New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-04-12
IN AND OUT OF CONGRESS'
A SCHEME FOR INTERSTATE BANKING.

TO INVESTIGATE GOVERNOR Ili-Lh''' H'' "
TELEGRAPH CENSORSHIP AN IMPosToR
CONVICTED OF FRAUD IN con-
NEcTIoN WITH THE PEN
SION BUREAU.
WASHINGTON April n-Representatlve Sperry' OF
Connecticut introduced in the House to-day Oil
to establish a Bureau Of Interstate Banks
The bill authorizes a bank to deposit with the
Treasurer of the United States as security for CIT
culation amy nterest-bearing bonds issued uhoer
due authority Of law by the United states or any
State of the United States. or by any county OF
by any municipal corporation located WITHIN any
such State" 1t IS provided that the Controier shai'
pass upon the character of the bonds and that they
shall meet certain prescribed conditions n pahh
having an authorized capital stock not exceeui"s
$4,000 shall deposit bonds at par value OF not less
than one-fourth Of the capital stock. and larger
banks shall deposit not less than $4,000. The United
States does not guarantee the circulating notes. as
under the National Banking act. but holds the
bonds as collateral security. and Is authorized 10
sell them II the bank goes into liquidation at what
they will bring. The notes, moreover, snail con-
stitute a first and paramount lien upon all the as
sets Of the bank. The provisions for redemption
require redemption in legal-tender tinted states
coin upon the presentation OF the notes, ana also
require a OF % per cent OF deposits IN ia"
fu money OF the United States. a central redemp-
ton agency is established In the Office OF the Con-
troer Of the Currency and the banks are required
TO keep there per cent Of their outstanding circu-
latlon for the redemption OF note5 which may drift
far from the locality where the bank Is estao-
shed TO be presented for redemption at its own
counters This redemption fund differs from that
under existing law by being required 10 be kept
in coin instead Of lawful money Mr. Sperry makes
no provision for a safety fund but leaves each
bank TO stand upon It's own bottom and 10 MAINTAIN
its notes at par by prompt redemption IN coin and
by securities in the custody Of the treasurer OF
the United States. No distinction IL made In the
money OF redemption between gold and silver ie-
gai-tender coin but there IL separate section OF
bill authorizing the establishment of gold banks
which deposit bonds payable, principal and interest,"
in gold and make their notes redeemaole eXciu-
slvely in god. Provision Is also made FOR the
transition Of existing banks, both State and Ma
ona into the new system.
The House Committee Interstate and For
elgn Commerce to-day heard Representative Gros-
venor Rep.. Ohio in support Of his resolution d.
rectlng the committee to Investigate the legality OF
the action Of Governor Tillman. OF South Caro-
lima in Selling the telegraph lines OF South caro-
lima during the recent disturbance there. and pre-
venting the transmission Of press dispatches MI
Grosvenor said that under the statutes and de-
cisions Of the Supreme Court OF the United states
telegraph dispatches subject to the Interstate
Commerce law. and that the State had no author-
ity to interfere with them.
conviction In the United States Court Springfield.
No. OF Dr. Frank Fuller. alias DIR. Mitchell. alias
Or Ford. alias DR. Dunn. alias Professor Cook for
falsely personating an agent % the Pension Bu-
reau He sentenced 10 two years imprson-
ment The impostor made his appearance In Jack
reservations he secured board and lodging from
the soldiers I'm different localities that he visited,
representing them that he had been specially
detailed by the Pension Bureau 10 visit them ana
increase or decrease their rates Of pension and
pending
seventy years of age. When asked by the Judge
II ~ had anything TO say why sentence should not
be pronounced. he stated that he had about eighty
patients throughout Kansas and Missouri who
he was afraid a prolonged absence upon his par;
suffering people.
Mr. Chandler CRep. y. H today gave notice IN
The Senate OF an anend Inn g the sundry Oiyii
bin which appr9priates 800" FOR me enforcement
passengers which shall be hereafter received and
shall be covered into the Treasury. The t!t,s OF
70 his other duties shall be charged With The exc
cu,ion OF the Alien Contract Labor laws His sal
airy is fixed $500. and chief clerk at $500
Tho House Committee on Private Land Claims
today authorized It's chairman. Mr.. Pendeton |
(Dem.. ". va. to report favorably TO the douse
land Gains the claim OF william McGarrahan to
the Rancho Panoche Granie. in California
Representative Walker rep Massl. who Is one
OF the members or the lious" committee on bhllh-
Ing and Currency said to-day that in his judgmen,
there probability that bill repeating the
10 per state bank tax would pass the House
THE Republicans" he s,id. vii! oppose II almos,
TO n man | doubt II more than hair ~ the Demo
Gratis will support IL. II looks to "a II the !
Democrats were playing into the hands OF the Re
publlcans and Popuists. For the Popuilsts are
also against the proposition. The measure VIII be
stronger when II ~ first taken up for discussion |
after IL has been debated awhile. As Its falla
c!es exposed. It's weakness Will become more ap-
parent. think II Will be beaten by a majority or
from % - on nything like a full vote
Dispatches received by the Navy Department an |
nOuncc the arrival Of the cruiser Chicago at Al |
glers and the departure OF the Bennington frons
Callao for Acapulco to-day. Tire MiantonomOh has !,
gone to Yorktown. Va, for target practice.
The House Committee on Interstate AMI Foreign |
Commerce to-day ordered favorably reported a bill |
prepared by the committee providing retired list
for officers OF the revenue cutter service. by II all
officers who disabled are TO be retired and given
waiting order pay.