, 1870-03-26
THE FUNDING BILL.
Important Protest Against Its
Passage.
Action Of the Chicago Clearing
House Association.
DISASTROUS Effects Of the Bill on all
Branches Of Business.
Armament of Horny Greonobaun
Against the Measure.

iation. ia conjunction W1u, the representatives
Z eeyersl banking institutions in other rarts
Z The Wcst. yesterday 1eld meeting to cob
der the so-esl1ed Funding bill, now pending
, the House Of Representatives. After an in
etchango OF yiesfs, the following nemonal
Faa adopted:
10 kAs Senate and Noslss a Representatives a the
GATED A.otes, IN con9ttu asAe1aaLed:
The underrigned, business men, banke1s, and
be representatives OF banking institutions
,thcr than National Banlzg, Is well IA those in
,titutions, respectfully represent thst they I
7iev, with alarm, The provision in Section Z
Il tbe Funding bill, 20 called, which haa re-
.enuy passed the Senate Of tho United States,
requiring tho National BAnkA, upon pain Of
forfeitiEg their circulation, to exchange the ]
t,ouds already deposited for the new bonds TO
ouiretl to be issned hy said act, as tending TO
disturb the financial condition Of tho country, |
md eubauass and injuze monied transactions, |
aud produce vast loas to al engaged in NOR
cantile operations, md consequent great detri-
ment to the country.
We do not regard it as question simply af-
fectdng the National Banks. II it were 80 ws
should feel much less interest in it, We A1a
OF the opinion that no sucl change can take
place without greatly diuainishlng the value OF
tho bonds now held by tho National Banks,
and. cnDscnucntlr. greatly deprAcistinc the
x,,ne NJ III 1Tn;ta,, ststea honds
Tha ro.ar-. conrot ho otherx,aa rcs,n1od
than ~ An attempt, by an aet, in spirit at least,
,,rcon.+;+nt{on.1 fo ilenrixe. a.hitrar;1v nne
class Of cihzsns Of gi8hta Of property which arc
held sacred in the hands Of others; OF as 81
attempt virtually to condscate large portion
Of tba cani,ai Of the National Banks,
rbe nn,1eru;unc.l l,ef4va that thu lesa leris-
,.tion ur ,,re n1,o, N, rub,cct nj The nrssent
timc e.eopt. pcrhsps. to remove ali Obstacles
10 frec banking and to p1sce ali banking and
b,ntin, ;,st,tut;ona ,,nar . ,ont,nr NJ oora1.
H.. H.. ha+.s- rhaT thave<n-, cx,- t1,t
..;a ,,rox;s;o,, may be stricken out al ssid hill.
AID th,tnn leeis,s;on u,as take nl.ca that viii
- ~ rim ,ont, m din,inis,, tha b,nt;no c.n-
;.,1 =, tha conntrv ~ ;,nn.;r con6dcnca in the
f.ir dealing and rood fatI, ot Congress in its
l..-;a,.tior uroc Tho subject of h.rtioo ar Tho
.s.-,,.,-
TO- - ,o,xa ,.a t,s;r .,nr,c,;,n t,,,,
t],e f.tt, of thu conntry in National n.nks and
htnlinr c,ppot be ,r,;nt.ir,d ,,n1aaa f,on,,ass
..ss. ~. .,-;...:s,.s =. .,..:s-t =.
,,a,, ~ ,-o M s,,,aa y, rs1,tou
y. s.,c, ;ns,;t,,;rn. " VT tL,t ~ t;,,
N r., tito ,.ra IA n,nacaaa,rv ;nterfara ,,;t,,
s;s..,s, IT, r.,na - a.a,,a-t. a.as.aa .,,se. ~"
- anaar.s n.,ns,,t ~ 49, - i9cor+,oSs.;o, AZ
INN m ~. ;ncorn,,sto ore IN ro1., f.;th ro1nn,y
| ,.s4b n.o ,,.,;.;,. -, ~ -, -, -.
80. "A >o f''''''S' ~ '''' -~'9 - e''e'Af~
T1ay su,,n;t ,h.t tbs -.ssrv,;t;oo =, fin
right At airy trnc to amend, alter, or repeal the
| ne.ts - - :.t.4sa
,'. 49, " -. ~. .. ss-..s. ~ " ., unae. =,
s,ooa 70 lup's NE f1snI lo aesuos me sa1ne o.
l.te nniuatlr .poinat II
....es -. . ...
~ mater u necessary, Ii tsna Ok "ar, VIC
cheef1nily suetnt'ed to tho entire change OF
tho banking HTstem Of the country, 70 far a.
f,,r n,eaent arsta,n hae uort,d ,ra,, Ar1
ou pf'seAs :eSeu .,, aas "'taso Nen a! Ans
ennase ~ nto1a w phospee1ss =,
and not interfere, lh)ntaouslv, VIII
vested Hehts, or rights Of property
and ehould under no circumstances. bs per
ra;ttnJ =, 80 rI.ca n no,nno- to n-e,tn ~,
-n,,an.;ons u. l.a1,., a-,;.1 ~ c;-rIos a. +;,,,
F!c''ensAons M toiAi1aese4AA en''es' =. = VIZ
when the whole buslnesa Of tie country is suf
fering, and such large numbers Of persons ar
out Of employment.
Ne aonbt whcshe, .uy considerable nu,ubc
:.",:....... -. ;.,i,,..s =. e....,~.. AZ,
VI cap'austs e4u oo AuureH " entel ua9o u
bueiness Of banking undos the provisions o
the Funding bill
We fear that the legislation p1opoaed woul
prcduce widespread md general disaster.
P"ea~' "@4 .e-a ~N e~-,sN"@ 0'S''<sA'
CHICAGO, March, ao'o. -.-.....-
An- onEESEnAtas ARouAEsT.
. lit. Henry Grceuebaun, on hehA1f OF Ii
p.ig.te bankers, drew up the following asg7
e'A~'' "N~'0' oN~" ~ '1' >A>e No'
ment;
: .....- CHICAGO, March u, 1s'o
: To fAs sper'a! tMsmtfstt o eve On ths fNna''
b'A, diImnh' oS me thFopo CseaFaft9 Lou
4t,oesataon:
,.s hoa1, +ot.,rad ~ snansi1af !. = Enndr n
mi - ~ ossretl hy tho Ijnitai 6tstas Scn,t
o!u tHoasa e, ~ out.su osssen ssSNat 1su
%atn slsN ~ eeGse lac iM.aaon ., sne Scst
Ncst 70 .t.e tnia noaa5s, ns',ns nsa - @ .ae s@u
n1 1a3ioTr o's'ae'" "s'e11' 'ss Aea'a ~ tep's'
4 Tfa Fnnd;ne lin c,nz;ata NJ a soc+;o,, q.
oam =, = wv aasloag =. .sat sno S.s y. ~ u
tGa nGa Gn esch ~ I'M ,sau IN. and . 9at set
"a has.;,r rn.nert;re11 ( nrr rcnt Il ~ na1
and rar rrnt ;nia,aat ~ .,n,,,, ~, ~ n,rst
.InI.1Ir cos+;o1, ax.,,,ts -..,t f1S~e r.,
- ss .....;a non 'Et'p|" eSA' wv
y. hS.u 9aet;a1 ( +,,.o+;,aa .4,, s,o,r.,<- - !.
~ Trcasnrv n a',.soint sornta n r. T-ta, o.,
~ And Fninna ei1'' "oeA'' - '''' AAS@1 ''''A'
"a n snction Z .rnrorri,tou f,ou tba d,t,o.
VI ;m.,orts $1sf In n[s1 .nnnsIIr tnrsr5 ~
!. ment Of interest nd The reJnction Of prin
~ nj,
~ Section obl;gca National Banks to depo
h 3ieu NJ q ,rr cent. and ter canta now On
nc post
Eection 8 limits fhe cirr-1,l,t;on In IN rer r.
be On rar yaluo Of bopds, instead Of so pcr &C
~ AZ now antharszed. '''''~'''1 ~ ~ '''' ~
It Section authogixea tho sasue Of Eatio
n Dunk note. in su1ns not less than s50,p
ut seainet surrender md cancellation Of ca,
-, | .fnount of Limited Ekxtea notes.
Tbe rass.gc of This bill could have no |
- nefeent results vhatevcr-thc only p1acti
sc cnect Of i. would srise from its compuls
H. nro,isions ma no etrinrept snd inen1,ito
Is Ia tra;r aTart wo,,Il ~ tn rween III Ssr;o
he Bank CIRCULATION from the Northwest. F
Ish thermore, they would force The, 6 per cent ,
e. & per cent bolda, nov on deposit, as the hs
The tthe present esul.:ie9 upep the m..te.
t. ersi;t danltses,,s the msItcs ~ y.lua Of % bo
,ol beloV ..ar cycn il c117encr. creatinr and N
n,o nsr;nr sIch = = tremrndons crT.s;{ment y
her eeatrsedon Of credits aa 70 inovit.bly. :
"sss, st;on ~ " n e tha XII sntbo1;9ss n ,ba ;.s,
'er- ~ ~ ~ ha,,ds r. tha ,s1.o;s eao ~ ~
ter et cea. IVY "A tV1a1 = 11 p!:t ~, ~
nj, pes seoe 10y pola - P1r $500. - 49, !. !.
nne possible, uie seeretA: o. tne t1e:Snts ~ y
Iurr ready anlhotlzea 70 teeue taon ~ ane y
a a tlon o. tn{s elAss o1 eeeaauee ltSUs). On
pon s61s. With sterling exchange It los.s il eq
af socs.,si ,+sEaa+ ~b;,h Il Tho an
st.Ao. So,a ~ ths h-,ror r Ia II
.su- therefore. that 5 per cent bond cannot
d. * * ,,,e 49, ~ thrse faeta. Iow compile
cu1. chimcicai il it TO expect 10 place II;
Oh ! ncr+ to.o IT r.- and mora 20 4 I rer
sg ur1 loan 1t par in the foreign EnaIkst:
r. We can imagine the ironieal enaa1o OF esr
tine lists At the BooTeea N 6Tfsin Hna 3:1:i fl:nA
ae where Camphsusent ths iluss!an Ain1ssa
eN | tlnAute, M1LH l0e 44Q Oh ku3 AuuSe u AA
rs, rs, child ate now Offering pranium tc hot
line Of PTuh.ian bombs 70 fund thsr secrEites
asn the consolidated ~ per cent t. Prussl.n b