Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1882-02-08
Tariff Rerisi0a.


WASHINGTON, Feb. THE bill of the ways
and means committee for the appointment of
d commission to investigate the question of
tariff, provides that the president of tbs
United States shall, by and with the advice
and consent of the senate, appoint nine com.
missloners from civil life, the first named to
be pres dent OF che commission. The COM
mlssioners are to receive $40 per day when In
active duty and actual travelling and other
necessary expenses. It shall be the duty of
the commissions to take into consideration
and thoroughly investigate all the various
questions rela ing to the agricultural, com.
mercial, mercantile, manufacturing, mining
and Industrial interests of the United States
so far as the same may be necessary to the es'
tablishment of judicious tariff or revision of
the existing tariff laws upon scale of justice
to all interests, and for the purpose Is
empowered to visit different sections of the
country as it may deem advisable. The COM
mission shall make to congress final report
of the result of their Investigation and the
testimony taken in counsel of the same, not
later than the first Monday in December, 1882,
and they shall cause the testimony taken to be
printed from time to time and distributed to
members Of congress by the public printer,
and shall also cause to be printed for the use
congress, 1000 copies of their final report,
together with the testimony. The vote upon
it's adoption was: Ayes-Kasson, Mckinley,
Hubbeil, Haskell, Errett, Randall, Speer, Kelley,
chairman, s. Nayes-Dunnell, Russell, Tuck
err, Carlisle, Morrison-5.
Extending the Charters 81 National Banks.
WASHINGTON, Feb. THE Hardenburgn
bill extending the charters of S93 national
banks, provides that consent in writing of not
less than two-thirds of the capital stock of the
association shall be required to the amend
ment OF articles in applying for extension I'M
der the provision of the act and such consent
shall be certified by the president or cashier to
the comptroller Of the currency, and it is made
mandatory upon the comptroller of the cur
rency to grant or withhold his certificate OF
approval as the examination provided for by
the act may disclose that the affairs of the as
ISOLATION are in a satisfactory condition or
otherwise. Three new sections are added TO
the substitute for the bill providing for the
disposition of stock by any shareholder who
may refuse to consent to extension; for the
cancellation of old notes and issue new ones
to banks extending their charters; and that
national banks which do not avail themselves
of the provisions of the act, and whose cor
porate existence shall expire shall be required
to comply with the provisions of the revised
statutes In the same manner as IL the share
holders vote to 60 into legislation.
The report of enc committee accompanying
the bill says:
"In forming judgment of the wisdom of
the proposed legislation upon the corporate
existence of national banks, it is proper to con-
slider what effect the failure of congress to act
will have upon the paper circulation of the
country. In the absence of any authority to
continue their business within the next Twelve
months, 1893 banks mnst go into liquidation.
This will compel the withdrawal of S69, 160,-
$50 of lawful money now IN active circulation,
In order to procure S75, 76S 700 of United States
bonds lodged with the comptroller, and which
liQuidating banks will withdraw for sale, and
for the purpose of closing up their affairs and
making division of assets, On one day, Feb.
rs, 1888, the charters of 297 banks will expire,
involving return to the treasury of S54 ,00O,.
600. 1t is not difficult to conjecture the in
fuence OF such contraction of the currency
upon the business Of the country and values
Of property even If every national bank should
reorganlZe by forming a new organization
under the existing laws. The deposit of legal
tender notes, or lawful money must precede
the withdrawal of United States bonds held by
the government, which withdrawal becomes
necessary In settlement OF the affairs of the
bank. Your committee having carefully con.
sidered the important question involved in the
continuance and discontinuance of national
banks recommend the passage of the accom-
panying substitutes for the bill.
Representative Buckner, who was grated
permission by the commission to make a
minority report, reported as a substitute his
bill, which was ordered printed in connection
with the majority report. His bill provides
for the virtual liquidation of national banks
by retiring their present circulation and the
purchase by the government of their bonds
held by the comptroller to secure their cireu-
lstion, and the payment therefor in treasury
notes or coin. 1t also prohibits any increase
in their circulation, and the granting of any
more national bank charters, and repeats the
tax on bank checks, bank capital, and bank
deposits.