New-York tribune., 1879-01-16
HOUSE OF REPRESENTATIVES,.

In the House of Representatives to-day Mr..
ONEILL (Rep., PENN presented Iuemorlal OF the
Society OF Friends IL Pennsy lvauia NeW-Jrrsey ana
Delaware, against the transfer Of the management OF
Indian Aft irs to the War Department. Referred
The SPEAKER laid before the House number OF
executive communications.
The SPEAKER announced the regular order 70 he the
reception o. reports from the Committee on Ways ana
Means.
Nj. WOOD Dem. n ". Chairman of that Committee
reported back the bill authorizing the issue OF cerih
Gates Of deposit aid OF refund1ng The pubic deDi.
Mr. KELLEY rep PENN Submitted an ainendnleni
90 az 10 make the certificates couNornbe Win accrueu
interest after months into lawful money ana III aAy
NJ MOOD advocated the bill as afIordng positive
and absolute security for every dollar Deposited Uy Tue
Mr. KELLEY Rep PENN said that the only prov-
zion the oil characteristic Of saV ngs Oah was 'hdt
dn ,sTs Thrre was no Other The tuiIed otacs Gov
eminent proposed 70 the labounE people lh 4
game of chance, Of hich the iaw would De - hesd7
VIII, tas you loose" No laDOrius man eou-d nave any
benefit from the bill. IL would turn .1at S G.aSo
into game for the shyiOcks that concentrate
about the stock exchanges Of the c"nnry
suppose poor man had deposited 9I0 aad oan1 D' i
SET unable to deposit more NJ NuuIT l"'r 80 t -,
years and months before he would he entitled 10 Ia
Tinted states when II established savings bank 1t
was said that the certificate might be sold NhdV
Wen $50 bond a. 4 ner cent could be had for parI
The laws trade would put item FAR below par Whtl
they had 10 be sold ~ the market iuat "as oie
savings bank offered the poor 9f America by a m4shaa
mGuS @ oo ne Ich ner cent loan Mere not
10 wait 123 years and months FOR their interest
Without hIs amendment the bill would be a snare ana
trap for the poor aud disgrace TO the Cover ument
WITH it, the D would be sale the PeoP "N" Oenei
Nj BANKS d!er, Mass said he was in favor Of the
general provisions OF the Dill bn IL H. sl1'' so I'm IN
operation, first effect would be TO induce ~
saving, banks 10 withdraw ihcr deposits ms "Ou!u
compel savings banks TO Their securities IAey mus.
fJIeclOse cages, ana this foreclosure oI mort
ces ana sale Of real esl at would take from remaining
Geporitor' nearly tne whole OF the stcHIy 'Ney 10"
Mr. WOOD CDcn., \. - reminded NJ Banks that
those rtiGcAtes would bear only per cent interest
sound AMI retn TIE confidence OF tuc cepositoIS
course the people Viii not take per cent NAeu lheJ
SHARP ATTACKS oN THE BILL
Mr. BANKS argued that the effect of tus bil would
b. 10 take from savings banks the aJdtona! deposits
that might he made between per ceu. and A or >
per cent rat interest," withdraw. to considerable
extent the present deposits; that 1t wOud 'hrOw the
savings banks then real estate security and that that
rea estate TO tie amount OF SJ0OOO0OOJ u suddenly
10 such an extent a. TO deprive the savings
banks OF the power 10 pay tner dePn'i'&rs H. &
ri.. 1r,r pu-eu,d n Would bc impossible FOR tnat
institution realize on ~ securities and pa! H. cepo--
tors. H. dld u,t oppose tig ptih, ,t t-. . -,
tie measure ported last session for inc tsIdsAheh'
OF % Government S4vWLs Bank. ,.,, ,.i,
Mr.. BUTLER Dcm. Mass op' osed ne bl.i a. ! u,.u @
SION ANA a suarc Inc effect OF would pe iuit poor
Iuan git spend day every month 10 procuring SiV
Change them toto ucr cent bond and ina Ioi ma
privilege would have spent nVc Gays ana WOuu H'''
saved lIS 5Ji2 interest mat was al IheIt as
There element OF "A sdN!HSS
bank I'm IL; j, mad safety and WAcn me
poor m.n wanted money for ms hohd Ne
would nave 10 10 TO broker dud submit l" sh& We
greater than the interest II there was any thIbS else III
che failed % md 20. TAey told that was uolu
good thlng for Tie poor people, and that II was
like lie governmental savings bank sIsteIn of ing
lanl. ia England. however, Tue Goyofnntht o'I .
iugs Bank paid 2ll Icr cent Interest, "itAin a
per cont OF thc Bank OF England discount. Here
Ordrary rate Of discount was from To 10 or i per
cent, according 10 .0caUy and Was 10 noon 10 nc
poor man take hs money and pay hlm per cent n
terrst. Il the interest put mp o. or i' Il ne
would tx The object OF the OH was 'he
minated 10 W.tAIraw The grecnbdcks IRON cL-
CulattOn for tn-IC WAS way oI paying u'ein
Out when received Tor THIS purpose. IL "ou41
be further contraction OF the currency,
Why should the Government pay per cent 70 e Dalh-
and only per cent 10 the poor leDUIcr IT te house
going do any thing IN that direction II sluuId
ADOPT The amendment O1ercf by he gentleman ron
Peunsylgan (hr Kelley, that could get back
his money lie did not Ike The secunty-just "a lie
could IN the savings banks Auo her objection the
want OF -aieLy under this b A might lose mis-
certificate be robbed Of H. II might be burned
up, ana then his savings were gone.
81 KELLEY-It Is the same 10 the case Of savings
bank book.
Mr. BU rIER-Oh! by no manner Of means God bless
you, no. OA LORD No! Laughter.J Not In our country