Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1874-03-28

centrate within one hundred miles {
New York city, and the committee
bill would better somewhat the sout
and west.
Senator Logan said his purpose was [
offer his amendment to the first sectio
OF the bill of the gentleman from Mort
Carolina, in place of the second sectiol
of that bill as 1t was offered yesterday a
the hour Of adjournment.
After a brief examination Senate
Morton thought the argument of tn
gentleman from Ohio [Sherman1, that
free banking was established the ma
tional banking capital would concentrat
within a hundred miles of New Yorl
city, was erroneous. The national bank
were not profitable without depos
its, and there were already quit
| enough in the east to absorb al
deposits offered, while in the west hun
dreds of towns have no bank at all
and if banks be established there they
would have sufficient deposits to MAKE
them profitable.
Senator Scott said he would be glaC
to see all our national Indebtedness now
held abroad brought home for the pur
pose of establishing national banks. Ht
did not understand the amendment O.
the senator from Illinois [Loganl. tire
pealed the twenty-seventh section o.
the national banking law, which re-
ferred to penalties to be imposed upon
officers of the treasury and national
banks for issuing notes not authorized
30 that if the section was repealed notes
might be issued always, whether gov.
eminent bonds be deposited or not.
Senator Logan said it was not pro-
posed to repeal the whole of the section,
but only such part Of it as limited the
circulation. The amendment had been
prepared by the senator from PennsyI-
vania [Cameron1, but as that gentleman
was absent yesterday he [LOgan1, by
request, offered it for him, and would
stand by it.
Senator Cameron moved to strike out,
in Senator Logan's amendment, twenty
seven and insert twenty-five, which
amendment was accepted by Senator
Logan.
Senator Morton moved to strike out
the second section of the bill as reported
by the committee, which provides for
the redemption of the United States
notes on the first of January, 1876.
The chair ruled that the motion was
out of order at this time.
Senator Logan said, to test the sense
Of the senate on this second section, he
would withdraw his amendment, in or
der that Senator Morton might move to
strike out the second section.
Senator Sherman said this, to him,
was vital point in the bill, and he
hoped it would not be stricken out.
Senator Cameron moved to go into
executive session.
Senator Gordon introduced a bill to
authorize settlement of accounts be-
tween the Atlantic and Great Western
railroad, of Georgia, and the United
States, upon the same basis on which
similar accounts were settled with the
Tennessee railroads. Referred to the
committee on military affairs.
Senator Sprague, from the committee
on public lands, reported, with an
amendment, bill to confirm the pur-
chase of portion of the site at Fort
Houston, at Nashville, Tennessee, and
to provide for the donation of the same
to the Fisk university for educational
purposes; also, to confirm the purchase
Of twenty-One acres of land at Fort
Hamilton, New York, for additional
batteries. Placed on the calendar.
Senator Hamlin moved to strike out
in the second section of the financial
bill January, 1876, as the time when the
United States notes should be redeemed
III coin or Understanding bonds, and
insert the first of January, 1877.
Pending which the senate proceeded
to the consideration of executive BUSH
ness, and after short time adjourned
till Monday.
HOUSE.
This being private bill day, a number
of private bills were reported from va
rious committees and referred to the
committee Of the whole.
The senate bill removing the political
disabilities of William s. Cabell, of
Texas, was taken from the speakers ta-
BILE and passed.
The house then resumed the consider
atiCn of the bill to amend several acts
providing for national currency and to
establish free banking.
Mr.. Poland indicated an amendment,
which he desired to offer making it the
duty of the secretary of the treasury TO
retire and cancel as fast as practicable
all United States notes till their amount
Ia reduced to three hundred and eight ty-
eight millions, and then to allow to the
national banks circulating notes with
cut any limit to their circulation.
Mr.. Mitchell, member of the banking
committee, addressed the house. He
gave it as his conviction that, instead of
increasing the issue of legal-tender
notes, the true remedy was to be found
in the adoption by congress of fixed
policy for gradual withdrawal of those
notes by funding them into bonds or by
otherwise paying and canceling them,
and for these and other reasons set out
in long and carefully-prepared speech
he opposed the bill.
Mr.. Merriam, another member of the
banking committee, addressed the house
in advocacy of the bill, particularly the
free banking features OF it.
Mr.. Hunter, another member of the
banking committee, advocated the free
banking section Of the bill, but gave no.
tice that he would offer amendments to
some other sections.
The house took recess until half-past
seven o'clock. The evening session,
and the session of tomorrow, are to be
exclusively for debate. on the currency
bill.
The evening session of the house was
attended by not more than a dozen
and there was no interest in
the proceedings, the speeches being
merely written essays.