Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-12-20
No Action About Pinchback, or
the Kellogg Government
Features of the Financial Bill
Agreed Upon.
Resumption Fixed for January
1, 1879.


1, 1879.
The CadetshiP sale-witness Hiding.
WASHINGTON, lee. 19.-The committee
to investigate the charge against Represen-
tatiye Stowell, of selling cadetship, has
adjourned ill Monday, in consequence oil
the failure of George W. Graham to ap-
pear. Graham, it is alleged, started the
charges and the committee think he is
hiding.
Irwin Refuses 10 Tell.
Irwin refused to-day to inform the sab
Committee of Ways and Means, how the
Pacific Nail Company's money was spent,
pending the subsidy bill in Congress.
state Dinner TO King KaIakaua.
The President and Mrs. Grant will give
a state dinner TO King Kalakaua Tuesday
next the dinner to be attended by the
King and suite, members Of the Cabinet,
Sir Edward Thornton, Chief Justice Waite,
Senator Cameron, Rep. Orth, and few
others. A press of official duties cOmpell-
ing Gen. Sherman to leave for st. Louis to-
night, he will not be able to attend
what the Republican Senatorial Cau-
Gus Did.
At the caucus of Republican Senators to-
day there was unanimous expression that
ali citizens in the South must be protected
in their lawful rights. Some Senators sug-
gested that there should be an increase Of
the army; others were Of opinion that an
improved militia arrangement would better
secure protection, while being less Objec-
tionable than regular military force, and
more in accordance with the spirit OF our
institutions. The question was adjourned
to a future, but early, day.
The caucus committee on Southern af-
fairs will not make any Recommendation
with regard to Arkansas until the commit
tee appointed by the House shall have
made their report; therefore, the Arkansas
question was not discussed.
There was an indisposition manifested
to take action relative to the Kellogg gov
ernment. As to admitting Pinchback, 1t
was said that there were questions before
the Committee on Privileges and Elections
affecting him which should be first settled.
Most of the time of the caucus was con-
sumed on the finance question. The de-
bate took wide range, but all who spoke
expressed the opinion that something
should be done, and that therefore 1t was
the part of craftsmanship to harmonic
their views, if possible The committee
of eleven, of which Sherman is chairman,
before trey brought their Representatives
into the caucus. differed, seven being in
favor of the report, and four
against it, but finally, on motion
of one of the four, the report was made
unanimous, and adopted by the caucus.
The bill agreed upon will be reported at
an early day to the Senate. According 10
the best obtainable information, it provides
for the resumption of specie payment Jan.
1. 1879, for free banking and for the re-
tiring of greenbacks to the extent OF 81 per
cent. of the amount Of new National Bank
notes issued, and also requires SI6,OOO,OOO
of fractional currency to be gradually with
drawn and silver coin, in denominations OF
from five to fifty cents, issued in its place.
The Secretary of the Treasury is author
lied to use the surplus coin in the Treasu-
~ on and after the day fixed for resump-
lion, to redeem legal tenders; and, if nee
cessary, to sell bonds for the same purpose,
if the amount of specie is not sufficient.
Taxation Upon state Banks and Bank
ing Associations
The bill introduced in the House by
Mr.. Parker, of Missouri, fixing the rate Of
JdAdllOu OtttlC DaLho VI SSSN
Citations, provides that:
In lieu of all existing taxes, every State
bank or banking association shall pay to
the Treasurer of the United States, in the
months of January and July, a duty Of one
half of one per centum each half-year from
and after the first day of July, 1915, upon
the average amount of its notes in circula-
tion. and a duty of one-fourth Of one per
centum each half-year as aforesaid, on the
average amount of its capital stock beyond
the amount invested in United States
bonds, and duty Of Onefourth Of one per
centum each halfyear upon the average
amount of its deposits; and in case of de-
fault in the payment thereof by any such
State bank or State banking association the
duties aforesaid may be collected in the
manner provided for the collection Of Uni
ted States duties of other corporations.
And it shall be the duty Of each associa-
tion, within ten days from the first days OF
January and July in each year, to make
return, under the oath OF its president or
cashier. to the Treasurer of the United
States, in such folm as he may prescribe, Of
the average amount of its notes in circula-
ton, and of the average amount Of its de-
positors, and of the average amount OF capl-
tai stock beyond the amount invested IN
United States bonds for the six months
next preceding said first days of January
and July, as aforesaid; and in default OF
such return, and for each default thereof,
each defaulting association shall forfeit and
paw to the Treasurer of the United States
| the sum of two hundred dollars, to be col
lected from the president cashier or any
other officer of such association, as other
penalties are collected.