The Portland daily press., 1878-03-20
WASHINGTON.

The Rennett Expedition Act Signed.
WASHINGTON, March 19.-The President has
approved the act 10 aid of the Polar expedition
designed by James Gordon Bennett
Reserve Funds of National b anks.
The House COMMITTEE on Banking and Cur
rency today authorized Mr.. Hardenbergh to
raport for passage the following bill, which IS
the measure introduced BY him recently with
certain amendments:
Be it enacted &c, That it shall be lawful for any
association organized under the provisions OF the
naIiona banking act to sell or dispose of tue legal
tender notes which they now required to hold as
reserve fund for deposits and invest the same in
bonds Of the United STATES bearing interest at not
more han per cent. per annum. and such bonds
shall be treated par the reserve fund Of said as
sociations now required by law.
The 8esu m ytion Act.
The Senate committee on finance to day
heard Secretary Sherman in opposition to the
House bill which proposes to repeal the specie
resumption act
The questions discussed were with regard to
the practicabliity of specie payments, aud the
effect of the silver bill on resumption and
whether the silver bill assisted or retarded
resumption and other questions 10 that con-
nection. The Secretary took the ground that
reconciliation of silver was an aid to resump-
tion The silver bill did some good and some
harm. One way it was harmful was the
return of bonds from abroad, but it produced
good By increasing foreign confidence in our
bonds by reason of the fact that our own people
took them up in large Quantities. He was
strongly opposed to thu repeal Of the resump-
ton act In his opinion resumption of specie
payments could not be permanently main
Gained without retaining legal tender function
for about $500, 000, 900 OF United States notes
or in other words that legal tender notes after
reaching par shoah be paid out again for
government disbursements.
Yesterdays Cabinet Meeting,
The general condition of affairs in the South
with particular reference to the decision of the
Supreme Court of Louisiana and the action of
Gov. Hampton in bringing the militia forces of
South Carolina to the assistance of the govern
ment in its efforts to enforce the revenue laws
in that State was the subject of discussion at
the Cabinet meeting to-day, and expressions of
satisfaction Herewith were made by the Presi-
dent and the Cabinet officers. This President
did not hesitate to say that the particular events
noted should be regarded as an indication Of
the proper state of feeling in the South The
Cabinet was also engaged with the considera-
ton OF various appointments. The list of gov
erDment directors of the Union Pacific Rail-
road has been agreed upon. The session lasted
only an hour and half, but Secretary Evarts
remained long time in consultation with the
President after the other members of the Cabi-
net had retired.
The Judiciary Committee will Report in
Favor of Repeating the Bankrupt Law.
The House Judiciary committee to-day au-
bill repeating the bankrupt law, to take effect
as to involuntary proceedings Immediately after
its passage, and as to voluntary proceedings
from and after July 1, 1879.
Various Matters.
Representatives of Boston newspapers argued
before the post Office committee of the House
yesterday against the sections of the bill pro.
posing payment on all newspapers except
those delivered by local carriers.
House Pacific railroad committee will report
favorably on the Texas Pacific bill and
report the Southern Pacific bill without recon-
me ndation.
The House committee on territories will
report LuttrelPs bill regulating elective
franchises in Utah. The bill DISTINGUISHES
females who now have access to the polls.
The amount of gold bullion in the Treasury
the 18th inst was $3,367.71326, which is ex-
elusive of that at the minis and ASSAY Offices