Morning journal and courier., 1881-02-21
News by Telegraph FROM ALL QUARTERS. irHR RBFUNDING BILL. Probable Passage in. It's Present
 Shape. Its Provisions Not Objectionable. The President Prepared to
 Sign It. STATE OF THE APPROPRIATIONS. Forward Condition of the Public
 Business.
STATE OF THE APPROPRIATIONS.
THE NATIONAL CAPITAL.

| ObjectionabIe to Treasury Officials
 Condition oi the Appropriation Bills Conkling's Part in the Cabinet Make up | Other Matters. 1 WASHINGTON, Feb. 2O.-1t was the inten- l tion of Mr. Tucker. now chairman of the Ways and Means committee, to move that the House concur in the Senate amendments
 to the funding bill without having it referred to the Ways and Means committee. Learning, however, that there would be objection to 1 this mode of procedure the bill will be refer red to that committee for its action. It is | entirely probable that the committee will con- cur in the Senate amendments, and to a cer-
 tain degree probable that the House will do | likewise. It is evident, however, that there
 will be formidable opposition not to the Sen ate amendments alone, but the entire bill. It is known that very respectable number of members voted for the bill in the House who were opposed to it's main features, and only voted so in the expectation that the Senate would so amend it as to make it acceptable to them. The Senate having failed to amend the bill so as to accord with their views, they
 now propose to do all they can to prevent the measure from becoming law, andlshould the Republicans vote solid and be joined by
 the Greenbackers and Democrats who oppose
 any funding measure the final passage of the
 bill may become a matter of extreme doubt
 The principal objection urged against the bill
 is the fifth section compelling banks to ac-
 cept per cent bonds in lieu of fives and
 sizes now on deposit to secure cir
 culation. Many members have be-
 come alarmed at the attitude assumed by
 the banks and their threat that in the event
 of the bill becoming a law they will retire
 their entire circulation, surrender their char
 ters and retire from business on the ground
 that they cannot afford to bank on three
 per cent. bond. Should this line of action
 be adopted by the banks, and were there no obstacles in the way, contraction of cur
 rency might ensue but, fortunately, whether
 by design or not, the funding act contains 8
 provision which would counteract any such
 policy on the part of the banks. The fourth
 section of the bill authorizes the Secretary of
 the Treasury to use $50, GOO, 900 ofcoin now in
 the Treasury for refunding purposes, so that
 in the event of any attempt on the part of
 the banks to retire the circulation and there
 by contract the currency the Secretary may,
 and it is intimated will exercise the right
 conferred on him by paying out the entire
 $50, ,00O, 900 coin, or so much there@ as may
 be necessary to protect the business interests
 of the country. In addition to this the sur
 plus revenue in the Treasury amounts to
 over $12,OOO,OOo. This the Secretary
 may use any day in the purchase of
 outstanding bonds for sinking fund
 purposes. These two items aggregating
 $62, 1000, GOO will be more than sufficient to
 meet any emergency that may arise from the
 tiring national bank circulation must be done
 between now and the day the President signs
 the bill for the following reason: The fifth
 section of the bill prohibits national banks
 desiring to retire circulation from depositing
 legal tender notes for that purpose. Hereaf-
 ter they will be compelled to collect their
 own notes and send them to the Treasury.
 This, as they themselves complain, will be
 impossible to do, as their notes are scattered
 all over the country and could only be ob-
 talned by paying premium, and even then
 the process would be very slow one. Un-
 der the law as it now stands 8 bank desiring
 to retire circulation may deposit legal tenders with the Treasurer and withdraw an equal amount of it's bonds held to secure circulation. As fast as such notes are re- ceived at the Treasury they are destroyed and the amount of legal tenders on deposit equal to that of the notes destroyed are re- turned to the banks. The slow operations of
 this system may be Illustrated in the case of 8 prominent bank which one year ago depos- tied $1OO, 900 in legal tenders with the Treas ury for the redemption of like amount of it's circulation. Up to this time less than $15, 1000 of the banks notes have been re- ceived at the Treasury and the note operation has been more rapid than it could have been had the bank undertaken to oo1Iaof itS notoS fOr tha that the Treasury receives and assorts millions of na- tional bank notes, whilst the bank handles a few thousand. The funding bill as it now stands is not considered objectionable to any great degree by Treasury officials. The only real question with them is whether per cent bond can be hoated or not. On this point there is diversity of opinion. What ever the result in that direction may be, there is good reason to believe that there will not be any gerious disturbance in financial cir cles The first bonds to be redeemed are the 5 per cents, of which there are four hundred and sixty-nine millions outstanding. These bonds fall due May 1st. The remainder, ag- gregating two hundred million, are six per cents. and are redeemable June 3Oth. The President will sign the bill when it reaches him.
 General Logan says that in his recent in- terview with General Garfield nothing of general interest transpired, though he talked
 
 ing the evening and night he was there. He was very much pleased with the manner and disposition of General Garfield, who impress ed him very decidedly by his ideas and ex- pressions as being very desirous of harmon izing the Republican party. General Logan says he gave him his views fully and freely, and said just what he thought of the various parties named for Cabinet positions. He does not know whether he will be in any way guided by what he said, or at all influenced
 by it, as nothing passed which would pos itively indicate that. But he thinks that what he stated to him may may not have
 been of interest and advantage to him in reaching judgment finally. General Logan added that he knew no more now positively
 than when he went to Mentor. But on the whole General Logan said, with the utmost frankness, that he was very much pleased with General Garfeld's intentions, and was satisfied that he would do everything in his power to harmonize all the elements of the Republican party, and also make good, eff ficient, honest administration.
 From 8 list which has been prepared at the Postofice Edepartment it has been ascer- tained that there are slxty-s1x postmasters whose commissions will expire during the month of March, 1881. Among others men, tioned in this list are Thomas L. James, of New York city Matthew F. Rowe, Yonkers, N. Y. Charles l.. Hemirey, Geneva, N. Y.; N. D. Sperry New Haven, Conn. Chauncey Harris, Elizabeth, N. J ana w. h doloWay, Indianapolis, Ind
 Representative Whitthorne from the Ma val committee, has reported back to the House the bill introduced by Representative Blackburn, of Kentucky, and requested it's reference to the Ways and Means committee, as the one more properly having jurisdiction over it's subject matter. The bill provides that the Secretary of the Treasury be author
 ized and directed to issue 8 register or en- rollment for any vessel built in 8 foreign country whenever such vessel shall be owned by 8 citizen of the United States.
 MT. Isaac Bassett, the Senate doorkeeper, who has in charge the register of seats of Senators, says that Senator Malone has, through friend, selected his seat on the
 third row, at the left of the Vice Rresident's
 desk General Miller, the new Senator from
 California, will sit at his left, and next to him Senator Hale, of Maine. In front of General Malone will sit General Harrison, of Indiana, and at his left is General Burnside's seat.
 It may be said on authority that no decis-
 ion regarding the next Secretary of the Treas
 ury has been made by General Garfield. Sen