New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-01-22
XLvIth CoNGREss-IId SESSION.

4 BILL IN THE SENATE TO RI GULArE SUITS d
CORPoRATIoNs-MR BECK on THE FINANCES
FIJI JOHN PoRrERs CASE IN THE HOUSE,
DEBATE on THE CURRENCY.
| SENATE. WAsHIN GTON. Jan. 81. 1880.
| In the Senate to-day the Chair appointed
! Senators Edmnnds and Garland as members Of th'
Board OF Visitors to attend the next annual examna
ton OF cadets at the West Point Military Academy.
Mr.. EDMUNDs Rep.. va reported bill from The
Judiciary Committee to amend Section Go. Revised
Statutes. relating the removal OF suits by CORPORA
ons. The first provides for pattinR corpora
lions that wish remove from STATE Courts e
United States Courts upon the same footing AS indt
Yiduals II also changes the statute authorizing suns
by ard against National banks be brought IN United
States Courts, and leaves the National banks exactly on
a footing with other citizens Of the United states
Placed on the calendar
Mr. ANTHONY CRep.. r. ~. from the Committee on
Naval Affairs reported favoratly on the h PROVIDING
for promotion for acts of great berosm Placed on the
calendar.
MR.. BECK on THE FINANCES.
OPPOSING THE BAYARD RFsoLUTON-A DEVICE TO
INCREASE THE MONEY POWER.
Senate took up the JOINT resolution introduced
by Mr. Bayard for tho withdrawal OF the legal
tender power OF United States notes, and Mr.. BECK
Dem XVI proceeded TO speak against the resolution.
He showed that during the financial legislation Of
1873 Mr.. Bayard offered as an amendment TO the bl
then passed the identical resolution now pending ana
L was voted down by large malYity IN both House.
In the Senate by AZ To Is SIX the iorIy-two being
was ever 70 be made to the power Of Crn-
the time make 1t. Tho notes could then
with reason be denounced. They were not rodeemabe
II onehall the money collected from the people by tax
alton had been retained In the Treasury, II the legal
render notes had been allowed 10 perform the functions
stricken down, resumption would have come OF itself
years ago without anyone suffering from II. Nobody
asnhg uTsy uF RIA seretarv saws he 10 bddin The
uipp1f or shall
paid. IL the people by double interest ana percent
ages Sl30000Ooto get the money into the Treasury
holding II at annual cost OF TS,OOO,OOO,
and In addition that, the secretary claims the rlght
to sell per cent bonds IN any amount TO get money 10
Of the credit OF the country can make their payment
doubted.
GOLD NOT WANTED.
The people do not ask gold for groenbacks. yet the
New-York petitioners claimed that greater confidence
business would follow the passage OF This resolution
He denied IL. What greater confidence ncedrdi
Our bonds were at premium. the green,
by receiving them They are amply secured
Is not to disturb the currency except IN oxtraor
binary Cxigeucics. The people Just rayug from
stunning blows. lie hoped the prosperity hning
entered upon would prove permanent but IL might be
tempOrnry for we have no ships. no commerce; we are
paw ing enormous Gums TO foreign snip-owners; are
Isolated by our tariff rom TIE markets ~ the world We
prosperous because God IN his providence has seen
lt bless u.s. aud to visit other nations with calamity
lie Thought the people should be let alone TO ascertain
II possible, whether IN our present condition 0i tr"de,
could rely agricultural products alone for
Whatever happens One OF the greatest evils
We labor under is Ohicl0us meddlng.
THE CURRENCY NOT REDUNDANT
The currency Of the country. Mr. Beck said
not redundant. II all the money issued
istonce, It would only amount 10 S75O,OO0,O0O or
5000 900 600 including gold IN the Treasury Thdt was
only ~ OF SIS per head Of the population. Farc bad
$50 per head. yet France remarkably prosperous
country There was no complaint OF redundancy there
Belgium thriving country. rich m commerce
and manufactures Her circulation Was Sl32 per head
Germany nas Sl7 pei capita. she bad In an untortu-
nate hour attempted T. demoncize silver but rs shown
by Judge Kelley interview WIN irlnce bismarck ~
which our Minister was present, sue had been ohuged
In the interest Of hn-mes' TO stop selling SILVER ana ~
begin It's reissue. Great britain has q circulation OF
so capita unarY double what We nave yet lu the
ncc these facts Mr. Beck aud those OF bis opinions
were Denounced - rrpn ia"rs, Zoos ana kpaVr' by
many newspapers so VII pd'd Ny BANKERS ana brokers
OF Ncw-York He went g. show that owing 20 losses
By accident and natural wear and tear the amount OF
grccubacks outstanding WAS probably less than
and theIrrasury on Nav L. IsI'. and though the
nmOuntth held differed ~ different tincs That was
probably good aVerage and u left only fl6IOOOOOO
In actual circul aiion assuming the whole r54oOOooO0
be in existence n his theory were correct
90 600 Of tn. was IN bs OF 500 and upwards,
practically no better than bonds especially tho largest
denominations Of 81 200. s. 900 and $4,000
An UNCONSTITUTIONAL MEASURE,
In protesting against this measure Mr. BECK wished
II understood that DID believe tho original issue
II the notes constitutional But the Supreme Court
had decided otherwise. We them upon US. and he
determined 20 make the most OF them use mem FOR
Ah' ''tNi't 90 t'' v'''tf ~ 1911 't''
Of the bankers he then spoke OF former financial
Legislation Showiughat the hl authorizing NE ssu" OF
grcrnback ny to the iu amount - l00 ODOo0o passed
botn Houses and vetoed on fecauicai grounds and
the amouni then made @s2oooOOO. an increase Of
luR tie face 90 former report hy hini from the
Finance Committee. condenniug ne issue OF S9,OOOOOO
made by the then Secretary ~ the Treasury. There
40 question Of cnnst lutlun1 lil then.
lie gave the senator from Delaware orr. Bayardl !
tson snt mar Congress aud nor c Supreme Court was
under she Constitution. toe Judge what constituted
4 q L ~ =.
Assuming mat tie war WIS - an eNgcn'y, The con
debt and pension. in disabled soldiers, eXgen-
cics rrsuiuug the preservation the.e notes Treasury
snow aat while n 1870 he pncipal of the
500 100000 interest; ~ 1-79tt wa. ri.7s6OOOOo0. |
" or, Tnc Natiou4l banks rou.d. 10y forming ring,
avert payment OF Eod There was hut one place In the
maudcd. aud that was iu y wY0rk the legai-tender
quality u er,eubacks were "lthdrawn, 10 contract |
could Doe enforced wncre ofr % payment was condi
non precedent 10 H. iulh'uCIt.
SCHEME 10 INCREASE rHE POWER OF BANKS.
Ih.s WIS o scheme 10 make National bank notes the |
pny available money. II gave the banks absolute cou-
ro over Che cuIrtpcy. He thought 70 safer To give thls
control To- Conglo.s. lie would make tho banks Id |
heir reserves home not IN NcwNork for speculation.
aud redeem their notes nj their own counters m coin.
Ie would exc dthc bank cnarer until Inc oanss had
settled up m accordance WIN their c"nrAcl ~ account
ng AL the notes Issued 10 thel lie h"d read what
lo had Thought must be exaggerated accounts Of the
profits OF the First National Bank OF NewlOrk IN con
lection wlrh rounding. Dn on examination ne found
ney were not exaggerated He proceeded TO read nom
lie bunk statement showing that on paa d capital
pf 5000 600 the bank had January l, 1879, surplus
uud 81 $1,000 and on November 1879 ~ 100000.
Dn January 1879 the und gidcd profits 900;
Aprl 4. $3.50 900; jane l, $4,000: October l,
SsOi 900 II separate items the total would
po S2i32OOO OF Undivided prom On SooOOOu capital
had been drawn out 50 that II represented what
had run through the year. it still showed 100000
profit. The report shows that January /. 1879,
he bank had S2i 100000 OF Uuifed States money on
which IL could bank April 4. $50 100000 on June
IA 81 p, OOO, 900 October 4, &3,GOO,OOO Why"
-ud Mr. Beck the Int the deposits IN June
Y2I 900 day. IL shows urther profit OF S2154.OOO,
ali on $500, 900 capital | conclude by looking over
statements that the best bankipg capital man
can the good will and PATRONAGE OF The secretary
NJ the Treasury, and In future loans VIII endeavOr t0
make 1t impossible for the Treasury 70 allow the money
NJ the United states be used TO help banks any more
than to help shipbudcrs
MAERIII h.Ie inlcrrmntnh Mr Book % state tlnL