The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1884-05-29

Some weeks since, Mr.. DingLey OF
Maine, introduced into the House OF
Representatives bill to authorize
the Secretary Of the Treasury to in
vest the m oneys deposited by nation
al banks for redemption OF their
bills OH retirement OF any portion Of
their circulation, In government
bonds TO the credit OF the banks,
permitting these pet institutions to
draw interest thereon. and asked
unanimous consent for its immedi-
ate consideration and passage. Our
level headed congressman, Mr.. Wei
Ter, Immediately objected to its con-
sileration, which sent it to the prop
CT committee for consideration there.
the recent failures in New York and
elsewhere about the country. have
upset many congressman who are
quito well informed upon the tariff
anil transportation, but totally igno-
rant upon the great question Of the
age, that Of finance. How any sane
man could conceive that authorizing
the banks to invest their money. de-
posted as stated above, In interest
bearing bonds, thus increasing the
burdens Of the people would
grant relief, Is utterly in.
comprehensive to any informed
person. The bill indeed had no such
purpose and was not 50 intended by
Mr.. Dingley. Its object il to bene-
fit the banks to the injury Of every
other class. The Dubuque Herald
of recent date in 4 we'll considered
article upon the question said:
It does not need a commercial ed
ucation or experience to teach us
that speculation Is not business. =
Moral instinct teaches us that: and
the question arises whether 1t is to
the interest OF the lawful bust ness Of
the country that the Wall street
stock brokers whenever they get In
to trouble should be allowed to sum-
mon the secretary OF the treasury
to New York and direct him to re-
lievs them by an extraordinary ex-
ercise OF the powers OF his great Of
flee. As soon as the panic struck
1.-The street." Mr.. Folgcr started for
New York, and rs soon US he got
there telegraphed to his subordin.
ates at Washington to anticipate the
payment II ten millions OF per
cent. bonds. He also told the fiut.
tering financeiers that II necessary
he would order the payment Of ten
millions more. Must those people
have the power whenever q big ba.
loon collapses to call upon the sec.
rotary OF the treasury to initiate i,
again?
Another thing. We are Informed
shat hundreds OF kilograms have
been received by members OF con.
gress to-day urging immediate leg.
islative action to relieve the flnan.
cial strain" That's the new name
for 1t, the financial strain. Under
the pressure OF those hundreds ol
kilograms, even so safe a man as
Mr.. Springer lost his head. ant
asked unanimous consent to pass
Mr.. Dinglay's bill authorizing the
secretary OF the treasury to invest in
bonds the lawful money deposited
by the banks for the retirement oil
circulation. We have grave doubts
about the wisdom OF Mr.. Dingley's
bill in any event. but our objec.
ton to it just now is that con.
gress should not legislate in panic
and especially should not confer
such q tremendous power as that
upon secretary Of the treasury who
is evidently in panic himself. Mr.
Weller objected. aud the proposition
was lost. While we do not think
that all OF Mr.. Weller's objections
are wise or well timed, we are rather
OF the belief that in this one he has
saved the true, honest business" Ol
the country from a great calamity
And now we introduce our readers
to o joint resolution introduced by
Mr.. Weller on the 18th inst, which
II adopted would benefit the general
public while doing no injustice to
the national banks. No man car
object to single feature in this res.
olution unless he Is more deeply In.
terested in the welfare OF the banks
than Ut the people. We commend
it to the special attention OF the Her.
aid for the benefit OF its large and
Intelligent class OF readers.
Mr.. Weller's resolution:
A joint resolution authorizing the
secretary Of the treasury to invest
the lawful money deposited in the
treasury, in trust, by national
banking associations for the re-
tirement OF their circulating notes,
and for other purposes.
Be 1t resolred by the senate and
the house of representatives of the
United States Of america in Con-
gress assembled, That the secretary
OF the treasury be, and is hereby,
authorized. out OF any lawful money
deposited by national banks for the
purpose Of retiring their circulation,
under the provisions Of section OF
the act OF July 20, 1874, and Of Sec
tons 5222 and $3.50 OF the revised
statutes OF the United States, and OF
section 6 OF the act Of July q, 1882,
to purchase, ut not exceeding the
par value thereof, under such regu-
lations as he may prescribe not in
consistent Herewith, any bonds OF
the United States now outstanding;
the bonds 80 purchased to be held In
trust and used IS security for the
payment OF the circulating notes OF
the banks which have or may depos.
1t lawful money for such redemption
and payment: Provided, h0,cerer,
Whenever tho circulating notes oil
national banking associations. foI
lAl