE- enacted
VIII they rot"'
and several other States.
Mr. Springer not rendy TO explain or even
20 outline the rcmolies which were To he admin
lsiercd to the defunc; Administration bill One OF
his Democratic colleagues Cox. Of Tennessee
has also seen Secretary Carlisle. ana 10 tribune
CORES 2crdent he said:
The prospcc, is growing brighter. and hope
that within q week We shall have hill ready to
rcpor, to the House perhaps IL may he ready by
SATURDAY but It II too soon - tax about what W.
have accomplished or propose to do
Several OF the Democratic members OF the Bank
ing and Currency Committee scout the id'a thai
Anything can be- devised ihat majority o: tho
corrmti.. viii agree TO- AMI declare thst % is die
10 hope for any currency .egisiation Is th.s con
gross. Tn, Republican members snare tnis OPINION
Il Is believed without s1as.c exception. Mt Walk
or n NaS-achusctts. who heads the Republican
minority n the committee. appeared before the
Way. and Means Committee and explained ana
advocated his bi.. che substance % which ~as
given IA thee DISPATCHES several days ago) 20 au-
th1r!xe the issue Of rn0rt-'erm honls az raj" 90
inicrcs, not exceeding peg cen, per annum L
make good iAe deG,t IN the revenues aai provide
moan 10 pay tne current eNpcurcs Of the Govern
n.cn, Chairman wilson AfcrNarl remarked that
Mr walker statement was AN exceedingly clear
and strong one
Nj walker nas addressed - Thomls y. IlIr'. o.
Boston. a letter which contains good many things
that Hi. or found interesting and suggestive even
by mon who 80 noi Wholly agree With ne views
expressed by ,hc MI..ichu-e;,s Representatives. lie
writes
fully agree with you tha; the nT1t hing 70 W
u &, mike the income exceed the expenditure az
,ag Goern I, ;o Ss S SnS nam IN wan o aen We ha
no troubles" You state that winch y trcahici,1y
iS Dr ia S"f fac 60 nan know. better isan yourself
that when knowledge ~ the nahncI C9'!,sioh %,
man altn an immense business comes 10 IN" pIpHt
he may BE-" nnb nine tines ~ Yen ~. 20 " RS. nov
than he "as when h" hai n 'foup." ON A Mo"
49,, hat ma d
:, i,kr S,.,s tn get Oh A solid foundation brasJ
out his condition. admitting nothing ana DONG
nothing. neither OF which has the Secretary OF me
SsT 10y, d f AS an S ySi Eo oT the rrea.ary to
pay gold. selling NJ rlany bonds rs II rhy; iou
n2 ST n nsrf H and G neeT viii be- again even
ceipts exceed by $4,000 n month or more me ex
periIture~ "Rev0lnilons never 10 Backward OF
any kind AMI especially nnanelai revolutions. Max
no m,tahe my Iea p, %u rnu a,r W. ne on: .eva
headed man that was al the Boston bankers me''-
Ing on January a.
And now let me give you a little revisw Of the
economic .isory OF the bankers. and their ability
TO see and do what Is for their own interest: The
National Bank act was passed July -, lS3 Five
twenty 6 per cent bonds TO take out circulation
could then Ia bought at seventy cents on the dol
lar II they were be paid In ten years. the
pron,s ON circulation taken out would have been
II "a per cent and yet only l3i National banks
were organized. with capital OF SlG.V000. In
1854 bonds could be bought IN gold for hfty cents
on the dollar pronts on circulation 2las per cent
and yet only 80 banks were organized. with
capital OF ~ 10000 In 1853 bonds could be bought
al slxty-four cents on the dollar: profits on clrcu
lation "A per cent and yet the State banks would
not 20 into the National schemes az the enormous
profits excepting practically al the point OF the
financial bayonct.
ing "a duty OF 10, per cent on the circulation of
state banks. TO take effect July l. 1850 and, presto
change! 1893 State banks mmsdiateiy went into
the National system. with N capital OF S2i20o.Ool
at II per cent proht. What hardship! And IT r.
practically the same to-day, my dear sir. The gain
to-day 10 National banks going out or the present
sys,em into iysit ProVSGn iTf IN a P s pTs
Of circuaon-sj $4,000 by exchanging the existing
teasnrsr OF the United states mperliIng our
whole financial system. and finally redeemed by
$4,000 against the general assets OF the bank. which
would be an ady@ntage 70 The bank .,6 OF 5@ per
aton The profit they can make to-day on tn,
h toxin ' a SnaS out eH a e
twos one-ihrd on tours. and onc-thrd on skies.
United States Treasury and not by mo. lhe only
gain OH circulation that can De made by bank
today is slightly more than = q per cent while
law. would be 2;s per cent
per cent basis. the average discount throughout
the country At the bankers meeting at Phlla-
every other bankers meeting that have seen or
heard Of the bankers are s hc hank aePPns
selves to make more money. nanifestng not the
method to relieve The Treasury of the United States.
which my bill allow me to say thoroughly does.
and largely Increases the proif OF banks. Rest
assured / shall do everything that lies IN my power
to do the things that need to be done In their losI
cal order go
l. TO secure the passage OF u bill giving the
Treasurer the power 10 issue three or four different
kinds OF short-time bonds TO maintain geld pay
ments and TO supply any deficiencies In revenue.
2 To make the revenue somewhat exceed the ex-
perditures
g. TO give us a decent National banking system
modelled on the English French. German. Scotch
MI la
of their systems adopted to our anomalous con-
ditions. 1t simply binders the doing OF the things
the bankers desire to have done for them to meet
and demand that they shall be allowed 10 issue
currency up the face value Of their bonds which
couldn't get vote In I've IN Congress. Secondly.
that s5o00c).O00 bonds be issued to take up the
greenbacks and Treasury notes. which couldn't
get hall many VOTES as The Other. ThlrIlY.