New-York tribune., 1902-12-05
STATE AND MUNICIPAL BONDS,

coin
STATE AND MUNICIPAL BONDS
As a further measure, which. in the opinion OF
your committee, would efecuVey teho 70 Nv had
seeinsr a money situation such as we receltg Ltai
10 deal with, your committee reeopenqs s tnaL fs
Secretary OF the Ireasry i yn,sb clear definition
Of me law under which he is permitted 10 aeP6S1e i
onbIic moneys in national banks. and by giSing MN
also enlarged discretionary powers as to the MAX
Ing of deposits Of public moneys ,.rv of the ac-
1jon siready taken by the Secretary OF me Z
fios nTy; Go thar the existing statute the langqage
of which appears ambiguous, ana uiluef w oP
the Treasury may discretion IN aece9g eGs Of
security than United states D6n9s 81 as to express
r aI1thoriZe the acceptance OF state anu ,,r;+Z,
s honds within certain limitations as seGu1ty h
p par DS,hiic deposits and your committee tnfthea @
suggests that in ORDER 10 MAKE ~ fInds Of the
seogIe sVaiabie TO larger degree than Is nov
he case Tor tng sfea of Wthdrawlng these funds
from the channels of trade the aW W DC TessIIrv TO
denosi in his discretion any pubic IuloS i ~ law sl
national banks against such secerIS s eId for the
5smption Of legal tender notes and snen Nc 70
his be DONE and Secretary OF the fo sst
oT ,ii funds deposited in the national oanhs' MS
except where such iafE IgR06 Bonds interest at rate
not than per cent o4etarR per pressure such
a We have frequently and only Tecehy 4 ycoIn4Ty
throngn: F c9e ,s public funds. could be made aVaai
able -,... ~ os-s, and sometimes per-
sz1ety II made FOR special eergeneyt 4st fs may
Your committee is OF tne Sana in properly safe
PaaS P0sSl9gS neral system of credit cuTrency stang no
as By II, se aisrust II and difcuies allay which
ostensply would be lis fat the only lining
TghS nn aeS en be done 70 make financial system tenn
sound I'd pPS 3Sas s0d s god Is TO d Be' ths
upon q currency circulaaon enc ne Snational banks
md based upon the credit OF the ,dnSer the
OF the country. and rigloIy saAhe N'4
law.
pEuEDIA1, LEGISLATION URGED
+,,a renort and resolutions Mr.
Rhoades said in part o,
business and which tend 10 egfSS IONS lie in the
9lslIt tI system of the government ITSELF naoe ny
il is OF & PARIS OVER crisis and to give an arti
go market 10 government securlueS, ~ n,,r-
et an emergency in the demand 1os e5e With
chase Of silver bullion and al tPPfs Condition is
the evils Of fat 5TTsHcv 0nsy system Of the country
SS mon gold as the unit Of value, Is snSine IuS
conform & to 6hetrg 5hs T not be getnp6
to the conditions which nane 4hsn mis-.
from Pers even FEW Years the country has been pass
ing through @ ofb pe'GG Of internal trade and commerce
has been phenomenal and II eonuniIIe hiIe te markets
re5e @ ccons1antiy widening This great CROWN via
and rapid increase in trace anu and its periods Of
1i5s15or hut when liquidation sets IN d1 .dn n
surely Wli2 }f ro changes in value and restriction
l5,icTon and it will require and ought 20 ~ nav
all the assistance when a so4Ile o4Ile anu
Iare6 volume Of currency can CIV = commercial
- seems therefore, that We, az d oS TLie
Tsnresentine the commercial interests % r 80
eTesf city and State and, indrectly, i tIe should
rroe non the President OF tnS - 5ao,- i
Congress there should be no tri tae ,,eons at
ie~ga c1cF remedial legislation as one eAise-i
Of The occasion demand
The report was signed by all the members Vi
aI,yn
Rboades said was not in all particulars IN sym
Ys4bz, with irs suggestions. Mr. Rhoades aooed
that the Secretary OF the Treasury hao' III ms
recent report TO Congress. taken posltioh suO
s-antialIv in agreement with the recommends
tions of the report just submitted
Jaooh u Schiff speaking IN favor OF the col-
ro5r,ee,s renort said that in one important point
:, ,-ss no, in accord with the suggestions OF
Secretary shaw The measure suggested py
Mr. Shaw that power be given to the Secretary
10 5enosit public moneys in any bank, at his ols
cretjon and without security, whenever III hIs
oninion the hank is in sound condition, MI
Schirf characterized most dangerous
C,b.r1as Fairchild ex-Secretary of the
rTreserr1- aro,,ed that the government must re-
deem tha silver dollars with all its resources
and its resources, he added, are golo-
The report was accepted by an overwheinnihs
affirmative vote and resolution offereo oy MI
Schiff was adopted to have the committee pre-
sent it's renort in person President Roosevelt
the Secretary of the Treasury, the chairman OF
the Committee on Finance of the senate ana 'he