St. Paul daily globe., 1896-04-09
TO THE APPRoPRIAION MEAS
URE.
Mr.. NELSON WILL TALK.
DESIRES TO BE HEARD ON THE
PROPOSED IMMIGRATION
BILL.
THE METRIC SYSTEM SET BACK
After Being Once Passed the Bill
Was Sent Back for Further
Consideration.

WASHINGTON, April S.-Most of the day
In the senate was given to the Indian ap-
preparation bill, which was not completed.
Unanimous consent was secured for taking
up the resolution for a senate inquiry into
recent bond issues next Tuesday Mr.. Lodge
gave notice that he would call up the i'm
migration bill on the 18th inst, and Mr.. Mel
son (Rep.. MIMI said he would submit some
remarks On the subject Something of a de-
bate on banking came up on Mr.. Teler's re-
quest that bill requiring national banks to
keep their reserves in their own vaults be
referred to the committee on finance Mr.. Tel
Ter said there was a congestion of money in
the large Eastern Cities growing out of the
fact that the law permits bankers to keep
their reserves in New York City, drawing
interest, and thus taking the funds from local
use. He regarded this as very detrimental.
Last September 5000, 900 of this outside
money was tied up in New York It tended
to increase speculation. He was informed
that rs per cent of these funds were used
in stock speculation, and not in legitimate
business. He urged the finance committee to
devise some method of reform
Mr.. Hoar agreed with Mr.. Teller that
reform was necessary. Since the national
bank law went into force, the practice had
grown up Of having outside banks deposit
their reserve funds in the large cities, in
order to- get the interest. It prevented re-
ciprocity Of interest between the local bor-
rowers and the local banks. The borrowers
now dealt through brokers, who dealt with the
large cities. Gradually" said Mr.. Hoar.
we are building up two huge combinations
one the money borrowers, and the other the
money lenders" In case of panic, the whole
situation would tremble as though nerve had
been touched. In his opinion, the banking
law should be amended so as to prevent the
payment OF interest on reserve deposits, in
all cases, Mr.. Morrill, chairman of the
finance committee, said both the senators were
mistaken, banks Of standing did not nav
interest on reserve deposits Mr.. Hoar in
sisted that they did, and cited the Boston
Banks which, he said. paid per cent on out
side deposits. The bill went to the finance
committee.
Alter MIR. Turpfe had delivered his speech
ON the Cuban question Mr. Sherman moved
an executive session, and at O'Clock the
doors were closed. The executive session WAS
brief. When the open session was resumd
bill was passed making Santa Barbara, Cal.
a sub port of entry.
The Indian appropriation bill was then taken
up.
When the provision was reached for COM
mission to negotiate with the Yakima Indians.
MI. Hoar moved to strike out the provision
that not more than two of whom shall be of
the same political party" Senator Pettigrew.
IN charge of the bill, said the Yakima Indians
were divided in their politics and it was only
fa1r that both parties should be represented
in negotiation with them. The provision
went over. An amendment by Jones Oem,
Ark was agreed to, increasing the appropria-
tlon for surveys in the Indian territory to
$300,0o0. The bill was laid aside at O'Clock.
Mr.. PETER asked unanimous consent that the
resolution for senate inquiry into recent
bond issues be taken up at 215 next Tuesday.
Mr.. Hii,, who has contested the resolution.
made no objection, and the agreement was
effected.