New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-09-10
OH. THOSE WICKED BANKS.
THEIR NEFAMOUs PROCEEDINGS AROUSE Mr.
PEFFER's MANIFESTATION TELLER'S
SPEECH FOR SILVER.

SPEECH FOR SILVER.
Washington Sept 9-There was small at
tendance when the Senate met this morning-about
twelve Senators on each side OF the chamber Mt.
Voorhees, Dem, Ind in his seat, however.
and carrying on a conversation with Mr. Faulkner
Dem W. Va) Mr.. Hale Qtep. Maine). was also
in his seat as II to disprove the statements made
yesterday in relation to his frequent absences from
the chamber.
The resolution offered yesterday by Mr. PETER
Pop. Kan) in relation to National banks OF New
York Boston and Philadelphia, their reserves their
refusal to pay checks in currency, etc, was ialo
before the Senate.
An inquiry was made by Mr. Mcpherson CDem.s
~ J) how the resolution had been taken
from the calendar he assuming that 1t was the
resolution offered by Mr.. PETER on the same sub
iect a week ego Having been set rght on thas
point he moved to refer the resolution to the Com
mittee on Finance. He informed, however, by
the Vice President that the Senator from Kansas
had the floor.
Mr. PETER then proceeded to explain and adj
yocate his resolution which he said he had offered.
not out Of hostility the banks but In the public
interest He expected to show that the National
banks Of the country were the pets of the Govern-
ment and had been ever since their institution
in 1873 He desired the information which his
resolution called for that II there were 10 be any
Improvement or modification of the SYSTEM II
could be had with a full knowledge OF the facts
He asserted that the National banks OF those three
cities had compelled their depositors to accept.
under the most distressing circumstances, So
curits in the place of lawful currency and the bust.
ness of the whole country nad thus peeh Piacso
at their mercy.
II was time high time that the people should
understand all about that matter. 1t was the bus-
ness of the Controller of the Currency to know.
every month every week and every day. the con.
dition of every National bank; and If any reserve
nj urac NOT Q1
after due notice 1t was his duty to close up that
bank and appoint a receiver to wind up its affairs.
III, accused the National Sinks OF the country OK
having withdrawn from circulation In the SIX
wears between 1884 and 1890 Sl9lOVOVU OF currency
wrongfully and without any reasonable excuse
either in morals in law-nothing except what
was sometimes called organized avarce; and no
said that during that period new banks were beinS
established so that IL all the banks had issued
m. notes which they were authorized to issue
tho aggregate amount of circulation would nave
been nearly 5000 0oo,Ooo He did not know now 10
characterize a proceeding or that kihu WIN sui'-
cent force to show its enormity. lie couid ohiy re-
fer TO what had taken place in the depreciation OK
nronerty as one of the results OF that nefarious
,c..,,,ny on the part OF the National banks.
,rba small National banks throughout the country
,yars not responsible for the evns that ne com'
,laipad Of any more than the small raiiroaa CONE
nanies were responsible for the railroad manage
ment of the country "a.
7, had been said ten years ago. in report mads
., the Senate by Senator Window OF Mlhheso.A'
mot four men practically controlled, not ohy ''s
,rarsnortation interests of the country. ou' .ns
legislation concerning 1t as We'll All" 81 a.,
the banking business. The small pahks We
no sense responsible for the condition OF ,he IAN
inp system: but the banks or BOSTON, ->e"
and Philadelphia responsible Tor IT, anu -
banks were largely under the cohtroi VI ". -.
dozen ,nen--not 10 exceed a dozen; ana All ''es'
we're engaged in speculation in wan S'ree. "
summarized the money trdnsaetoh' Vi '
National banks in one day. sho"'"e 80 "a hoo,
business of sl57OOOOO0 about per cen. "a, '"
represented by cash and VI per cent w
dra,ts and other substitutes for money ana no
~ i"isS .a ,, much better it would be II all that
hustnass ,axcept for large amounts) had peeh uo"s
a, octual "a ash as had been the case "nen oe'"'o"
,ysrs bovs IL would be much better io' '"o ,
sors. first because there would De great uea.
more money in circulation and the people , wou,.
,a, t,s benefit of It; and second because IL wouia
81 - .ards of the banks away from the people.
=, ,ha close of Mr. PETERS remarks, MI McPher"
,on fDam. n. J) moved to refer the resolution
IN the Finance Committee.
ur George ODem., Miss) said that the rinancs
Committee had not reported on TIE resolution
,,ara,orors offered by the Senator from Kansas
'', ,hs same subject and the Senate had no In
formation that it would report on II. III the
senate and the country had to wait until the
FINANCE Committee should have time to report.
the information would be unduly delayed. He
therefore opposed the motion
Mr. Mcpherson, who Is member OF the Finance
Committee said that that committee would pro.
ceed to investigate the matter fast as 1t could,
and he was sure that the chairman Of the com.
mittee would report promptly. He did not under.
take to say that the National banks OF those three
cities and elsewhere had not at some particular
period OF time allowed their reserves to fall be-
ha t<<a <h.tt
had done everything In their power to grant &C.
to their depositors and to the busi-
ness interests of the country, and had done II In
a perfectly safe and legal manner.
Mr. Teller (Rep. Col)-Does the Senator unders
stand that these banks have the necessary re-
serve under the statute?
Mr.. McPherson-I think they have II they have