The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1865-07-14

banks to make their circulation secure at
its par value in the hands Of the people,
while hasty and il!advised legislation was
granted 10 the banks under which thew
could withdraw their capital from the
reach Of State taxation.
No timely and efficient measures were
adopted by the State officers, or the legis-
lalure to pro.ec. the credit of the bonds
and currency Of the State, but on the other
hand their hesi:a,ing. weak timid and va.
cilating course on questions Of State policy
produced bank panic,' which occa
stoned loss to the people Of nearly q
million Of dollars. This policy, or rather
want OF policy on the part of our State
authorities and the action Of Congress and
the Federal administration have thrown
upon the people of the State, of all classes,
except that class which controls the bank
ing capital Of the State a loss Of more
than Two millions Of dollars.
Though urged. no measures were taken
here to prevent loss to the people, 50 no
measures have been proposed by tho m ajor-
itv for the restoration Of one dollar 10 those
who have suffered, but i: 10 proposed tina,
BY the 'trong arm Of an unequal, unjust and
oppressive law, one million OF dollars we'll
secured to the trust fund. of the State,
shall be drawn from an industrious class
Of citizens. whose present and prospective
burdens are oppressive and alarming that
another half million Of dollars shall be
taken from those wealthy companies whose
capital is being used only for the pro,ec-
ton Of our people against loss; and all
Ibis, not for the purpose Of meeting any
emergency or preventing a crisis in finan-
cial affairs-not for the purpose Of paying
the boun,ies or giving all to soldiers and
their families, or other ordinary expenses
Of the State government, which will
mount 10 one ard half millions Of dol
lars, but for the sole and only purpose Of
enlarging fund in the treasury, 10 be used
for the private advantage Of the treasurer
and his associate brokers, and TO promote
the interests Of the madison Regency"
who profess the mos. "solicitude for the
welfare Of the State while advancing
their own corrupt schemes 10 cheat the
people.
Democrats here, sir, have steadily but
Intellectually opposed all such measures,
all such schemes, and We have ono, been
content with opposing the plans Of the
majority" but we have proposed measures
that, if adopted, would have preserved tho
credit. promoted tho interests, and main
tanned the honor and integrity Of the
State.
We are denounced by the organ Of =
corrupt clique, as fac,ionists, for opposing
the passage Of the bill under considera-
lion. but such censu1e is our bighes.
praise. We could no, favor this bill,
without sacrificing our own seIf.respect-
debating our represen .ative character and
justly incurring the censure and condem-
nation Of our constituents.
1t destroys my patience, sir, to see and
TO know that this measure is to be carried
through here by Senators voting under 4
par:lzan caucus rule in opposition to the
| dictates Of their consciences and better
judgment; it establishes the fact which
have heretofore asserted on this floor, that
this legislature is controlled by bankers,
brokers and INSCRIPTIONS politicians.
When speak Of bankers in this connec>
ton, mean set Of so-called bankers, and
not those who are known in the communi-
ty as legitimate bankers,-men of ability
and integrity, who, 10 their business .rans-
actions with the community. are governed
BY the rules Of homo, anG fair dealing, a
number OF whom have met here at the
capital, since this and the other measures
ITO raise the wind" have been on the taps
and have expressed their opposition 10
these " financial schemes" Of The State
administration, in tho most decided and
indignant terms that language can frame,
and have told me tina: they had urged
upon the State officers aud mem bera Of the
legislature, the adoption Of measures
which would have prevented q " financial
crash and preserved the credit of the
State" and which they were also advised
would meet Interpretation and undivided
support of the Dem ocrats in this and the
other branch Of the Legislature.
II, sir, in urging this measure, it wee
the only design OF Senators 10 iLaupurate
a policy for the protection or security Of
insurance policy holders of the State
against loss, based upon we'll established
plea of necessity, the three several amend.
ments which l offered to this bill would
not have been so strongly and readily
voted down; the frat, providing that the
deposits be made in United State bonds,
unless these State War bonds be par in
the New York Stock Market; tho second,
that the Like Insurance Companies, whose
charters prohibit their investments in such
securities, have one year from the Is, Of
May next, 10 comply with the provision.
OF the bill, through amendments to their
charter; and the third, that the deposits
Of State War bonds be made BY the COM
panies in the States under whose lava
they were organized, for the benef, Of oil
the American policy bolders; and when
Senators talk about such being their only
design, pronounce it q shallow, hypo
critical, lying pre:euse to secure the sane
ton Of the people to q most wanton piece
Of legislative dishonesty ard in6delity on
the part of their representatives.
When this bill was under discussion in
the other House. Mr.. Thomas, Chairman
~ H. Co,,,,;,s>> A.