Mr. KELLEY. Mr. Speaker, the country is not suffering from redundant currency. Why, sir, we must consider the increased requirements of the country in this respect. The amount of currency which was in circulation at the breaking out of the war would not be more than sufficient for the transaction of the business of the internalrevenue dept of our Government. Look at he immense payments made into and by that dept, and you will find that it alone requires B. vol ume of currency equal to that in circulation at the time of the breaking out of the war. Sir, excessive circulation is not what stim ulates prices. As well might you say that when the warehouses of Chicavo and Milwaukee and NewYork are stored with flour it is attributable to an excessive number of plows. currency is.but the muchiner of commerce, of petty commerce. You fin it in the pocket of the traveler; you find it in the drawer of the retail dealer; on find it employed in all the mine r uses offifc. But when a cargo of goods or a warehouse gorged with wheat is paid for you use no currency; you draw checks or drafts representing deposits. Sir, banking upon accumulated deposits is what gives us undue exansions in business and those periods of specu ution whose termination is a crisis and a crash. Until we shallhave a system of bankiu under which discounting upon deposits shall e restricted, we shall be liable to all the evils which we are now suffering. Whether the amount of currency be 1/2 what it is now or thrice what it is now does not affect this question, but affects merely the convenience of making ordinary exchanges. In the interior of Pennsylvania today the eat want is an increased amount of currency. I; the mining districts, men with large depos its in bank are unable to pay their laborers because they cannot get the necessary currency. An increased amount of circulation is needed that the laborer may receive his weekly or monthly wages, and be enabled to go to the store and settle his little accounts. We need more currency and not contrnction. Look at it. With the system of banking on deposits, when a man, a real capitalist, has more money than he feels it safe to use, he deposits it; that bank deposits it in one nearer the commercial center, and from there it goes to the commercial center; so that there are from ten to 15 people operating on each deposit. The men who enter into wild adven tures are stimulated by the bank directors to borrow their deposits. Shrewd, capable, business men, men of capital, see dangers around them and will not embark in busmess; they find it more profitable to let their funds lie in the banks at interest. The bank directors want to make interest out of them, and lend to what are called men of enterprise, men who will engage in speculations and will take the risks that sensible men avoid. [Here the hammer fell.]