The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-01-30

sums OF not less than $4,000, and 10 withdraw
proporti0nate amount OF bonds deposited In pledge
The fifth section amends sections 81 and 50 Of
tne National Banking law, by recurring all banks
TO keep their Lawful money reserves In their own
vaults at their places OF business.
The sixth section requires the chartered num-
notes whenever The same shall come into the
Treasury Tor redemption or otherwise.
The seventh section authorizes banks to be
the Treasury not less than $4,000 in United
states registered bonds and authorizes banks
already organized without circulation to withdraw
their bonds in excess OF $4,000.
The eighth section directs the Secretary OF the
ana peluana J Ji s or uned
states notes, not bearing interest. payable In gold
two years after date in denominations of not less
than $40, in exchange ana as substitute for
the same amount OF United States notes now in
circulation, which shall be cancelled and destroyed
and not relssued and any excess OF gold in the
Treasury shall be retained as "A reserve Tor the re-
demptiOn OF such notes.
After discussion as to the disposition to be made
OF the bill the House refused TO recommit 1t to
the Committee on Banking and Currency as de-
sired by the chairman OF that committee, and IL
was sent to the Committee OF the Whole with the
understanding that 1t would be called up for dis
cussiOn IN two weeks.
LIMITING THE CIRCULATION TO FOUR HUNDRED MIL
MT. MAYNARD also reported bin limiting the
$500 600 900 and allowing their exchange into con-
vertble 3.65 bonds. This bill was also referred
to the Committee OF the Whole.
AFFAIRS OF THE OCEAN BANK, NEW YORK.
Mr.. Maynard also reported q resolution instruct
ing the Committee on Banking and Currency to IN
New York, ana especially whether Theodore M.
Davis, Its receiver, or other officials have been
sons and papers and to appoint q subcommittee to
take testimony IN New York and elsewhere.
The resolution was adopted.
POST OFFICE SAVINGS BANK OPPOSED.
Mr.. Maynard also reported adversely upon bill
to establish and and maintain RATIONAL savings de-
Referred to the Committee OF the Whole.
PROPOSAL TO REMOVE BANK CAPITAL.
@ biz The cisnsns
National Bank, OF hagerstown, Nd, to change its
location to washington City, with an increase Of
name to that OF the Citizens National Bank Of
Washington, d. G. He explained the objects OF the
blll and stated that 1t did not authorize any In
Mr.. MERRIA., rep.l OF n. Y, member Of the
he objected to the removal OF bank cants aro
one State to another; second, because there was
deficiency Of capital in the interior, and he
large cties and, third, because tax, other than
national, was imposed on the banks IN the District
cents on every $1,000 OF bank capital, while the
banks in New York paid an average Of three and
half per cent for STATE and municipal taxation
States an average Of two and One-haf per cent
COMMITTEE OF THE wHOLE-ARAY APPROPRIATIONS.
Without dlspOslng OF the bill the House, at
twenty minutes past one O'Clock, went into Com
mlttee OF the Whole Mr.. Kellogg Of Connecticut, in
the chair, and resumed consideration Of the Army
Appropriation bill.
Mr.. CoBURN, Crep.) Of Ind, chairman OF the
support OF such reduction Of the army as the bill
contemplated, and he showed that 1t would not be
necessary to muster out man, because the
expiration of service and desertion amounted to
over one-half OF its whole strength. The diminu-
ton OF officers last year eighty three. 1t was
only necessary to keep down enlistment and iOp
of some extraneous matters in the Quartermas-
ter's Department ana other branches OF the SER
vice.
REDUCTIONS UNwIsE AND IMPOLrTIC.
Mr.. ScUDDER, (rep.) OF N. j., opposed any reduc-
ton OF the army, and argued that the measure
If NECESSARY, THEN SYSTEMATICALLY.
Mr.. HAwLEY, trep) Of Conn.,. member Of the
Military Committee, declared that he was not OPP
posed to economy in the army nor was he opposed
necessarily to reduction OF the aggregate force.
ne wished saa u zone however 10 accoraance WIN
as any wise manufacturer or business man would
reduce his own scale OF operations. should they
expect the superintendent or manager OF large
establishment to discharge large force OF work
ing operatives while he continued to purchase the
usual number OF men in the counting room
and pretended TO run the usual number OF
force of operative men in the army, while leaving
the whole grand machine IN its lull force, was just
as unwise. Congress had already done great dam
age to the army by cOnsidered, irregular methods
oil reduction affecting the various star corps OF the
army. Ii Congress wanted to be economical 1t
should begin, as General Sherman sald at the head
the army better as he said, turn him adrit and
cut OUT the first tnirty-eight pages of the 'Army
NJ WHEs aH 'CTS one wbo as
the bill, reminded Mr.. Hawley that 1t was not
within the province OF the Appropriation Commit
tee to report bill for the reduction OF the army.
MIR. HAwLEY said he knew that very WELL but
the Committee on Appropriations should not have
whole machine utterly useless under q mere pre-
tense OF economy. The Committee on Appropria-
ing the ON Military Hrs to repoT
well considered bill to reduce the army alter sys
tematlc manner.
THE INDIAN vIEw-EooNoMY vs. BLOOD.
Mr.. NESMITH, (dem) OF Oregon, who Is also men,
Der of the Military Committee. p otested against u
reduction Of the army, when. he said got up in
accordance with the views OF humbug peace com
missioners, whose ideas OF managing the Indians
was BY preaching to them "Christ and Him cruel
fed" Ii God Almighty had gone preaching the
Gospel in that wilderness He would not have kept
the hair on HIS head twenty fOur hours (Laughter)
lie defended the frOnr1erSmen against the asper-
siOns usually made against them, and he declared
that the first effective missionary the Indians ever
nrt had heen cnnne dnb Nv Iacssnn sSswaay
and others. Congress might save q lew million
dollars by reducing the army, put every dollar
saved would be responded to by the blood OF
frOntiersmen and by the walls of their widows and
orphans.
Mr.. CRooKE (rep.) Of N. Y, opposed the reduc-
York struck hands with the people OF oregon in
the demand Tor that protection which the army
Afforded against hostile attacks on the seacOast
and against hostile Indians in the Territories.
Economy was WELL but parsimony in a govern
lucHJ vas IluiCulOuS. No BOVtIuucuJ COulu Stduu
parslmOny and meanness, and 1t was parsm0ny,
not economy, to leave the frontier unprotected.
Mr.. NIBLACK, (dem) Of Ind, said that the mere
withholding OF appropriations was neither re.
trenchment nor economy; and hence, II the
priations alone for retrenchment the pur-
pose would fail, and Congress would he
called upon to make up by deficiency bills the
amount supposed to be saved. II the House de-
sired reduction OF the army 1t should pass . bill
to that effect and thus get rid OF the expenses
which under the existing law must be ana would
be made; but the mere withholding OF money
without some corresponding law reducing
that branch OF the pubic service was
not economy, but SIMPLY making def
cheney He sustained this opinion by having
quotations read from the Congressional Globe,
which showed that five years ago, when the republ-
cans, under the pretence OfecOnOmy, had kept Gown
the several appropriation bills, the Deficiencies had
to be made up by deficiency bills.
ECONOMY AS PRACTIsED AT PHILADELPHIA
Mr.. RANDALL (dem.) OF Pa, declared that
as one Of the minority OF the House ne would con-
fine himself 10 voting only what was absolutely
necessary. He believed that neither temporary
loan nor an increase OF taxation was neces-
sary If Congress would bring itself down to q
strict and legitimate economy When he hearo
gentlemen DrAtnQ aDOut ecOnOmV falling n