St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-08-24

fairs and the necessity of inspiring
confidence the senate should not have it,
Mr.. German Dem., Md argued in
favor of the reference of the resolution.
For the third or fourth time, he said,
during the present monetary system
the point had been reached where the
National Banks
were failure so far as their power to
relieve the condition Of the country was
concerned. 1t had been reached in
1878, 1877, 1888. 1890. and now in 1898.
At these periods it was utterly impos-
sible for the banks to comply literally
with the law. Never had there been a
period half so threatening as that
which confronted the senate today.
Mr.. Hoar-SuppOse the comptroller of
the currency shut up these banks, will
not the Jesuit be that every one of them
will have 10 be placed in the hanks of a
receiver, and that nobody will get any
money?
MIR. GOrman-The senator states the
law. He knows that it is the law, and
the mover Of the resolution and every
eNh''Nhith VI ll IlO ~ iiiICu
States understands the fact. Every one
understands that there is a technical
violation of the law, but it is the duty
OF the men IN charge of the government
to not add TO the distress.
Mr.. Hill Dam, n. " replied, to Mr..
German. The only object of referring
the resolution was. he said, not to act
upon It, There never had been so bad
a case in the history of the country that
its advocates had not always pleade d
that tile matter complained of was not
III the interest Of the public welfare.
Mr.. Washburn {Rep., MINI. )-What
does the senator from New York pro-
pose that we shall do if the comptroller
OF the currency reports that there has
been technical violation of the law?
Mir. Hill have made no proposition.
That is matter for the senator from
Kansas. lie must be the judge of
what Is his duty under the circum-
stances.
MIR. Washburn.
1t seems to me that if this resolution
be adopted it will be a notice to the
comptroller of the currency to admin
lister the law literally and technically.
The result of that Will be to close every
bank in the country and place it in the
hands of receiver. This is calamity
which we should try TO avoid in the
present deplorable condition of the
country.
Mr.. Mitchell (Rep., Or criticised the
resolution as calling rather for legal
opinion than for the facts, and he Sug-
gested modification of it in conformity
with his views. Mr.. Butler Dem, S. c.
favored the resolution. and opposed its
reference.
Mr.. CulIom rep, Ill) expressed in
difference as to whether the resolution
should be adopted or be referred be-
cause he did not think any information
would be given that would disturb pub
lie affairs. When all the facts were
stated nobody would be hurt.
Mr.. Cockrell (Dem., Mo)-WiIl not
the information rather inspire conf
dence on the part of the depositors?
Mr.. CullOm-lf the banks of the cOun-
try and the business of the country
have been going on in legal and law
ing injury will do good. Whatever may
have been the cOur So of the banks of
New York, Boston and Philadelphia
there has not been an hour when the
banks of Illinois and the whole West,
and L believe especially of the great
city of Chicago, depOsitor could not
| draw his check and get the
Money For H.
But am not disposed to critlcise the
action of the New York bankers on the
| question of using clearing house certifi-
Gates because there might be condi-
ton there which justified it; and yet
am inclined TO believe that if the banks
had gone on as the banks of Chicago
and st, Louis did they would have been
| paying out cash OH their checks today
| instead of paying out clearing house
certificates
Mr.. Allison Republican, Iowa. criti-
cised the phraseolOgy of the resolution,
! and suggested modification of it. As to
the clearing house certificates he re-
| garded them as somewat Irregular: but
yet he had been told that they did not
! circulate as money, and were not so in
tended. If they were so, they might be
within the letter of the law, though
without the spirit of the law.
Mr.. Hill undertook to draft some
notifications of the resolution: but be-
fore he had completed them the MORN
ing hour expired, and the resolution
went over without action. 1t took its
! place Oh the calendar, where it can only
be reached again In the regular order
or upon motion supported by majority
vote.
Mr.. Stewart Republican, Nevada
gave notice that as he was disappointed
| in getting the floor today to address the
senate on the bill disseminating the pur-
| chasing clause of the silver bill. he
would seek the floor tomorrow, and Mr..
Hill democrat, New York; gave a SIM
| liar notice for Friday next.
Mr. HOar Republican, Massachusetts,
made anargument against Mr.. Buffers
amendment to the national
Bank Circulation
act, repeating the 10 per cent tax on
state bank circulation. He said that he
was opposed to restoring to state banks
the power of Issuing, circulating and
furnishing currency. The people of the
country were entitled to have cur
rency. every dollar of which should be
equal to every other, and which should
be unchanging in value, so far as the wit
of man could bring that to pass. That cur
rency should be national. 1t was the func-
ton of the national governmental see
that 1t was provided. 1t never had bee n
and never would be provided by the
states. He desired to relieve the dis
tress of the people by authorizing the
additional use of national bank notes,
which were secure and safely good, and
every dollar of which would be as good
as gold dollar in the pockets of the
people, and by probable repeal of the
purchasing clauses of the Sherman act.
He was also willing to take measures in
concert with other commercial countries
for restoring silver to its proper ana