The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-10-07

luton was referred to the committee on
finance.
The resolution offered some days since
by Mr.. Morgan, dem, of Alabama, in
structing the committee on the judiciary
to report whether any of the provisions
of the coinage act of 1887 are in force, was
laid before the Senate and agreed to.
The repeal bill was taken up at 1925
o'clock and MIR. Mcpherson, dem, of New
Jersey, gave notice that he would address
the Senate upon the bill on Monday next.
CALL SPEAKS AGAINST REPEAL.
Mr.. Call of Florida took the floor and
resumed his speech against the bill, be-
gun on Wednesday, He referred to the
Importance of the subject and spoke of
the interest manifested in the debate by
the American people. Mr.. Call said the
Senate was called on to act without rea-
son and was not to perform
the function imposed upon it.
Instead, il was to rush through bill re-
pealing the only method by which there
could be an increase of the currency OF the
country in metal money. Against this he
protested Mr.. Call made a lengthy ar
gument in advocacy of the amendment
suggested by him, requiring all the silver
bullion in the treasury to be coined INTO
dollars, half dollars and quarters, at the
existing ratio of 16 to l. When Mr.. Call
COuCluNlGu HIS SpGCNll az = Bs A1AsS SAS1 .
were six senators present.
Mr. Butler of South Carolina obtained
the floor, but Mr.. Pugh, dem, of Ala
bama, suggested the absence of a quorum
and the roll was called. Forty-four sena-
tors responded.
A STATE BANK CIRCULATION.
Mr.. Butler went into a long argument
in favor of the amendment which he sub
mitted some time ago, repeating the tax
on state bank circulation. He proposed
to modify his amendment by striking out
the proviso limiting the right to issue cir
! cula1ion to such banks as Sc
cure their circulation by coin,
or approved state or municipal bonds.
Mr.. Butler ridiculed the suggestion that
| if the tax on bank circulation were re
pealed, the days of wild cat banks would
return. 1t was not possible for any state
in the union TO permit for one hour the
existence of bank that was not conduct
ed upon conservative, prudent and bust
ness-like principles.
THE SCOTCH BANKING SYSTEM.
Mr.. Butler read copious extracts from
| the Forum on the Scotch banking system,
and he asked wny such system could
not be established in the United States.
MIR. Allison, rep, of Iowa, said that
every stakeholder in a Scotch bank was
liable to the full extent OF MS properly
for every obligation of the bank. That
was one of the reasons of the success OF
| the Scotch banking system.
Mr.. Butler believed that South Caro-
! lima or Iowa would with the tax on
| circulation removed, require method of
| banking as safe and conservative as that
| of Scotland. Why could not the Amerl-
can people initiate the Scotch2 Why
could not each locality be allowed
to have banks establishing the cash
credit system of Scotland, where
a mans personal credit with the
aid of two friends, would get capital
What was there in the American people
| that they could not be trusted as the
| Scotch we're trusted, that the state,
which was trusted in so many other vital
points, could not be trusted to regulate
| the currency for its people2
SHERMAN PHEFEBs OUR SYSTEM.
Mr.. Sherman thought the national
banking system was better in every
respect than the Scotch system, ana
affording a larger circulation per capita.
MIR Butler said there were not - per
capita In circulation in South Carolina
ne closed his speech by reading an eX-
tract from the farewell address OF An
drew jackson, condemninR tne Cn 4lse.
states banking system Of that DAY. What
Mn jackson said az that time, Mr., But-
/ Ter declared, was solemn truth "hon -