The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1894-06-03
In the House There Are Speeches
on the Subicc! Of State
Bank Tax.
Tho Failure OF National Bank Cur.
roncy Set Forth In Strong
Tcrma
Another Day Devoted 10 sugar IN tho
senate, with no Kssniis-opsu In-
vestigAtion Advocated,

wlsnINoToS June 2.-The resolution
introduced by GoidzieF. Of Illinois, calling
on the commissioners OF the Diatrics Of
Columbia for an explanation OF their 70.
eent action In reducing tho wages Of I'M
skilled laborers. occupied some timsiin the
house to-day. After ths opening q ALI
buster whs started. not out OF any opposi-
tIon TO the resolution. bu, because II did
Dot go far enough and inoluds In its in
ouiry other plecos than Washington. aud
the resolution was finally sent 10 the COM
mittee on tho District OF Columbia. Two
private bills we're passed, ono 10 pension
Mary Leavsns. and the other for tho rolisi
Of Thomas B. Reed. The ssnhte bill 10
give to tbs county Of Laramie, Wyo.. GER
tain bridges on the Fort laramie military
reservation. was passed. The house then
won't into committee OF the whole and
IBlar. OF South Carolina. resumed his
speech in favor OF tho DiavloJ state bank
tar bill.
Al the conclusion OF Islnr's spssch War
nor, Of New York. spoke. He said he be-
iieyed the condition Of our financial af-
fairs last summer had demonstrated ths
wortblessneas of our bank note currency
system. The increase Of our currency by
addition TO the national bank 81 oulation
during the late panic was only about ono
bali OF ono per cont. and was less than
bali the amount BY which the banks Of q
single city virtually increased 10 by clear
Ing house certificates aione-lss, than hall
the amount by which individual bankers
increased ID during the month Of August
alone by actually buying gold in Europe
The almost fIenzied efforts OF ma
tional banks were utterly fu-
tile In bringing material assist-
40 ce uniil after the erisls had passed, and
the result OF their attempt to aid us hat
been 10 keep the volume OF national banl
currency outstanding during the past five
| months. when the amount of unemploS cd
before, al the highest 10 had reached In d We
years. And this Is not ell; the law pc miti
but $4,000. 900 OF contraction monthly In
any event. IL will not be possible, thsre-
fore to get back Co d normal basis before
the annual strinRsnoy, due next beptem-
be-. and lrobably not before the yeal
theseafteI
.'ln anv particuis, therefore. except
security. our national bnnk currency sys-
tenn has proved most striking example OF
what such currency ought not TO be. IL was
TO such a dead fetch that our striken busi-
ness appealed when caught iu the panic OF
August last. IL was atallel and helpless,
and they were forced TO help themselves,
albiet the law forbade 10. and never wal
there offered more conclusive proof Of the
se.f reliance OF our citizens and the super
iority of busnes expedients over govern
ment direction"
He pointed out that u WAS a delegate
| from the northeast TO the Chicago oonven-
| ton who argued inclusion OF the state tar
repeal plank in the platform. He cited .
number OF conservative AMI woll-known
hnapciers who favored stnte bank currency,
including Ex-Seorstary OF the Treasury
| FHirohild.
The second days debate In tho senste OF
the sugar schedule was preceded by tire,
hours OF. at times, acrimonious discussion
| of Hills resolution TO throw open the door,
of the committee invest eating the method
OF forming the sugar schedule. but ne II
proceeded by unanimous consent no vote
| was had at ita conclusion.
Hill chnmpioned open sessions In a Wig.
orous manner. arguing that In all fairness
TO witnesses and others tho oommittse sss.
| sions should be open. Nine-tenths OF the
| Investigations In the last twenty years by
the senate had been open. Gray, ehairmar
of the committee. spoke in favor Of ssors
sessions. Lodge declared the ohafeei
would be probed 10 the bottom. and ever,
no fson who could by any possibility throw
light on the subject would be summoned.
Consideration OF the tsritf bill was ther
resumed. Aldrich made q sharp and viRor-
Qua attack on the sugar schedule and spoke
in favor Of bountiea Gallery, OF Louis.
iana. followed Aldrieh. and defended q
protective duty as against the bounty sys'
TEN. lie drew q running nts from Messrs
Aldrieh and Allison. ChnerY said publ,
opinion was against bounty.
Jones. on bennlf of the hnsues commit.
tee, gave notice that no change was con-
templated In the schedule save omissior
from the clause relating 70 molassss Of thai
portion placing a duty OF two cents pei
gallon 90 tnolasses tested below 40 per cen
by polarisoope.