Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1879-05-08
would be TO launch the country again


on the sea of irredeemable currency.
Mr.. Vance spoke in favor of the bill.
Mr.. Kiefer asked Mr.. Vance whether
he, with a majority OF the Democrats IN
the House, had not voted 10 deprive
the trade dollar OF It's legal tender quail
ity.
Mr.. Vance said he did not remember,
but he was free TO admit that he had
not then understood the matter. He
spoke of the exorbitant rates OF interest
being charged by the National banks,
indicating Is per cent as not as an un-
usual rate, and mentioning D per cent
a month as the rate charged by lenders
in some parts of North Carolina. This
was one effect of the financial legislation
of Congress which smacked OF that which
distinguished the "rotten dynastles OF
European countries. There was much
more danger of the government being
destroyed by class legislation than there
was OF its being starved 10 DEATH as
suggested by Mr.. Garfield, but govern
ment could not be destroyed which was
built up in tears and sutferings, cemented
with blood-made heroes, and grand by
the death of noble men. Its firm base
was the great granite rocks OF the Con-
stitution, and let the arm be cursed that
strove to remove single stone from the
grand edfice. His motto was: Our
country first, our country last, our
country all the time. Applause.
Adjourned.
Will He signp
WASHINGTON, May In reference to
the position OF the President, 1t Is the
general impression among Republicans
that he will sign the measure. Few OF
them think that this need reintroduce
any differences between the Executive
and his party in Congress, since, al
though they perfectly understood that
he would feel constrained to sign this
legislation, they, as aparty, need not, on
that account, feel obliged to support leg
islation of this kind, originating under
the existing circumstances from the par
ty of the opposition. 1t is agreed by a
number of Republicans who regard the
bill as a serious blow at the powers OF
the general government, that after all ITS
phraseology is such that the Executive
would be efully justified in exercising his
own discretion in regard to the partlcu-
lar Interpretation OF the act to be gwen
in any actual case which may arise.
The Star prints an article this after
noon, in which it states that it has good
reason for believing that the President
will sign the pending bill relative to the
army at the polls. 1t is claimed that
the only difference between the bill and
the legislation already existing on the
subject lies in the fact that the former
makes more definite what the latter
equally requires, and that therefore the
President will not interpose veto.
National Bank Reserves.
WAsHINGroN, May 6.-The sub-com-
mittee of the House Committee on
Banking and Currency, considering the
bill introduced by Mr.. Buchner on the
Dist ult., requiring the reserves OF the
National banking associations to be kept
in standard gold and silver coins IN lieu
of lawful money, to-day reported as
substitute bill amendatory OF section
5l9l of the Revised Statutes, so that the
National banking associations IN the
several cities enumerated in said section
shall hereafter be required, in lieu OF
lawful money, to have on hand at all
times in standard gold and silver coin,
or coin certificates, at least two,
fiiths of twenty-five per cent. oil
the aggregate amount of its notes
in circulation and deposits, and that
every other National banking assocla-
ton not mentioned in section 5,l9l
shall have on hands, in said coins, three
ffths of fifteen per cent. OF the aggre-
gate deposits. 1t is provided further
that neither the clearing house certiii-
Gates nor balances called for in section
5,l92 shall be counted or deemed any
portion of the coin reserves required by
this act The substitute was agreed to
by the full committee.
Mr.. Lansberry, ofthc committee, when
the measure is taken up for consider
alton in the House, will offer an amend,
ment extending to the nOn-enumerated
banks the right to keep coin certificates.