The Richmond palladium. [volume] (Richmond, Ind.) 1855-1875, 1873-12-13

IOu IcQOAIlu8 y ie0eItc OA CAICNldtlOu. !
This is intended to give immediate
relief by enabling the bank to put
this reserve in circulation. Sd. 1t
provides for creating q reserve in the
Treasury, of 800. OOO, 600 in legal ten
ders. This reserve is created by requir-
Ing the Secretary Of the Treasury,
when the receipts are greater than
current expenses of the Government,
and as banks are organised after the
passage of the act, to retire legal ten
dcrs until the amount retired added
to those heretofore retired and now
in the Treasury shall be 500, OOO, 600.
To prevent contraction, it is provided
that the legal tenders shall not be re-
tired faster than circulation is issued.
to newly organized banks. This fund
is to be held for the following special
use: Persons by depositing United
States bonds may receive like sum
out of this fund, that upon returning
the amount together with the accu-
INFLATED interest on the bonds from
the date of deposit to date Of redemp-
ton the bonds may be taken up; but
at any time after three months the
Secretary, after giving notice for ten
days to the depositors may sell the
bonds and reimburse the fund, if he
considers it necessary. By this pro-
vision it is proposed to give elasticity
to the currency ana prevent cornerlng
the money market.
Another feature of this bill is that it
requires the Bank Examiner to exam
inc and report in writing to the Comp
trOller whether the bank has made
loans on corporation bonds or stocks
as security, and what purchases of
such bonds or stocks the bank has
made since last report, and to publish
the report in the newspapers where
the bank does business-this is to en-
able deppsitors to know the kind of
business the bank is doing, and is in
tended also to prevent loans upon
wildcat securities.
The bill also provides that National
Banks shall neither pay nor receive
interest on deposits by or to any other
bank. This is to prevent the concen-
tration Of money in money centers,
where it is loaned upon hazardous
securities. It does not prevent Ma
tional Banks from paying interest to
individual depositOrs.
He also introduced a series Of i'm.
portant propositions to amend the
Constitution.
1. Prohibiting by the United States
of any State, territorial or municipal
debt, and prohibiting also the lending
of government money or credit, or The
appropriation of lands to aid in an,
individual or corporate enterprise.
2. Prohibiting the incorporation O.
more than one subject matter in on.
act of Congress. This is much need
ed reform which can only be made il
the way proposed-by amending thu
Constitution.
3. Prohibiting any increase of sala
ries OF Senators and members from
taking effect until the next succeed
ing Congress.
4. Authorizing Congress to pas
Z such laws as may be necessary to pro
tect the financial affairs of the people
This would, among other things, en-
able Congress to prevent stock gam
bling operations, by which the bust
ness of the country is SO often disturb
ed.
5. Providing that the Presidentia
term shall be for six years, and max
ing the person elected for one tern
Ineligible for more than one term il
twelve years.
6. Providing that Senators shall b
elected by vote Of the people.
A few newspapers are unable t.
take their natural rest by reason Q
the wrongs under which Mr.. Sun
NER, 'sthe senior Senator from Mas
sachusetts." is Suffering in silen
and heroic anguish The Spring
field Republican, the Louisvill
Courier Journal, and others of
like school, keep their pocketke1
chiefs constantly to their eye:
and sob in bitterness Of heart wher
ever they cast IN eye in the diree
ton of Massachusetts. Mr.. SuMNs
was distracted in the Senate, th
Foreign Relations Chairmanshi]
being taken from him; and, in &C
dition to this indignity, the Legis
lature of his own State passed res
olutions of censure upon him TO
his proposition to strike from th
! army register and from battle flag
! the names of the engagements i
| which the Federal troops were viz
torious over the rebels in the lat
, War of the Rebellion! Now, in a
! sober sense, the Union and th
; Government have got along reason
| ably well, independent of the diree
aid of Mr.. SUMNER, and even th
! Spanish imbrogio is fairly in til
way for final settlement withou
:. the "senior Senator from Massi
chusetts" having lent his giganti
| intellect to the people at Washing
ton. OF course this is oil yer
wrong; the nation ought to hay
| gone to the ''demnition bowwows
on account of the sore treatme,
accorded to Mr.. SUMNER; but
| don't. The sun rises and set
ships sail out to the sea, and bus
ness flows in its wonted channel!
while Mr.. SUMNER exhibits his sol
and weeps. The panic absolutel
passed away without q word frol
the cavernous chest Of the Senate
/ ial Scion. 9
We have great respect for M
| SUMNER, and opposed his being t
| ken from the Craftsmanship of IL
Foreign Relations committee; b,
we are not prepared to conced
that cosmos would resolve itse
into chaos if that gentleman shout
happen to die, in the course I
nature, or permantly lapse int
| the sssuds," on account of the il
gratitude of Republics. The Chat
manship he held in the Senate di
| - l>1.~. A. L.. Ill. L.. -