The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1898-12-18
MR., WALKER
Prophesies No Action on
Currency Bills.

Congressman Walker is firm in his be-
lief that there will be no currency reform
legislation or general banking legislation
enacted by congress in the near future
Coming as it does from the chairman of
the banking and currency committee of
the national house, this profession of
opinion carries with it much weight and
will be Of deep interest to all students of
financial affairs.
Congressman Walker was found by a
newspaper man at the Fifth Avenue Hotel
in New York city last night. In discuss
ing the matter, he said:
Il am willing to stake my reputation
upon it that there will not be any cur
rency reform legislation or any general
banking or currency legislation passed by
congress before 1901"
Are not the sound-money democrats
and others urging upon your committee
the recommendation of the McCleary bill?"
he was asked.
Eyes, and that bill, if enacted, would
bring about a far worse condition than
now prevails throughout the country. Tho
committee, however, is not considerina.
just now the McCleary bill. 1t has before
it what is known as the Hill-Fowler bill
which is a second modification Of the bill
evolved by the sound money convention
or monetary conference, at Indianapolis
That conference outlined currency
scheme, and to three of its members was
assigned the task Of drafting bill. 1t
was drafted and submitted, and then Rem
resentatives Hill of Connecticut and
Fowler of New Jersey undertook to i'm
prove upon it; and it is this last product
that we have now before the committee.
II may say confidently that it will not
pass. The committee is overwhelmingly
opposed to it. It is also overwhelmingly
opposed to the McCleary bill 1t will not
report favorably any measure at this or
the next session.
"A situation exists at WASHINGTON that
/ 40 not think Is fully appreciated. even
II II is known. The secretary of the treas
ury and the controller of the currency
cannot agree upon any plan of curreney
or any general banking law, and tie
president cannot agree with the vieU-e of
either. In addition. all three are opposed
TO the Hill-FoWler INDIANAPOLIS monefarv
conference bill and to the McClearv hill
mere is one thing certain that no gen
eral currency or banking measure can be
passed until all the questions arising out
Of the war are settled or until after tbe
election of 1901
fore this but for the very people who are
trying to nave some sort of currency leg
islation enacted. They have a lobby N
Washington, which persistently urges the
matter upon our consideration Then
whenever we appoint a Subcommittee
these people fill the members to overfloU,-
ing with dreadful lot of infor1nation
and impracticable ideas. This, of course
only tends to more confusion and perplex-
lty and makes legislation more and more
improbable.
II may say another thing. If any leg
islation Is passed along this line, it will he
N the nature of the bill | have drawn I
FAVOR the return to the old state bank svs
TEN. The old state banks never failed
save in a few wildcat instances in Mis- |
Slsslnni and the extreme west The hanks
should be allowed to issue bills not Ia ex
coed their assets and should be taxed
1ne-ttth of one per centum on their isene
This tax would bring in five times more
than the present one per centum tav
Every year the banks would be pernfttad
70 issue 20 per centum more than the av-
erage issue upon which they paid taxes |
for the ten succeeding years NV nIan |
also does away with bond issues That IL |
my scheme in brief, but of course ] could
not give its details in few words
Chairman Walker also said that the ia |
yorable report agA The NIcCleary bill had |
been made by fouEsfiiembers of the com
nittee on banking and currency, and than |
II was unauthorized by the majority |
which he saida opposes the measure uf- |
3ompromisingly