The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-12-09
NO UNSEEMLY HASTE
HOUSE COMMITTEE ON BANKING AND
CURRENCY HALTED.
-~ ~
Protest from Henry u. johnson
Against Attehpting to "RailroadY
Financial Bill to the Senate.
SUBCOMMITTEES APPOINTED
FOR CONSIDERATION OF VARIOUS
CURRENCY REFORM PLANS.
Effort to BE Made to Prevent Young
Women Marrying Old Soldiers for
the Purpose of Gaining Pensions.
spectal to the INDIANAPOLIS Journal.

WASHINGTON, Dec. 8.--The House COM
mittee on banking and currency had to
abandon its programme of rushing through
a bill embodying the important financial
recommendations in the Presidents mes
sage and reporting it Immediately to the
House with a request for hurried passage.
Mr.. Johnson, of Indiana, blocked the plan.
He contended that there was no occasion
for break-neck haste in this matter and
that any action taken to back up the Presi-
dent would lose nothing of its force and
effect by being adopted with dignified delb-
Grafton He was opposed to any unseemly
haste and thought the country would take
with bad grace any such exhibition on the
part of a committee which is supposed to
do business only after giving subjects care
full thought and ample time in considera-
tion. Chairman Walker is in a huff over
the fasco, and some of the other gentlemen
who had agreed to take part in tie hurry
up programme are also feeling quite sore.
To most people the haste on the part of the
banking and currency committee is merely
a move to get ahead of the ways and means
committee in initiating legislation.
An Associated Press dispatch says: The
House committee on banking, which will
have the shaping of a considerable por-
tion Of the financial legislation before the
House, held it's first meeting this morning
and outlined it's general plan of action In
view of Secretary Cages recommendation
of comprehensive revision of currency and
banking affairs a resolution was adopted
inviting the secretary to embody his views
in a bill. The committee was informed that
the secretary was now at work on a meas
ure, and that it would be available for the
committee in about a week. Mr.. Hill, of
Connecticut, then precipitated a sharp de-
bate by moving that the committee act
at once by reporting to the House a bill
embodying three of the financial features
which had the Presidents approval. These
were embodied in a bill heretofore offered
by Mr.. Brosius, of Pennsylvania, and Mr..
Hill now proposed that the first three Sec
tions be placed before the House imme-
diately. The three sections provided: Bank
circulation up to the par value of bonds
deposited; reduction of the tax on circula-
tfofss tO~one- fourth or i per cent. the estab-
lishment of small banks in rural communi-
ties Mr.. Hill said the committee would do
well not to go through the tedious processes
of considering and dividing on these three
propositions. which appeared to meet with
general acceptance and had received execu-
tive approval.
Mr.. Johnson, of Indiana, earnestly op-
posed such hasty action. He said there
should be time to hear from the gentlemen
forming the monetary commission and TO
weigh all propositions. Precipitate action
would, he said. seriously prejudice it be-
fore the House and the court. Mr.. Mitchell,
of New York, also opposed such speedy
action. Debate was proceeding with ami
nation when, at IL o'clock the meeting
went over, vote the Hill motion not
having been reached.
Chairman Walker announced four SUBJ
committees and assigned to each a number
of the banking and currency bills already
introduced. The subcommittee will begin
work at once on the bills before them, each
subcommittee having charge Of the bills in
troduced by its members The Walker sub
committee will have charge of the Walker
Dill, which has attracted considerable at
tentlon in banking circles. 1t proposes to
introduce the New England Suffolk Bank
system to the whole country adding a gov
ernment guaranty for all notes issued by
banks and imposing a small tax on bank
notes as a safety fund. The bill of Mr.
hill also goes before this committee. Mr.
Hill has endeavored to draw it on conserva-
tive lines meeting the financial ills which
most need reform without going to radi-
cal extent. He provides for an increase of
bank circulation to the par value of bonds
tion to one-fourth of per cent; provides
for the establishment of small banks in
rural communities and does away with the
restrictions on the free issue and with
drawal of national bank notes. Except in
the last particular the author of the bill
feels that he is in line with President Nc
klnleyS recent currency recommendations.
This subcommittee will also deal with the
bills of Representative Cox, the ranking
Democrat on, the committee. The main one
is generally known as the Carlisle bill"
which was originally urged by John G..
Carlisle when he was secretary of the treas
ury. Mr.. Cox is also pressing the bill for
the repeal of the tax on state banks.
The Brosius subcommittee will probably
deal with Secretary Cages plan of cur
rency and banking reform. A bill on the
Mitchell, of New York, a member of the
subcommittee. It's essential feature is to
separate the funds of the government into
two branches, one relating to fiscal expendi-
monetary affairs of the country, the details
being much the same as those outlined by
Mr.. Gage Mr. Brosius, the chairman of
this subcommittee, also has comprehen-
the features which Mr.. Hill sought to have
reported to-day and also separate redemp-
ton fund calculated to reinforce the treas
ury reserve. The BrOSiuS bill also gives the
redeeming notes in silver or gold at the
option of the holder.
The Johnson subcommittee will deal with
Mr.. Johnson'S bill, which more particularly
seeks to allow national banks to issue cir
culation up to the par value of their bonds
deposited,
The Van Voorhis subcommittee will han
die the Fowler bill. which provides for the
refunding of bonds for new United States
gold bonds bearing per cent interest
There are many other measures which are
oefore the several subcommittees but the
foregoing comprise those which have at
tracteQ the most general attention and are