New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-06-21
TOPICS IN WASHINGTON.
DISCUSSING THE BANK CHARTER BILL
lBY TELEGRAPH TO THE TRIBUsE.l

WASHINGTON, June 2O.-When the Bank Charter
Extension bill was taken up in the Senate to-day,
Senator Coke withdrew his amendment, which was
pending last night. accepting as a substitute one
proposed by Senator Allison providing that silver
certificates, when held by National banks, may be
counted as part of their lawful reserve. The gen.
era effect will be the same since all the provisions
proposed by the Allison amendment in respect to
gold are already in force in respect to silver, ex-
cepting that in reference to making its certificates
part of the lawful reserve of National banks
Pending vote on this amendment. to which there
seemed to be no objection, controversy arose over
the phraseology of the section. Senator Vest and
Senator Beck found fault with the word may"
the provision being that the certificates may" be
considered part of the lawful reserve and "m may"
be accepted in the settlement of Clearing House
balances. The assumption was made that under
this provision. the acceptance of certificates being
optional, the gold certificates would be accepted
and the silver certificates would be rejected.
Senator Hill, of Colorado, took the occasion to
deliver carefully prepared speech upon the general
question of maintaining double standard, winch
was listened to with close attention by the leading
financial men in the Senate The subject is ore to
the study of which in of its practical aspects
the Senator has given the years of his maturity and
upon which he proved himself fully qualified 10
speak, from his point of view, to SO eminent BODY
as the Senate of the United States.
lie grouped number of important facts to show
that gold coin could not command premium as
compared with silver until the latter should ap-
proach in amount the minimum of coin circulation
required by the country, The total amount of coin
now in the country was less than seven hundred
Millions yet there apparently excess or sur
plus In ten years, at the present rate or coinage
we should have $50, ,000, 900 silver dollars. With
an increasing population no one could maintain
that this would be the minimum of our National
necessities. lie said he believed the real and only
obstruction to the circulation of silver and es-
peclalIy in certificate form. perfectly well un-
derstood by the country 1t was certainly under
stood by the editorial managers of The NEW-YoRK
TRIBUNE when, in their issue of July g. 1881, re-
ferring to the inquiry made by the British Minister
whether the Bank of England would keep certain
proportion OF silver among its balance reserves, they
proceed TO say;
ceptance or rejection of particular Kind OF money
would practically determine the status OF mat kn9 VI
money IN the London market, and tue London market
practically controls the exchanges OF the western
world. We have parallel case III NeW-f0fk III the as
sOcaled banks 0f this city would undertake 10 receive
silver coin AT par in deposits no tradesnan or wholesale
dealer would hesitate to accept any amount Oh sucn
coin that would probably be Onered.
In conclusion he said: :" submit to the Senate
that all the circumstances of the times enjon upon
Us the duty of conservative and cautious policy.
We are IN q good situation to wait the course OF
events. A hasty step may involve us III irretrley-
able disasters. Time will clear up points now
doubtful. The country is in no humOr for currency
agitation aud the existing situation calls for none.
The Senator vas warmly congratulated and com
plimened by several of his fellow Senators, in
Guiding several who hold pronounced views as
no ome;aiists Senator Vest followed with an in
temperate and Characteristic assault upon the Ma
ti0nal banks, Senator sherman aud the Republican
paTty ealr!ng That it had been their p0iley since
1867 10 IKE down elyer III defiance OF the VIII OF
the people, IN order ;hat the National banks might
got their bonds paid i'll gold alone. When the people
heard that silver had been demOuetzed for this pur
puse, he saId there such popular upTlS-
Ing as never before had been known and
public men made hasGe to explain away their re-
sponsibilIty Notwithstanding TINS declared Will of
the people, however, silver was not yet Iully re-
monetlzed the National banks being strong enOug h
TO dsfy both Congress and the people and say thai,
in spite of legislation, silver shall not circulate. 1t
was said that the gold would leave the country and
the che. per metal alone would remain. Wnat of 1t
" hat the people want II cneap money. he cheap
money VIII be- money III circulation. If the people
of the United 5tatcs can silver more than gold,
why should they not have ii
AZ 1 o'clock The senate went INTO executive SeS-
sion Mir Allsson VIII try TO secure vote to-lnor-
IoAg evening,