Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-02-04
(Correspondence of the Herald.I

ALBANY, Feb. l, 1910.
A bill for an act to compel the country banks to
redeem their notes in specie, in the city OF New
York was introduced in the Senate today, and after
two readings was referred to the committee OF the
whole The bill NAV receive some trifing modifi-
cations but its general principles will be supported
by both parties In speaking TO the question OF re-
ference, Col. Young remarked that the bank COM
soners thought il would be unjust 10 the country
banks TO compel them to redeem their notes IN New
York and at their own counters Also but he could
see no injustice in it, and he hoped II would be done
Nothing else of consequence was done in the Sc
nate. Mr.. Paige made set speech, two hours long,
on matters and things in general, which he intended
as a reply to Gen. Root. The business ar
ranged in caucus last night, and the Chamber was
thronged with the EMERGENCY, their wives, daugh-
ters sisters, and sweethearts. Mr.. Paige seemed to
feel the inspiring influence, so far as his enuncia-
ton was concerned. He delivered his well rounded
periods, with all the precision of school boy rec-
| ting his well conned defamation. He must be a
bachelor. For all former occasions, when he has
undertaken TO enlghtcn the Senate the effect OF his
wisdom has been lost by the singular nclicity of his
clocuton. But today his oratory was the best part
| OF the effort.
This threadbare and ten times exhausted subject,
the sub-treasury, and all its aduncts and appliances,
! is to be discussed at length next week Gen Root
is TO speak again. and Col Young Is to try his hand
AT the bellows. A. b. Dickinson, sound, sensible
| but uneducated man, from Wayne county, has the
| floor for Monday. The Siamcse twins, a. Messrs.
| Hunter aud Edwards, are denominated by the sena-
oria wags, To occupy one day IN the diseussion
and il is not vet settled whether Chang or Eng Is 10
be the mouth-picce. This soubriquet is given to
these WORTHLESS the fact that they set together
in the Senate together, and sleep together and
whenever one delivers a speech, the other iInmcdi-
ately gets up and says IL over after him
A proposition j. to be made To the committee oi
the whole that they forcgo this discussion and that
one of the re porters be employed To write couple
Of speeches each side for publication, but doubt
whether il will be acceedcd to.
The House have been engaged on BILL introdu-
ccd by Mr. p. A. King, in relation to the Bank uno
The bill was reported on the Recommendation ct the
COMPTROLLER. The bank fund.- which - invested IN
state sccks has been used TO deiray the expenses OF
the government. MIR. King said an emergency migh'
soon arise which would render IL necessary TO APP
plv the fund to the purpose for which u was orgi-
naly intended. II is pretty wei UNDERSTOOD mere
that this emergency has already arisen and tha tpe
Safety Fund or a considerable part OF II, at least
will be necessary TO make good the losses oi certain
Safety Fund Banks, Of which the City Bank OF bu-
falo is one. The stocks in which the iund was IN
vested cannot now be turned into cash without sa
crfce. The bill proposes TO empower tue COMP
troler to cancel as much of the stock IN which 'ns
fund is now invested. and which bears an interest," o
I-2 or per cent. as will at par value, answer s'y
calls ON the fund and t issue in lieu thereof transfer
able certificates of stock, redeemable IN ten years,
bearing an interest Of six per cent and dispose OF ~
TO meet any demand on the fund
The bill after protractcd and anma'eu u'sc"s
sion was ordered TO third reading.
| Mr. Roosevelt has made report ON the memorial
Of the corporation of your city, IN relation 10 the
/ mWa,cr stocko The memorial prays for authority
| 10 raise by loan a " further sum, not exceeding
] 5000 900. by the creation Of fund to be denomi-
mated the Water Stock OF the city oi New YORK =
| Mr. ". says in his report that -i2Vvo,o" WI NOT
dcfrav the whole expense Of the aqucduct, while the
original estimate fthc engineers was but SoVOOVo
] eli. hon be lair hni