The Waco daily examiner. [volume] (Waco, Tex.) 187?-1888, 1882-05-19
THE BIG DEBATE IN CONGRESS.


THE BIG DEBATE IN CONGRESS.
The struggle going on in the house of
representatives, between the friends and
opponents of the national banking sys-
TEN ragged with unabated fierceness yes
terday and the actual strength of the
two factions was quite fairly illustrated
in the vote on Representative Buckner's
amendment to the bill. This was an
auti-national bank measure (Buckner's
amendment and it was voted down by
about a majority. In al probability
this proportion Of strength will be
maintained to the end of the struggle,
which will be victory for the national
bank forces, unless, indeed, flibustering
tactics prolong the debate SO far into
the session that the measure will
be lost and congress adjourn in sheer
disgust. That such contingency is not
impossible is evinced by tie bold chal-
lenge given out day before yesterday, by
Representative Mills, of this state. As
we understand Mr.. Mills position he is
welded 10 the substitution of treasury
for national bank notes and let the banks
expire, one by one, as their
charters expire. If the con
gressional majority, however,
decide that banks may extend their
charters for ten or twenty years, Mr.
Mills will yield to the will of the ma
iority, while as devoted as ever to his
own views. We conceive that his threat
of tilibustering Is based upon another
phase of this national banking system
not yet confronting the country very
urgently, but which is liable to do sosat
any time. This is the question of re-
funding bonds. Any one who will read
the last report of the secretary of the
treasury will observe that considerably
over fifty per cent OF the national bank
circulation is based on bonds that will
expire or be ret. led within less than a
half decade. These are the lowest class
Vi lultIG6L-btdllIB BpLlNlGs wv bGluS OI2
per cent. When this vast proportion of
the debt is retired, what are the banks
to do for bond basis of circulation un-
less another Tefunding act, even at a
lower rate of interest, is passed? They
must wind up their business beyond a
doubt. And yet to refund bonds, that
can be paid as easy as not, and with
perfect legitimacy, would be virtu-
al perpetuation of the national debt, in
the interest Of the banks and bondhol-
ders. 1t is this aPprehensive phase of
the syst m that Mr., Mills and others
who think like him viii fight, and in this
respect we think the general sentiment
of the country will be with him. The
struggle over the measure will surely
come and that before a great while.
When it does it Will be bitter one. So
far as the extension of bank charters,
for p decade or two of years is con-
cerned, we do not think the best busi
ness sentiment OF the country is with
Mr. Mills il Lis opposition thereto. The
system has been a useful :and safe one;
vast sums OF honestly earned and hon
estly invested capital are involved,
and the country does not feel that It
would be healthy or indeed just
measure to these banks to wipe them
out of existence III day, as would be
the virtual result Of a refusal to extend
their charters and prepare for the
changes that must come within a ew
years-the dive sion and investment of
their capital into other channels. An
equitable, conservative view OF the emer-
gency ought to bring about an equitable
adjustment, when is imperatively re-
quired by the business interests Of the
country On these accounts the ExAMI-
NEE has hoped and still hopes the ex-
tension biII-with all Difference to
our representative, who are
undoubtedly honest in their views-will
become law. A lengthier review 0:
the matter would perhaps weary the
readerand yet it isa subject that merits
the attentive consideration Of every
business man. We have been careful
to state Mr.. Mills position (as We under
stand it, as fully and fairly as practi-
cable, because he is liable to be misin-
terpreted, to his injustice, through
hastily drawn and careless conclusions.