New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1870-03-26
PROTEST AGAINST THE FUNDING BILL.

CHICAGO. March 25.-The National banks and
private bankers OF this city constituting the clearing
House associations in connection with the representa-
tyes several banking institutions In other parts OF
the West to-day held meeting to consider the 80
called Funding bill, pending IN the House. AFTER
An interchange OF views. the following memorial was
adopted:
To he Senate and House OF RepresentdnTs OF me
United States. Congress assembled: me uhaeIsiEneu'
bankers and representatives OF the Danh-
inc other than National banks. as well as those
institutions, respectfully represent that 1hey view Wieh
alarm the proposition OF the funding Dill so Called winch
has recently passed the Senate OF the United states
requiring National banks, upon pain OF IoIieng the en-
circulation exchange the bonds already deposited for
new bonds, required to be issued by said ACT, as
tending disturb the financial condition OF the COUNTY
and Djure moneyed TRANSACTIONS ahuause
vast loss 10 engaged in mercantile occupations ana
consequently great derment to ,he country we ho'
II it were should feel much less interest IN IT, We
arr Of the wSaai greatly nis dmns the
OF the bonds now held by the National
m Ma value Of a"a all the United States bonds The
cannot otherwise regarded than as an attempt Dy gu
tf,ry one class OF citizens Of the rights OF property
which are held sacred the hands OF Others or as an
aapts OF the National banks The undersigned believe
that the less legislation We have upon the subect AT the
10 se%oye ali obstacles to free banking place all
banks and banking instutons upon ROCKING OF equAIy
They 5 Pii .nas as
place at will In anyIwise tend TO diminish the Dahkn
tApitas, Impair tue cOnuufnCe IN THO
good faith OF Congress the legislation upon the subject
Of banking and currency They beg leave TO ADD their
tooyicon that the faith Of tho country III Nauohai
banks aud bpukng cannot be maintained. unless Con
gress ncts upon principles In relation to them
a. are cognZed In the State In relation 10 such instu
ons vii that legislation Is " take place 10 unneccs
sary interfere with disturb the value OF the prop
erty created under the acts Incorporating 40 long
AZ The ucorvOra0r In good faith, comply with the pro
Visions Of tho of Incorporation They submit that
the Of the right at any time 10 amend alter
or rep4n the act intended TO imply the right
10 the value 81 the property OF corporations or To
lepsnte uDiustly against IT, As matter OF necessity.
nm time Of war chteruly submitted TO the interrupt
Ing OF tbs banking system far az the circulation was
roneerned Our present system has worked well. and
chanye In n soId Le prospective and not interfere with
te Vested reh, or rights 81 property and should under
no circumstances be permitted 10 tahe pace anner
IN create "a commercial circles AT uine
when the Whole business the country ~ suffering and
scb Of persons are out Oi elbpioyhirnt
No. onbt nav considerable number or capitalists
eau bs sptor into the business oi banking
nader M, py Visions f the Funding Oi VIZ Tear mat
Inc ssJattn proposed would prouiote VIDE ana general
du&sstsI.