The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1898-12-17
BURIED
The Internal
tiOnal Bank
BY BIG MAJORITY,
The House Could Not See
Its Benefits.


\ corporate the International Americ
. bank was buried under an overwheli
l. ing adverse majority in the House
>, day. The debate upon the measu,
- which opened yesterday was conclu
!, ed today at 3 O'clock Mr.. Dingley
u Maine, the floor leader of the majorit
made an argument in support. r
other speakers today We're Mr.. Hill
Connecticut in its support. al
I Messrs. Bell (pop.) of Colorado, ST.
J ger (dem.) of New York, Maxw,
! (pop) of Nebraska, Maddox (oem)
Georgia, and Swanson (dem.) of vi
glnla IN opposition. Th- vote by viii,
the bill was defeated stood 1903 ayes
14S noes. The bill to extend the Gu
toms and revenue laws of the Unite
states over the Hawaiian islands wa
passed without opposition The bil
MI. Dingley explained, carried with
the civil service laws relating to al
polhtments in the customs and revenu
service in Hawaii
After some miscellaneous bushes
had been transacted, the debate on tn
Dill TO incorporate the internations
pahk was then resumed. Mr.. Bell (pop
OIL Colorado opposed the measure II
took the ground that it was both un
constitutional and against good publ
policy.
Mr.. Sulzer (deln., N. " also antag
ohlzed the bill, claiming that it wouI
CIeate giant monopoly, which woul
rates. i4e'i1s
Mr.. Barrett (rep., Mass.) offered al
amendment which provided that th
| powers granted under the bill shoul,
pe conferred upon any national bank
Whlch ftled an application with tn,
! comptroller of the currency in con
! Iormlty with the general requirement,
Of the bill. - Il u
Mr. Ridgeley (pop., Kan.) offered .
substitute that the United State.
should establish such a bank" as III
bill created, and that the bank sbonif
nave a branch In every city or towr
exceeding in population $500. and ir
central and South America. where +be
united States had a consular officer
such officer to be the banks renre-
sentative
Mr.. Newlands (silver rep. New said
ne was in general sympathy with the
purpose of the bill, although he be-
leVed that the trade development with
our South American neighb6rs danep ID
ca more on facility Of Transportation
than facility of exchange. He criticised
various provisions of the bill.
MI Iawney (rep., Mimi gave no
tlce Of an amendment he should offer
empowering the directors to esta bIish
elgnt branch offices in the United
Ste ties. u
Mr.. Dingley said he had not had an
opportunity to examine the bill. He
told OF a discussion of this very sub
Ject at session of the pan-American
congress, which he attended. On that
occasion the South American DELEGATES
all recounted the difficulties attending
trade with the United States on ar
count of the fact that merchants in
their countries We're obliged to Inv
London exchange at a cost of about
per cent premium. The unanimous
opinion expressed at that session was
that the establishment of an interna-
tlonaI bank would develop trade.
This was, he said, purely a business
question, The popular prejudice which
existed against the establishment Of
the bank with a vast aggregation Of
capital should not influence the House,
TINS was a proposition to create means
OF exchange for the benefit of inter-
trade.
Secretary Gage had told him tharI
when South American exchange was
desired by the bank of which he was
president in Chicago, the bank bought
a Dill or exchange on London. where
IN turn, exchange on South Aua1,ica
was purchased. National banks couId
not meet the difficulty. There must
be an international bank He wouId
not discuss he said, the constitutionaI- |
lty OF the bill. No one could success
fully contend that the constitution
would not permit congress to charter
an international bank as an ingtru- |
Of foreign commerce.
Mr. Maddox dem, Ga.). in opnosinp
the bill, said 1t would create a monev
trust in all the large cities. which |
would crush out all similar Institutions
Inc committee amendments Were
ADOPTED. An amendment to reduce the
'apltaI stock of any international bank
extending the privilege of tho bill TO
1thers than those named in the bill 1
rom S9sOOO,OOO to 100000, was defeated, Il
06 to 107
Mr.. Hill (rep,) Of Connecticut, in
'hafge OF the measure, closed the de-
'ate. He argued that the present ia
lhties of exchange We're totally mad 1
quate and quoted a statement of our
Minister to Brazil that our trade with 1
ne country suffered an annual tribute
7 VI 100000. He concluded with
lowing appeal to the House to PASS the
ill in the interest of American com /
lerce and American Industries
ne vote ON the final passage of the /
III was taken by ayes and noes. The
ote resulted in the defeat of the bill
yes 103, noes 148
Inc Senate amendments to the army
nd navy deficiency bill We're non-con-
lrred in and the bill was sent to con
srence Messrs. Cannon Of Illinois I
arney Of Wisconsin and Sayers of t
exas We're appointed conferees.
Mr.. Dingley then called up the bin 7
unanimously reported by the WAYS and I
cans committee TO extend the cus- "
ms and internal revenue laws over U
lie Hawaiian islands. Mr.. Dipelev ex- )
aimed the necessity for the immediate a
usage of the act in order to protect O
lie revenues of the United States Mr.
alley (dem.) of Texas said that his O
vn idea was that the customs and Ia
Vnue laws of the United States were a
tended over the Hawaiian islands n
hen they We're annexed. But the an
'Xatlon act specifically declared not. "
e thought the declaration in that d
t was unconstitutional AS this bin in
nply sought to do what he believed
ID in fact been done by the act of u
neXatlon, it was proper that il should II
IS and pass promptly. al
Mr.. McMillin (dem0 of Tennessee &C
ed the bill as a text for some re- pa
1rks upon the Dingley revenue law
which he claimed that the revenue 10
1duced by it was Insufficient ~ ,,4