New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-05-26

bitter contest now in progress before joint Com-
mttee of Congress, and not yet decided by theh''
Every impartial person believes that however I'M
fortunate Mr.. Cluss was in the breadth and scope
of some of his statements before the Comhnt,co.
he meant to tell the TRUTH and did tell the truth,
tho spirit of his testimony be taken. For that ho
has been treated upon the witness stand. poth ny
counsel and by one or two members of the Com
mittee, as witnesses rarely are treated anywhere
and as only such men as Judge Black can treat
witness, beside being abused by the Ring press WIN
malignity almost beyond belief. The Committee
has yet TO sit in Judgment on this controversy, ana
to decide whether Mr.. Cluss or his fellOw-memDers
of the Board or BOTH are responsible for the gigantic
frauds upon the United States Government which
have been proved by the measurements OF one OF tue
most competent engineers in the country, employed
by the Committee, and it is thought that 1t wouiu
have been only fair that the President should nave
waited before he degraded Mr. Cluss, until the Com
mittee made its report. Besides. Mr.. Cluss has not
completed his testimony; he has called upon tho
Board for certain papers which he says VIII SUD
stantiate the main points of his testimony and tho
Committee has ordered them produced The Board
presented certain of them to-day, but when they
were examined they were found to be incomplete
The President said few days ago that he would
he was under newspaper fire, but in this case the
man who is abused is not member of the Rlng.
The action of the Board is spoken of as simply i'm
pudent and insulting to the Committee. 1t assumes
that the Committee Of Congress is incompetent to
determine whether the measurements have been
correct or not, and, while by the aid OF one OF the
best engineers of the country the Committee Is IN
vestigaing the subject, the Board ask the President
to take the subject out of the hands of Congress-
NATIONAL CURRENCY AND FREE BANKING.
AN UNSUCCESSFUL EFFORT TO HAVE THE BANKING
COMMITTEES BILL CONSIDERED IN THE HOUSE
THE INFIATIoNIsTs ALL AGAINST THE BILL-TiE
FINANCIAL QUESTION WILL PROBABLY BE
THROWN INTO A CONFERENCE COMMITTEE
lBY TELEGRAPH TO TIE TRIBUNEI
WASHINGTON, May 2j.-Mr. Maynard endcavored
to have the House take up the Banking Committees
Currency bill to-day but failed most signally. lie
moved to suspend the rules, which required two
thirds but Mr.. Beck moved as a substitute bill
providing that one-thrd of the duties on imports
may hereafter be paid in legal-tender notes.
Mr. Beck's proposition did not get a second
and then the House refused the required
number Of votes on Mr.. Maynards BILL and
he said he would present it again tomorrow. Mem
beers of the Banking and Currency Committee say
that if the bill had been put its passage 1T would
not have received seventy or eighty votes; that
great number voted to take it up who were opposed
to it-among them the innationsts, who would at
once have moved tho Senate bill as
substitute and carried it. The inflationists are
all against it, under the lead of Mr. Hunter
of the Banking Committee, who fought the bill Sc
yerey in the Committee meeting this morning.
There are a great many in the House, like Mr. Kan
dali Of Pennsylvania another member of the Com
l. ocfin tbn mart of
Congress, but who believe in natural causes and
logical results All these voted against taking
the bill up. 1t is apparently tho inten-
ton of the movers of the two bills to
have each House agree on some measure
and then force the finances into conference com
mttee with the object of ascertaining just what the
President will sign. Senators Morton and Logan
came over to the House as soon az Mr. Maynard took
the noor 1t was the opinion of tho Controller OF
the Currency that the Committees bill would pass
the House If it came up to-day. and 1t was also SAID
that Senator Sherman would not antagonlze the Dill
in the Senate.
TEXT OF MR. MAYNARD's BILL As AMENDED BY THE
HOUSE BANNING AND CURRENCY COMMITTEE
GREENBACKs MADE CONVERTIBLE INTO coin OR
BONDS AFTER JULY !, 1873.
The Senate passed, on the 14th nst with
amendments, MI Maynards bill "To amend the several
acts providing National currency and TO establish
free banking and for other purposes when had passed
the House April IA On the 2st inst the House Com
mittee on Banking and Currency made report upon
the hill concurring in some OF the Senate amendments
and proposing others. The bill reported from the
Committee is given below. The Committee has struck
out Section Of the BILL which required National banks
TO keep their egaltender IN their own vaults
Tho other important amendments provide that inc
greenbacks be retired new Danknotes are Issued
shall be Cancelled and carried to the account Of the sink
I'm nd
creenbacks convertible into bonds, at par after
Julv l. 1873 the Government have the option OF re-
deemng them IN coin bonus. and the holder to be
permitted to take either the five. four ana half, or
four per cent bonds authorized by law. The bill
was called up yesterday but no action was taken The
original numbers OF the sections the bill came from
the Senate are given brackets except in the case Of
the first two sections:
BE At enacted. etc. that the act entitled An act to
provide a national currency secured by pledge OF
United States bonds. and TO provide Tor te Circulation
and redemption thereof" approved June D. 1904 SNAIL
hereafter be known as the National Bank act
SEC. That Section 81 OF the national BANK ACT De
SO amended that the several associations therein pro-
yided shall not hereafter be required 10 Keep on
hand any amount of money whatever py reason Oh tne
amount Of their respective cireuao put ihe MONEYS
required by said section to be kept at all times on had
shall be determined by the amount OF deposits III all
respects, as provided for in the said sec tioD .
SEC. al. That section y Ot the sara act anu tno
several amendments thereto, So far as they restrict tue
amount of notes for circulation UNI sdlu actS, d"
the same hereby repealed and he uroyiso in the
first section of act approved J".y H. 1870, entitled
act 10 provide for the ronption OF the three per
centum temporary 10 cert caes and for an Increase
OF ,aunal paus notes., prohibiting To panhs nerealSi
organized "A circulation <j0O,00J; ana the proIiSo III
the third section said act limiting the CIRCULATION vi
banks authorized to issue notes redecIaDe III Eoi cou
10 81 900; and OF said act relating 10 tue re-
dstrlbuon of 1900 OF circulating notes, be ana
the hereby repealed; that every ASSOCIATION
hereafter organized shall subject to and be governed
by the rules. restrictions, and limitations, and possess
the rights and privileges and franchises now OF mere
after to prescribed by law as To National banking
xylfh Tle II,