The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1886-02-25
Tho RanAfa.


After the transaction OF routine
morning business, the Senate pro-
ceeded to the consideration OF bills on
the calendar. Senator Morrill, called
up the House bill permitting national
banks 10 change their name, location
and capital by a vets OF two-thirds Of
their shareholders. The bill makes
the changes subject to the approval OF
the Comptroller OF the Currency.
Senator Beck thought such i'm
portant changes ought to he made sub.
ject 10 the approval OF the Secretary Of
the Treasury,
Senator Hoar said the present bank
ing laws placed the banks under the
supervision OF the Comptroller OF the
Currency.
Nv. Harrifon believed that the pro.
vision for the change Of location was
too broad. II would authorize banks
to change from n State to mother.
Senator Sherman taking the floor
expressed the belief that Senator Beck
was mistaken in the advantages TO
come OF the change he had suggested.
The bank laws now conferred large
powers on the Comptroller and held a
large accountability. He wal under
bonds, and could not be interested in
a national bank under the laws. The
Secretary Of the Treasury was not a
bonded officer and he might be the
owner OF banks stock or otherwise in
terested in banks, while the Oomptrol.
Ter OF the Currency could not. The
powers OF the Comptroller should not
be taken from him, though Senator
Sherman thought Senator Harrison's
objection q sound one, and suggested
that the bill be amended In that re-
spect. He thought the change of loca.
ton should be limited TO q change to
another place within the county in
which the banks might be already To-
Gated.
Senator Beck had always supposed
the Comptroller OF the Currency ought
to be disinterettsd in matters relating
to national banks, but his experience
and observation did not Justify him
in believing that the persons who had
occupied that position had been disin-
tsrested. He, therefore, believed we
should deal directly with the Sec
rotary Of the Treasury, a Cabi-
net officer andhead of a great
department. Senator Beck in
instanced q case in which the Comp
troller OF the Currency had refused to
credit a Kentucky national bank for
sum OF its money held in a State bank
received from sterling exchange,
though he would have given credit for
the money il held in a national bank.
Oninquby why such a ruling had been
made, Senator Beck was shown that
Mr.. Knox and Mr.. Cannon had already
30 ruled. On Senator Beck submitting
the matter to the Secretary of 1.-THE Treas.
uIy, thai tiicer at once said "That is
all wrong" and the Comptroller had
written to Senator Beck, saying that on
taking advice he found the rulings re.
Tered To were not in accordance with
law. Up to this time Senator Beck
continued, the efforts Of the Comptroll.
ers Of She Currency had been to drive
out oil buaiI ess every bank that was
. national bank 80 % 70 force the
Western banksInot 10 make national
banks alone their correspondents.
The Comptrollers hal always done the
work OF the national banks, and when
they resigned they went into those
banks. One oil them had no sooner
left the government service than he
became president Of q pational bank,
and another became vlce-president of
q naiioDal bank. Senator Beck did
not wish t. enlarge the opportunity Of
Compho lers to do the will Of the
national banks so as to accept rewards
from those banks later. He moved 10
substitute the Secretary Of the Treas.
ury for the Comptroller OF the Cur
rency in the bill. The motion was no
agreed h.
On motion OF Senator Hoar, an
amendment was made 10 the bill
limiting the right Of 3 bank change its