, 1881-01-20

worm; lii the des.rue,,{ IS hat worm would
increase, the proltst!:> 8 she cotton-p]ant-
ing Representatives.: s q r,lIo has q
!apecidf use and! thai si ms stated by The
Speaker with clcartf, = I'd precision. It Is
/ not intended 10 aprt. 2 ,otes upon measures
which infect whoS q (sses, but to votes
which relate 10 SUES lin which Individual
members have IfSSSY ~ individuals, and
not Us tile ruprrsS 6 !vcs Of n class or sec.
t'on; to. that m0f{< |eSen then' the House
NO POWER TO Etv~'OnCE SUCH RULE,
but lnust leave 1t to tho cansctenccs OF
the member, for the very good reason
that, under TIC Constitution of the
United States, tho House of Representa-
representative of the people Of his right to
vote, and Mr. Newbcrry did vote, as every
other businessman and man OF. practical
idens In tho House voted Except gentle men
controlled by craftsmanship, In opposition to
tho bill.
T1iE SANFORD AMENDMENT,
for ustng atl the Treasury's reserves except
Sc. .Oo0, ,0o0. WIS stricken out OF tho bill by q
vote Of Ill yeas to 14o nuys. The > per cGnt
rate WAS secured, too, by 4 vote Of 149 yeas
to 103 nays. The amendment fixing
tho rate Of commissions, expenses, ETC., at
onc-quartcr OF per cent WIS adopted by Isl
yeas 10 los nays, The Carlisle amendment,
which IL Tie amendment that Is
THE VITAL BLOW 4AuAtSsr THE NATIONAL
HANKS,
was adopted by 137 ayes to 110 nays, Marsh,
OF Illinois, being tho only Republican WHO
voted for It, while Ryan Of Pennsylvania,
Morse Of Massachusetts, Democrats, and
In rf f11ft1ofs a1.a %nI
ngainst It. The bill itself was passed with
| out further change, except as 10 Its title,
BY n vote Of LIS yeas to 1a5
nuys. Enough Republicans voted for the bill
to have defeated 1t hnl tluy voted against 1t.
Many frientls Of refundEng regret that these
| Republicans did not take the responsibility
md vote against tho bill, and recommenco On
a different basis.
THE coNTllor.1.EU or THE CURRENCY,
being asked his opinion oil the effect OF the
bill, II II should become law said, tonight,
In substance: AL tho National banks now
have tlle right to reduce their bonds to s5o.-
QUO upon tho deposit Of tic rcqulsit amount
Of lawful moncy. Tho passage Of this nrnend-
ment will prohibit ary bank frum withdraw
ing Its bonds Unless Its circulating notes
arc first returned for destruction. Tho wllole
amount OF legal.touder mil Treasury notes
| IOW uHtSltAaAiHE ~ huuut SbSus0AUuun% u
which about S';3i, COO nre held outside Of
tho Treasury and the banks, and scattered
among tho people, So that 1t will be ImpossI-
bic for tho fssutng bank to obtain Its own
notes for TINT purpose. Tie amendment
will therefore, prevent tho withdrawal Of
bonds to ANY considerable amount.
MANY HANKS OF 1.A1.OE CAPITAL
have but little circulation. and Ito not desire
1t, and these banks will bo obliged to Invest
one-t[itrd OF their capital III United Suites
bonds or go into liquidation Tho banks
now hold s150 00o. 600 Of 4s md 411s md Pa-
cidc bonds, which they cannot thcn With
draw until ,'thgy hnvc picked up notes Of
their Own ISSUE and returned them to Wasil-,
ington for destruction. There nra
l .''ANour ON: THOUSAND nANKs
In operation having cnpital OF Sl5o,0oo and
over, a,d these banks must llaye s5o, goo Of
bonds under existing laws. Tic banks
having less capitAl = than $4,000
are now obliged to keep one-third Of
their capital III United States bonds, 50 that
the reduction OF Hol.ils under the existing
law could not be reduced rs low ns S100, ,00o,-
000, and 1t IL not at alt probable TINT uilt!er.
any legislation, t1ey would rrduce the pres
unt amount 0fbonds-vtz. $;53. .00o,000, much,
II my. below $780, 0,0oo, ,000, which is n limit
I lower thnn the banks have held since 1866.
The'law.:as It now stunds. H..
T. - :'t:'117 NynRKH EXcEl1.EyILI,, !:
4 and ti,d banks havo the right to increase
and LIuatu{sil their circulation Mt pleasure,
whi!o tile pussago nf tho present net will
prevent thu banks from reducing their ctrcu-
lattnn during tho dull season of the ycar,
when money Is not needed. and prevent the
issue of additional circulation hereafter, un-
lcss they shall sco lit to purchase the per
cent bonds authorized hy tho net, which they
cannot Withdraw hereafter II they desire to
| 10 80.
UNDER THE PROVISIONS or THIS AMESD-
SENT
nil National banks hereafter organized will
bs Compelled to hold one-third Of their cap-
ital III tho new :. per cent bonds, while
t,,tder existing lnws such banks cnn organize
upon tho purchase OF s50, ,000 omly of United
States botlAs. This will hive tho effect to
prevent the organization Ut 1Iow hanks, anti
thus diminish tho demand for the new poE
cents
ALI. OF TIE REGULAR dI1EENnACKEHs,
except Russell. OF North Carot'Ia, u1ld 'Nar.
nor, of Ohio, voted against the bill.
Thoy bud nil voted in favor OF
the amendment, and for the per
cont rAte. Tho only Republicans who
voted for tho bill OH Its final passage wore
Barber, of Illinois. UeetlnE, OF Iowa,
Dunnell, Of minnesota, Kolley, Of pennsy'
yania. ketchnm, Of Now York.
Miles, Of Connecticut, UplogrutF,
OF Iowa. Washburn of Minnesota, and Whlte
OF Pennsylvania. The Democrats who voted
, against It wcro Mcssrs. Aiken Of South Car.
: ollna, l}oItzhooycr of Pennsylvania, Dla1ltl Of
Missouri, Colerlch OF tndiana, Ellis Of Lou
, isana, 3torso Of Massachusetts, Phelps ot
: Connecticut. Robertson OF Louisiana, Speel
. of GcorgEu, Stevenson OF illinois, md Wright
. OF Pennsylvania. It WIS
TIE UNDERSTANDING A,t0Sa lsEpuILlcASs
that 1t would be better to nllow the bill to &c
to tue Scnnto NJ Il basis for tie forming
t OF new bill. This WINS done fol
: the reason that 1t IL not possible, under the
Constitution a,ll rules, tor the Senate to 0rl
. ginate Funding bill, ar, ut lcast,
| tho constltutLonailty Of such nl
q net OH the part Ut tho SO1Iate ls SO much
/ l., .l.us,$ tI,ot TIM T1,,,un 1pnIt1i ,,,tar