The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-08-24
PROCEEDINGS IN THE SENATE.
Pener's Attack on tho N ationnl Banks Pro
vokes an Interesting Debate.

PeHerss Attack on tho National Banks Pro.
q, vokes Interesting Debate.
WARRINGTON. Aug 23.-In the Senate to-day
Mr.. Pasco Dem. Fla.) gave notice OF a sub
stitute to Mr.. Vests bill for silver coinage at
the ratio OF 20 to !. Tho substitute proposes q
commission OF three citizens Of the United
States. to be appointed by the President. to as
certain and determine BY Jan. next q fair
and just ratio between the actual intrinsic
value OF silver and gold as a basis for the free
coinage OF silver. After the result is reported
to the Secretary OF the Treasury the weight Of
pure and standard silver to be contained in
dollars. halves quarters. and dimes is to be
fxed and determined by him and such silver
coin is to be rscolned.
The resolution offered yesterday by Mr. PEI
fer Pop. Kan.). inquiring Of the Secretary Of
the Treasury as to the conduct OF national
banks In refusing to pay promptly In currency
the checks Of their depositors. was taken up.
and motion to refer 1t to tho Committee on
Finance was made by Mr.. Hoar Rep. Massl.
who said that in time OF popular distress and
panic the Comptroller Of the Currency should
=. not be compelled to drive the national banks
up to the strict letter OF the law. The Presi-
dent had appointed as Comptroller OF the Cur
rency man beloved by him to be a clear
headed. capable man. who had not been
banker or speculator or dealer in credits: and
this officer had not thought it best. whenever
any national banks had failed to comply with
tho strict and extreme letter Of the law In
dealing with their customers. to bring them up
to the rack. He thought it we'll to wait week
or ten days before "poking into that question
too much" He had once heard Gen. Grant
say that the worst subordinate whom mill
tary officer could have was the on who always
obeyed orders.
I,,I hall 90
Finance Committee. favored the reference Of
the resolution. and promised that it would not
be buried In the committee.
Is Mr.. Kyle Pop. S. d. argued against the ref
orence. which. he said would only mean the
burying Of the resolution. He spoke Of the
Secretary. Of the Treasury sending iniorma.
Mr. Carlisle letter as to the cost OF a change
Mr.: Voorhees, explained that as Chairman OF
secretary Of the Treasury to ask him as to the
feasibility OF silver coinage at the ratio Of 20 to
Secretary to put his ebiections in writing. ''
MI al Dem N, " opposed the reference
that the Comptroller Of the Currency y had y 'i
lated the law; although the Senator from Mas
likely or probable that that offcer had.in some
slight and trivial respect violated the law Of
MI Hoar denied having said anything of the
w Manderson REP. Neb.) was not pre-.
By the. national banks of Boston. New York.
and philadelphia was not perfectly justilatle
country. but he did not agree with the Senator Tor
from Mas sac TT that It was well to cover
What course was being pursued By The I banks.
He quoted from y, Mathew MarshaI's financial
eoarse snd he
the adoption Of the resolution.
the banT S the FINANCE VI would ny ny
the Com ptroler OF the Currency at this par. r.
sua a 9t T9ud make the pane
I not to Finance st0pSn ias
enee. Of ne resolution, because he Thought
II was OF the utmost importance to have tho
PIT S that oTng to the condition
dence. the Senate should not have it.
a, Mr. German Dem, Nd; argued in favor OF
sa' ss % the sT
where the national banks were a failure So
il 1873 1871. 1851 is50, and IN now S9n in 1873.
the banks 70 comply literally with the. law.
ahSy 6sd Sy pay cheeks
Thsy aS %ere Doing tba9
They had done it, with the eye Of the Secre.
tary OF the Treasury and Of the Comptroller OF
the Currency upon them. but the enforcement
Of the law on any OF those occasions would
have resulted in the destruction not only Of
the financial institutions. but of every interest
OF the country. Never had there been IA period
hall SO threatening as that which confronted
the Senate to-day
Mr.. Hoar-Suppose the Comptroller OF tho
currency shuts up these banks. will not tho
d Be- h r. Of soss
and that nobody will get any money!
Mr Gorman-The Senator states the law.
OF the resolution and every gentleman OF in
telligence In the United states understands
there is a technical violation OF the Jaw; but 1t
ment not 10 add to the distress. Under our
present system Of finance the banks are pow
There is no relief to. 10 given to them. On
former occasi Ions relief was given by tho
sale OF bonds. by tho deposit ~ Gov
eminent funds in the national banks. and
BY the authorization of interest on tho bonds.
n''sd. The Secretary Of tho Treasury and his