St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-10-07
WILL IT GO ON FOREVER?
SOUTHERN SENATORS TALK AWAY
As0THER DAY
IN OPPOSITION TO REPEAL

and Silver-Butler Favors the
Repeal of the State Bank Tax.
WASHINGTON, Oct. Elm the senate
today Mr.. Blackburn, of Kentucky.
submitted an amendment to the bill re-
pealing the silver-purchasing clauses of
the act of 1890. 1t strikes ont the
voorhees, substitute. leaving the bill as
il passed the house. and then provides
for the free coinage of silver of Ameri-
can production. The secretary of the
treasury is authorized on the first day
of each month to establish the seignor-
age to be charged to the following
month, which is to be the difference
between the market price of silver
bullion and the minted value after
coinage. This seignorage is not to be
coined, but is to be sold by the secre-
tory of the treasury TOr gold. to be used
for the purpose of maintaining the
parity of gold and silver.
This is the amendment which Mr..
Blackburn in his recent speech said he
would propose with view of reaching
compromise. Tie debate OH the re-
of FLORIDA, and Senator Butler. of South
Carolina. both of whom opposed the
bill. Mr.. Butler devoted the largest
part of his speech today to an argument
in favor of the repeal of tine tax OH state
bank circulation, taking the position
that the tax was unconstitutional.
This led to debate participated in
by Senators Dolph, Allison, Sherman
and others, and then Mr.. Teller re-
sumed his speech against
THE REPEAL BILL
commenced some time ago.
The repeal bill was taken up at 1925,
and MIR. Mcpherson (Dem., n. j. gave
notice that he would address the senate
upon the bill on Monday next.
MIR. Call Oem., Fla.) took the floor
and resumed his speech against the bill
begun on "Wednesday. He referred to
the Importance of the subject and spoke
of the great interest manifested in the
debates by the American people.
MIR. Call said the senate was called
upon to act without reason, and
not to perform the function imposed
upon it. Instead it was to rush through
bill repeating the only method by
which there could be an increase of the
currency of the country in metal money.
against this he protested.
Mr.. Call made lengthy argument in
advocacy of the amendment suggested
by him, requiring all silver bullion in
the treasury to be coined into dollars,
half-dollarS and quarters at the exist
ing ratio of Is to l. He also looked
with favor upon the amendment pro-
posed by MIR. Blackburn, and lengthy
discussion enSued between Mr.. DOlph
(Rep., Or. and himself as to the effect
of these amendments.
I When MIR. Call concluded his speech,
at AS p. H., there were but six senators
present.
Mr.. Butler (Dem., S. c. obtained the
floor, but Mr.. Pugh Dem., Ala.) sug-
gested tbs absence of quorum, and the
roll was called. Forty-four senators re-
Sponded.
Mr.. Butler went into long argument
in favor of the amendment which he
submitted some time ago,
REPEATING THE TAX
ON state bank circulation. He proposed
to modify his amendment by striking
out the proviso limiting the right to is
sue circulation to such banks as secure
their circulation by coin or approved
state or municipal bonds.
Mr.. Butler rldiculed the suggestion
that if the tax on state bank circulation
we're repealed the days of wildcat banks
would return. 1t was impossible for
any state in the Union to permit for one
hour the existence of bank that was
not conducted upon conservative, pru-
dent and business principles.
MI. Butler read copIous extracts from
an article in the Forum, on the Scotch
banking system, and he asked why
such a system could not be established
in the United States.
Mr.. Allison (Rep., IO.) said that every
stakeholder in a Scotch bank was liable
to the full extent of his property for
every obligation of the bank. That was
one of the reasons of the success of the
Scotch banking system.
Mr.. Butler believed that Sou tn Caro-
lima or Iowa would, with the tax on cir
culatlon removed, acquire method of
banking as safe and conservative as
that of Scotland. Why could not the
American people initiate the Scotch?
Why could not each locality be allowed
banks establishing the cash credit
system of Scotland where mans per-
sonal credit with the aid of two friends
would get capital? What was there in
the American people that they could
not be trusted as the Scotch people
were trusted; that the state which was
trusted in so many other
could not be trusted 10 regulate the cur
rency for its people?
MIR. Sherman thought the national
banking system was better in every re-
Spect than the Scotch system, and afford
ing larger circulation per capita.
Mr.. Butler said there were not 81 per
capita in circulation in South Carolina.
He closed his speech by reading all ex-
tract from the farewell address of An
drew jackson, cendemning the United
States banking system Of that day.
WHAT Mr.. Jackson said at that time,
Mr.. Butler declared, was Il solemn truth
in this country.
Mr.. Dolph (Rep., Orr read from
Thompson's Bank Note Reporter of Jan.
Is. 1859, as to the state bank circulation.
He said that in New York there were
153 failed, closed and worthless banks
of issue and only 259 in operation. Mr..
Butler wanted the senator from Oregon
to supplement the statement he was
making with another as to the number
of banks which had failed in the last
twelve months. Mr.. Dolph replied that
it was not necessary to do that. as in no
case had the holder of national bank
currency lost dollar. OF all the cur
reucy issued in 1859 that of seventy-six
| banks only passed at par in New York.
! Those banks were in New York, New
| Jersey. Connecticut and Pennsylvania.
Mr.. Teller (Rep., Co!.) took the floor
| on the repeal bill at 4:44. and before he
began Mr.. Dubois suggested the
| NJ LACK OF A QUORUM.
| After some delay quorum was Sc
| cured.
| Mr.. Teller said that, while he radi-
| cally differed from the secretary of the
| treasury and the president, he assumed
| they were not aetuated by any desire to
| iniure the country. He believed the
evidence could be and had been pro-
| duced sufficient to justify the statement
| thai neither the president nor the secre.
tary of the treasury Intended to inter-
fere in the slightest degree TO prevent
in any way by any action on their
| part the disturbance that was somewhat
apparent as early as the last of April or