The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1880-01-22
THE FORTY SIXTH CONGRESS.
Both Houses Devote Themselves to the
Discussion of Financial Questions.
Senator Beck's Speech in Opposition to the
Bayard Resolution Angry Debate in the
House Between Messrs. Townsend
aud Orittenden Over the
National Banks.

WARRINGTON. Jan. 81. Senate Mr. Ed
| munds from the Judiciary COMMITTEES. re-
ported bill 10 amend aection GAO of the Re
vispd Statutes. relating To the removal of
| suits hy corporations from State to Federal
oourta II aims generally to put corpora
| tinns on the same footing In that respect with
natural persons. Placed on the calendar.
The Senate took NJ Mr. Bayard's resolution
| for the withdrawal Of the legal tender quality
| Of United States notes.
| Mr. RacR opposed the resolution, prefaning
| hia remarka with statement that he re-
grettad to differ with the Senator from Della
ware aud believed that the latter wac acting
| for what he Thought the hest interests ot the
country, but Mr.. Beck was obliged to differ
| from that opinion, The general line Ut Mr..
| Beck Argument was that, white he Did not
favor the original Issue nf graenhanka, they
had been decided constitutional and We're an
essential paft Of the currency. This
was not a favorable time for with
drawing them, even II such plan were
Theoretically correct. The people desired
no tampering with the currency, they wanted
/ to let well enough atone. During the tinan-
eial legislation nf 1879 Mr. Hayard had offered
4 substantially the same resolution. and II was
then voted down by large majority. There
was better excuse for its passage then than
now At that tine tho notes We're below par
/ 10 bring them ta par, have increased the pub
| lilo debit by the aa e Of bonds fnr sp-callnl re-
sumption purpaaaa aud accumulated large
amounts W coin In the treasury. yet now that
| The notes are az gaaA as gold II ia proposed 70
dsrradt them. There was No reason to sup
noae the Senate had 40 radically changed its
| Opinions aimee fa1S,
/ He showed that the currency was not re-
dundant Other nations France and Bel
/ gium for instance have much more money
/ than we In proportion tn the population. He
4 thought the amount of 1rennharks IN rircula-
tion smaller than "a shown ny tho report of
the Secretary of the Treasury. II was cer-
/ tain that ahnlt 10 per cent OF the fractional
currency isaued had been lost or destroyed
and probably tho came wac the case with the
notea. II should alao he remembered that the
/ notes IN denominations nf $1,000 and upward
| were not actually part pf the circulating
medium they were no better for thia purpose
/ than hnuHs. Thia propoHnd legislation.
he believed, was In the intereat of the
| mnneycd class and not In that of the peo-
Pile " would give tho national banks full
! control as to the nature and amount of cur
raney. VI would hn imprartoahla To prevent
the abuses Of thia power. The Issue If money
ahanli he controlled hy GonGreaa. under tho
direct notice of tho people and subject to n
veto on haaty legislation. He alluded to the
! fact that many of the obligations Of the
hanks had probably been loat and destroyed.
The twenty yeare' term Of the charters Of
| these banks was near ita expiration and they
III
of all notes iaauad tu thom, ~ provided Wy
law, thua being enabled ~ pocket the amount
of the aforesaid laat and destroyed notes.
MIR Beck thought our present husincss ac-
tivty might he temporary and caused more
by poor crnpa. warH and famine abroad than
/ hy our own prosperity IT thia were 90. and
| depression ahnnld come the effect Of the
withdrawal pf tho legal tender power aI
greeuhacks would hn dlsaatroHa They would
! deprpciate and gold would 60 abroad. The
money monopoly aought TO demonetize silver,
abolish grrenhaeks and obtain full control of
the currency of the people. 1t was on n par
with the tariff mouopolies. lie showed how
| hard IL had been for the people to get the
onpraus tax OH uninino revoked, and how
beneficial ta repeal had been. He was op
poapd to all class Legislation againat the peo-
Pile and in favor of strong and wealthy corpo-
| rations.
AZ 80. m. Mr.. Coke obtained the floor, but
yielded to a motion 10 90 into executive ses-
siou and when the doors were reupened the
t Senate adjourned.
H House, Mr. Sparks. of Illinois, chairman
Of the Committee on Military Affairs, report
ed back the hill for the relief Of Gcn. Fitz
John Porter. accompanied by the ma ai0rity
report thereon. Mr.. McCook. Of New York,
presented a minority report Both reports
were ordered printed and tho bill made the
special order for February II.
MIR Mcmahon. Of Ohio. from the Appropria-
tion Committee, reported a bill making ap-
propriations for the payment Of the fees OF
marshals and deputy marshals for the fiscal
year ending June 80, 1850. Ordered printed
and recommitted.
Mr. Dunn, of Arkansas, from the Commit
tee on Public Lands. reported back the bill
for the settlement Of titles In Hot Springs
Ark. Ordered printed and racnmmittad.
The House then In the morning hour, re-
sumed consideration Of the bill relative to ma
tional bank reserves, and was addressed by
Mr. Louns erry of New York In favor of the
withdrawal of the legal tender quality o
United States notes.
Mr.. Townsend Of Illinois, followed In oppo-
sition u national banks and to Mr.. GhtteE-
deus speech Nf yesterday. Mr.. Chittendnr
questioned the accuracy of some Of MIR. Town
sends quotations and deductions from his
speech, and an excited personal debate fol
lowed, which WAS finally quieted by the
Speaker. Mr.. Townsend, continuing said he
was opposed to the bill because 1t proposed tc
a permanent institution. He was In favor 81
gether
MIR Buckner closed the debate with 8
speech setting forth the objects OF the pend
ing bill. He said he too was opposed TO the
national banking system, but SO long as thai
system was an institution of the country il
should be improved. In conclusion he moved
the previous question Pending vote on or
dering the previous question the morning
hour expired, and the bill went over
The House then went into committee of tht
whole on revision Of the rules a general de
bate ensued, which Is to close tomorrow
After an extended discussion the committe,
rose and the House adjourned.