People's Pilot, Volume 4, Number 27, Rensselaer, Jasper County, 21 December 1894 — WALKER’S PLAN. [ARTICLE]

WALKER’S PLAN.

Massachusetts Congressman Has a Substitute for the Carlisle BUI. Washington, Dec. 19.—1 n the house on Tuesday Mr. Walker (rep., Mass.) gave an outline of the substitute he proposes to offer for the Carlisle currency bill presented to the house on Monday. Proceeding to the elucidation of the provisions of his bill, Mr, Walker said they would issue two dollars of currency for every dollar deposited, and of the government notes thus deposited they required that 90 per cent, of them should be destroyed, the remainder being reserved as a redemption fund. Under the lead of questions by members surrounding him, Mr. Walker digressed to speak of the method of redemption of notes practiced in the Bank of France, which, he said, must be followed here in any safe system of finance. That was, at the option of the customer to give gold or silver in exchange for notes. In this practice the pressure of the laws of trade compelled a man to take silver when that would serve his purpose, and gave gold to a man who must have the metal to pay his debts. He desired, he said, to provide a use for silver, and his bill would do so. “The laws of trade,” he said, “cannot be defied; the laws of congress can.” Mr. Walker expressed the belief that if this bill was enacted into law that within eighteen months, before President Cleveland retired to private life, the financial difficulties now threatening the country would not be in process of settlement, but entirely solved. Mr. Walker said his bill provided for the appointment of a committee consisting of the five leading bankers in the five prinoipal redemption cities who shall give the secretary of the treasury advice and counsel in all questions relating to the financial matters of the government. This was a measure of relief to the government that was worth a whole session of legislation.