The Sauk Centre herald. (Sauk Centre, Stearns County, Minn.) 1886-current, 1893-08-17
AT WASHINGTON.
The Senate VIII Not Take Up the Sill.
yer Question Until the House
Acts.
Senator Voorhees, Reports Fayorably
on the Bill For Extended National
Bank Circulation.
Bill to Be introduced For Govern.
inent Guarantee Of National Bank
Deposits.

WASHINGTON, Aug. 16.-It is now
positively stated that until the house
has finally acted on the proposition to
repeal the purchasing clause of the
Sherman act, the senate will do nothing
in that direction. The steering COM
mittee has ceased its efforts to steer for
the present. Whether the Democrats
in the senate can finally get together on
common ground is matter about
which there is more or less conjecture.
"Why is there any necessity for such
action; why should we endeavor to
unite on proposition to kill thing
that is already Dead" said a member of
the steering committe, and he contin-
ued: Everybody knows the Sherman
law cannot be repealed uncondition-
ally"
Cases of Appointed Senator's.
The course of debate in the senate
indicates the conclusion reached by the
committee, inasmuch as it starts out
with every thing favorable for two
weeks desultory discussion, consisting
of set speeches on finance and the rights
of members to their seats.
The question of the right of Mr.. Lee
Mantle to seat in the senate from the
State Of Montana under the governors
appointment, will afterwards be taken
up and under the notice given by Mr..
Hoar it will be kept before the senate
to the exclusion of all other business
except that pertaining to the morning
hour. The decision Of the Montana
case will govern two like cases from
the States of Washington and Wyom-
ing. so that the question is one of great
importance even in its possible relation
to the silver issue.
To Guarantee Bank Deposits.
The latest proposition called out by
the financial stringency is that the
United States shall guarantee the de-
posits in national banks under certain
conditions. A bill has been prepared
and will probably be introduced in the
senate by Mr.. Hunton of Virginia,
which enacts as follows:
Section !. Every national bank exist
ing and doing business at the date Of
the passage of this act, shall, as soon as
practicable thereafter, report in writ
ing its true financial condition to the
secretary of the treasury, and if found
by said secretary to be in solvent con-
dition, deposits thereafter made in such
bank In good faith, in the due course of
business, by persons not officers of the
bank, nor stockholders in the corpora
ton doing the banking business shall
be and they are hereby guaranteed by
the United States to be paid to depos-
itors, or their lawful assignees, or
transferees when drawn on by draft or
check, but no persons shall be allowed
to overdraw his account in any manner.
Sec. q To indemnify the United
States from loss by reason of the guar
antee given and made in the first Sec
ton of this act, an annual tax is here
by levied on all deposits hereafter made
in the banks described in this act equal
to one-fourth of one per cent of said
deposits; the tax shall be paid to the
secretary of the treasury on the last
day of each month of the year on the
deposits of that month.