Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1881-03-04

Wv ~ oiii " as aSIStu w.
Mr.. Bayard offered resolution, which was
adopted. directing the Secretary of the
Treasury to report at the regular session in
December detailed statement of all fees
and costs collected from American shipping
during the present fiscal year.
Mr.. Whyte submitted a resolution de-
claring that the thanks of the Senate are due
and rendered TO the Vice President for
the courtesy, ability and impartiality with
which he had presided during the present scs-
sion. Adopted by a unanimous vote.
The Senate then consumed several hours
discussing the House bill to incorporate the
Cherokee { Arkansas River Railroad Com
pany.
HOUSE,.
After reading the journal, the veto mes
sage was received from the President on the
funding bill.
The rules being suspended the House first
voted upon 322 rejected, yeas ll9, nays
1872. The vote was then taken on $40.
On motion of Mr.. Blount the Senate
amendments to the sundry civil appropria-
ton bill were non-concurred in, and com
mittee of conference was ordered.
Messrs. Blount, McMahon and Monroe
were appointed.
The rules were suspended and the bill
passed, making appropriations for the pay
ment of claims reported allowed BY the com
missioners of claims.
Mr.. Cobb submitted conference report on
the District of Columbia appropriation bill
The Presidents veto was then read
The VETO MESSAGE.
The message of the Presidents vetong the
funding bill says that the necessity for prompt
action cOmpels him to refrain from anv at
20, ,lr, T.,l
jections to the bill.
The Importance of the passage at the pres
ent session of Congress of a suitable refund
ing bill is generally recognized. If success
fully accomplished it will secure large
decrease in the annual interest payment of
the nation and earnestly recommend if the
bill before me shall fail that another
measure for this purpose be adopted before
the present Congress is adjourned.
While in my opinion it would be wise to
authorize the Secretary of the Treasury in
his discretion TO offer to the public, bonds
bearing 81 per cent interest in aid of refund
ing. should not deem it my duty to inter-
pose my constitutional objection if the present
bill did not contain in its 9Th section pro-
visions which in my Judgment seriously i'm
pair the value and tend To the destruction of
the present National banking system of the
country.
He then recites :he advantages of the
National bank system. The section of this
bill before me which relates to the National
banking system and to which objection is
made is not an essential part of the refunding
measure. Under this section it is obvious
that no additional banks will hereafter be
organized except possibly in few cities or
localities where the prevailing rates of
interest in ordinary business are extremely
low.
1t is a radical change in the banking law.
1t takes from the banks the right they have
heretofore had under the law to purchase and
deposit as security for their circulation anv
of the bonds issued by the United States and
deprives the bill holder of the best security
which banks are able to give, by requiring
them to deposit bonds having the least value
of any bonds issued by the government. The
average rate Of taxation of capital employed
in banking is more than double the rates of
taxation upon capital employed in other
legitimate business. Under these circum-
stances to amend the banking law SO as to
deprive banks of the advantage of securing
their notes by the most valuable bords issued
by government WILL it is believed, in large
part of the country be practically prohibition
of the organizing of new banks and prevent
existing banks from enlarging their capital.
The national banking system if continued
at all will be monopoly in the hands of
those already engaged in it. who NAV pur.
chase government bonds bearing a more
favorable rate of interest than 3 per cent
bonds. prior to next July.
To present furthe: organization OF banks i:
/ to put in jeopardy the whole system bv TAX.
ing from it that feature that makes il, as il i.
now, banking System free upon the same
4 II
existing banks will be in danger of bein.
driven from business by the additional dis
advantages to which they will be subjected
to by this bill. In short, 1 cannot but re
| gard the fifth section Of the bill as in the d
| rection Of the destruction Of the pationa
banking system. II the present efficient and
admirable system of banking is broken dowr
it will invariably be followed BY n recurrence
of other and inferior methods of banking.
| ANY measure looking to such a result will
! be a disturbing element in our financial sys
/ TEN. 1t Will destroy confidence and surel,
check the growing prosperity Of the country
Mr.. Tucker moved the message be printed
and laid on the table for further considera
| ton.
| Mr.. Robson moved to consider the mes
sage Immediately.
Mr.. fuckers motion was agreed to. yea
/ 1873. nays llG.
Mr.. Cox moved to suspend the rules an,
pass the apportionment bill on the basis o
| 301.
| This meeting with opposition on the re-
publican side, Mr.. Cox so amended his mo
ton as to bring up for consideration the ap
portionment bill and to have votes taken OF
the number 322, 3i9, 3l5, 3O7. and when tn
majority shall agree on any number to hav,
the bill, with the second and third section o
the original bill, put on its passage withou
debate or dilatory motions.
Mr. Conger raised the point Of orde
against the proposition. and Mr.. Cox modi
fed it by striking out the words ''or dilator,
motions
The bill was passed--yeas l45, nays 1l3-
end provides THAT from and afier March