The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1882-04-06

ent ofBaLlIAAuVnst Auu tnl1 means tneW
drawal Of their bonds at Washington, and,
rs a condition precedent to this with.
drawal, the depositing Of the necessary
money to retire their circulation. The
Comptroller Of the Currency has in the
vaults Of the Treasury SO, 600, 900 in United
States bonds, which secure the circulation
Of the banks whose charters expire within
the next ten months. There Is no way to
get these bonds which secure the circula.
ton Of these expiring banks except by
taking $4,000, 900 Of lawful money and de-
posting It in the Treasury. 1.-THE charters
are not renewed, and the banks thus
Obliged to. wind up, they must Of course
withdraw this money from circulation
and deposit It at Washington. The with.
drawal Of such IN amount must bea very,
serious circumstance. 1t may produce
severe stringency-a stringency that may
run into condition Of panic and depres.
sion.
The possibility OF such disaster invests
the report Of the committee with great i'm.
portanCe. The chairman was very anxious
to have the consideration Of the report
made "a continuing special order" for
April 10th, to be discussed from day to day
until disposed Of. This was opposed by
Seventy.eight Democrats (among them
Hoge and Wilson, Of this state), and they
we're powerful enough to defeat the assign
ment Of day.. Their intense hostility to
the banks cropped out ut every stage OF the
proceedings, The idiotic and notorious
Bland, Of Missouri, based his opposition to
the resolution upon his general opposition
to the National banking system. lie was
in favor Of substituting silver for National
bank notes until silver was on parity
with gold. Ash Democrat he proclaimed
his hostility to the National banks and
National bankers.
Mr.. IIardenburgh, Of Now jersey, de-
clared that he spoke from the standpoint
Of Democrat when he asserted that the
bill far overcached in importance the
Tariff Commission bill or any other legis.
lation for consideration OF which special
days had been set apart. This Congress
did not make banks, but the question now
was whether they should be disrupted at
once, and the seeds OF dishonor and dis.
trust sown broadcast. 1t was not time to
enter into discussion. But that party
that denied the sanction Of day 10 con-
slider an interest SO vast as this, connected
with hundreds Of millions Of dollars, should
never find honor or success with the Ameri.
can people.
The importance OF disposing Of so vast a
matter was fully explained by the Chair.
man OF the Committee on Banking and
Currency, who said:
"These four hundred banks, whose
charters will expire before there will be
another session Of Congress that can act on
this question, have loans to the business
men OF their localities amounting to $780,
100000. The business men OF the country
desire TO know, and it is important that
they should know, whether these bank
/ charters are to be extended and their loans
continued, or whether they must look else
where for the money which they owe 10
these banks. The consideration OF the
subject Of the extension Of these bank
charters is not question which alone in
terests the banks, but it is q question which
deeply concerns the business men Of the
country. who are anxious to know what is
to be the condition OF the currency Of the
country during the next twelve months,
and how they are to prepare themselves to
meet their Indebtedness to the banks. All
We ask is simply that day shall be
assigned for the consideration Of this ques-
ton"
1t is proper to inform the member from
this district that in voting rs he did he
voted to jeopardize large and important
interests in his district. The coal and iron
interests already feel the impression Of dis
turbcd confidence in values, and let it be
known that H70, 100000 Of currency is to be
retired in the next few months and they
will be made to feel this impression still
more decidedly. A man who cannot see
this result under such circumstances has q
very contracted vision indeed.
/