The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1879-01-24

| laid over to Wednesday. Mr.. Springer
offered a bill to provide for minority rep
resentation in Congress.
| -----
A FINANCIAL DAY IN THE House.
The House, at Washington, had an In
teresting day, on the 18th, in regard to
financial questions, and the following
extract from the report gives good idea
of how that body stands this session ON
such matters:
Mr.. Wood, of the committee on ways
and means, offered Il bill to authorize the
treasury to issue certificates of deposit of
$40 and upwards, for greenbacks, ex-
changeable into the new four per cent
bonds, and proceeds of sale of such GER
titicateS to be used to retire $50 bonds
Mr.. Kelly, of Pennsylvania, submitted
an amendment so as to make the certifi-
Gates convertible, with accrued interest,
after six months, into lawful money, and
at any time into four per cent. bonds
Mr.. Wood called attention to the bill
as introducing a novel feature into the
government so far as the producing class
es were concefed. 1t would offer the
poorer classes an opportunity of invest
ing their small savings where they would
be safe and secure, and not subject to the
| instability of private corporations. 1t
Was p:opoSeG by this bill to make ma
tiOnal savings bank where there would
be positive and absolute security for ev-
cry dollar deposited by the poorer classes,
and the result of which would be to make
these classes of people cO-partners in the
| government itself Another effect of it
| would be to cement fraternal concord
throughout the land.
Mr.. Kelly said the only provision in
the bill which was characteristic of saw
ings banks was the government would
receive deposits us low as ten dollars:
there was no other. The United States
government proposed to engage the labor
ing people in ii game of chance, of which
the law was, "Heads, / win; tails, you
lose" No lahoring man could have any
benefit from the bill; it would turn that
class entirely into game for the ShylOcks
| that concentrated about the stock eX-
changes of the country. Suppose poor
man had deposited ten dollars and found
himself unable to deposit more, he would
have to wait one hundred and twenty
three years and four months before he
would be entitled to interest That was
States when it establishes q savings bank
and 1t was said the certificate might be
sold. What would q ten dollar certifi-
cate, bearing three per cent interest,
amount to, ON the principle of the saw
ings bank system, and that was the re-
moval from the poorer classes of the
temptation to spend their money The
certificates of bonds under the proposed
system would be convertible into money,
and would be liable to loss, destruction
and theft.
Mr.. Butler opposed the bill as delu-
sion and IL snare The effect of it would be
that poor man might spend day every
month In procuring ten dollar bond,
and that when he got five of them
together he might change them into four
per cent bonds, and that for that privi-
lege he would have spent frye days and
would have saved just thirty-tiv and
One.half cents in interest. That was all
there was Of it. There was no element
of the savings bank, 1t had no safety,
| and when poor man wanted nancy for
his bond he would have to go to a broker
and submit to shave greater than the
interest: and if there was anything else
| in it he failed TO find what the object of
the bill was. He intimated it was to
withdraw greenbacks from circulation
for there was no way of paying them
out when received, and for this purpose
1t would be further contraction of the cur
rency, which had already depressed lab
| or, Slapped the business and brought the
4
FGSult of that condition which was shid
To" ;4e necessary, 'H7as the heaven born
boob of resumption att New York, and
no where else.
Mr.. Phillips approved the bill. He
desired to offer an amendment providing
for the deposit in any post office which
Is money order office of any amount
not less than twenty-five cents, to he
Forwarded TO the United States treasury,
| and an acchuHt kept with the depositor,
who shall receive Interest slt the rate of
per cent and that when the sum shall
amount to $40, it shall be converted into
the certificates provided for in the bill.
| Mr.. Wood declined to yield the floor
for the amendment.
Mr.. Townsend Ohio, approved the bill
Debate having closed, Mr.. Burchard
offered an amendment, that in lieu of the
certificates provided for, the secretary or
the treasury shall, if desired, enter on the
| books of the treasury, to the credit of any
| one presenting Or fnrwaHlilg it 10 the
/ treasury, any sum 4lt. less than. One dol
lar, and shall allow interest thereon, and
credit the same quarterly, al The. rate Of
| 3 per cent. per annum, and shall estah-
lish rules and regulations for withdraw
| al on the payment of such deposits: pro-
vided that when the sum of 81 900 shall
| have accumulated to the credit of any
person, tnlir per cen! bonds shall be issu-
ed in discharge Ut pAJ7nent OF il:
The previous question was seconded
| and the main question ordered-yeaS,
1872; nays, o.
The first vote was taken on Kelly's
/ amendment, that the certificates shall he
convertible, after six months, into lawful
money, ana az any time into four per
cent 'bondS ;FAc amendment was re |
jected-yeas, 81 lays,
The ReXt vote was taken on BgFchard's |
substitute, and II was Acknowledgements. 81 |
nays, 159.
Mr. Springer moved to lay the bill on
the table This was defeated-yeas. 1S;
nays, 115-and the bill then passed
yeas, III; nays, ~.
Mr.. WOOD, chairman Of the committee |
on Ways and rAfeaps Tepoued bill max
ing United States notes feddiSalle f6r |
du.ies an imports.
Mr.. Garfield suited LIS desired to offer
an amendment providing that such NOES
should be receivable so long rs they were
equivalent tn COIN. lie did not propose
for one, To shut off the supply of coin to
meet the interest on the public debt in
case any calamity should happen TO the
country
Mr::%ssoo:9s4l. netting As Pie organ q tine
conlialliitfft5i: yirifed 70 fhe ihiro@!ictlbt |
ton was or tered
Mr.. Harii-o.. Il Illinois, to Mr. Gar
ficid--HaS =. Gentleman any doubt
about the success OF resumption:
Mr.. Garfield have no doubt of the
success of resumption, unless by such a
bilI as tnis OF Solile G;iieE hostile IegisIa-
ton rGsHnIhioII'is destnoyed.
The aiiierdmeIlt wIs tlleh Defeated
yeas, IS Has. Ia ''''-'-~
Mr.. Garfield-Believing this biiI Il. he
a serious attack upon resumption, move
to Law il on the table.
The bin then passed-yeas, 154; nays,
43.
1t simply provides that after tile pass
age of the act United States notes shall Il
be received in payment Of dn,ies on i'm /
porte -