The morning news. [volume] (Savannah, Ga.) 1887-1900, 1890-12-12
MILLIONS IN THE BANKS.
MORE MONEY NOW LYING IDLE
THAN IN YEARS.


4 Feeling of Distrust thu Cause of Its
boarding -Timid Millionaires Invest
ing in English Consois-The House
Committee on Banking Discussing
the Situation.
WASHINGTON. Dec. 1.-THE House com
mittee on banking and currency met this
morning, and there was general discussion
of the financial situation. There was con-
siderable difference of opinion manifested.
Several of the members of the committee
thought that the great need was the restora-
zion of public confidence. and that with
this secured, financial affairs would right
themselves. Mr.. Walker Of Massachusetts
and one or two other members of the com
mittee were III favor of additional legisla-
tios in the interest of national banks, and
Mr.. Walker will draft a bill to meet his
views of what shonld be done 70 perma>
asntly better the financial situation.
RESULT OF THE DISCUSSION.
The result of the discussion was the adep-
zion of a resolution to set aside a day for
discussion of Chairman Dorsey's bill 20 re
duce TO $1,000 the minimum amount of
United States bonds which national banks
shall be required to keep on deposit and to
Kermit the issue of circulating notes by the
national banks to the full amount OF the
mar value Of the bonds depos-
tied. This would, it was said,
increase the amount Of money
in circulation almost Immediately by
Sls0OO, 900, and would result in freer issue
of national bank notes by making the loss
IN circulation ms ignifcant, or perhaps
nothing at all. When the bill comes up in
the House, Chairman Dorsey, in behalf of
the committee, will move all amendment To
provide for the issue Of greenbacks when
ever the national bank circulation falls
below $1S5. 100000
TAXATION OF BANK NOTES.
Mr. Morrill, of Kansas was authorized to
report favorably the bill to subject national
banks and United States treasury notes to
state taxation. In his report on that bill,
Mr. Morrill, says: Your committee can see
no good reason why one form of currency
should be exempt from taxation while an
other is liable to be taxed Gold and silver
are taxable, and certificates or treasury
notes redeemable in gold and silver ought
TO be placed on the same basis.
PLENTY OF MONEY LOCKED UP.
Mr. Dorsey, in speaking of the situation,
said: "The circulating medium OK the
country is too small. Nearly every one ad-
mits that. But we could get along as we
did before if confidence could be restored,
and we hope to do that and to increase the
circulation somewhat by the bill we will
call up. The banks all have more money
in their vaults than they ever
had before All the western members
concur In that Our little banks have
twice as much money in their vaults as they
formerly carried. The big banks won't re-
discount OR bills, and we have to protect
ourselves. Then great deal of money has
been taken out of the banks by people who
have become alarmed at the course
Of legislation and have locked
their money in safe deposits.
great deal of money has been sent abroad
to buy consols. Only the other day man
told me be had put 81 600, 900. about all he
had, in English consols. OF course it is
foolish, but the people are alarmed"
CLAIM OF THE SILVER MEN.
The national executive silver committee
delegated Gen. A. j. Warner of Ohio and
Francis G.. Newlands Of Nevada to draft an
address to congress. and this address is
made public. 1t opens as follows:
The national executive silver committee, be
leving that the present money stringency and
breaking down of credit on both sides of the
Atlantic are due mainly, il not entirely, to an
attempt to conduct the worlds growing bust
ness and discharge its vast debts on the mar
rowing basis of gold as single money standard,
again appeals to congress to delay no longer
the restoration of silver TO unlimited as
money, with all the rights of coinage and legal
tender possessed by gold
FREE SILVER COINAGE.
The remainder of the address is an argyll
ment in support of the contention that free
silver coinage, and that alone, will re- needy
the evils affecting our financial system. In
creasing the volume Of credit currency or
multiplying credit expedients, it says. can
at best afford only temporary relief, and
| tne proposed issue OF new paper money
vii tend to displace silver i'll the same
degree that they have gold. 1t estimates
mat silver coinage to the aggregate of
d $5.OOO0 coo is needed
W1sCoNsIN's GRANGE.