Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1880-01-22
United States Marshals to be Paid
..-.. .. in Part.
XLVI CONGRESS.
WASHINGTON, Jan. 21.

The Committee on Naval AT.
fairs to-day authorized a favorabl,
report to be made on the nomina-
ton of DR.. Philip s. Wales, Al
Chief of the Bureau Of Medicin,
and Surgery and Surgeon-Genera
of the Navy.
Senator Edmunds, from the
Judiciary Committee, reported q
bill to amend Section GAO Of the
Revised Statutes relating to the re-
moval of suits of corporations from
State to Federal courts. 1t aims
generally to put corporations OF
the same footing, in that respect
with natural persons. Placed or
the calendar.
The Senate took up the Bayard
resolution for the withdrawal of tn,
legal tender quality of United
States Treasury notes.
Senator Beck, of Kentucky, OPP
posed the resolution, prefacing his
remarks with the etatement that he
regretted to differ from the Senator
from Delaware, and believed the
latter was acting for what he
thought the best interests of the
country, but Mr.. Beck was obliged
to differ from that opinion.
The general line of Senator
Beck's argument was that while he
did not favor the original issue Of
greenbacks they had been decided
as Constitutional, and were an essen
tial part of our currency. This
was not a favorable time
for Withdrawing them, even if such
plan were theoretically correct.
The people desired no tampering
with the currency; they wanted to
let we'll enough alone. During the
financial legislation Of 1878, Senas
tor Bayard had offered substantial
ly the same resolution, and it was
then voted down by large majors
ity. There was a better excuse for
its passage then than now. At
that time notes were below par. We
have been at great expense and pri>
vation to bring them to par; we
have increased the public debt by
the sale of bonds for so-called res
sumption purposes and accumulated
large amounts Of coin in the Treas,
ury, yet now that the notes are as
good as gold, it is proposed to dis
credit them. There was no reason
to suppose that the Senate had so
radically changed its opinions
since 1878. He showed
that the currency was not
redundant. Other nations. France
and Belgium, for instance, have
much more money than we in pros
portion to the population. He
thought the amount of greenbacks
in circulation smaller than was
shown by the report of the Scores
tary of the Treasury. 1t was cer>
tain that about ten per cent. Of the
fractional currency issued had been
lost or destroyed, and probably the
same was the case with the notes.
1t should also be remembered that
the notes in denomination of
$1,000 and upward were not ac-
tually a part of the circulating
medium. They were no better for
this purpose than bonds. This pro
posed legislation, he believed, was
in the interest of the moneyed
class and not that of the people.
1t would give the National
banks full control as to the
nature and amount of currency.
1t would be impracticable to pre-
vent abuses of this power. The
issuance Of money should be cons
trolled by Congress, under the
direct notice of the people, and
subject to veto on hasty legislaa
ton. He alluded to the fact that
many of the obligations Of banks
had probably been lost and de-
stroyed. The twenty years term
of their charter was near its ex-
piration, and they sought to avoid
return to the Government of all
the notes issued to them as pro-
vided by law, thus being enabled to
pocket the amount of the aforesaid
lost and destroyed notes.
AT 3 p. m. Senator Coke, OF
Texas, obtained the floor, but
yielded to motion to 20 into
Executive session, and when the
doors were reopened the Senate
J adjourned.