Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1874-04-13
Congressional Proceedings.
Washington, d. c., 10.
HOUSE.

extending the provisions of the act of Feb.
20, 60, so as to include all vessels of the U.
5. navigating in the waters of the L. s.
Passed.
The House resumed consideration of the
currency bill.
Mr.. Maynard of Tenn, who has charge of
the bill-as chairman of the Bank Committee
declined TO allow any amendments to be Of
fered and voted on, but consented to their be-
ing printed in the record. He insisted on tile
previous question.
Mr. Holman of Ind, suggested the House
should certainly have an opportunity to vote
on the question whether the increase Of cur
rency should be in the form of U. S. notes or
OF National bank notes. He insisted that it
should be in the first form.
Mr. Maynard declined to yield to that or
any amendment
The previous question was seconded-l06
to 60.
The House then refused to order the main
question-ll2 to l20.
So the bill was again left open to amend.
ment and discussion.
Mr.. Beck of Ky. moved as a substitute for
the bill introduced by himself on March 30th,
authorizing the issue of $500 0OO, 900 of legal
tender notes, the retirement of National bank
notes and the substitution therefor of treasury
Several propositions were made to amend
Mr.. Beck's substitute.
Mr.. Cox raised point of order that the
members interested in the National bank
stock, which one ofthe sections of Mr.. Beck g
bill proposes to tax, had no right to vote on
the question. He owned bank stock him.
self
The Speaker overruled the point of order
1t was question that had been frequently
and uniformly decided. The interest con-
templated in the rnle was special and pri-
vate one, not on that involved in a question
of general interest. If the gentleman from
N. Y. had conscientious scruples about vot-
ing. the House would not compel him to vote.
Iaughter.)
Mr.. Hunter of Ind. moved two additional
sections to Mr.. Beck's bill, one prohibiting
usury by banks and the other permitting tax
alton of legal tender notes and bank notes,
like other property.
Mr.. Packer of Penn. moved an amend
ment abolishing all limitation of circulation
and establishing free banking.
Mr.. Rice Of III. asked the Speaker whether
the motion TO postpone the whole subject was
in order.
The Speaker said that it would be if the
gentleman from Illinois had the floor to make
it.
Mr.. Rice. l wish had
Mr.. Burchard of Ill. made point of or.
der that one section, the 18th, providing for
the payment of one half of the import duties
in legal tender notes, must first be considered
in Committee of the Whole.
The Speaker sustained the point Of order,
on the ground tina: that section was not ger.
maine to the original bill--which was a cur
rency bill. 1t would change the custom laws
on every important article of commerce.
Mr.. Beck of Ky. then offered his substitute,
with the 18th section stricken out.
Dir. Kellogg of Conn. made another point
of order, on the Sth section, taxing bank
notes per cent.
The Speaker over ruled the point of order,
on the ground that the section was germaine
to the bill and might have been offered as an
amendment.
Mr.. Beck them moved the previous ques-
ton on the amendments.
Seconded.-94 to 10.
The first vote taken was on the amendment
offered by Mr. Coburn, limiting the perma-
nent issue of U. s. notes to four hundred
million, with fifty million for reserve.
1t was rejected, without the yeas and nays.
The next vote was on Mr.. Hunters amend
ment.
Rejected, without the yeas and nays.
The next vote was on Mr.. Packers amend
ment, in the nature of a substitute for Becks
bill, abolishing limitations on the currency
and establishing free banking.
On standing vote the amendment appear
ed to be carried.-85 to 4G.
The vote was then taken by yeas and nays,
and the amendment was rejected.-17 yeas,
$40 nays.
The question then REQUIRED on Mr.. Beck's
substitute.
The substitute was rejected. yeas 6e and
nays 1874.
Pending the vote, Mr.. Spear of Pa. made
poipt of order that Messrs. Poland of VT,
Pbelps and Hamilton N. j., being presidents
and directors of National banks. had no right
to vote on bill which imposed tax on Ma
tional banks. They had already voted in the
negative.
Mr.. Cox had something to say on the same
subject and wanted the question aecloeu, as
he held bank stock.
Mr.. Butler wanted to know if the number
of members interested operated to take the
individual out OF the rule.
Err. Hoar wanted to know how the case
was different from the tax on gold watches
and silver plate.
Mr.. Dawes suggested that when member
belonged to class of the community which
might be affected by legislation the rule was
that he should be permitted to vote. The
holder of bank stock was no more interested
in this question than the holder OF stock IN
manufacturing company was interested IN the
question which imposed duty on foreign
manufacturers.
Mr.. Cox remarked that he had been almost
alone among the various members interested
in banks. In voting to tax such stocks he
made no claim of disinterested service, but
he had submitted himself to an amiable case
for determination. There were some eighty
members interested in the banks, who voted
differently from himself.
The speaker, in an elaborate decision, over
rnled the point of order and an appeal being
taken the decision was ratified by the House
only nine members voting against it.
Mr. Butler, then moved the senate bill as
substitute for the House bill.v
Mr.. Hoar offered an amendment providing
that after the LIST of Sept. 1874 nothing but
gold and silver coin of the United States shall
be legal tender; and that after that date as
notes may be exchanged for bonds bearing
l-2 per cent interest. redeemable after 10
years and payable thirty years after date.
Mr. Foster of Ohio, moved an amendment
that in case of an increase of National Bank
circulation beyond 354 100000, legal tender
notes to the extent of % per cent. of such IN
terest shall be relieved and cancelled until the
Low