Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1913-11-22

A. SAAA poeS S'SASS WV
strumentality Of the exchange at Ho-
nolulu.
Senator Reed. And in that way yor
get gold?
Mr. Peck Yes, sir.
Senator Reed. Transmit them into
gold. / see the point. Then, If get
you right, what you want is an amend
ment to this bin providing that moth
ing in this bill shall impair the rights
or the privileges of the banks situated
outside the continental United States
which are now national banks. You
have no further suggestion than that
to make at this time?
Mr.. Peck. Except, if the committee
had a notion that IL might alter, fun
damentally, this provision and include
insular territory as well as continent
al territory and attach, as 1t weres our
distant islands to the federal reserve
districts in which California would
be included, for instance, would like
to discuss that point; but II it has nc
such notion. would leave the whole
matter without discussing it.
Senator Reed. l do not know what
the committee will do.
Senator O'Gormar1. do not think
1t was intended to extend beyond this
continent.
Senator Nelson. We could amend
this section 16, which says:
That all moneys now held in the
general fund of the treasury shall,
upon the direction Of the secretary of
the treasury, within IL months after
the passage Of this act, be deposited
In federal reserve banks, which banks
shall act as fiscal agents of the Unit
ed States; and thereafter the reven-
.ues Of the government shall be regu.
larry deposited I'M such banks, and dis
bursements shall be- made by checks
drawn against such deposits"
We could except Hawaii from that
so that the revenues Of the. govern
ment collected in Hawaii need not be
deposited In these regional banks,
Senator o'GorInan. Do You think
1t was ever designed that this was
to be extended to Hawaii, Porto Rico,
or the Philippines?
T Senator Nelson. / do not know that
they have any national banks there.
j Senator O'Gorman. It should be
confined to this continent in my
judgment that was the intention Of
the trainers of the bill. ~.-...... II. J.
Senator Reed. We would have to
go a little further than Senator Mel
sons suggestion, because my atten-
tion has been called by Mr. Peck to
the fact that there Isl some other
language in the bill which repeals GER
tain privileges Of the national banking
act. ~ - = "a !.
Senator Nelson. We would have to
amend it. This relates to government
deposits only. He, has suggested an
to the other provision Of
the bill. + do not know whether we
have any national banks in Porto
Rico
Mr.. Peck, There are none there.
Senator Nelson. And none in the
Philippine Islands
Mr.. Peck. None there.
Senator Nelson. think Hawaii is
the only place. .<... 49,. -,
a. Mr.. Peck. Alaska-if Alaska be a
part Of the continental United States,
then this bill must give Alaska rep!
resentation in this scheme.
Senator Nelson. suppose it is in
the continent Of North America, and
it would be a part OF the continental
United States; but, of course, that
would not apply to your islands or to
Porto Rico. But we can put a provi.
sion in the bill including Alaska in or.
der to save any question about 1t, If
it lis necessary.
/ Senator Reed l suggest that you
file with the committee your sugges-
lions as to what ought to be done,
provided the system was extended to
Honolulu, and yotr objections to its
being extended there at all, IL you
have objections. I. suggest that. you
file that with the committee in the
form, of a brief, so that we may save
a. little time and get through with
the rest of the witnesses who are here
today.
Mr.. Peck. do not feel that l am
to speak for the. other f.
1ancia1 institutions Of the islands.
Senator O'Gorman. How many
institutions are there there?
Mr.. Peck With the branches,
lbout IS or 90.
Senator O'Gorman. How many
Mr.. Peck. Everything is American
here with re exception of the
,ranch bank of the Yokohama Specie
Sank of Japan.
Senator O'Gorman. Is that a'large
1ank?
Mr.. Peck. It has the finest banking
rouse in Honolulu.
Senator Reed What is it's capital? !
Mr. Peck. L do not know 1t is a !
,ank with world branches. Their +
are in Japan. 1t is
cry powerful institution.
Senator Nelson. The bank which
S in Hawaii is simply branch of
his Japanese bank?
Mr.. Peck That is it, Senator.
would like to call the attention of
he committee to this phrase, on page
4, line 9, of the bill: Amy national
anking association now organized"
he word "continentaf is not used