Telegram-herald., 1888-03-07

Dise assisx the oras< IA KsfsrsDos 70 Ca
Rsdksa Currency.


The Detroit Aexs Of last night SAYS: The
exscutiys council Of tie Michigan Bankers
Association Is holding al important ses-
sion al tie Russell House today. THIS body
came into existence bar few months since.
and al the tine had little thought OF en-
eoantsring matter 50 serious aud Of such
general interest 70 the membership as that
now 10 DC dealt with. The recent order
requiring ali bankers 10 report the amount
OF Canadian currency handled and eifca-
lated by them since the pc ss.ge of q lsw IA
1901, nov construed 10 iselads such money,
probably Affects Michigan 20 greater eI-
tent than any other State in the Union.
n. ii. Norrington. OF West Bay City,
Congressman Fishers partner in the baEk-
ing business. said this morning: 1t Is liter-
ally impossible for us 10 comply with that
order of the Controller OF the Curreocy-
Hundreds of thousands OF dollars Of Can
adlan money has been handled in the Sagi-
nav Valley and Northern Michigan during
every year within the period covered by
that law. Every Fall thousands of men
come from Canada To work In the woods.
| They bring money with them aud X Is eI-
| pended in Michigan Tor clothing, board and
| such luXuries a. these men are prone 10
| indulge IN. IL reaches our banks IN the
| every day channels of trade and we handle
| 1t almost as freely as the money OF our own
| country. When the Canadians come out
| OF the woods in the Spring they want
Cana ian money 10 take back with them.
Thus you see mat the proposition 10 tax US
st the rate OF 10 per cent on all such money
| handled Is simply rulnous. Besides, no
separate account has been kept of II. The
| best possible estimate would be wide of the
mark
| These facts. truthfully and forcibly pre-
| sented, were sent by Cashier Orrin Bump,
| of Bay City, To Congressman Fisher and
| by him brought 70 the attention of the
| Controller OF the Currency. he urged that
| it was out of all question TO comply with
the order. but the Controller insisted that
/ il must be done, aud there the matter
| stands. State Treasurer Maltz, OF Aipena,
and Mr.. Fowle, President OF the First Ma
| tional Bank OF tie $50" are both here as
members of the council. These sections
have handled millions of this money.
| Those with whom 1 bave consulted, and
| / myself. doubt very seriously whether the
| order of the Controller can be enforced un-
| der the law which enforced II. 1t is strain
| ingly point to have the word "munici-
| pality" as used in the act TO mean a ma
| tion, vet that is what is done. Ii it means
| Canada. why does not it mean France, Ger
| many, England, and all other foreign coun-
| tries, and if 1t does. look at the possible
| effect on great exchange centers such as
| New York. We have only charged one
| per cent on this Canadian money. fre-
| quently not that and the carelessness OF
the Government. If nothing else, should
stand as a bar to the collection OF this en-
| ormous penalty. l am satisfied that the
council will recommend a test case and see
| il such an order can be enforced. Banks
have sprung up snd banks have died
| within the twenty seven years covered by
| the order, and TO come now with sweep
| ing penalty of ten per cent is absurd