Waterbury evening Democrat., 1893-09-05
FINANCIAL REVISION.
That Is to Be the Work of the
 Present Congress.
THE ARGUMENTS FOR STATE BANKS

Still Deeper Into the Financial Problem.
 The Plan of MT. Voorhees,.
 WA>HINGToN. Sept. 5.-The question of
 ppealing the tax on state banks as called
 Tor ill the Chicago platform, is already be fore the senate in the shape of bill intro duced some days ago: also in the Butler amendment to the Voorhees, bill just of tered in the shape of another amendment to Mir Voorhees, bill providing for the extension of the circulation of national banks.
 The latter bill has been efIectually side tracked, and there appears to be little hope 2t rrsurrecsing it. that the last named amendment will 20 the way of all amend ments to bills that have been killed by the process of slow Strangulation.
 It is predicted, however that as soon as the repeal of the sherman bill has been eff fected-should that ever be-the proposi. tiOn to repeal the tax on state banks will come to the front at once. and when it does II Is probable a discussion will be begun looking to thorough revision of the finan- clal legislation of the country
 Senators Distrust State Banks.
 The idea T passing the circulating notes of state banks upon state or municipal bonds does not find favor in the senate for the reason that such security is not looked upOu dS SluSldnllal enough 10 WllnStdnu the assaults of the stock markets and does not obtain that high place in the confidence of the people which bonds and evidences of the indebtedness of the federal government hold
 senator Gray, speaking of this matter thought the day was not far distant when this whole subject would have to be con Sdrred and acted upon by the congress of
 the United States. He said the conditions
 T I,..F state banks were in vogue. were as widely different as possible There was no more danger now of wildcat banking than there would be of attempting to enforce Il he fugi-
 tive slave law. He believed that the wis dom of congress would evolve some plan
 upon which the currency of the people could be based and given stability that
 could never be questioned The substitution Of state banks would
 add to the currency of the people and in
 crease the circulation in small communi- ties, where il was 50 often needed In the
 minds of other senators the idea of issuing more bonds finds favor. while in those of
 others it is q nightmare that causes unrest
 and uneasinesS Whether such proposition
 could carry is d mooted question. Some of
 the strong men of the senate are on either side.
 MT. Voorhees, Plan. Senator Voorhees, is perhaps the most outspoken champion of state banks on the floor of the senate. What he means by a state hank is not the bank so commonly re-
 membered and associated with ideas repug-
 nant to good banking principles but the chartered state banks which have Circu- lation based upon specie it>elf-gnld and silver. His plan also contcmplntes govern
 mental supervision and in>prction-a com hinatj"u whir i'll. he l,lirlr~. offer SO lutiun to tn, @.hlcm now before the peo pie and give them system of banking as firm and reliable a~ any ever devised by man.
 There i~ n" -:riu~ayiug the fact that a bill with this end in jew will bv one of the first to h,' iutr,rlu,c'l w hen the house has ad"pled il~ r'.l,-. and Democrats in the scnat" trc tLt.~ ,HrlN di~cu~~ing the prob ability "f il~ IR~~tGr. In the senate it is unilkrIy that thr Democrats will have the
 '~- .tHurr "f the eastern Republicans they | now have in the attempt to repeal the sherman acl W Whatever may he the bill introduced. Hc,,J,liug to Mir Voorhees,, it will lH' carefully aucudrd and guarded so | that in r" ~,U~r ,au il lN charged against | the Democratic party iht, il i~ seeking to return [" tn" day ot ~u called wildcat | haIh ing
 The Senate's Session. Ih: senate lad a long and wear:some | =es>Ion. with little ut interest tc enltven -hs r"c-s-3!nEs Th= kc,sc b,l to- th= repeal ot portion ct the sherman act vas
 kept sreadilyto the front after 1t was taken up, and il was still before the senate at
 the time of adjournment.
 Speeches were made upon it by Senators Cullom. Coke and Prf1er. Mir. Cullom' $ speech Was in favor of unconditional re peal. Mir. Coke's was against it and for
 free coinage of silver ia parity to be estab- | lished by reducing the weight of gold coin, and Mir. pttfer's for the rest tOration of | the coinage act of lSS1 and at the present | ratio of l6 to l.
 Among the minor incidents of the session
 were the paSsage of the house joint resolu. l tiOn making Sept, lN, the hundredth ami | NersarY of laying the cornerstone of the l capitol. holiday in the District of Column | bia, and the etiefeat of Il resolution (S to 41)
 offered by Mir. Allen for an adjournment of l the senate in recognition of Labor day Yang Yu Is Received. ! WA~HlNGruN. Sept. 5-Iang Yu, the
 new Chinese minister, whose rank in his
 own countFy is so high that it is only four |