New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-01-30
BY TEL EGRAPH
CONGRESS.
House..

House.
WASHING TON. January 29.-The bill for
tree banking was reported by the Banking
Committee and referred to the committee
Of the whole for debate.
The Committee on Privileges and Eiec-
tions heard Morgan and Chandler. attor-
neys, respectively, for Sykes and Spencer.
Tusy outlined their line of argument and
named their witnesses, who will be here by
Monday week. to which time the Alabama
case adjourned.
The Committee On Banking and Cur
rency reported, to-day. bill to establish
free banking in cases of banks without
circulation. on the deposit of $4,000 in the
United States Treasury; and directing the
issue every month, by the Treasury of
81 0O0, 900. in United States notes, not bear
ing interest. and redeemable in gold in two
years. The committee desired to return
the control OF the bill; but were overruled
by the House. and the bill was sent to the
committee of the whole.
The same committee also reported adj
yersely on the bill to establish pustotfice
savings banks; likewise referred to the
committee of the whole.
Appropriations occupied the day.
Maynard. of Tennessee, from the Com
inittee on Banking a1d Currency, reported
a bill to amend several acts relative to the
national currency. and to establish free
banking.
The bi. was read.
The first section amends fhe thirty first
section of the law Of June 3, 1864, SO that
banks shall hereafter not be required to
keep on hand any amount of money what
ever, by reason of their respective crcua-
lions, but the money required to be kept on
hand shall De determined by the amount OF
deposit.
proviso of section twenty-one of the law of
July Il, 1870, for the redemption of the
three per cent temporary loan, SO far as it
reetricts the amount for circulation.
The third section provides that national
banks shall at all times keep on deposit in
the United States treasury a sum equal to
five per cent Of their circulation, to be held
and used only for the redemption Of such
circulation.
She fourth section authorizes national
banks TO withdraw portions of their cir
culating notes in sums not less than s 10 900,
aud to withdraw proportionate amount of
the bonds deposited in pledge for such Cir
culation.
The fifth section amends sections thirty
one and thirty-twO OF the national bankin 2
law by requiring them to keep their lawful
money reserves in their own vaults at their
places of business.
The sixth section requires that the char
tered numbers of the various banks be
printed on their notes whenever the same
shall come into the treasury for redemption
or otherwise.
The seventh section authorizes banks to
be organized without circulation on depos-
iting in the treasury not less than 200
in United States registered bonds, and au-
thorizes banks already organized without
circulation to withdraw their bonds in ex-
cess of $4,000.
The eighth section directs the Secretary
of the Treasury to issue, at the beginnin 2
of each month. from and including July,
1874, $4,000. 900 of United States notes not
bearing interest, payable in gold two years
after date, of denominations of not less
than $40, as substitute for the same
amount of United States bonds now in cir
culation, which shall be cancelled and de-
stroyed. and any excess Of gold in the
treasury shall be retained as a reserve for
the redemption of such notes.
After Il discussion as to the disposition to
be made of the bill, the House refused to re-
commit it to the Committee on Banking and
Cuyrensy, as desired by its chairman, and
il was sent to the committee on the whole
with the understanding that it would be
called NJ tor discussion in two weeks.
ANe SENATE
Nr. Conover. of Florida, presented a me
mortal for the removal OF distinctions in
the harbor of Pensacola.
The Committee on Contingent Expenses
was instructed to investigate as to the pro.
priety of disseminating the practice of fur
uehng stationery to the reporters gallery
There were nc combinations.
Senator Carpenters Speech.
Tho rnnrpipr bour baUipr NJ
Ferry, Of Mchi gan. was called to the chair
and Mr.. CARPENTER addressed the Senate on
Louisiana affairs.
He said he had no ambition to make a
speech, and should not attempt il. A cele-
brated English writer had said that no
American could make speech without
glorifying his country. Unfortunately, in
this business there was nothing to call forth
sounds of joy or exuitatiOn.
He never reflected upon this Louisiana
matter but with mingled emotions of sor-
row and shame. He read from the speech
Of the Senator from Indiana (MOrton) in
relation to the report of the committee,
made last session, being no part of the
res jeStoe in this case; the committee having
since been recognized and that Pinchhack
should be seated on his credentials, he hay
ing pIima facie case.
He next read the credentials of Piachback
and Ray, and said that the credentials of
both were signed by Kellogg on the same
day. Why was not Ray seated on a prilna
facie case then, if ever there was such a
case? But all knew why he was not seated.
The air was filled with rumors, and the
minds of Senators were disturbed by doubt
as to the facts 'ated in those credentials,
and as to whether there was any legal gov
ernment in Louisiana. 1t was because the
Senator from Indiana doubted the legality
of the Legislature electins Ray.
The committee authorized by the Senate
to investigate the Louisiana matter had re-
ported vOlun.e of testimony OF 1904 pages.
Everv member of the committee was
against the legality Of the kellogg govern
ment, except the gentleman from Indiana
(Mr. Morton). Mr.. Trumbull dissented on
tho ground that McEnery should be recog-
nized; Mr.. Hill, another, dissented upon
another point; but no member agreed with
the gentleman from Indiana.
1t was entirely too late now to be talking
about seating Mr.. Pinchback on a prima
facie case, when such case had been over
turned, and cOmHittee of this body had
agreed that there was no State government
in Louisiana, and no legal State Legislature
in that State, on the fifteenth Of January
last.
Again, the Senator (Morton) had argued
that the testimony was not taken in the
Pinchback case, but in the case Of Ray. The
brought out by that committee
was binding on the Senate. The proceed.
ings were conducted by the power and au-
4 fhf.ry ut no hn