New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1870-04-04


REPORTED RESIGNATION OF MEMBERS OF
THE SENATE JUDICIARY COMMITTEE.
IBY TELEGRAPH TO THB TRIBUNEl
WASHINGTON April 3, 1870.
II lie the intention OF the Ways and Means Committee TO
proceed to the final consideration Of the Funding bill at
their meeting tomorrow They are now in possession OF
the views Of the National bank in opposition. and OF
Secretary Boutwell, who as strongly favors tho bill Al
though the several members OF the Committee have not
stated their views concerning this measure 1t well I'M
derstood that there very wide difference OF opinion
among them respecting IT, The arguments OF the bank
impress Of the members Of the Committee very
favoraby while others received their statements AS COM
ing from interested parties actuated only by seilsh
motives. That portion of the bill which Is regarded as
allowing contraction by funding Of greenbac ks into
fourpercent loan IL is thought, will be stricken out 1t
is understood the Secretary never asked for IT, and lie
does want it, 1t Incorporated In the Senate Dill
at the instance Of number OF Senator's who thought 1t
capital idea to give the Secretary authority to fund the
greenbacks into four per cent loan. The House Com
mttce and the members generally are opposed TO this
feature The great struggle however In the Committee
and I'm the House, will be the clause requiring the
Banks TO take the bonds provided IN the Funding
bill There is doubt but majority OF the Committee
will favor that clause, Notwithstanding the pressure that
has been will be brought to bear them to strike
out. In connection with this matter, the Committee
will recommend the Tax bill that the banks be relieved
Of a portion OF the Government tax now imposed on
them.
One Of the most ardent friends Of the Funding Bill Is
United States Treasurer Spinner As his official position
makes him thoroughly conversant with the affairs aud
interests Of the National banks, the officers OF those
banks have been writing him to learn his views on the
National Banking clause IN the Funding BILL The follow
ing copy Of the letter from him. reply to addressed
him by director OF the National Park Bank Of New.
York. shows how thoroughly lie ndorses the clause al
TREASURY OF THE UNITED STATES,
WASHINGTON March 81. 1870. 5
DEAR SIR: Your letter Of Yesterdays date has been
received Ahongh al nse foyestsg in nreS sotes
stocks and National Bank stock, based on such Govern
interest on all our IGovernment stocks, it
in any way be done, to per cent per annuin. so you
to be done is further from your views the plan OF
the Secretary Of the Treasury which You regard WIN 80
YOU desire should Little doubt exists that il Congress
would consent four per cent stock could be negotiated
dam Berlin Main. London and PARIS,
where such the interest payable quarterly
one Of such agencies be transferred at the option OF
the holder to new purchaser. with the money
cent stocks on which has the opticn
redeem might be paid THIS You'd include most OF te
trust for National Banks as security for
Calculating hs Sa. Of such banks So% others cu
afford to purchase -four per cent stock, 1t would seem to
be great hardship on the banks TO compel them TO re-
While therefore,. would with the proposition of
slip that you were kind to nclose to me- that the
National Banking system be made free and open to all
guards would compel all new deposits for securing the
redemption OF circulating notes whether Of new banks
q Of bank: nov .s, s.-r to es e the aeSs
would be ga breach Of good faith" with the banks
with that We not me- neither Is mis-
not now in erreps but insist that course as above
Indicated that proposed BY the secretary OK me Treas
ury, not "McxcaD,or in any sense making forced
There is fear that fair iudgmentis made TO
into their heads to repudate the whole debt. What
then would become Of the interest 81 the banks ahnt
selves Indeed prudent bankers should ponder we nnd
hear the fact constantly m ar tna most tA aupopr
with the people who have votes ana WHO atees le egs
aton Of the county II the banks ban S Of er
for nothing what is right and reasonable, they will
ton for the public good. because they imagine that 1t
may possibly he against their present private
The funding of the entire national debt at the lowest
possible rate OF interest," and on the best terms possible
should now paramount to every other hnancial tn
teresr When the loan shall have been advantageousy
placed and the country made easy financially the
necessary details including justice TO tho banks can be
easily arranged II it shall be found that banks cannot
do remunerative business on the issue OF thcir cen
latng notes based ON and secured by per cent spcX
As the law IN regard to National Bank taxation now
municipal taxation. but their stockholders are liable 10
be taxed separately on their idivdua shares held by
contributions these institutions IN an excessively an
noying The manner OF assessing Is very opec
more than is reasonable. The General Government.
through its Collectors of Internal Revenue exac,s from
and undivided profits. Through this ofhce
it collects percentage on three and 0nef c mes
aggregatinx about &6Ooo,ooo through this office.
aud probably about t0o0,oo0 through the Office OF In
81 - he
RENTED 1t would to great extent compensate the
banks for the difference OF interest as now reteved On
proposed the future TO be held In trust by TINS ONCE "
Saiin1a Banks acted noby and stood bravely by
Government and the people during the war lt hoped
ainr Inc Government in placing loans with the
trrest at low figure, 50 that the people WIN he satisfied
ana 30 h ,n in e laud Very Respectfully yours
+. +. SPINNER, U. s. Treasurer.
The Senate was not in session yesterday The House
mat and during the morning hour largo number OF
private bills reported aud passed. ana some ADVERSE
reports we're laid the table The senate Dill aathof
i,Ipr the Corporation Of Washington ITO set apart and
pant with trees portions Of the streets and avenues
leaving Of not than IS feet" was passed
with an amendment forbiddlng the occupancy OF any
mart Of the streets for private purposes AFTER
the and reference OF several bls tho House
went uto Committee Of the Whole on the Tarih DILL
Several amendments In reference to the tax ON tea were
rejected, and that article roaains 10 feporoo " 'no i
20 cents per pound The tax on coffee was DISCUSSED a
no amendments were adopted, and the tax remains
provided for the BILL at cents per pound. When the
question Of sugar reached at about o'clock DO
came evident there quorum present. and an I'D
journment took place
report is in circulation here that Messrs Trumbui
Conkng and Carpenter members Of the Senate Judiciary
Committee will resign their seats on the Committee, In
Of the conduct OF the Senate tending TO cas
dsrespec upon IT, in falling to sustain Its recommends
TONS the last cases being the Texas bill and the Rdins