New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-02-24
.T THE FEDERAL CAPITAL
u.rrrRs BEFORE CONGRESS.

sHE hooes -npxocRATIC LEADERS DIS
AaRyE WITHOUT AMITY-cAucos o'
REPUBLICANS. n;.to. uv;ll |
s rEs House Ways and Means Committee VIII
,,eet tt,s morning to consider tn0 0en ".oI
.,oepdments to the Funding bill. Inc tC ~;
.,.ount of deposits made by banks since TT
dav 10 surrender circulation, OF wmcn no~Io
hos been received at the Treasury, +"
ahout $11 100000. Mr.. Bragg, Oh WIS
consin. and Mr.. Blackburn, OF hentucky'
Md a nersonal difference in the house.
and sharp language was useu Oh ~ yG'- -
IT.. asnubl;cans of the House held an
.a..sad ca,,cus Yesterday afternoon, at which
~ Pc n,,ortionment bill was discussed, and
Il was decided to vote for no Dill PLACING 'h0
number OF Representatives at less 'nah 'A''
THE REFUNDING EXPERIMENT.
spoe.n,E ACTION OF THE HOUSE ON THE SENATE
AMEYpMESTs-BANKs RETIRING THEIR oih0o
L.TfON.
Icy TELEGRAPH THE TRIDuNE.l
WASHINGTON Feb. 23.-The Ways ana means
committee will hold meeting tomorrow morning
"a consider the Senate amendmentsto TO the heluhung
hill The indications are that the only motion mace
when the bill Is taken from the Speakers table VIII
he 10 concur in the Senate amendments. Eight mill
louQ
Of the Secretary OF the treasury
ara found to be funded fvcs belong
inc to sixty-nine National banks now
an denosit as security for circulation. The banks
NAV now replace these bonds by going into tne
market and buying fours at the enhanced premium
or they may deposit their equivalent in greenoacks
and withdrawn their bonds. Should theS wai'
until the Refunding bill Is signed they cannot re-
tra their circulation except by calling in and pre-
.ent;no their own circulating notes There are
eight millions more of the same kind OF Donos ln tne
Treasury deposited as security for circulation ana
ali of them are among the higher numbers Oh 'ne
series.
The law REQUIRES that the bonds latest issued shall
be called first and it is than probable that the
next call wilt take them. 1t is apprehended that the
hanks holding these Sixteen millions of bonds will
take advantage of the present opportunity, and Dy
depositng qreeDbacks take possession OF their prop
ertv before the Refundng bill becomes law. Ii
this proves true, there will be an immediate con-
traction of the currency amounting to sixteen
oil,ions in addition to the amount which the banks
have already given notice that they will surrender.
The total amount of deposits made since last FRIDAY
to surrender circulation of which notice mas YET
been received at the Treasury Is ABOUT
$l1,000,000
h In the course of a conversation with a TRIBUNE
rojnted out the fact that the Funding BILL as it now
sands will not operate to prevent National bank
from going into liquidation and Immediately with
drawing It's bonds on a deposit of legal-tenders to
the amount of its outstanding circulation The bill
rapeas only the fourth section of the Act OF June
20 1874 The provisions relating to banks IN
process of liquidation found in other sections OF
the National Banking law. Mr. Carlisle was asked
II he thought the Committee on Ways and Means
would recommend concurrence in all the Senate
amendments. Hereplied:
"Of course / cannot speak for the commit'ee'
Int several of the Senate amendments are not quite
accep.able to me. For example the Senate has
amended the first section so as TO require that the
h,nds and Treasury notes shall first be offered for
thirty days to subscribers. Suppose. now, that Mr..
Morton we're to subscribe for $2.000OOO of these
securities for his customers Suppose. too, that the
amount of ell the subscriptions should exceed the
total amount of bonds and notes to be issued Each
subscrip.iun would have TO be scaled down, and the
result would be that Mr. Morton could not deliver
the So. 100000 of bonds which lie had en-
gagged 10 deliver. Again, suppose the sub
scriptioas should not be large The secre-
tary Of the Treasury would be Obliged to
40 TO the banks and syndi"ates and
say: Hers the people have refused to take these
( securities now want YOU to take them OIL my
hands, That reversing the usual method OF plac-
INC Government loans. II really puts the cart be-
fore the horse, for people will never take any
3 sseurtv until they know whether the banks con-
s,ter il desirable or safe investment.
Another amendment which do not understand,
and therefore do not like IS that affecting the use
Of $50 600 900 by tine Secretary OF the treasury to
buy five and SIX per cents. The Senate has inserted
the word an ana aud renscsd sce 0u
II the proceeds of the sale of bonds or treasury
notes aythorIzed by this act.' Now fear the Sec
retary of the Treasury may construe that provision
as inIGb,tine hm from using the $50000,00C
more than oncS for the purpose described. MY
inteStion was that lie should turn this money oVei
and purchase bonds With it often as IL came back
into the Treasury Another anendment TO the
fourth section which do not like is that which re-
far The pnrehase of bonds aud noses authorized by
this act. 1 intended that the Secretary OF the
Treasury should be at liberty 10 use ,he surplus u
buy ive and per cent bonds as we'll as three pei
I.sae this evening Mr. Carlisle received Telegram
from Mr.. Hs V. Newcomb saying IN substance that
upjess the present tendency Of the banks to deposit
gold and greenbacks in order to withdraw thel
bonds is soon checked the fesns VIII oS Gu
the present condition of affairs. Mr. NewcomD Is
Democrat. He appealed strongly to Mr.. Carlisle t
hasten some action TO relieve the business inter
ests of the country from the present state Of sus
pepse and uncertainty. This dispatch bad eyidentl.
produced marked impression upon Mr. CarIsle
and he expressed great anxiety for speedy actl0n o.
the House aud immediate approval of the bill b
the President He believed the President woni'
approve the bill ,.
made Dy National banks for reduction Of clrculato
under Section OF the Act of June 20, 1874. sine
the passage of the Funding bill by the Senate
fheryy yaIlev " v Nat,onal Central ...... $45, 90
xrs- YORK civ Marset $1,000
Asseslas,tn ny Naio.u ..... 1900
yisakiIj I,apdae n Y, Elrst ............ 1900
Xew.York Civ Tard .... 7S20O
Nsw.I0rx City, American Exchange. 1870
New-York Csty, Chase .,....,............... 5000
Ne%-Nyik CITY, Merchants Exchange. 45OU0
Eex-yofk taty Msttopolltar '........... 1900
0swego, n. X, SECOND. .................. $500
fatsadeSphaa. Penr.. Western ............. $1,000
Ate1ny, N T., National Commerc ....,.... 225 0O
1ostoh nereaants 423 00
xnsev, VA a. ~ r.: flst 1900O
hew.fSfk Civ. National Bxak Of the state of =
Nsw.Yors 27oOO
SnSoilwsn, Svhn, inames. names.................. 5OO,0O
1nnaae pass' fs[mers aud Aeehenies - 225,OO