St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-08-24

fairs and the necessity of inspiring
confidence the senate should not have it.
Mr.. German (Dem., Md argued in
favor of the reference of the resolution.
For the third or fourth time, he said,
during the present monetary system
the point had been reached where the
National Banks
were failure so far as their power to
relieve the condition of the country was
concerned. 1t had been reached in
1878, 1877, 1888. 1890. and now in 1898.
At these periods it was utterly impos-
sible for the banks to comply literally
with the law. Never had there been a
a period half so threatening as that
which confronted the senate today.
MIR. Hoar-Suppose the comptroller of
the currency shut up these banks, will
not the result be that every one of them
will have 10 be placed in the hanks of a
receiver, and that nobody will get any
money?
MIR. Gorman-The senator states the
law. He knows that it is the law, and
the mover of the resolution and every
gentleman of intelligence in the United
States understands the fact. Every one
understands that there is technical
| violation Of the law, but it is the duty
| OF the men IN charge of the government
to not add to the distress.
Mr.. Hill Dam, N. y replied, to Mr..
German. The only object of referring
the resolution was. he said, not to act
upon 1t. There never had been SO bad
a case in the history of the country that
its advocates had not always pIeade d
that tile matter complained of was not
in the interest of the public welfare.
Mr.. Washburn (Rep., MINI. What
does the senator from New York pro-
pose that we shall do if the comptroller
OF the currency reports that there has
| been technical violation of the law?
| MIR. Hill have made no proposition.
That is matter for the senator from
| Kansas. lie must be the judge of
what IS his duty under the circum-
| stances.
Mr. Washburn.
1t seems to ME that if this resolution
be adopted it will be notice to the
| comptroller of the currency to admin
lister the law literally and technically
The result of that Will be TO close every
bank in the country and place it in the
hands of receiver. This is calamity
which we should try to avoid in the
| present deplorable condition of the
country.
Mr.. Mitchell (Rep., Orr criticised the
| resolution as calling rather for a legal
opinion than for the facts, and he sug-
gested a modification of it in conformity
with his views. Mr.. Butler Dem, S. G. J
favored the resolution. and opposed its
reference.
Mr.. Cullom (Rep., Ill.) expressed in
difference as to whether the resolution
should be adopted or be referred be-
cause he did not think any information
would be given that would disturb pub
| lie affairs. When all the facts were
stated nobody would be hurt.
Mr.. Cockrell (Dem., Mo)-Will moi
the information rather inspire conf
dence on the part of the depositors?
Mr.. CullOm-If the banks of the coun
try and the business of the country
have been going on in legal and law
full way. the information, instead of do
ing injury will do good. Whatever may
have been the cOur So of the banks OF
| New York, Boston and Philadelphia
there has not been an hour when thu
banks of Illinois and the whole West,
and believe especially of the great
city of Chicago, depositor could not
draw his check and get the
Money For Ii.
But am not disposed to criticise the
action of the New York bankers on the
question of using clearing house certifi-
Gates because there might be a condi-
tion there which justified it; and yet
am inclined to believe that if the banks
had gone on as the banks of Chicago
and st, Louis did they would have beer
paying out cash OH their checks TODAY
instead of paying out clearing house
certificates.
Mr.. Allison Republican, Iowa. criti
cised the phraseology of the resolution
and suggested modification of it. AS tC
the clearing house certificates he re
garded them as somewat irregular; bu
yet he had been told that they did no
circulate as money. and were not so in
tended. If they were so, they might b,
within the letter of the law, though
without the spirit of the law.
Mr.. Hill undertook to draft somt
notifications of the resolution; but be
fore he had completed them the morn
ing hour expired, and the resolution
went over without action. 1t took it
place OH the calendar, where it can onl,
be reached again In the regular orde
or upon motion supported by a majorit'
vote.
Mr.. Stewart Republican, Nevada,
gave notice that as he was disappointed
in getting the floor today to address th
senate on the bill dlscontinuing the pur
chasing clause of the silver bill, n
would seek the floor tomorrow, and Mi
Hill democrat, New York; gave sim
liar notice for Friday next.
Mr.. HOar Republican, Massachusetts,
made anargument against Mr. Butler
amendment to the national
Bank Circulation
act, repeating the 10 per cent tax Oh
state bank circulation. He said that h
was opposed to restoring to state bank
the power of Issuing, circulating an
furnishing currency. The people of th
country were entitled to have a cur
rency. every dollar of which should b
equal to every other. and which shouI,
be unchanging in value, SO far as the WI
Of man could bring that to pass. That cur
rency should be national 1t was the func
ton of the national governmental Sc
that it was provided. 1t never had bee
and never would be provided by tn
, states. He desired to relieve the dis
tress of the people by authorizing tn,
additional use of national bank notes
which were secure and safely good, an,
every dollar of which would be as goot
as gold dollar in the pockets of tn
people, and by probable repeal of tn
purchasing clauses of the Sherman act
He was also willing to take measures i
concert with other commercial countrie
for restoring silver to its proper an