Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1879-01-16

Z the people anu DtnenclaI IN lls eHeCts Oh
funding operations of Government banks
lie said he was in favor of the general
provisions of the bill, but il it went in
To operation its first effect would he to
induce depositors in savings banks To
withdraw their deposits. This would
compel the savings banks Ia sell their
securities. They must foreclose their
mortgages and this foreclosure Of mort
cages and sale OF real estate would take
from the remaining depositors nearly
the whole security they now had III the
savings banks that were sound.
Mr.. Bunhard said that though the
bill was not very Objectionable, so lar
as il went, he should prefer the meas
ure that had been reported last session,
for the establishment of Government
Savings bank. lie argued in favor Of
the latter measure, and suggested that
the pending bill was lacking in very
essential principle Of the savings banks
system, and that il WAS a removal nom
the poorer classes OF the temptation To
spend their money. The certificates or
bonds under the proposed system
would he convertible into money, and
would be liable to loss, destruction and
theft.
Mr.. Butler opposed the bill ~ a delu-
sion and a snare. The effect Of 1t would
! he that poor man might spend "A day
| every month procuring $40 bond.
/ that when he got five Of them together
| he might change them intOfOur per cents,
and that Tor that privilege he would
| have spent five days and would have
| saved Just 35l cents in interest. That
was all there was ri it. There was no
element oi savings banks in it. Ii had
/ no safety, and when poor man wanted
money ior his bond he would
| have Ia 20 To broker and sub
! nit Ia a shave greater than the in
| tcrest. Ii there was anything else in
| it. he failed Ia find il. The object Oi
the bill was, hc intimated, to withdraw
! grcenbacks from circulation, for there
was no way Of paying them out when
received for this purpose. II would be
further contraction nj the currency,
which had already depressed labor,
stopped business and brought the coun-
try to its condition, and the result oithat
condition (which was said to be neces-
saryl Was the hcaycn-bOrn boon OF re-
sumption at New York, and nowhere
else.
The debate having closed Mr.. BurCh-
urd offered AN amendment that IN lieu
ofthc certificates provided ior, the Secrc-
tarv ui the Treasury shall, II desired,
enter on the books OF the Treasury, IT,
the credit OF any one presenting or Tor
wardiug it to the Treasury, any sum
not less than one dollar, and shall allow
interest thereon and credit the same
quarterly at the rate ut three per cent.
per annum. and shall establish rules
and regulations Tor the withdrawal ur
pavmcnt ui such deposits, provided that
when the -um oi $1,000 shall have ac-
cumnlatcd to the credit uf any person
four per cent. bonds shall hc issued IN
the discharge and payment oi IT.
The previous question MAS seconded
ami the main question ordercd-yeas,
l32: navs, ~ The first vote Was taken
Oh kclly's amendment, the Ccrtiii-
Gates shall bc convertible aitcC six
months into lawful money and at any
time into four per cent bonds The
amendment was rejected yeas, 81;
NAYS, I6l The next vote was taken on
Burchard'- substitute, and IL WAS de
icated-yras, IL NAYS; lhN.
Mr.. Springer moved to lay the hill on
the table.
Mr.. Bundy moved to adjourn, and the
yeas and NAYS were ordered.
During roll call, the hour oi I:3O
arrived, AT which time the House had
agreed to take recess until 7:D, but
the Speaker ruled that the call should
hr completed. and il resultcd-ycas -,
navS l26. and the House at i:iO took a
rrcc~, until 1::DP.N
During the day, Mr. Hunter offered a
resolution, which va adopted, f"r the
payment L" the children oi the late u.
l.. Douglass the remainder oi hi- salary
A. a member II the Furty-iiith Con
grc--.
EyENING sE~siuN.
The House resumed consideration Of
the hill authorizing the issue of ccrtih.
cate. oi drpuSit, the first vote being un
the motion uf Mr.. Springer to lay on
the table. This was dcirated--yca, IS,
nav- lll. The hill was then Pas,c'i--
yeas III, nays -.
Us. Notes Receivable for Customs Du-
ties.
Mr.. Wool, chairman of the Commit
tee on Ways aud Means, reported Till
making Unite,l States receivable for du-
ties on impurt~.
Mr.. Garfield stated that lac desired l."
offer an amendment providing that
such notes should hc receivable
80 long a. they were equivalent
t. crin. Cries "f "NO. NO lie
did not pruIu-c i0r one To- shut of the
supply oi coin /" meet the interest "n
the public debt in case any calamity
should happn the country.
Mr. Wood, acting ~ the organ al the
committee, yiclded 10 the introduction
of the amendment, and the previous
question Nas ordered.
Harrison, 0t Illinois, ~ Garfield Has
the gentleman any doubt about the sue.
r,.s- ut resumption
Garfield have no doubt about the
suc,rSs IL resumption, unless 10y such
till a. this or some other hostile l"gls4a-
tIun resumption j. destroyed.
The amendment Was then LIBERATED
yeas q, nave l2i.
GarfeH-BelieVing this bill a. le a
serious attark on resumption ! move ~
lay IL on the table.
The Huuse refused to lay the hill pn
The tabl-. Yeas a., nays Ia. The bill
then passed; yeas la, nays ~. IL
simply provides that after the pa-sagr
Oi the at Unitci states notes shall
be received la payment oi duties "n
mipOTts.
Refunding ths SAtionn Debt.
Mr.. Wnpd also reported the bill b.
hsrilitate the reiusiing of the National
debt. IL authorizes the Secretary Oi the
Treasury, IN tie proces- ui rtunding
the nationAl debt. - exchange directly
q, par i.rnds bearing fur Ter oeHt. ia
tsr.-.t Scr iSpnds commonly kuOwB a.
S-5f- outstanding and unealled. anil III
u1fs that whenever all such 80 bonds
-I,all have been redeeEIssi. the provision
of this SECTION and ali existing Tro,i-
suns Of lag auth1riziHZ the pfnBiiDg
0i the National debt. shall APPLY a. aHy
~. A -sat.z- =.