Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1895-01-11
JANUARY II, 1895.
What Next2

The resolution OF Mr.. Cultivate, when
on Wednesday the House Of Representa-
tives voted down, was OF course not n
final disposition Of the substitute Tor 'he
Carlisle bill, but was offered with 'he
Intention Of providing for closing debate
on that hill and bringing the House 10
a vote upon. The question OF its passage
The resolution being defeated. the bill H.
self is before the House OF Representa-
,ives for final disposition. We do not
consider that any m or the house
has committed himself either to support
or oppose the bill on its merits, though
the general opinion is that the Carlisle
bill Is dead.
What next? This substitute for the
Carlisle bill is regarded as an admins
tration measure. But new developments
come so thick and fast that II Is dNh-
cult 10 forecast even for one day now
the House Of Representatives VIII diVlde
upon any measure Of currency reform
that may be offered. This statement IN
cludes the substitute for the Carlisle
bill, which that body IL free TO pass not
outstanding the rejection OF Mr.. Outh-
waiie's resolution.
II would seem that the House OF Repre-
sentativcs must adopt some measure or
financial reform. The Democrats nave
SO LARGE a majority in that body that 1t
would be difficult 10 convince the people
Of their fitness 10 legislate for this great
country IL they can DO nothing but teal
down. They must now go 10 Work anu
build up a financial system. Let the
House alter and amend the substitute
for the Carlisle hill and send II 10 the
Senate. That substitute has merits. In
MS speech Of last week Mr. Black. OF
Georgia, quoted Mr.. Dodsworth, Of the
New York Journal Of Commerce. one OF
the ablest II not the ablest of the fnan-
clers Of Wall street. as authority for
saying that the substitute in question
removed seven Of the objections which
had been raised TO the existing national
= banking-system. These seven objections
which are or may b. 50 easily removed.
Mir. Black stated as follows:
/. That the pond form Of guarantee
has been found Incompatible with elasti-
city Of issue.
This plan removes that objection.
.. That said guaranty leaves no sufi-
cent marsin Of profit TO the issuer, ana
consequently prevents issuing.
This plan removes that objection.
3 That the bonds themselves must, In
a few years. mature and be retired.
This plan removes that objection.
4. That the governments engagement TO
pay the notes * an Legitimate exercise
Of Federal power.
This plan removes that objection.
;. That owing to obstructive restraints
the volume of notes cannot he readily
augmented u meet public emergencies.
This plan removes that objection.
8 That the arrangements for insurlng
current redemptions Of the notes fail Of
their purpose. thereby keeping the volume
rigidly inlexible at the seasons when II
Should automatically contract or expand.
This plan removes tina objection.
I. That for these reasons. the national
= ak circulation has shrunk TO one half
its former volume, while the public re-
quirements for money have been in
cTeasing.
This plan removes that objection.
In a word. the whole subject Of the
currency and financial reform is still
pending in the House Of Representatives.
and II that body proves Itself equal TO
the occasion the country may have rea-
son TO thank Heaven that the Democrats
had control Of the Flfty-thlrd Congress.