New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-01-30
HOUSE OF REPRESENTATIVES,
Mr.. MAYNARD (Rep., Tenn.), from tho Com


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HoIIsE OF REPRESENTATIVES,
Mr.. MAYNARD (Kep., Tenn.), from the COM
,r,ttee On RANKING and Currency reported bin to
', a., -, -. .o,.,;,, 20 Tho N.t,o,sf onrrency
atnend inc seFer'' ac'S rc'a'i"k W 'o ~ - ~
and 10 establish free banking The bill WAS read
Ia ., lima ,ss go that banks shall not hereafter be
10" VI juno u Iowa ~ ~ . 80 - -, -. hot,
required to keep on hand any amount OF money VIVA"
or no raoso, of THAR resoeetive circulation but the
o'o' " .oo'o" " 49, go, -. -. ma a., aI, t,o,es s,a be
by the amount OF the depOsits Tho second
oo,on a.,s the .econd proy,so OF SECTION 81 Of the
law of July H. 1870 for tho redemption OF tho 'h'co p
cent temporary oan far as 1t restricts tho amount Of
no'eS iof oioo'".'~ =, an .,,r., tae,
that the National banks Snao ~ q" ""'o' 10y
rn.x q, Tho Ir,itod stotes sum equal TO per
cant OF ther to be held and only tho
,s to Natons banks to Withdraw portions Of their
circulating notes in GUMS not less than $1,000 and TO
SIedse for snch circulation The eth section amends
sections 81 and 80 Of the BANKING Law by requir
their own vaults their places of business The 6th
Section requires the chartered numbers Oh the various
the same sbali come into the treasury for re.
,lemp tion or otherwise, The It'll section suthor-
izes banks to be organized without circulation
on depositing 10 the Treasury not ess enn Sta
Ueu itSout circation TO Withdraw their
bouds In $4,000 The eighth section directs the
secfeary OF inc aS W Jly IsY4 s5Opoooo OF
Uaited States notes not bearing interest payable in
gold two years after date In denominations not ess
thsh slo Ia excaage i'l , a DO now in nrcnItion
same amount OF Ota 9ss mv.oS NV ND NOT rcissued
which shall be eancelea ana anu T
ana any eAcess VI po, nd ,,1 oa sncb noas
as reserve Tor the VI suon -, % 40 NJ, ,ba
After discussion as 10 me 10 9e auo vi @
BILL tue House refused TO 20 tue me Carmso
on Banking ana as sent TO ts Conmittee Of
OF tnat Comptoe ahu " was sons W o, n wnnd no
the Whole, with the unaerseana,ns 'n'' "o"'1 10
called up TOT disenssGn ~ Two hin limiting the
Mr. AMI aso ~ 70 n o,rcuation o 400 ON :
VO, anu aiioWihs tuoIL 80 srraJ A., tna Con-
363lOo Donas. NM, Inns oh' "@' NOV i' w w ~
mtte ., ybe no. rsnorted resolution nstruotus
Mr. MA1NAfsD Also rePo'.ou . s w.
the CShni..eo ~, gu Eaa Natinn.i RAM of NewYork
tnc anars o. 'nJ The"aorn M Davis ia receiver
and especially wheiher lheouoic p 70 100
or oher olcais nano Deen Suay nrs and to anno,nt
power 10 sena oi pg sous ,ionv in Ne and else
subcommittee ~ take testln9ny III 1'e" A "" o'''
where me resolution was aup1u uno, a hill In
Mr. sso pStIona savings DEPOSITORY
rs branch OF the fOsIOince Depar'"o"'' Hooi'0" :"
Mr. PHELPS tRep.. n. j., from the Banking Com
mttee, reported Dill authorizing the Citihena
,nk OF @ nth an ncresss Of capitai from
10000 To e2oVOO) ana 70 cnShSe ~ n,o II 'i ~ '9
Cltiz ms National BANK OF , d stnd mai /, did nor
authorize any increase Of circulation.
THE ARMY APPROPRIATION BILL
"i'" fr :, 49, wh,o NJ Uo,,,,, fpan
Conp1 in the chair and resumed consideration of the
-. .nn,oor,a,io, hin
Mr.. COBURN teep.. Ind. Chairman OF tho Military
Committee continued ms argument In support OF such
reduction of the army the bill contemplated, and he
man because tue natural depletion OF the army
year by death Of o. ts WbS: srspgS Tns
a,minuon of Officers last year was 50. 1t was only
matters in the onarermaster Department
aud other bra Dc he's of the service
Mr., scUDDER REP n j. opposed any reduction OF
,'na aic' gu" - 9"'N '"'' ''
'uPo"u ~. WI nv ,p,, Cam a member ~ the Mill
N, ,,t,a sp, thai he was not oppo,ed To
sconowV in the army nor was he opposed necessarily
econoiuy ~, n ~ a,,raa,ta ,orra He ui.bed I,
70 q -, acorGance win so,oe
He wished IL done az any wise manufacturer
systtm nc ~i.uo -, rc,o h;s ouo .caia NJ onara
Of Sn@d ISav exnect the psrin,endent or man.
ous ira si,pisnment TO discharge large force
sxer Oh largo ;, h n",innsd - n,cbaS.
~ % rniies nf raw material and 70 employ the
tue h ~ me-, Inv the countina room and pre-.
ususa ~ msn.I rnnher oS nacb;nesi IT, ar
ennr t reducs the sorking force of operative men in
tsa While leaving the whos grand machine in its
dune vrsa, dana "a 10 the army by consdered ire gu
lar methods of reduction affecting the various staff corps
on d Inc dr@y as said at the mead Of the
army better as he said him adrift and the
I.sr ~ reS,@e m '' Army '"'
Mr.. NEsMlTH Dem. Oregon. who Is also member
ton Of the army when, he said was got up in accord
with the views of humbug Peace Commissioners.
W. pssm ae Christ ami Him srneed He defended the
frontiersmen against the aspersions usually made
against tnem aud declared that the nrs enective mis-
siouary the Indians over had Miles Standsh, aud
th. his missionary work had been continued by Jack
son Sheridan audi Others Congress might save few
million dollars by reducing the army, but every dollar
saved would be responded by the blood OF frontiers
men aud by the wall Of their widows and orphans.
Mr.. CROOKE tRep. n. " opposed the reduction OF
the army and said that the people oi New fork sruck
hands with the people Oh OREGON h ,ne LOT na
protection wnea ,ne army amor, h,iis Inaian ;n rha
l Iaeks 90 Tue Enoonv a W ws byt p,rssony in
wa ridic%ious No Govsrnment could
,o ars,,"~ aud ,neanness and IL was par,imony
sahu parslony anu lneo1ues, suu ~ va, ''"''
NOT economS 70 ienSo .no 80 ~ ~ u.ra NTH
f,; 30 nn,"nr.t;ons was neither retrenchment nor