The farmers' union. (Memphis, Mo.) 1891-1895, 1893-12-21

Mr.. Vermiley, Merchants Bank; Mr..
Morton, Ocean Bank; Mr. GaIlatin,
National Bank.
DELEGATES FROM PHILDE- PHA BANKS.
Mr.. Rogers, Trades,nan's Bank; Mr..
Mercer, Farmers and Merchant
Bank; Mr.. Patterson. Western Bank.
DELEGATES FROM BOSTON BANKS.
Mr.. Haven. Mechanics Bank; Mr..
Waller, Revere Bank; Mr.. Bates,
Bank of Commerce.
TREASURY DEPARTMENT.
Salmon P. Chase. Secretary of the
Treasury.
FINANCE COMMITTEE OF THE SENATE.
Mr.. Fessenden, Of Maine; Mr.. Sim
mons, of Rhode Island; Mr.. Sherman,
Of Ohio; Mr.. Howe, of Wisconsin;
Mr.. Peace, Of Maryland; Mr.. Bright,
of Indiana; Mr.. McDougal: Of Cali,
fOrnia.
HOUSE COMMITTEE OF WAYS AND
MEANS.
Mr.. Stevens, of Pennsylvania; Mr..
Morrill,, of Vermont; Mr.. Phelps, of
Missouri; Mr.. Spaulding. of New
York: Mr.. Corning. of New York: Mr..
Horton, of Ohio; Mr.. Stratton. of
New Jersey; Mr.. Hooper, Of Massach-
ussctts; Mr.. Maynard, of Tennessee,
Some of the members Of the Com
mittees of the Senate and House were
not present, but there was q very full
representation from each committee
There was some other gentleman
present from Boards of Trade of
different cities.
Mr.. James Gallatin, of New York,
made the principal speech agaihs,
legal tender, ant on behalf of him
self and the bank committees from
New York, Boston and Philadelphia,
and members from boards of trade
associated with them. submitted the
following plan for raising money to
carry Oh the war, viz:
/. A tax to raise, in the different
modes of taxation, 1925, 100000, over
and above duties on imports.
2. Not to issue any demand
Treasury notes, except those author.
ized ut the extra session in July 1st.
}. Issue $1OO,OOO,OOO Treasury
notes at two years, in sums Of five
dollars and upwards, to be receivable
for public duties to the government
except duties on imports.
4. A suspension of the Su6 Treas
ury act, so as to allow the banks t.
become repositories of the Govern
ment of all loans. and to cheek OF
the banks from time to time as the
Government may want money.
5. Issue six per cent twenty yea
bonds, to be negotiated by the Secre
tary of the Treasury, and without an,
Limitation as to the price he may ob
tain for them III the market.
6. That the Secretary of th'
Treasury be empowered to make tenn
poranv loans to the extent of an,
portion of the funded stock autho
rlzed by Congress-, with power t,
hypothecated for the best price tha
can be obtained.
These positions having been read
the Secretary and Finance committee
Of the Senate and House expressed
themselves favorable to the frs
proposition to raise by taxation 1925
0O0, 900 a year, over and above dutie
ON imports. 1t will be observed tina
this plan did not lnclude the nationa
currency bank bill, recommended b
the Secretary of the Treasury in hi
annual report, and was not, therefore
in this respect, satisfactory to him.
The meeting was somewhat cor
versational in character, but ther
appeared to be a general dissent b.
the Secretary and Committees iron
all the other propositions. Mr.
Hooper expressed very decidedly hi
dissent to them. and was IN favor q
the legal tender act as the best mod
of providing the means. The onl
remarks can find reported as bein
made by any members of the CON
mittees of the Senate and Hous