Daily Kennebec journal., 1879-01-16

war for the preservation of the Union.
The bill was laid aside without action and
the Senate resumed the bill to amend the pa
tent law.
"A lengthy discussion followed, BY Messrs
Wadleigh, Conkling and Hoar, IN regard to
the alleged unwise and illegal provisions in
the bill
Pending the discussion the Senate went in
to executive session, and when the doors were
re-opened, adjourned.
The Speaker laid before the House. in re-
sponse to resolution. a communication from
the Secretary of the Treasury, transmitting a
| supplemental statement of the balances on
the loan account, in coin. outstanding, to the
credit of the Treasury OF the United States
III National Bank depository. The first of
January, 1879, the aggregate amount was
SIG, ,s9s, l6S.
The House has under consideration bills
reported from the Ways and Means Commit
tee, for the issue of certificates of deposits of
the denomination of $40, bearing interest at
: per cent, and convertible at any time into
four per cent bonds, establishing, in brief. a
National Savings Bank
Mr.. Kelly of Pa. submitted an amendment
to make the certificates convertible, with ac-
crucd interest after six months, into lawful
money, and at any time into four per cent.
bonds
Mr.. Woods said that the bill would afford
| the poorer classes an opportunity of investing
their small earnings where they would be
safe and secure, and not subject them to the
invalidity of private corporations
| Mr.. Kelly of Pa. said that the only provi-
sion in the bill characteristic of savings
bank, was that the government would receive
| deposits as low as SO. The l.. s. govern
ment proposed 10 engage the aboring people
| IN game of chance. of which the law
heads | win, tails YOU lose" No laboring
man could have any benefit from the BILL as
it would turn that class into game for the Shy
| locks that concentrated about the stock ex-
changes of the country.
Mr.. Banks was in favor of the general pro-
visions of the bill, but if it went into operation
its first effect would be to induce the deposi-
tors in savings banks to withdraw their de-
posits. This would compel the savings banks
to go to their securities. They must fore
close their mortgages and this foreclosure of
mortgages would take from the remaining
depositors nearly the whole of the securities
now held in the savings banks.
Mr.. Butler opposed the bill as a deusion
and snare. The effect of it would be that
poor man might spend day every month in
procuring ten dollar bond that when he
got five of them together he might change
them into per cent. bond, and for that
privilege he would have spent five days, and
would have saved just 35 l-2 cents interest.
There was no element ofa savings bank. 1t
had no safety, and when the poor man wanted
money for his bonds. He would have to go
to a broker and submit to shave greater
than the interest If there was anything else
in it he wanted to find it. The object of the
bill was intended to withdraw greenbacks
from circulation. 1t would be a further con-
tradiction of currency, which already de-
pressed labor, stopped business and brought
the country to its present condition. and the
result of that condition was the IIeaven-born
boon of resumption at New York. and no.
where else. He could not vote for the bill,
and did not believe it could do the people any
good. He wanted a government savings
bank Gas in England) paying interest within
IA per cent. of the bank discounts.
The debate was continued by Messrs Hew-
lit and Phillips against, and Messrs Garfield
Chttenden and Townsend in support.
The debate having closed, Mr. Burchard
offered an amendment that in lieu of the GER
tificatcs provided for, the Secretary of the
Treasury shall. if desired. enter on the books
of the treasury. the credit of anv one present
ing or forwarding to the treasury, any sum
not less than one dollar, and shall allow in
! tcrest thereon, and credit the same quarterly.
Of three per cent. per annum; and shall es-
tablish rules and regulations for the with
drawal on payment Of such deposits; provided
that when the sum of $1,000 shall have accu-
mulated to the credit of any one person, four
| per cent. hOnds shall be issued in the dis
charge and payment of it.
/ This amendment was lost.
| Mr.. Springer of ILL.,, moved to lay the bill
on the table.
Mr.. Bundy moved TO adjourn
| The yeas and nays were ordered, resulting
in yeas rs, nays l26.
So the House at 4.40 o'clock took recess
until 730.
EVENING SESSION.
The House resumed the consideration of
the bill authorizing the issue of certificates of
deposit the first vote being on the motion of
Mr.. Springer to lay the bill on the table, and
it was defeated.
The bill was then passed by vote of III
yeas, 72 nays.
Mr. Wood, chairman of the Ways and
Means Committee, reported bill making u
S. notes receivable for duties on imports.
Mr. Garfield stated that he desired to offer
an amendment, providing that such notes be
receivable so long as they were equivalent to
coin. Cries of no, no. He did not propose
for one, to shut off the supply of coin to meet
the interest of the public debt in case any
calamity should happen to the country.
Adjourned.
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| EOpETNN TNmEr rTcEN1E