The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1893-10-27
THE WILD CAT BANK.
Its Friends Are Said to Have Won
Springer's Committee.
SENATOR TELLER'S DISCOVERY
THE WORLD is OUT OF JOINT.


spoecbmakers in the Senate Show No
Sign of Weariness Stewart Was On
Hand Yesterday With Another Chapter
of His Long-Winded Effort-He
Stopped Long Enough to Allow the
Passage of Two Bills of Interest Here.
Washington, October 26-The state
bank question is clamoring for separate
hearing in the House. The two import
ant subjects under consideration by the
House committee on banking and cur
1ency are those in tended to enable the
rational Tanks to secure and circulate
bank notes to the full par value of bonds
deposited to secure their redemption,
and to secure the repeal of the 10 per
cent tax now imposed upon the circula-
tion of banks other than the national.
At the beginning of the present extra
ordinary session it was stated that the
committee would not favorably report
bill to repeal the state bank tax, and
Chairman Springer was quoted as saying
that such a bill should not be enacted.
Since then, however, it is believed by
mem bers of the committee, change has
come over some of those who at first
opposed such measure and now they
say the probabilities are that majority
of the committee would vote to report
the bill. AS to the national bank circu-
lation, the understanding has all along
been that majority of the committee
was in favor of the proposition. Chair
man Springer is desirous of having the
committee arrange to hold sessions
during the interim between the present
session and the regular session, if any
such interval should occur, so that it
will be ready to report a bill upon one
or the other, or both of these matters,
shortly after the regular session COM
mences in December.
Some of the mem bers who want to 90
home and at the same time want to keep
oppose the proposition to hold meetings
in recess, ssand the probabilities are that
it will not be adopted.
UNTIL 1T is SILVER PLATED.
Senator Teller Thinks the World VIII Be
Out of Joint.
Washington, October 26.-The silver
bill was taken up in the Senate today
and Mr.. Teller resumed his speech. He
said he did not believe there would be
any further financial legislation in the
ncxt four years. There would be no eff
fective legislation in that direction until
the people were heard from. The world
was disjointed and out of shape on ac-
count OF its monetary conditions. There
would be distress, stagnation and paraly
sis of business wherever the gold stand
ard prevailed, there and nowhere else.
Mr. Teller occupied the floor until 240
when, without finishing his speech, he
yielded to Mr.. Squire of Washington,
who addressed the Senate in advocacy
of an amendment of which he gave no
tice October 10. This amendment pro-
poses to allow the owners of silver bull
lion to have it coined into standard sill
yer dollars at the present ratio of 16 to
!, receiving standard silver dollars for it
to the amount of the commercial value
of the bullion, the difference to be re-
tanned as II reserve fund by the treasury;
this coinage not to exceed 100000
month and to stop when the aggregate
amounts to 100000, 900; the silver dol
lars to be full legal tender and no cer-
tificates to be issued to represent them;
the purchase clause of the Sherman act
to be repealed, and the Secretary of the
Treasury to be authorized to issue bonds
payable after five years. bearing interest
not to exceed four per cent to the amount
OF $500, ,00O,000 for the purpose of main
tanning all the money of the United
States at par with the gold dollar. He
had endeayored, he said, in Offering the
amendment to find that middle path
which is the path of safety. Why, he
asked, should not the United States OBJ
tain two or three hundred millions of dol
lars, mostly from abroad, at a low rate
of interest? 1t would bring so much
more money into the country, and every
one would get an indirect benefit from
it. Mr.. Squire argued the United States
was committed to the use of gold and
silver as full legal tender money. All
the political parties had declared for it.
The only way bi-metalism, which every
senator seemed to favor, was possible
under present circumstances, was by the
limited use of silver, sustained at par by
large gold reserve. He had no dispo-
sition to place the country on a silver
basis. He believed that would be the
greatest calamity that could possibly
happen. His amendment would render
it impossible.
Mr.. Stewart began another installment
of his voluminous speech, although he
said he did not wish to prolong the de-
bate.
Mr.. Stewart yielded the floor to Mr..
Frye, who reported back from the com
mittee on commerce the House Joint res
olution for reporting, marking and re-
moving derelicts in the North Atlantic
ocean, by international agreement, and
the House bill appropriating $175, 900 for
steam revenue cutter of the first class
for use on the New England coast These
measures were explained briefly by Mr.
Frye, and were passed.
Mr. Stewart then went on with his
speech. He denounced the English in
fiuence exerted. as he said, in the SEN
ate. Without concluding his speech he
yielded the floor and the Senate took a
recess until II tomorrow.
The Question of Bonds.
Washington, October 26-Before the
Senate convened, Mr.. Sherman was in
consultation with Mr.. Voorhees, in the
finance committee room, and it is be-
lieved that Mr.. Sherman was again told
that any proposition to saddle bonds on
to the real bill would be taken as an
open declaration of unfriendliness to the
bill. Other Senators who are members
of the finance committee are said to have
stated to Mr.. Sherman that they would
look upon such action as breach of
good faith, inasmuch as the bill.reported
to the Senate was the result of the Joint