Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1894-06-04

before the annual stringency due next
September, and probably not before. a
year thereafter. In every particular,
therefore, except security, our national
bank currency system has proved most
striking example of what such a currency
ought not to be.
1t was to such dead fetch that our
stricken business appealed when caught
in the panic of August last. II was stolid
and helpless. and they were forced to
help themselves, albeit the law forbade
it; and never was there offered a more
conclusive proof of the self reliance of our
citizens and the superiority of business
expedients over government direction.
He pointed out that it was delegate
from the northeast to the Chicago con-
veDtion who argued the inclusion of the
state bank tax repeal plank in the plat
form. He cited mum Der of conservative
and we'll known financiers who favored
state bank currency, including ex-secre-
tary of the Treasury Fairchild.
Proceeding. he said: l hold in my
hands communication received but a
few days since, signed by the representa-
tives of banks involving three fourths of
the clearing house capital and a larger
percentage Of the deposit and discount
business Of New York city-and includ-
ing the representatives of nearly every
leading national bank in thai city-the
very institutions whose hostility has been
assumed or whose acquiescence has been
credited to desire for wildcat currency.
So far from suggesting an objection to
the reinstatement of our state bank cur
rency. or the repeal of the 10 per cent tax,
it simply suggests in that regard that
such appeal should be accompanied by
provisions under act of congress provid-
ing n guaranty for the redemption of the
notes and such periodic official examina-
ton and report of the condition of the
Issuing banks as shall properly inform
the public
In conclusion, Mr.. Warner said: All
we ask is that you do not shut us out
from cooperation by insisting upon such
details, or refusal to remedy such defects,
AS shall compel US to stand aloof. If you
insist upon this, we believe you will fail
Should you succeed in this house. we be.
lieve you will later realize that the effect
effect has been to ohstruct rather than
promote practical legislation. Should
you succeed in putting upon the statute
book such proposition as that you now
urge. we believe that you will find that
you have thereby prevented the commun-
tiles in which you are most interested
from the possibility of sharing in the
benefits which would arise from proper
currency system.
After the passage of several private bills,
Goldzier Dem.) of Illinois introduced q
resolution asking the commissioners of the
District of Columbia to communicate to
Congress the reasons why they have an
nounced a reduction in the wages of the Ia
borers employed by them from $3.50 and
$l.25 to 81 day.
Messrs. Cannon (Rep.) of Illinois and
Newlands (Pop.) of Nevada suggested an
extension of the irquiry to take in the
whole scope of labor employed by the
United States all over the country.
A discussion seemed likely to ensue
when Goldzier moved the previous ques-
ton. The vote on seconding the demand
was ayes, "A navs, "a.
mo quorum" said Kilgore, and tellers
were ordered. The vote through them was
announced Yeas 81, naysO.
Kilgore then withdrew the point of no
quorum and moved that the resolution be
referred to the committee on the District
of Columbia. This was agreed to and the
matter was thus disposed of.
Adjourned until Monday at noon.