New-York tribune., 1874-03-21
nature OF deposit but in the face of tho facts such an

nature OF deposit but in the face OF tho facts such an
assertion ia prcposterous.
on the sh Of September the day Of its failure, Jay
Cooke q Co. indebted 10 the Bank in the sum OF
s4s96O IN current account They further indebted
indorseTs paper of the Northern Pacific Railway,
100000; and Henry ID. Cooke President OF the Bank
aud a member Of the same hrm was indebted In the
sum, on note carried by the Bank in some shape
other January. 1863 OF si997s-maKng total OF
Ss9S,9S9 The Northern Pacific Railway indebtedness
has been carried by the Bank since the 18th of July 1872
From Aug TO Sep. IS the current account Of Jay
Cooke Co increased from s23S6S2 TO SisoGo, with
security. Nearly 100000 OF this increase was after
Sept ], and $262,oO0 OF that was on the 18th and
10th Of September These facts sufficient evidence,
in view OF the events which happened soon there
after. that these large transfers OF money were
really loans, made TO bolster up and strengthen
firm In trouble and not legitimate deposits This
the whole capital Of the bank its whole surplus and
part OF ITS deposits, used by Ohe frm and that firm
composed Of the principal stockholders OF the bank Too
terms cannot be used in condemnation OF such
abuse of public and private funds ntrusted to Ma
onal bank for safe keeping and Legitimate Tie
Committee refer TO the fact that the Controller of tho
Currency has been able TO pay 80 per cent and pre-
pairing pay 20 OF dividend to creditors OF the
bank.
The Committee closed by submitting amendments
to the 29th and SD sections Of the National Currency
act. The 29th section the Committee propose to
amend to read as follows:
And be IL enacted. de-. That association organized
under this act shall deposit WITH loan any manner
or purchase any obligation OF any person, company,
corporation, firm. greater amount than one-tenth
Of its uuimpared capital and surplus, unless
such greater amount be amply secured by
valuable collaterals in the possession Of or I'M
der the perfect control Of such association. and
alabe in the open market for amount at least one
tenth greater than occurred thereby provided,
that this limitation shall not apply TO the discount OF
bona Ade bills OF exchange, drawn against actually
isng values to deposits made by such associations
with other associations organized under the provisions
OF the National Currency act
1t is proposed to amend the SD section by i'm
posing penalties for forfeiture of charter and fine
and imprisonment of persons connected with the
bank in violating the Goth section.
GOVERNMENT BUILDING EXPENDITURES.
REPORT OF TIE COMMITTEE ON PUBLIC BUILDINGS
AND GROUNDS on THE EXPEDIENCY OF RETAIN
ING APPROPRIATIONS FOR BUILDINGS NOT BE-
GUN-sEvERE CRITICISM OF THE PRESENT STYLE
OF ARCHITECTURE,
lBr TELEGRAPH TO TIE TRIBUNEl
WASHINGTON, March 20.-When the Secretary of
the Treasury discovered in January last, that the
expenditures Of the Government would exceed its
receipts, il may be remembered that the leading
members of the Appropriation Committees of both
Houses and of the Finance and WAYS and Means
Committees, held conference, one result OF which
was an agreement TO press upon both Houses the
expediency of covering into the Treasury money
appropriated for public buildings, where those
buildings had not been begun. In pursuance of
this agreement Mr.. Sherman introduced resolu-
ton directing the Committee on Public Buildings
and Grounds to inquire into this subject and Mr..
Morrill, of Vermont. Chairman of the Committee,
made a report. The Committee, instead of reporting
such q bill as was contemplated, submitted to-day
long report, in which they say:
It's undeniabe that the revenue for the present hs-
cal year has thus far fallen below the estimates and 1t
is TO be expected that there will be an excess Of expend
lures of t0O000o at the end OF the year, II all the
appropriations made for the year are called for includ
ing the banking fund account unless SOME early mess
ures should be taken to augment the revenue If sns
pension Of these appropriations for public buildings
alone would remedy the impending deficiency, then the
path OF duty would be open and clear and suspension
should at take place. but much more Is eyi-
IDENTIFY required and Il becomes question OF general
economy. TO what branch Of the public expenditure
can be most sharply pruned with the least detrmcnt TO
the public welfare what resource Of taxation can
more properly be made available. If these buildings
can only be had by an increase Of the public debt,
through an OF paper legal tenders then they
ought to be at once abandoned; for the Committee VIII
NOT take the invdious position OF pointing out any
other branch Of public expenditure less meroroJs,
whatever and however obvious may be the facts.
But any economy, TO BE- effective, must have general
application rather than merely special one II the APP
rropratons for public buildings In past have iu-
VOWED too large expenditure, the faut csnpot be
CHARGED TO the committees which supposed ,n have
the subject in charge certainly not to the Committee
pulhc Bu linus and Grounds ~ the Senate. No bill
has been reported from that Committee which dill not
absolutely fix q limit Tor the expenditure, and the
entire amount reported ny thcm FOR tho pas, year.
cludng tS0NoO Tor the rostOGce atBosion, was s1co
All Of the acts originated by The Committee ricdly for
hadc any rrcatcr expenditure than was specially pro
vlet for but Congress has. IN Tie ordinary oppropra-
uou bills frequently made generous additions 20 the
amount n each House ~ Congress would TX the rule
that no such appropratOu should be made except ny
s,nar,te h,lL to I've reported hv the Committee on
pohtc buildings and Grounds, With the total amount "
rxpenaurc absolutely limited, aud then hold the proper
5,n,rtmcuts 10 an absolute compliance With the Inn
,t,t,oas ofthc act an matters ot complaint u Is be
b,y,d would soon cease bat the miscellaneous man.
nor ~ ectuns these appropriations through Tor many
WARS or hitching them On 20 general appropriation
nils Without tue rcc0mmcn cndNton of the proper ccm-
n,,t,rc. uNes the responsibility upon no committee
whatever
Tho Committee SAY that although few, II any,
original arpropriations will this year be made ior
new public buildings, the wants of the public
service M the District OF Columbia are very srat
Morn committee -rOomS ate needed in the Capitol
and the Count ct Claims, now occupying space IN
that huilding, should bc provided for clScwherH