The sun. [volume] (New York [N.Y.]) 1833-1916, 1879-01-16
TWO OPINIONS OF ONE BILL.
THE PROPOSITION TO START A COY
ERNMENT SAYINGS BANK.
Gen. Butler vigorously Attacking It-Messrs.
Kelley, Wood. Garfield, and Hewitt
Observation-Disclosures the Indian Slaughter.

zen. butler vigorously Attacking U-Messra.
Kelley, Wood, Garfield, and Hewitt
Observation-Disclosures the Indian Slaughter.
WASHINGTON. Jan. 15.--The Committee on
Ways and Means reported bsch tho biz au-
thorizing the Secretary Of tho Treasury L. issue
in exchange for lawful money OF the United
States certificates Of deposit of the denomina-
ton OF So bearing interest at the rate of 3 per
cent. and convertible at any time, with accrued
interest, Into the per cent. bonds authorized
TO be Issued. and directing that the money so
received shall DO applied only TO tho payment
Of the $50 bonds.
Mr.. Kelley tIlep. Pa submitted nm amend
ment. so as to make the certificates convertible.
with accrued interest after six months. into
lawful money and at any time into the 4 per
| cent bonds.
Mr.. Wood said that the bill would afford tho
poorer classes an opportunity Of safely invest
| ing their small earnings where they would not
be subject to the instability OF private corpora
lions. 1t was proposed by this bill to make a
national savings bank. where there would be
| positive and absolute security for every dollar
deposited, France had long ago this proposed
| debt than the United Statcs md yet France had
no foreign public debt He.pointed to the sue
| cessful. prompt payment OF the war indemnity
Of tl.OOO.OO0.O00 imposed on France by Ger
| Mr.. Kelley rep. Pal said that no laboring
| man could be benefited by this bill. II would
| turn that class into game for tho Shylocks OF
| the stock Exchanges suppose apoor man had
| to deposit more. he would have to wait % years
| and four months before he would be entitled to
| interest That WINS the redemption proposed
by the United States when II established a
| savings bank. The rich who yesterday had
SSSscr me ~ to inc iGpE per cent loan
| three years and four months for their interest
II was 70 %, pc paid quarterly. His amendment
| yertible at the end OF six months. with accrued
interest. into lawful money. Without that
Mr.. Hanks rep, MassI said that the bills
first effect would be to induce depository in
would compel savings banks 10 90 10 their SCI
curities. and thus trouble would be made,
Mr.. Bu;ier, lind. Mass opposed the bill as, a
| that poor man might spend day every month
in procuring ten dollar bond that when he
into u four per cent bond. and that for that
privilege he would have spent 1--WE days. and
| That was all there was OF IL. There was no ele-
ment Of a savings bank in it, II had no safety.
and when the poor man wanted money for his
submit to shave greater than tho interest
The object OF the bill was the Intimately TO
withdraw the greenbacks from circulation. for
| there was no way OF paying them out when re-
contraction of tho currency-which had already
depressed labor. stopped business. and brought
the country 20 its present condition And the
result Of that condition (which was said 20 be
|
sumption ut New York. anu nowhere else
Under this bill a man might lose his certificate.
he might be robbed OF II. II might be burned up,
and then his savings were gone.
Mr. kelleyIt Is the same in the case OF
Mr. Butler-Oh. by no manner Of means. God
bless you. no Oh, Lord. no lLaughterl
Not in our country, l donot know how II may
be elsewhere. With Government savings
bank there will be registration. A voucher may
be sold in proper, form, and tho assignee can
get the money. II the book or the bond is lost
tho owner can get IL back Just as well rs the
Manh9itan Sayings Bank got hack its bonds.
not establish such an institution as would pro-
saving his earnings. Mr.. Keiley's amendment
large sums OF money three per cent interest
from deposits with the Government after six
months. For the last four years there had been
over 100000 600 deposited In trust companies
| In New York at less than three per cent He
know Of large sums now on deposit at two per
Mr.. Garfield rep. ohiol said that in tho
work Of retunding The Secretary OF the Treas;
all national banks markedly all depository
banks 10 take hold OF the work and aid him in
per cent. bonds. He now believed that he could
make the work Of rcfunding proceed yet more
rapidly by going beyond the banks and dealing
with tho people directly. This bill proposed
| lust that thing. Ono Of tho elements OF strength
in France arose from the fact that Ave million
| Fronchmen held the bonds OF France. and the
day on which three million American laOorcrs
were holders Of United States bonds would be
who tried 90 raise row between the bondhod-
efs and the poor people would be gone. lAp-
plausel He WAS anxious torthe death ot dcmn-
gogeay and that the people should become in
terested in the debt d the nation.
The previous question was seconded and the
main question ofdered-yeas 1872. nays 90 Mr.
kelleys appointment was reIected-yens 81,
nays l5l, Mr.. Springer Dem. III moved TO
lay the bill ON the table and Mr.. Bundy rep,
y. " moved TO adjourn. Lost. Is to l26. Re-
cess was ordered until evening.
On reassembling, Mr.. sprnger's motion TO
| reconsider WAS lUst-tS 10 llO-unN tie Oil WIS
Mr.. Wood reported a bill from tho Ways and
Means Committee TO make legal tenders receiy-
able for customs. and when Mr. Garfield at
tempted 70 amend 1t by inserting the words
coin" there was considerable excitement and
he was tainted for his lack OF iaitl IN the per-
manency OF resumption. Mr.. Garheld's amend
ment was defeated, and he attempted a. Hi
buster 70 prevent tho passage Of the bill. but he
40. and the bill was passed US it came from the
Committee.
PROCEEDINGS IN THE SENATE.
In tho Senate. Mr.. Anthony tRep.. II. ~ intro
| ducod a bill apDropriatlng money for tho pay
ment Of bounty TO the officers aud mon Of Far
raguts heeti Mr. Burnside tlsep, r. H. one
W. w. Averll. United States Army, with the rank
Of Brigadier- General: Mr.. Maxey dem. Texas
one making an appropriation Tor tho purchase
Tho Conference Committee reported the Mill
tary Academy bill. Mr.; Allison, saying that the
differences between the two Houses had been
divided. Tho Senate had appropriated $1,000
for electrical apparatus. and the Committee
had determined upon 1880. The salary Of tho
clerk to tho Trcasurer had been fixed Mt $500
instead Of 1000. Tho report was agreed e
and the bill was passed. II now goes to Il. b.
Hayes for signature.
Mr. Voorhees, Dem Ind) submitted a reso-
luton Tor an Investigation by the Committee on
Indian Affairs into the circumstances leading
to the recent escape OF Cheyenne Indians from
Fort Robinson. and their subsequent slaughter
by United States forces who wero charged with
the custody Of said Indians. Adopted
Mr. Conkling rep, n. " submitted n petit
tion signed by business men OF New York pray
ing for the passage Of the Interstate Commerce
bill. Also petition by members Of Company
q. 18th Regiment Of Now York Volunteers. ask
ing for n bounty of 800 for each.
Resuming consideration Of the Patents bill
3 Mr. Wadleigh tRep. n. H. defended il. Mr.
Q Conkng rep. ~ " opposed its passage. OBJ
ierting 10 the clause that authorized inquiry in
. 10 the business affairs Of men. ono great OBJ
lection to the income tax he SAID. was It's pryinl
/ disposition. Mr.. Matthews Oicp.. Ohipl op
posed the bill, saying that 1t would give rlso I,
| extensive strlfes.