The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1890-12-13
THE FINANCIAL SITUATION
Depew Sees No Clouds, but
Only a Blue Sky
Ahead.
Distrust Is the Only Thing That
Causes the Trouble at
Present.
II Also Receives the Attention Of the
House--The "Thunderer" on
the Situation.

the Situation.
CHICAGO, ILL.,, Dec. l2.-Cornolius Van
| derbilt, Chauncey M. DePew, DIR. Webb,
G. Il. Cox and Ill. Il. Bedyard arrived In
tho city last night after a tour Of inspec-
tion OF the Vanderbilt system OF roads.
In an interview, regarding the existing
| financial stringency Mr.. Depew said,
among other things, that he thought
| confidence would soon be restored and
trade would be stimulated. Mr.. Depew
thought that II the government were at
| all paternal, IL ought to be so that gov
ernmCnt benefits might be enjoyed by
| the greatest number possible. The gov
crnment should put Its money where 10
was most needed, and he favored the
| deposit Of national money In national
banks which had a surplus equal to
their capital, so that the people could
| have the benefit OF It In times OF emer.
| gcncy and financial stringcncy.
Mr.. Depew said tho business enter
priscs of this steam and electric age of
manufactured values and commercial
exchanges made the currency OF the
country utterly incapable Of meeting the
demands OF legitimate trade. Not only
do the people lock IL up, but the govern
ment also does IL In times Of q general
scare by buying bonds. AT present the
importer and the Wholesale dealer were
so apprehensiye about the ultimate re-
suits OF the Mckinley bin that they were
keeping their money actually out Of cir
culation because OF the payment Of these
dues next February. He thought post
ponement OF the collection OF the foreign
import tax till next July would very ma
terially help 10 restore confidence and
stimulate trade.
we are now In a semi -panicky condS
tion," said Mr.. Dcpcw. but IL would not
exist except for distrust and the fact
seeming apparent that no one is able to
dispol that distrust. Yet. we should
come out all right II congress or tho gov
erpmcnt did actually nothing, for tho
general conditions OF the country ma
teTially were never better than they are
to-day. The fact Ii that tho country IL
generally prosperous aud It's business Is
upon q sound basis"
Speaking about railroad business, Mr.
Dcpew said he looked for an Immediate
clearing up Of all difficulties, for the fact
Was that railroad propertiss- xeso-aaoasd
ut much below their actual value.
Discussed at y Meeting OF the House
Committer.
WAsHINGToN. Dec. 12.-The financial
situation was discussed at meeting OF
the house committee on banking and
currency yesterday afternoon. There
was Il general agreement that some mea-.
snre for the restoration OF confidence in
the money markets should be- passed by
congress before any measure Of radi-
cal nature for permanent relief should
be considered. The result OF the meet
ing was an agreement to direct Mr..
Dorsey, OF Nebraska, the chairman Of
the committee, TO ask the house to grant
u day next week for the consideration OF
a bin for the retirement Of national bank
circulation.
The bill provides that the compulsory
requirement OF deposits of United States
bonds with the treasurer OF the
United States by national banks
shall be- limited in amount 10
81. 900 Of bonds for each national bank,
provided the voluntary withdrawal of
bonds for the retirement OF national
bank notes shall not exceed 81, 900. 900 In
any one month and that the provisions
OF the bill shall not apply To the deposits
Ut bonds which may bo required by the
secretary Of the treasury TO secure the
deposits Of public moneys In the national
banks. Any national bank association
that makes a deposit Of United States
bonds bearing interest shall be entitled
by the provisions Of the bill To receive
from the comptroller OF the currency cir
culating notes of different denominations
Ia blank, registered and cOuntersigned,
as provided by law. not exceeding In the
whole amount the par value OF the
hF.Ex a. a. .l..A
time shall the total amount Of such notes
issued to any national banking associa-
tiOn exceed the amount actually paid IN
OF Its capital stock.
The committee authorized a favorable
report to be- made on senate bill to
subject to state taxation national bank
notes and United States treasury notes.
The bill provides that all circulating
notes OF national banking associations
aud all United States legal tender notes
payable on demand and circulating as
currency shall not be exempt from tax
alton under the authority OF any state
or territory. A prOViso I'm the bill di-
TeCts that the taxation shall be exercised
Ia the same manner and at the same rate
that the state or territory taxes other
money within its Jurisdiction.
The London Times" Worried About as.
LONDON, Dec. l2.-The Times says:
THE whole monetary system I'm the
United States Is In a muddle This con-
dition of affairs Is due to piecemeal leg
islation by unprincipled legislators. Un-
fortunately, instead OF there being signs
OF amendment, Ii looks likely that fur
ther attempts will be- made to logislate
In favor OF particular classes. The most
ominOus Of these attempts is tho demand
OF the Farmers alliance for moro eur
| reney, and that the national banks shall
be compelled 10 lend money on the So
| Curity of real estate. III the latter de-
mand Is ever granted America will be
LAUNCHED on the dangerous path which
the Argentine Republic has tried since
the evil day the first cedula was issued
| The present crisis IL OF an ordinary
| character, but II made worse by foolish
| monetary arrangements, The only safe
| cure for IL is liquidation.
| Loss Of Lives and Property.