Lancaster daily intelligencer. [volume] (Lancaster, Pa.) 1864-1928, 1882-05-17
NATI ONAL BANK CHARTERS.
Continuation of the Discussion Oh the Bill
Mr.. Hewitt's Plan.

Continuation of the Discussion Oh the Bill
Mr. Howltt's Plan.
Yesterday the House resumed the con-
sideration of the national bank charter
bill. Mr.. Hewitt, of New York, promised
his speech with the declaration that he
was tho owner of no stock in national
banks, and that he had never borrowed a
dollar from such a bank. What he said
would not be in the interest of banks, but
would be spoken as the representative of a
district in which he did not believe there
was a national bank. lie did not claim
that the present system was perfect, or
that in some other age or time better
would not be devised but it was
the best that had yet been devised by
the ingenuity of man. The banks that
would close up their business unless
their charters were extended under
the operation of the pending bill
would in tho present year withdraw $13,-
600, 900 but the called bonds would COM
pei the withdrawal of very much larger
amount of circulating medium, and, in his
judgment, that withdrawal would take
place unless this Congress would take
action. lie reminded the gentlemen on
the other side that they were responsible
for the business of the House, and that
If trouble came, as come it would
unless they acted, the responsibility
was with them and not with the Dem
ocratic party. If he wanted party ad
the country he would hold his tongue on
this subject. He proposed that the ma
tiOnal banking system should not be
changed in any respect except in regard to
circulation and the security for the same.
He would keep the issue of the money in
the hands of the government through the
agency OF the banks :; he would provide
for the reserve fund and the redemption
fund but he would no more compel banks
to deposit government bonds for their cir
culation. What security would he sub
stitute? First tho amount of notes he
would deliver to bank would be 90 per
cent. of its capital, and wOald still re-
quire that $4,000 of its capital
should be invested in government
bonds. He would make those notes the
first lien on the assets of the bank make
the stockholders personally liable for 100
per cent. in addition to the capital OF the
bank, and make the notes first lien on
those assets also. There he would have
at least 200 per cent. security for these
notes. He would then compel the banks
to pay reserve fund of 10 per cent. in
coin into the hands of the treasurer of the
United States. Lastly he would make the
banks as whole guarantee the circulation
of each individual bank.
Branching off then to a consideration of
the question which was so frequently dis
puted during the tariff debate as to the
profits of the Bessemer steel works, Mr..
Hewitt again asserted, and quoted statis-
tics to fortify his assertions, that in 1881
the Pennsylvania steel works after pay
ing seventy seven per cent dividends had
surplus of 80, 461 900, with six months
profit to be ascertained. He severely
criticised the speeches delivered by Mr..
Kelley, of Pennsylvania, and Mr.. Kasson,
of Iowa, contradicting tho statements
made by him during the tariff debate, de-
claring that the forrcer had shown an
absolute ignorance of the facts and sub
mitting that the latter should retract the
language then used by him when he
charged him (Mr. Hewitt) with having
made deliberately false statement with
out scintilla of truth. He admitted to
the gentleman from Iowa (Mr. Casson)
that he owed it to himself, to him (Mr.
Hewitt) and to the country to withdraw
every word of the offensive and unfounded
which he had used.