Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1893-08-24

substitute proposes that commission Of
three citizens Of the United States be ap.
polluted by the president to ascertain aud
determine by the 1st of January next the
fair aud just ratio between The actual
intrinsic value Of silver aud gold as a
| basis for the free coinage Of silver. After
| tho result Is reported to the secretary Of
the treasury, the weight of pure and stlnd-
ard silver 10 be contained In the various
| coins shall be fixed and determined by
him aud silver coined.
The resolution offered yesterday by Mr.
| Psffcr inquring OF the secretary Of the
| tran piry a. 10 the conduct Of the ma
\ tionai banks that refused TO pay prompt
| ~ In currency the checks Of their de-
positors, was taken mp aud a motion to
refer 10 the committee on finance made
by Mr.. Hoar, who said that in time Of
popular distress aud panic. the comptroller
Of the currency should not be compelled 10
drive the national banks up to the strict
letter Of the law.
Messrs. Kyle, Hill, Mauderson and
Wolcott urged immediate adoption, while
Mossrs. Voorhees, and Mcpherson favored
reference. their argument being on the
line Indicated la Mr. Hoars remarks.
Mr. German argued In favor OF the
reference Of the resolution. The point
had been reached where national banks
had failed In their power to relieve. The
country. The same point had been
reached In 1873 1871, 1887, lss'O ana
1893. At these periods II was utterly
impossible for the banks TO comply liter
ally with the law. The enforcement Of the
law will result Ia the destruction of not
only financial institutions but of every
interest Of the country. Suppose the
comptroller Of the currency shuts up these
banks. viii not the result be that every
one Of these banks will have 70 be plnced
IN the hands Of receivers and nobody VIII
get any money! Every one knows there
Is technical violation of the law, hui It
IL the duty Of the men IN charge OF the
government not 10 add TO the distress,
There is no relief 10 be given the banks.
The sale Of bonds the deposit Of govern
mcnt funds In the nntionh banks, and the
anticipation Of interests on bonds, these
remedies cannot be applied. The adop.
ton Of the resolution would be understood
by the country and It's executive officers
rs nm expression Of opinion by the senate
that the law must be enforced and that |
wonld mean destruction to the interests |
Of the country.
Mr. Hill replied that the object Of re-
fprring the resolution was not 10 act upon |
Il. There had never been so bad a case |
in the history Of the country that the |
advocates had not always pleaded the |
mntter complained Of was to the interest |
Mr., Washburn What does the senator |
from New York propose the senate shall |
do II the comptroller Of the currency |
reports there has been technical viola
ton Of the law
Mr.. Hill made no proposition That
y q matter for the senator from Kansas
He mnst be- the judge of what is his duty
under the circumstances.
Mitdlcll criticised The resolution MS
calling rather for legal opinion than
for facts
Butler favored the resolution and OPP
posed It's reference.
Allison criticised the plruseoloey Of the
resolution aud suggested a modification
IIll undertool, to draft some modld-
cation Of The resolution. but before he
iad completed Il. tho morning hour ox-
lut action,
llonr made nn argument against But
er's amendment TO the national circulate
ng act, repeating the 10 per cent tax
IN state bank circulation. He said he
was opposed 20 restoring TO state banks
he power OF issuing circulation and fur
fishing currency. The people Of the
country were entitled TO have currency,
very dollar Of which should be- equal
% every other, and which should be IN
hanging In value 81 far as the wit of
mn could bring that 10 pass. That cnr-
q y
junction Of tho national government 10
see that II was provided. 1t had new
ir been, and never could be provided
~ states.
At the close Of Mr.. Hoar'a remarks
he national bank circulation bill was
aid aside without action, aud the report
II the committee on privileges and cleo
ions In favor of seating Mr.. Lee Mantle
~ euator from Montana was taken MP.
Arguments against the adoption Of TIE
op1rt aud the admission NJ Mr.. Mantle
We're made by Mr.. Gdllngc: and Mr..
Ilntt
Mcssrs Turpic and Chandler replied to
'Omc OF Mr.. Platts points, aud Mr..
pusco replied to Mr. Chandler.
Mr.. Huwlcy argued la favor Of the res
lmtiun,
The debate was closed by Mr.. Hoar In
favor of the majority report
Az l;ld o vote WAS taken on the sub.
'tUutr offered by Mir Vance, declaring
hat Mr. Mantle was not entitled to d
'eat. The vote resulted yeas 3d. nays
10. so the substitute was agreed 10.
Mr., Henderson made q motion to recon-
slider the motion nndsto lay il ON the
able, hut without action on it, the senate
al tnurFoN