The morning times., 1896-01-02
RQ-RlAGAl MEASURES
MfWaIksF SaysFinancia| Legs
lali0n win Conservative.
HOUSE. FEELING ITS WAY
He Says tleOj3onse Banking Commit
tee Believes That One of Three
Ways Must Be Used to Remedy
the S.turtiyR--Trea easury Must be
Relieved OF All Responsibility.

NJ, Walker of Massachusetts, the chair
mau of the House committeeun Blinking and
Currency, says shat whatever banking regis
la.lon US. .oiuaiiitvee woI.iu De uhe.y To- ior-
| inuiate at thisscssioI would be conservative.
! Continuing he said:
From my conversation with members
OF the committee II is Obvious that We shall
| do notlins that Will uutme..t the approval Of
| tue sounu sense VI Inc county. ine com :
| mittee is composed of lair minded inen.
| They viii notatle.ppt tointrodice new rules
| 10. ,ontrv lin. Tie DdnSs IL any uiii tney
may report.
On Lae other hand, they recognize that
! Juey are not'le1sciIefsor professors To IorInu-
late correct theories or Practices III II biil
| that the past action % Congress shows can
poG become "A law. First, they will attempt
TO ueciuc tue principles OF finance crystal-
lied into financlAl customs, tie Violation of
whicn has caused the anona. .ous conditions
of tue present. Second, they will decide the
best ,IiTs 10 bc uune .iiucr tIie eAistIug
per1;oIs Conditions uput TIE finances OF ine
country on a safe anu sold IuunuatlOn
had the committee the power Ia doit.
Third, they will report to the House a
bill That vOuiur..s .ts ;.ear.y 70 tne practIces
oil the safest and most successful banking
system OF the world that they can devise
that has any chance OF being enacted into
law by TINS Congress.
SOLUTION Is DIFFICULT.
In view or past experiences and present
preJudces, in tue puDlc mii.d, when mast
Dc TcckoBed with By the Banking ard Cur
rency Committee, u right solution OF the
prOo."iI! IL as difficult as il Is serious, ard
denIa ids the assistance and encoura cement
as We'll as the lorebearance of every man in
the country Skiiled III banking or finance.
at seems TO Tie committee that the sciu-
tion "a the question can only be made IN
one vi three ways, which must contemplate
In relieving the Cnittd = iaJes Treasury uf
all responsibility OF redec.ning IN gold
single dollar OF the paper money now in
circuiatioD.
"flTst, tolssue $500, ,OoU, 900 OF bonds, AID
use tAe proceeds to redeem and cancel tie
United states legal tender notes and Treas
ury notes. Second, to Increase the revenues
10 exceed tie eNpvUd lures by a sum suIfi-
cieHt to redeem and cince! in the near future
all such notes as they are presented for
redr:uptun. Third. to make u ~ the it,
teresis of the banks and thus induce the
banks To assume tne current redemption
OF ali surtI notes cOInpensatng the L....Es
Tor So doing, by allowing them to issue
circulating notes against the assets of
the banks to an equal amount.
ARE ANXIOUS FOR ADVICE.
The first two scnemes have been tried
only To ran utterly. because OF the deter
mined opposition of the people.
IF Congress should TO-DAY pass a law
providing that the surplus revenues should
Dr used To redeem Treasury notes il is the
belief OF the most experienced men i'll Con-
gr,~s tHat- it would be repealed within
twelve months.
70 lit ser.Ts, therefore, To the Banking and
Currency Committee that they are shut up
TO the third method of correcting existing
Il
come responsible for the current reGemp-
tiOTii of every dollar of paper money by
retiring every existing dollar and having it
issued by the banks of the country, half
to toe a new bank greenback.
THE committee are anxious to have the
assistance OI the most experienced bankers
of the country in devising some plan for
accomplishing this result in view of the
popular opposition TO the destruction OF
the government paper"