The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1893-08-31
FIFTY-THIRD CONGRESS.
COMMISSION TO ASCERTAIN RELATIVE
VALUE OF GOLD AND SILVER.
Certain Senators Want TO Get After the
National Banks-The Silver Men Have
Been 0utwitted in the Debate.
Reasons For Depression.
SENATE.


Pasco gave notice in the senate today
of substitute to vests minority bill
for silver coinage at ratio of 20 to l
The substitute proposes a commission
for three citizens of the United States
to be appointed by the president tc
ascertain and determine by Jan.
next, fair and just ratio between the
actual intrinsic value OF gold and
silver as a basis for free coinage oil
silver. After the result is reported to
the secretary of the treasury, e
weight OF pure and STANDARD silver to
be contained in various coins will be
fixed and determined by him and the
silver coined.
The resolution offered by Senator
PETER for inquirlng of the treasury
as to the conduct of national banks
which refused to pay promptly in cur
rency checks of their depositors was
taken up and a motion to refer to COM
mittee on finance made by Senator
Hoar who said that in times of popular
distress and panic the comptroller of
the currency should not be compelled
to drive National banks up to the
strict letter of thelaw. Senators Kyle,
Hill, Henderson and Wolcott urged
its immediate adoption while Senators
Voorhees, and Mcpherson favored its
reference, this argument being on the
line indicated in Senator Hoar's re-
marks.
Senator German argued in favor of
reference of the resolution. The point
had heen reached where National
banks had failed in their power to re
lieve the country. The same point
was reached in 1878, 1877, 1887, 1890
and 1893. AT these periods it was ut
terly impossible for banks to comply
Utterly with the law. che enforce
ment of the law will result in the des-
truction OF not only financial institu-
tions but every interest of the country.
Suppose the comptroller of the cur
rency shuts up these banks. will not |
the result be that every one of these
banks will have to be placed in the
hands of q receiver and nobody will
get any money! Senator Cor
man stated the law. Every one
knows there's technical violation of
the law, but it is the duty of men in
charge of the government not to add
to the distress. There is no relief to
be given banks. The sale of bonds on
deposit, government bonds in national
banks and anticipation of interest on
bonds, these were remedies that cam
not be applied. The adoption of the
would be understood by the
and executive officers as an
expression of opinion by the senate
that the law must be enforced and
hat would mean destruction to the
interests OF the country.
Senator Hill replied that the object I
If referring the resolution was, he
laid, not to act upon it, There never
las been so bad case in the history
If the country, that its advocates had
lot always pleaded the matter COM
planned of was in the interest of public
welfare.
Senator Washburn-What does the
senator from New York propose the
senate shall do, if the comptroller of
Jhe currency reports that there has
oeen technical violation of law?
Senator Hill, | made no proposition.
That is a matter for the senator from
Kansas. He must be the Judge of
what is his duty under the circum
Stances
Senator Mitchell criticised the reso.
ution as calling rather for a legal
opinion than for facts
Senator Butler favored the resolu-
ion and opposed its reference. :.
Senator Allison criticised the phrase
ology of the resolution and suggested
The modification of it.
Senator Hill undertook to draft
some modification of the resolution,
out before he had completed them the
hour expired and the resolu.
ion went overwithout action. ]
Senator Hoar made al argument {
against the Butler amendment to the
National bank circulation act, repeal.
ng the 10 per cent tax on state bank {
circulation. He said he was opposed
% restoring to state banks the power [
Of issuing circulation and furnishing ,
The people of the ,
country were inclined to have
a currency every dollar of
which should be equal to
,very other, which should be un-
changing in value, so far as the wit of
nan could bring that to pass The
currency should be national. 1t was
,he function of the national govern
nent to see that it was provided. 1t
lad never been and never could be
provided by states.
AT the close of the Senator Hoar's
'emarks the national bank circulation
bill was laid aside without action and
the report of the committee on priv
lleges and elections in favor of seating
Lee Mantle as senator from Montana
was taken up. Arguments against
the adoption of the report and the
admission of Mantle were made bv
Senators Gallinger and Platt.
Senators Turpie and Chandler re
piled to some of Platt's points and
Senator Pasco replied to Senator
Chandler.
Senator Hawlev argued in favor of
the resolution. The debate was closed
by Senator Hoar in favor of the ma
jority report. At 5:l5 a vote was
taken on the substitute offered bv
Senator Vance declaring that Senator
Mantle was not entitled to a seat. The
vote resulted yeas 30, nays so, so the
substitute was agreed TO. Senator