Mr. FESSENDEN. I do. not think it is worth while to run a good idea entirely into the ground. This is not a question in which the State banks for which we propose to extend the time are so much interested as the people who are connected with them and rely upon them in different sections of the country. this clause was inserted to meet a difficulty that arises in my own State, Iunderstand in the State of Michigan also, and to a certain extent'in some other States, where the conversion of certain State banks did not take place or was not attempted until the whole amount of national banking capital had been taken up that was allowed by law. They were not converted, not for the reason that they were negligent so much as because they doubted whether the system that was to go into operation would be a success and they did not more so fast as others. When they undertook to do it they found the whole amount was taken and they were not able to convert. The reason why they have not called in their circulation up to this time, and why they have held on, is because they were not able to convert. They have been trying to do so and making application after application to the “Comptroller of the Currency, but he says, My power is exhausted; I have no more circulation to give you, and therefore you are ruled out.” Take, for instance, my own State. Prett much all the eastern section of the State an it is a large State is supplied by one or 2 small banks. Our people there do a very large business; they do a foreign business; they build ships; they take freights; they have bills from abroad; they rely for getting circulation upon the banks in their own immediate vicinity. When they wind up the result is that we are tributary to Boston, Massachusetts, which has got largely more than its share of circulation, more than it wants to use in point of fact. The whole eastern part of Maine, because we cannot get a chance to convert our banks at this time, is to be subject to them. I am told it is so in other sections of the country. Now, I learn 'from the Comptroller’s oliice that $10,000,000 will cover all the conversions that are necessary in the country. The object of this clause is to give time in order to allow any bill that maybe passed to go into effect; and I hope one will be passed giving relief to a certain extent. Several plans have been proposed, not to oblige them to call in their circulation and distress the community all about them until we can see whether they can have an opportunity to convert by withdrawing the circulation from those States which have so much more than they want to use, cutting them down and giving a chance to the State banks which are left in different sections of the country to be converted into national banks. That is the object. Now, whether the time allowed should be a year or not is perhaps a question. It is put at a year in the amendment of the committee for the reason that that will carry us over the next session of conress, at which I suppose, if it is not done at t iis a bill has been reported in the other House on the subject some remedy, some relief, will be afforded to those sections of country where they have in fact no banking facilities under the operation of the law. A line cannot be carried straight square through and be considered without reference to the moon venience it produces to the people everywhere. We must try to accommodate ourselves to the wants of all sections, if we can. With regard to the other provision of which the Senator speaks, it is intended to meet a case which I was very anxious to meet, where a State bank had not been converted into a national bank in point of fact, but had so ar ranged as to become a national bank and at the same time keep up its old organization, kept out all the circulation it was entitled to under its charter and then continued issuing, not only the new circulation, but also the old, thus having a double circulation. That was an evil which ought to be met. Ifnny national bank practiced it, as some did, it ought to be corrected. I do not suppose that this provision will stand exactly as it is before the committee of conference. It was inserted here, as I thought, by the consent of all the ComFi nance, in order to give an opportunit in the committee of conference to arranget e matter so that those sections of the country that are suffering for this very reason might. be relieved, and I certainly ho c it may be permitted to stand. We sha l never be able to accomplish anything unless we take the matter into our own hands, for I am perfectly sat isfied that if the Comptroller of the Currency cannot get the 100 millions of additional capital which he proposes and which he desires to have, but which Congress is not disposed to grant, he will unquestionably oppose everything that affords temporary relief to the community unless it is done in his own way. I ho a the Senate will allow this provision to stand as it is, and if there is any error or danger about it the committee of conference of the 2 Houses can undoubtedly arrange the matter withOut difficulty so as to produce no evil. Ifn year is too long, cut the time down to 6 months.