The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1880-01-22

national banks fuii coufrol as 10 the nature
and amount OF the currency. IL would be
imprac,icable to prevent abuses OF this
power. The issue OF money should be con-
trolled by Congress. under direct notice oil
the people, and subject to veto on hasty
legislation. lie alluded to the fact that
many Of the obligations OF the banks had
probably been lost and destroyed, the
twenty-years term Of their charters was near
It's expiration. and they sought to avoid re-
turn to the Government OF all the notes
issued TO them, a. provided by law, thus
being enabled to pocket the amount OF the
aforesaid lost and destroyed notes. Mr..
Beck thought our present business activity
might be Temporary, and caused more by
poor crops. wages, and famine abroad than
by our own prosperity. IL this were so,
and a reyersion should come, the effect Of
the withdrawal OF the legal-tender power OF
| greenbacks would be disastrous. They
would depreciate aud gold would be
abroad. The money monopoly sought 10
demonetize silver, abolish greenbacks, and
obtain full control Of the currency OF the
people. 1t was on par with the tariff mo-
nOpOlies. He showed how hard 1t mad been
for the people TO get the onerous tax on
quinine revoked, and how beneficial IFS re.
peal had been. lie was opposed TO all class
legislation against the people and in favor
OF strong and wealthy corporations.
tap. VI. Mr. Cooke obtained the floor,
but yielded 10 a motion OF Mr.. Logan to 90
into executive session, and when the doors
were re0pened the Senate adjourned.
HOUSE OF REP REPRESENTATIVES.
Mr.. Sparks, OF Illinois, chairman OF the
Committee on Military Affairs. reported
back the bill for the relief OF General Fiz
John Porter, accompanied by the majority
report thereon.
Mr.. McCook, OF New York, presented a
minority report.
Both reports were ordered to be printed
and the bill made the special order for the
18th OF February.
Mr.. Mcmahon. from the Committee on APP
preparations, reported a bill for the pay
mcnt Of fees OF marshas and deputy mar
shals for the fiscal year ending June 80,
1880. Printed and recommtted.
Mr. Dunn, from the Committee OF Public
Lands, reported back the bill for the settle
mfnt OF titles in the Hot Springs, Ark.
Printed and recommittcd.
The House then, in the morning hour, re-
sumed the consideration OF the bill relative
to nationa-bank reserves, and was address
ed by Mr.. LOunsbery, who favored the re-
peal OF such portions Of the statutes as grant
legal-tender qualtytO United States notes.
Business could not be based on a currency
which was to he changed in value from
time TO time, according 10 the eXigencies OF
the Government. II must be fixed on sta
bic foundation, such as coin alone could be.
Who would make ventures in foreign trade
until this country has first settled on the
currency in which he Yves TO dcal-untll il
had made a currency with which he could
deal with all nations alike? America was
destined 10 be the great nation OF the world.
The morning hour was consumed by the
discussion OF the bill; Mr.. Townsbend al
guing against the bill as being in favor OF
the national banks and adverse to the in
teresls Of the people; and Mr.. Buckner
(who has charge OF the bil) arguing that the
whole SCOPE and object OF the bill is 10 get
into circulation some OF the immense mass
OF gold and silver coin now iC the vaults OF
the Treasury. In conclusion, he moved the
previous question-dcprecating a discus
Slon on the general question OF finance,
which, he argued, was not relevant to the
bill at all.
The morning hour expired before a vote
on the previous question could be taken.
Mr.. Lewis. 4 member OF the Banking
Committee. denounced rs false Il statement
which he supposed Mr.. ToWnShend TO have
made, but he Withdrew the language on
Mr.. TOWnshend diSavoTing the making Of
any such statement.
The House then, al . O'Clock, in Commit.
tee OF The Whole, resumed the cOnSidera.
ton OF the revision of the rules, all the
general debate on which will close tO-mOr-
row. After an extended debate the COM
mittee rose, and The House adjourned.