The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-08-24
Alleged Violation ofthe Law by National
Banks the Topic of Discussion.
Voorhees,. German and Others Endsavor to
Smother Resolution of Inquiry Regarding
the Conduct Of Eastern Institutions.
Senator Hill Surprises His Colleagues
by Taking Sides with the Populists.
Mr.. Mantle. of Wyoming. Declared Not Enti-
tied to His Seat-Greshsm Expresses Regret
for the Assault on Italians in Colorado.
PETER PRovoKEs A DEBATE.

PETER PRovOKEs A DEBATE.
His Resolution Concerning the Conduct OF
Banks Causes n Warm Discussion.
WAsHINGToN. Aug. 2S.-The resolution
which was introduced yesterday by Sens-
tor PETER. calling on the Secretary of the
Treasury for information as TO whether the
national banks of New York. Boston aud
Philadelphia were conducting their affairs
at present In violation of the law regard
ing the amount of their reserve. the pay
ment of checks anu the rates Of interest
charged. stirred up in the Senate. when 10
came up for consideration to-day, q debate
which was the sharpest one of the session.
The cause of Mr.. PETER was sustained by
Senator Hill of New York. who broke
away from the leadership OF Mr. German
and Mr.. Voorhees,. and. in direct oppo-
sition to the position taken by
them. made several speeches which
showed q division. in the ranks
Mr.. Hill plainly took position viii ch iDdl'
Gates that he has opinions and views of his
own that are not TO be nodded by those
q who have been considered leaders of the
Democratic side in the Senate. The debate
became very interesting and warm one,
and as the news OF 1t began TO spread
through the Capitol the Senators who had
been In the committee rooms or In the cloak
rooms began to take their seats on the
floor and the galleries filled up. and even q
number of the Representatives came over.
from the House. The discussion lasted
until the morning hour expired, and the
resolution went TO the calendar. where 10
cannot be reached again except In the reg
ul8r order OF business
The report and resolution Of the commit.
tee on privileges and elections in favor OF
i.e0 Mantle n
Senate under the appointments of the Gov
ernor Of Montana was taken up. debated
and decided In the negative. The vote was
taken on the minority resolution declaring
Mr.. Mantle not entitled to seat. and 10
was carried 85 TO 80. AS Mr. Manderson
changed his vote in order to move to re-
consider the vote had really stood 81 TO 81.
Tho motion to reconsider was made and
was pending when the Senate adjourned.
When the Senate convened Mr.. Pasco
gave notice of q substitute to Mr.. Vests
minority bill for silver coinage at the ratio
of 20 to l. The substitute proposes com.
mission of three citizens OF the United
States, to be appointed by the President,
to ascertain and determine. by the 1st or
January next. fair and just ratio between
the actual intrinsic value OF silver and
gold. as Q basis for the free coinage OF
silver. After the result 10 reported Co the
Secretary of the Treasury the weight OF
pure atandard silver TO be contained In
dollars, halves, quarters and dimes is to be
to be coined.
HoAR DEPRECATEs HASTE.
Then the resolution offered by Mr..
PETER. inquiring of the Secretary OF the
Treasury as to the conduct of national
banks in refusing to pay promptly, in cur
renoy, the checks Of their depositors was
taken I'D, and o motion TO refer lt C tho
committee on finance was made by Mr..
Hoar. who said that In time of popular
distress and panic the Controller OF tho
Currency should not be compelled TO drive
the national banks up to the strict letter OF
tho law. The President had appointed az
Controller of the Currency man believed
by him to be q clear headed, capable man.
who had not been q banker. or speculator.
or dealer in credits: and this officer had not
thought 1t best whenever any national
banks had failed to comply with the strict
and extreme letter OF the law Ip dealing
with their customers to bring them mp to
the rack. He thought it well TO wait q
week or ten days before "poking into that
question too much.'
Mr voorhees, favored the reference Of
the resolution and promised that is would
not be buried In the committee.
Mr. Kyle argued against the reference,
which. he said. would only mean the burial
of the resolution. In the course of his re-
marks he spoke of the Secretary OF the
Treasury sending information gratultous-
~" to Senators, referring to Mr. Carlisle's
letter as to the cost of change in the sill
yer ratio. This insinustion was taken up
by Mr.. White. who asked Mr.. Kyle W neither
he knew that the Secretary had not been
addressed before writing on the subject.
ject
Mr.. Vest quoted from the letter to show
that il was written after O conversation
with Mr.. Voorhees,.
Mr.. Voorhees, said that as oh altman of the
finance committee he had called upon the
Secretary to ask him as to the feasibility OF
coinage at 20 to ! and, after conversation.
had requested him TO put his objections In
Mr. Hill opposed the reference. and in
sisted on the adoption of the resolution
directly by the Senate. He did not assume
that the Controller of the Currency had
violated the law. although tie Senator
from Massachusetts MIR. Hoarl had said Is
was likely that that officer mad. In some
slight respect. violated the law OF the land.
Mr. Manderson was not prepared TO say
that the technical violation of Jaw by tho
national banks OF Boston, New York and
Philadelphia was not perfectly justifable
In the present deDiorable condition of the
country. But he did not agree that it was
best to cover up exactly what was being
done by the banks.
GoRMAN DIsAGREEs WITH HILL
Mr.. German argued in favor of the refer
ence of the resolution. For the third
or fourth time, be said, during the present
monetary system. the point had been
reached where the national banks were q
failure SO far as their power to relieve the
condition of the country was concerned.
IL was utterly impossib BILE for the banks TO
comply literally with the law. Never had
there been period half so threa atening ss
that which confronted the Senate to-day.
DIR. Hoar-Suppose the Controller of the
Currency shuts MP these banks. will noe
the result be that every one OF them will
have to be placed In the hands Of . re-
ceiver. and that nobody Will get any
money!
Mr.. Gormsn-The Senator states the law.
He knows that il is the law. and the mover
of the resolution aud every gentleman or
intelligence in the United States under
stands that that Is a fact. Every one
knows that there is q technical violation
of law; but 1t 10 the duty Of the men In
charge Of the government not TO add 10 tho
distress.
Mr.. Hill replied to Mr.. German. The
only object In referring the resolution was.
he said. not 10 act upon it. There never
had been so bad a case IN the history OF she
country that its adv locates had not always
pleaded that the matter com planned of was
not in the interest of public welfare.
Mr.. Washbnrn-What does the Senator
from New York propose that the Senate
shall DO If the Controller Of the Currency
reports that there had been o technical
violation of tho lswf
Mr.. Hill have made no proposition.
That Is a matter for the Senator from
Kansas. lie must be the Judge OF what 10
his duty under the circumstances.