Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1880-01-29
WASHINGTON LETTER.


augurated last week by Senator Beck,
of Kentucky, will be continued dur
ing the present week. This debate
was induced by Senator Bayard's
financial resolution which, however,
does not arouse much interest, and
will unquestiouably be defeated when
ever the vote is taken. Senator Beck
was followed by Senator Coke, of
Texas, who opposed the resolution.
Senator Allison, of Iowa, will probab-
ly speak Monday, and will doubtless
be followed by Senator Voorhees, and
others. 1t is not believed that there
will be a protracted debate. On
the contrary, there is some
thing of an indifference as to the
resolution; for as its defeat
is assured, there is not even
a partizan opposition or support. 1t
is proper to say that Mr.. Bayard is
accorded sincerity Of sentiment and
honesty Of purpose in his financial
revolution, and yet the Delawares
judgment was at fault in framing such
a measure. This is more apparent
when it is known that Mr.. Bayard by
his resolution reasserts his own con-
victions that the issue Of the legal
tenders was unconstitutional, the de-
clsion of the supreme court to the
contrary. Mr.. Bayard not only at
tempts an impossible financial meas
ure, but opposes the constitutionality
of the issue as promulgated by the
court of last resort. However this is
not new idea of Mr.. Bayard. When
in 1878 che act prohibiting the fur
ther retirement of the legal ten
ders was passed, Mr.. Bayard Of
fered a similar resolution, which
was defeated. understand
that Mr.. Bayard, by his resolution,
seeks only to take away the legal
tender quality of the notes and have
them in circulation as United States
treasury notes. This is the idea of
the true Democratic doctrine, the
difference of opinion being one of ex-
pediency rather than of principle.
Shrewd John Sherman was the father
Of this idea in his annual report last
summer, for it is the policy OF the
National banks to get rid of the legal
Gender circulation as soon as possible
in order to ask with the certainty Of
grant that congress reissue their char
ters, the act authorizing these being
made in 1868. According to this act
establishing the National bank system
the institutions expire in twenty years
from the above date. Hence, unless
the charters be renewed by act of con-
press within the next two years all the
National banks will cease to exist in
1888. 1t is said that this has not been
very much discussed, and that con
gress cannot, with reason or justice,
fail to grant a reissue OF charters, for
it would be unsound policy to destroy
these banks and leave these people
without circulating medium OF pa
per. OF course the National banks
viii bring all their power into play to
iudrce reissue of charter. If the
legal tender circulation be dispensed
with, the banks will have removed the
greatest obstacle.
Senator Harris amendment to the
census bill has been agreed to by the
committee and will pass the senate.
This amendment, as the LEDGER has
already said, is judicious and desired,
for by its requirements the census re
turns are to be exposed, two at the
county clerks Office for inspe 9tion
and detection of error, fraud or neg
lect Of any kind. A copy 6s also to
be fled with the secretary
Of State so as TO obyiate any other
wise irreparable damage in case of loss
or destruction of the original official
eopy IN the conception of this
amendment Senator Harris evidences
the peculiar sagacity and consummate
skill SO often and so brilliantly dis
nlayed in his official life. Probably
The official acts Of no man in Tennes-
see have ever justified so we'll the ex-
pectations Of the people as have his,
He is great man, whose usefulness
of active, integrity Of heart and
a,,umen of mind, have long since given
hin, the confidence, admiration and
grath.nde of his people, May his last
DAYS be as pleasant to him as his pub.
lie conduct has been beneficial and
honorable e, his country.
Daring the p1st week the appropTi-
alton committee reported no bills ex-
cept the Indian anu United, States
marshaPs deficiency which has not
been acted upon.
Mr.. Buckner's banking reserve BILL,
on which there was considerable dE
bate, failed. This was due to a com
bination of hard money and soft
money members. There has been no
other effort at financial legislation in
The house. There will be a severe
and maybe protracted debate ondho
attempt to deprive the commerce com
mittee of control of the
river and harbor bill, this being one
Of the leading features of the opposi-
ton to the new code of rules. Among
the amendments to these new rules is
the ono giving the control of naviga-
bic tributaries of the Mississippi
river to the committee on levees aud
improvements of the Mississippi
river.
At the ways and means committee
meeting yesterday there was long
discussion on the rival funding bills
of Mr.. Garfield and Mr., Wood. 1t is
probable that Mr.. Woods bill to fund
at three and half per cent. interest
will be passed and that the boads
will run under fifty years.
II is likely that the commit