The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1873-12-16
coNcR cRESSIoNAL.
SENATE.
WASHINGTON, December Is


Mr.. Sumner, of Massachusetts, pre-
sented the petition Of John w. Flan-
merry, deaf mute. of Georgia, on the
subject of the late Spanish difficulties.
asking the adoption Of such meas,
ures as will induce American citizens to
stay at home.
Mr.. Morton. OF Indiana, from the
Committee on Privileges and Elections,
reported that the committee were equal.
ly divided as to the right Of Pinehbeck
and McMillon to seat in the Senate.
Mr.. Ferry submitted substitute for
the resolutions of the Finance Conn
mittee, instructing tie Finance Com.
mittee 10 report a measure to provide
for the immediate issue OF $44, 100000
reserve, the issue of convertible bonds,
and for currency exclusively OF gold.
Mr.. Pratt said it was nearly five
years since Congress had solemnly
pledged itself to specie payment at the
earliest possible period. That time had
not come yet, although never in its his-
tory had there been 5 years of such prso-
perity as the nation had enjoyed since
that promise was made. He saw no
prospect OF q return to specie payments
while We kept up the constant impor-
tstion OF costly luxuries, and there was
the constant drain of gold abroad. He
declared himself in favor of increased
circulation but merely for the benefit
OF business.
Mr.. Morton said be would like to
hear from the Chairman OF the Finance
Committee on the subject.
Mr.. Sherman said he did not propose
to speak now, but he would refer his
friend to his speech OF last session as he
held the came views. He believed
that if the Senate had then adopted his
views that the day of specie resumption
would be very near at hand, and that
he believed the way to do was to fix the
time for specie resumption at cay Janus
ary lst, 1915, or even nearer date and
let the government then make its pre-
parstions, and Tor the business people
to follow lts example. lie, however,
did not propose to be drawn into this
issue at this time, and would wait until
Mr.. Morton and other Senators had
given their views, but he would say that
the Committee on Flnat ce was not
nearly so decided as had been represent
ed, and would, without doubt, report
lust sucha measure as it was instructed
by the Senate to do The subject was
then laid over and Mr.. Sherman called
up the bill authorizing the organization
OF national banks without circulation.
Mr., Baysrd opposed the bill, as he
regarded it as opening an opportunity
TOR irresponsible parties to avail them
selves otthe prestige conferred by the
designation OF National Bank" and in
this way impose on depositors. Every
petty note shaver could then convert his
shop into national bank.
Mr.. Morton said there bad been very
few failures among the national Banks.
The late failures had been almost en-
tirely confined to private banking
houses now in New York and else'
where, doing large business on the
money Of deFostors and without any
capital whatever OF their own. As ma
tional banks they would have been
open to the inspection OF government
officers, but rs private establishments
no one bUt the owner had any idea Of
how they were conducted.
Mr.. Merriman, while looking on tie
national banks as having been q bene-
fit to the country, believed that while
the banking system must In a short
time be changed did not fancy the pres"
ent bill as it reduced security to the
depositors. He asked why the securi-
ties to depositors should be reduced
especially as the bankers made such
large profits on the money OF deposi-
tors The profits were so great that
many banks paid interest on deposits.
and this was one of the evils which had
led to the recent financial troubles.
Pending its further consideration the
Senate a. 2:30 p. m, went into execu'
tive session. Adjourned.