New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-02-18
HOUSE OF REPRESENTATIVES,.
THE LOUISIANA CONTESTED ELECTION.

Mr.. UPSON (Rep., Mich.), from the Commit
tee on Elections, made report in the Louisiana Con-
tested Election case, with resolutions declaring that
simon Jones not having received majority OF the votes
cast for Representative from the lid Congressional DIS
Tict OF Louisiana not entitled TO seat aud mat
neither j. W. Menard or Caleb s. Hunt was emitted Inc
KERR REP Ind, laid on the table and ordered
on motion OF Mr. JUDD rep. III the Secretary of
War was directed To have an examination ana survey
made at the port Of Chicago with view to secure sneh
additional and enlarged harbor facilities as the necess
ties OF commerce at that point demand.
THE NATIONAL BANKS
The House then proceeded to the consideration OF the
act supplementary the National Banking Bal. the pre-
question having been seconded Yesterday ana MT
titled close the debate yielded part OF his time TO Mr.
peht When he had Ceysd looking to the wthdrswa
aud cancellation OF all the United states legatender
P Sss sHS sSss at
@ f rom the charge Of being srasps They had taken
the National Banking currency because they thought TINT
to be for the good Of the country They had taken be-
cause the States did not then choose 10 take IT,
He declared himself In favor OF the free banking sysem
Mr. BUTLER Rep., Mass) addressed the House for
| twenty minutes In advocacy OF the amendment sub
mitted by him the second section OF the bill In refer
to The mode Of letting banks GO into liquidation IL
proposes that the interest the bonds Deposited TO
their circulation shall cease and that IN the de-
livery to the Controller OF the Currency OF their elreu
rata proportion OF the bonds shall be delivered up and
the accrued interest on them be paid, =, g.,
bank in liquidation could not get IN all Its circulation;
~ ZIP re9Ied thai then the bank had its advan
1t had money for those notes and should not have
in addition interest Its bonds. IL IL should appear
afterward that part OF the circulation OF bank was
rrevocaby lost then the bank should come TO Congress
for relief The whole circulation OF the Government ana
banks was six hundred and fifty Millions moro or less.
perhaps seven hundred OF seven hundred ana hfty NIL
| lions Three hundred and fifty millions OF that would
have to be taken care OF by the whenever
specie payment resumed and three hundred millions
of 10y the banks or they would forfeit
ten per their bonds and the premiums aud interest
them. The moment the country came to specie pay
the banks could go into liquidation, and the whole
circulation Of the country would be thrown on the Gov
Mr. PRICE (Rep., iowaJ-The gentleman's amendment
leads TO this that no banking institution could wlnd up
shall turned in the Identical money received from
ths Treasury DEPOSIT OF esatendeI notes would NOT
"' Mr. 8IJTIER-Exactly.
| Mr.. PRICE-Wel that is perfectly awful lLaughterl
That is all have to say
Mr. BUTLER What is perfectly awful in It
Mr. PKICE-Under that proposition bank could not
wind IN ten years II could not get its circulation in
some OF 1t might never in The Government under
Mr. PAINE rep, Wis., asked Dir. Price how the coun
Try could ever have specie unless the banks did
MI PRICE-The answer to that is found in this fact:
That the law under which tho National Bank system
organized provides that banks may redeem in the legal
tender notes Of the country and 1t provides, ALSO that
when banks Wish to wind up they many OF
the identical received they get
and make up the balance IA the legaltender notes.
they cannot many OF they please
my amendment allows that too only when they do 1t
tey shall not draw interest on their bonds deposited;
and my friend from Iowa says they wind up
In years. Well they never should wind IN until they
pay back the currency they received They promised
do it, they agreed do it, and they have no right to
throw the responsibility on tho Government
Mr. PRICE lnstanced the fact OF bank In his State
which was Wiling TO pay gold for its circulation and
Mr. BUTLER-That is a case for special relief You
cannot now start bank in any Southern Western
State because all the circulation remains out but IL You
make these ins0vent winding mp banks redeem their
circulation thenth amendment OF mine provides that
that circulation shall be given over to States which have
not got their quota. ....
Mr. WOOD tDem n. " was allowed ten minutes TO
address the House. He said the law OF supply and
demand of and trade regulated itself without
the interference OF Congress therefore ho was opposed
" disturbing the distribution Of currency as already
isting He believed 1t would prove dangerous expert.
Inent He desired TO force the banks TO recognition
way 10 90 TINS than 70 require central point OF lcdemp
uon Ihls sense OF obligation must DO awakened. He
That amendment follows: '..'
s lutneuied under this act and the scts 10 which h
pnp. aOn.yd csusrs Of the United sstss TO be
selected BY the Controller Of Tie Currency and h, be hs du,y OF
@ n nOSs SpI ssIs, ... ssd yea. under
We Tor 10 legal tender notes .gsaey
lowed him, expressed himself in favor OF Mr. Poland.
amendment He inclined adhere TO In preferonce
20 the bll before the House Referring to Mr. Prices al
fusion III the debate last week TO the Merchapts and
Mecnahics Bank OF Troy, lie said that the directors
OF t1at Institution were gentlemen who had fun APP
2 pre- OF Their duties under the law, but
business question they were better Judges OF their
own business than any ono else could be- |
tnete were some provisions IN the National Banking law
objected He believed that he provision for tyiS nm
from Is TO % per cent OF circulation and deposits was an
ment protected the bholders tie other bnsness y, ne
House should rest upon the same law "a anx mat
mesa There was another point In tho Law to which |