Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-04-12
Maynard's Free Banking Still
Hangs Fire.
Beck Offers a Financial Sub
stitute,
Taxing National Bank Circula-
ton Three Per Cent.
so BankstOck Holders as a Bal
ance of Power,
Vote 1t Down of Course.
Butler Moves the Senate Bill as
a Substitute.
House AdjOurns i'm Statu Quo.
Vote 1t Down of Course.
Butler Moves the Senate Bill as
a Substitute.
House Adjourns i'm Statu Quo,
HOUSE. ,

elatiOn of the
Currency Bill.
Mr.. Maynard, who has charge of the bill
as Chairman of the Banking Committee,
declined to allow any amendments to be
voted on, but consented to their being
printed on the record. He insisted on the
previous question.
Mr.. Holman suggested that the House
should certainly have opportunity to vote
on the question whether the increase of
currency should be in the form of United
States notes or of National Bank notes. He
insisted it should be in the first form.
Mr.. Maynard declined to yield to that or
any other amendment.
The previous question was seconded by
105 to 90.
The House then refused to order the
main question by ayes 112, nays 120. So
the bin was again left open to amendment.
A Democratic Substitute.
| Mr. Beck then moved as a substitute for
the bill bill introduced by himself on the
30th of March authorizing the issue offorty
millions legal tender notes, the retirement
of National bank notes and the substitu-
tion of Treasury and 3.65 per cent convert
ible bonds.
Several propositions were made to amend
Mr.. Beck'S substitute.
TOTax National Bank Notes.
Mr.. Cox raised the point of order that
members interested in National bank stock
which one of the sections Of Mr.. Beck's bill
proposes to tax had no right to vote on the
question. He owned bank stock himself
The speaker overruled the point of order.
1t was question that had been frequently
and uniformly decided. The interest con-
templated in the rule was a special and
private one, not one that was only involved
| in a question of general interest. If the
| gentleman from New York had cOnscien-
tiOUs scrupleS about voting, the House
would not compel him to vote. Uaugh-
ter.)
To Tax LegaI-Tenders.
Mr.. Hunter moved two additional sec
| tiOns TO Mr.. Beck's kill, one prohibiting
usury by the banks, and the other permit
ting the taxation of legal tender notes
and bank notes like other property.
Mr.. Packer moved an amendment abOl-
ishng all limitation of circulation, and the
establishing of free banking.
| Mr.. Rice asked whether a motion TO
postpone the whole subject was in order.
| The Speaker said it would be if the
gentleman from Illinois had the floor to
make il.
Mr.. Rice-I wish had. Laughter.)
Payable for Imports.
Mr.. Burchard made the point Of order
that one section, the 18th, providing for
| the payment of one half of the imports
| duties in legal tender notes, must first be
considered in Committee of the Whole.
The Speaker sustained the point of
| order on the ground that the section was
not gerna"e to the original bill, which
was a currency bill, and it would change
the customs laws on a very important ar
| ticle of commerce.
Mr.. Beck then offered his substitute with
the 18th section stricken out.
Mr.. kellogg made another point of order
| on the Sth section, taxing bank notes , per
cent.
The Speaker over-ruled that point of
order on the ground that the section was
germane to that bill and might have been
offered as an amendment.
Mr.. Beck then moved the previous ques-
tiOn on the amendments, seconded "a TO
| rs.
The first vote was taken on the amend
ment offered by Mr.. CObum limiting per-
manent issue Of United States notes to
S400,OO0,OO0 with Sj0,0O0,000 for reserve.
Rejected without yeas and nays.
The next vote was on Mr.. Hunters
amendment and that was rejected without
yeas and meas.
Free Banking.
The next vote was on Mr. Packers
amendment in the nature of a substitute
for Mr.. Beck's bill abolishing limitations
on currency and establishing free banking.
On standing vote the amendment APP
peared to be carried by s. to 46. The vote
was then taken by yeas and nays. The
vote resulted in yeas II, nays 149. So the
amendment was rejected.
Beck's Substitute Rejected.
The question tllsn required on Mr. Beck's
substitute. Judging by the sound, it was
badly defeated. The vote was then taken
by yeas and nays, and resulted in yeas, 81;
nays, l64; and Mr.. Beck's substitute was
defeated.
Bank Presidents Voting.
| Pending the vote Mr.. Speer made the
| point of order that Mcssrs. Poland, Phelps
and Hamilton, being Presidents and Direc-
tors of national banks, had no right to vote
on a bill which imposed tax on national
banks. They had already voted in the
negative.
Mr. Cox had something to say on the
same subject, and wanted the question set
tied, as he held bank stock.
AQuestiOn Of Number.
| Mr.. Butler, of Massachusetts, wanted to
know whether the number of members in
terested operated to take the individual out
of the rule.
Mr.. L. K. Hoar wanted to know how the
case was different from a tax on gold
watches and silver plate.
blr. Dawes suggested that when a men,
Der of the House belonged to class of
community which might be affected by
legislation, the rule was he should be per
mitted 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 a question
which imposed duty on foreign manu-
| factures.
Mr.. Cox remarked he had almost uni
| formly, along with the various members
interested in banks. In voting to tax
such he made no claims of disinterested
public service, but he had submitted him
self to an amicable case for determination.
| There were some
so Members Interested
in banks who voted different from himself.
The speaker in an elaborte decision over
ruled the point of order and an appeal
being taken the decision was ratified by
the House, only members voting against
it.
Buffers Game.
Mr.. Butler, of Massachusetts, then moved
the Senate bill as a substitute for House
bill.
Specie.
Mr. f. r. HOar offered an amendment
providing that after the 1st of April, 1874,
nothing hut gold and silver coin of the
United States shall be legal tender; that
after that date United States notes may be
exchanged for bonds bearing a per cent in