The Jackson standard. [volume] (Jackson C.H., Ohio) 1847-1888, 1867-01-24

Z Your petitioners further pray that your hen
oraole eody will refrain from the enactmeuf 81
sng AZ eonpslllng az natioral banks, vheretef L
Ne4leA 70 redeem their notes IN New York nr
yl1htbltng national hanke from paying or reeesg.
iBR hiterdat On bank balances. i
And yenr petitioners respectfully submit, that |
any law compelling all national banks 70 redeem /
tAelg eirgulating noscs IN New York wOdld prove /
eneyons q sheis Injurious TO the business men of |
tees localtv, Nnd would ignore the Just claims Of |
oslar Aecllpns Of The country
And youf petitioners further show, that Is the |
hnsleas Of nearly every bank IN the United States
fcqnlres Il % keep deposits At one Of the national
eAnks located IN New York any law prohibiting |
the Eeeelpt b payment uf intcfcst upon balances
6y tneb hAnka would operate barshy upon oil
Ut1 institutions located our OF that CITY, and
would render wholly unproductlve eonnlderable
proportion Of their npitulE Tf9TxNTT
AAnd g10r pctltloaers VIII ever pray &c.t
Ar. MAYNARD. 4 letter ex lanatoty Of the
pettqpers We've accomappicA u. which oder.
Kha Clerk read as follows;
eas REEroS. TEsEEssEE. january q 1867.
esfSFRt BY lasl mail aportlon OF tho cltisens sent
.apctltQn addressed "a yon asking CongTess to
refrain ffom passing any act cuItaiing the nation
d currency. lOT 10 require the national banksto
rgaeem their notes In the city Of New York, or 20
prohibit national banks from paving Interest on
bank balances; asl Of which h0ie will meet with
yonr appEobation. as ANY laws looking 10 reduc.
lion ol the currency and an early resumption OF
epcCia payments at time when we have such
hcavv nsus (hoth State and Nationally 70 pay,
would prove highly injurious TO all classes OF ou-
aincsa. VsE q ~ aH I - ~ . 2SnlJa
siscalIInx attention to the petition referred TO.
! am. respectfully, you're, Sc. 's's t''a "a
Hon. II. MAYNARbN l-5a .ah
% LIr. WENTWORTH viii the gentleman al
dow enc 70 interrupt him.f Hun ia4ih 'A .t'
ssl1 l1tr. BUNDY. Yes. sir. 9.felH n -.'4'M
.ltAir. WENTWORTH While that petition was
being read looked over one Of eight or ten OF the
same kind that have, and I now send Il 70 the
Clerks 'sdeek 10 be read, for the purpose Of show
iing where these petitions come from Every
nIember, I presume has a handful OF them, aiE
Ss"oEFIcK of TisR MERcB ANTS UsGoS Law Cox
PANv, AMERIcAH EXCHANGE BAsK buILDiNG,
No. l26 BROADWAY, NkSs YoAk, Dec, u, 1856.
with the Merchants Union Law Company, having
been retained by some OF the national banks and
others interested 70 oppose measures pending In
Congress for the further curtailment Of the cur
tsns for ccnrelllng ell such b2HEs 70 I,:, redeem
them from receiving or paying Interest on bank
balances. n view Of tile Importance of the ques
tions involved, concert Of action in the matter be-
been determined upon. Eminent counsel have
been retained at Washington and elsewhere Y
prepare and present arguments against each Q
P. these measures, and In favor Of an enlargement
rather than contraction Of tho volume OF the cur
rency: and such other measures have been taket
us were deemed proper 70 inform Cvrgryss Of th
wishes and interests Of the whole community up
t1..Copies 81 the blank petitions, which have beci
transmitted throughout the Union, have also bee
forwarded 70 YOU; and, after procnrlng the sig
natures OF your most influential citizens thereto
You are respectively requestedto TO ilclose the sam
70 your Congressional Representative. or 10 som
other member at Washington with whom you ar
acquainted. Much good may nao arise fror
communicating your Wishes by letter 10 your &C
qualntancea ip Cohgress. iow oehwA ~
additional blank petitions, In any number dt
aired, with printed arguments, In pamphlet form
by somc OF the most emipent counsel In the couI
try, iayoring these views VIII be Forwarded
you free Of charge upon application 70 this ofict
yon approve OF the efforts thus made and I
be eontlhued In this direction, you are respectful
N solicited 10 contribute 70 the expenses OF th
By transmitting to this Office such Ietalnt
'in the matter as yol shall deem proper-say on,
tenth Of one mill on each dollar OF Your capita
being IN the proportion Of ten dollars on eac
&In0000 Of such capital; II being understood,
eonrse. that you lncur no additional obligation b
50 doing. sl Yours, &c.,4 ss3rsua t!a
10 uoa si-iaaa5.l4GJ JoHS LtyINosros, .
= AZ ssts6 insHiHds bEG Uiais4 Secretary, &c.
fHeFe the hammer fell. sgYht = .
Cl hr. WENTWORTH moved that the tTae OF q
gentleman DO extended.
No objection being made, the time was accor
ingly extended. a,. t......,....-, l,I.l
e Mr. BUNDY. understand very well the scoI
and effect Of that letter. and am not surprised
the source whence II emanates and the mediu
for Ils Introduction Into this House, Ny lrlel
from Illinois resides In o large city OF the We
whchls abundantly supplied with banking iaci
Mr. WENTWORTH. VIII the gentleman
permlsalon wosia like 10 say o word 10 answer
3 ssnaFk OF the gentleman from Pennsylyal
tMr. KELLEY on the subject of national banl
will assure that gentleman that for every ba
that fails ! can get men In my district alone
start another. care not afraid Of these natloI
bank failures, az their bills are secured and tht
are bonds enough 10 the country In the hands
d, willing capitalists 70 start aoEen for every
that falls.
Mr. BUNDY. Yea, sir. I understand son
lhng about banking at Chicago. Banking fee
ties are very easily obtained there TO say the lel
eft, bat there Is one condition precedent II
Iievs, 10 the discount Of any business paper, a
thatls that the applicant must leave some ed
tIonal sum OF money, beside the proceeds OF
discounted paper, on deposit until the paper n
tursA [IAughteE Of course they do not VI
any increase Of banking facilities there. But,
Speaker that paper Is but the forerunneF Of 60
ing ADanclal events II this state Of things IN ref
enesto the currency continues; and u should
regarded as note of warning 70 the whole COZ
ttFy and ita elIect should not be lost upon the me
= hsrs OF this HOUSE. ,..,ris9a4ttl 4
h i Mr. HARDING, Of Illinois. desire with
d gsntiemAns pernlssion, 10 say, In reference 20
REPRESENTATIONS made by my colleague, that h
In nv possession petitions from numerous O
q vsFV Fe1pectAble men of business In Chicago "
dissent from the Views presented BY my coleag
gWKNTwoRTH.i The petitions are headed
such names as Solomon Sturgeon 4 Son, Amos
Hall aud many othefst 80 that, although my c
league IA from Chicago ltbeefng there arc t
sentiments prevailing there on this question.
~ hF, WENTWORTH, Allow me 10 cay tha
have expressed no sentiments only sent up
paper 70 be read In order to get the origin OF th
petitions before the country
I'D N. BUNDY. Mr.. Speaker, begin 10 thl
there ID conspiracy, here knowing that | aT
modest man, 10 enibarTass my speech, LauI
ear.I Now, lido not know whefeI was LAu
tsf.f i was about Aaypg-yea, ] dld say, that
aIaw az Congress there was such heavy tax
nesed upon State banks that II II impossible
'fastItulons OF that kind 10 exist, End therefore
onlg circulating medium thai wo have or can hi
ii lhe lhture, II khia state Of Lhngs % permitted
ro On. win be that Furnished by these natIo
hsnki sald they had no Interest. u Is q
siey may have . conflicting interest, They q
have no Interest and no sympathy with NV vle'
bal they have an Interest IN this special, ''etl
II iacket legislation, which confines the entire
eilllles for fnrnlshng circulating medium
saem II h naturu4 That II should be So | 1
81 obisctlon q that on Ihelg part, They wan
: ssks "A mnch money out Of their money Is
90 That Is their aide Of the question.
= Now Nj Speaker, With regard 70 the pfocs
"a tht nasnner IN which they arc 70 be acce
"a for The reduction Ot the currency hate
that these Eastern banks, acting on the sue
i'm of their own intereats - ulattr Of co,
would favor nothing that looked 70 an lncTea
he capital Of the banks, or redistribution
~ onDnsed for One tu any legslatlOn