Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1888-04-17
FIftisth Congress,
THE SENATE.

Hills reported from committees and placed
~ the calendar except otherwise noted
were the following:
House bill adversely comforting civil
:,risdiction in certain courts in The In
Alan Territory. Indefinitely postponed,
House bill 10 change the eastern and
eastern iu iicial districts Of Texas.
uopse oil for the protection Of Uaited
c..,as officials in the Indian Territory.
NJ Stewart introduced DILL granting
tension Of $4,000 year to the widow Of
Saief Justice Waite, remsrking that the
S,idows OF the chief Justices should be
nI.cgd on the same footing as to pensions
- the widows of presidents Of the Unite d
States. Referred.
NJ Hosr offered a resolution which
v.s adopted to instruct the committee on
onerstions OF the civil service to inquire
md report whether there had been within
700 wears any fraud or msladmiDistra-
ton in tie New York custom house in re-
gard 10 the Importation OF sugar.
On motion OF Mr.. FArwell the bill pro-
r,dfng for the investment Of certain funds
n the Treasury was taken up hnd Mr..
E,r8ell proceeded to address the Senrte
antbe financial question. He gave no.
tire Of his intention to Of twO amend
rnents TO the bill. Ole OF them directs
The Secretary Of the Treasury to issue to
All u.tiousl bSDks at par for u7ited
states notes Uqited States p per cent.
bonds Tgdeemsble sitter fifty years to be
nsed bv the banks as security for their
circulation notes, notes to be Issued TO
the full par value OF the bonds. Il also
directs the Secretary Of The Treasury to
invest the surplus funds held IN
the Treasury [lncluding the amount
IN ba received for these
hands in the purchase OF any United
States bonds in open market, Snd it re-
meals al sinking fund laws. The other
amendment autnoIiz the Secretary of
the Treasury in ORDER to enable the MS
Aopsl banks to maintsin and increase
their circulation, and to prevent the ulti-
mate destruction of bangs by the pur-
chase or payment Of the national debt, to
receive from banks to secure their circu
stlng nOtes, state, county or municipal
bonds Of the Uaited States, upon whlcn
interes. has been heretofore promptly
paid, End whose market value is equal to
or Greater than the par value, bearing in
terest st not less than per cent. Such
bonds, however, are not to be received
by the Treasurer of the United States
1t more than rs per cent. of their par
value, nor until the approval OF the Sec
retsry Of the Treasury aud the Treasurer
Of the United States, and the Comptroller
Of the Currency shall have been Endorsed
upon than.
Mr.. F,rWell went on TO say that the
l.1,. ! y
did not iuc!ude the whole financial ques-
tioa (waJch ne regarded Of paramount in
teTeo), but only proposed 10 tempor!ze
win il, II simply reduced the interest
On the per cent. bonds to % per CEN.
These bonds amounted 10 over 500, 000,-
600, and mstured In 1907, and it author
iz:d the national banks 10 receive Circu-
lstion at par Vslue upon them
and upon al other United States
bonds The Dill did not remedy
the evils Of the present fnsncisl
condition. The two amendments WDich
he proposed to off IT would he thought,
cure these evils. He would, if he Could,
so amend the finsncial legislation Of the
country trat the national banking system
(.Ge best ever devised Should be con-
tinued. His amendments, il adopted,
would enable national hanks to use the
present debt Of the United States. II
thst debt could continue as It's present
volume the legislation proposed ~ him
would be inadequate to the maintenance
oitle national banking system. Bat he
recognized the fact that the American
people were anxious and determined to
pSy thSt debt. He WIS in favor Of the
lArg-st possible bank circulation that WAS
redeem1ble in gold on demand. No Cir
cu!4tiOn redeemSbIe in that manner could
be too large. TIE rapid decrease OF the
natio0sl bank circulation Was due to very
large premium on national bonds and
their near maturity. Banks could not
Sf)Td 10 hold them with the absolute
certainty Of losing their large premium.
They therefore took item up With United
States notes and released themselves from
the obligation Of redeeming their notes,
For thst reason national cir
CdlStiOn had been reduced
since SS2 from 1851, 000,0 900
TO ABOUT 100000 ,O0O and the banks
would be Compelled to re ire the balance
OF their circulation in very snort time,
ualess something was done to prevent it.
The country could not afford to destroy
the best banking system ever devised
Under MS amendment the banks would
have new lease Of life and would be
so!e to furnish the country with all the
Circulating medium required, limited only
by the amount OF the National debt.
la conclusion he said: "Under these
amendments or by some other similar
legislation, It would refund the present
puoiic debt at q per cent at fifty yesTs,
and authorize The national banks TO
receive circulation st par for such
amounts as they might use for their pur-
pose. would require the Secretary Of
the Treasury TO invest his surplus in the
purchase Of any Indebtedness OF the gov
eminent Ia open market from time TO
time. l would suspend the requirement
CT The sinking fund, because If the Secre-
tarV is authoriz I'd to buy the public debt
with the surplus from time TO time the
requirements of the law creating tpat
fund would no longer be necessary. For
The purpose OF ensb ing the people to
mansge their affairs without interference
on toe part Of the government 1 would
allow them to maintain the volume
Of national bank circulation up
10 the limit of the present
amount Of the national debt by the sub.
sututiOn of state, county and municipal