The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1879-12-18

when fbe fegaltender clause should haYe
been abolished IL was when the notes were
below par. The people had tried 60 n,a1n-
tain this currency through war and ca
iafnity, in tbe face of-oppressive laws to
keep it down, aHdYwben they had been
successful it was attempted to be de-
stroyed by men engaged in the bust
ness OF manipulating money. IE would
be raising an unjust suspicion OF the
good faith Of the II people to take
away. the legul-iender quality when the peo-
Pile bad actually begun resumption. When
bondholders were bound by contract to re-
ceive legal tenders they were interested in
unfolding their value. Now the position
was reversed, and the people were ground
between upper and neither mlIl-stones. So
long as green backs were below par, national
banks found them useful to redeem their
circulation and keep up their reserves. AS
soon as they reached par they ceased TO
be useful in this way, and became OBJ
structive to the bankers business. They
occupied field nearly as large as
the natiopal-bank circulation, and II they
could be driven out Lie national banks
would have the whole field to themselves;
and So it seems greenbacks must go. The
Republican party had been enacting ira
gedy in finance. The first act was to change
the character OF the public debt from law
ful-money. contract to coin contract. The
second was to change that coin contract to q
gold contract. The third was rapid and
forced contraction OF greenbacks and ex-
Dansion OF national-bank currency, and ex-
tending the public debt, paralyzed industry
and boDest citizens turned out tramps.
Continuing, AIR. Morgan said Congress
h1 m nh To <s-fr ho Iorro
der quality OF this money, and so vitiate
contracts, than it had to do the same with
other money. II was bis belief that such
measure would be great breach Of public
faith. The notes must stand as legal tender
or else lie Withdrawn.
Dir. Morgan went on TO say that should
the baance of trade turn against us and
gold be drawn from the country, green
backs would be indispensable as our cur
rency, and would be still kept at par by the
honesty and good faith OF the people.
With regard 10 the national banks, Mr..
Morgan said be would not advocate their
abolition; but he would advocate the abo-
ltioD OF the monopoly that enables national
banks to draw interest on bonds deposited
with the Government to secure their circu-
lation, while holders OF gold and silver are
not permitted to bank upon it ut oil. The
power of banks was dangerous. He would
not increase it by removing currency
which may keep them in check. He would
vote against any measure that would dis
turb the industries OF the country. There
was danger that we might destroy the bust
ness confidence under which we were re-
turning to prosperity.
The resolution was referred 10 the Com
mittee on Finance.
Soon after the conclusion Of Mr.. Nor
CAMS speech the Senate held q short execu-
tive session, aud at 2:l5 adjourned.
HOUSE OF REPRESENTATIVES,.
Mr.. Martin, OF South Carolina, introduced
q bill for the establishment OF mail steam
boat service.
Mr. Wilson, OF West Virginia, offered
resolution OF inquiry as to what legislation
is necessary on The subject OF Chinese emf
grafton. Referred.
Mr. Ballou, OF Rhode Island, introduced
q bill restoring lcgal-tender currency to the
requirements. Referred. The
text Of !be bill is as follows: Be 1t enacted,
de-, That section 1888 OF the Revised Stat
utes, making United States notes legal ten.
der in the payment OF all debts, public or
private, except for duties on imports and
interest on the public debt, is hereby re-
peaIed, and that hereafter gold and silver
coin only shall be a legal tender in the pay
ment of debts; also repeating the stamp
tax on bank checks. Referred.
Mr.. Robinson, from the Judiciary Com
mittee, reported bill for an additional iu-
dcial district in the State OF Georgia.
Passed.
Mr.. McCoid, from the Committee on
Manufactures, reported back joint resolu-
tion proposing constitutional amendment
to give Congress the power to grant and
protect trademarks, and spoke in its favor.
There was strong opposition to the reso-
luton on the Democratic side. and after
some discussion it was referred, together
with bill introduced By Mir. Armfield, OF
North Carolina, on the same subject, to the
judiciary Committee.
The House then went into Committee OF
the Whole on the Military Academy appro-
pration bill. After some discussion the
committee rose and reported the bill TO the
House without amendment, and it was
passed.
Adjourned.
Grimes ana Casualties.
DEATH FROM AN OVERDOSE OF POTASH.
tt,n gnh