The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-02-01
AN UNSATISFACTORY BILL.
Substitute to Be Offered for the Ad-
miniSfratiOn Measure

WASHINGTON, Jan. 31.--A haze of un-
certainty surrounds the fate of the admin
istration financial bill in the House next
week Comparatively few members of either
party are satisfied with the measure in its
present form, with the amendments which
have been added, and which some assert
have distorted it from the form of definite
plan or policy. There is no talk of a caucus
by either party at this time. and the policy
of each seems to be every man for himself.
A few members of the banking committee
are pleased with the bill, and several
amendments will be proposed by them in
the House. Representative Walker will Of
fer in the House his amendment for three
different classes of short term bonds, which
failed in the committee. Representative
Haugen, of the banking committee, will pro-
pose an amendment to reduce to $4,000 the
capital necessary to establish national
bank, believing that many small banks in
the South and West would obtain charters
under such system. and hoping to gain
for the bill the vote of many Southern State
bank men.
The rules committee has not vet con-
sidered the matter of time. Doubtless the
bill will be the order for Monday and
Chairman Springer thinks that two days
make brief report to the House to accom-
pany. the. bill. The report will say that the
Presidents message sets forth clearly and
forcibly the reasons for the passage of this
bill Your committee could add nothing in
tray the existing condition Of bur tir,anciaI
affairs or more clearly demonstrate the me-
eessity for prompt and patriotic action on
relief After relating the amendments
which are recommended the report adds:
The extraordinary condition to which the
President has referred in his message and
the necessity for immediate action in view
of the early adjournment of this Congress
have constrained your committee to concur
in reporting the bill with the proposed
amendments to the House for it's considera-
The Democrats of the committee who
voted yesterday against reporting the ad-
Missouri; Cox, of Tennessee, and Black of
Georgia-will report substitute based upon
the Carlisle currency bill. The minority bill
repeals the law requiring deposit OF bonds
as a basis for the issue of national banks
and allows in its stead deposit by banks
hereafter ORGANIZED OF legal tenders
of their circulation. tax of one-half Of
] percentum circulation is fixed and
national banks are required to redeem their
Section provides for the safety fund of
deIaption Of failed national bank n nlae nnass re-
Section authorizes the Secretary of the
Treasury to invest any money in safety
funds in United States bonds
Section provides that every national
bank at present organized may withdraw
its bonds and take out circulation under
this act.
Section s repeals Section and as much
of Section II of the act of July u, 1852, as
directs the Secretary of the Treasury to
receive deposits of gold and to issue GER
tfcates of gold thereon and also repeais
Section 81 of the act of June 3. 1854 and
Sections 5191 and 5192 of the Revised
Statutes. 1t then provides that no bank or
ganized under this act shall be allowed
to contract the volume of its currency with
out the consent of the Secretary of the
Treasury the State officer empowered
to pass on such matters.
Section 9 provides fce the retirement Of
legal tenders and trea sury notes of less
than SO, and Section 10 requires banks to
keep not less than half of their reserve
in legal tenders or treasury notes.
Section II provides that whenever there
shall be received in the treasury OF the
United States any legal tender notes or
treasury notes Of less denomination than
So the same shall be cancelled and sill
yer dollars silver certificates of HE de-
nominations shall be issued In amounts
equivalent to such notes cancelled and IN
order to put he provisions Of that section
1ate afkaat the Secretary Of the Treasury