The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1882-05-17

as postmaster at Chester Courthouse, ;. {.
Forfy-orysufh Congre>s-Ffrsts essiou-
WASHINGTON. May rs. 1882
SENATE
Petitions were presented by Mr.. McPher-
son from the Board Of Aldermen Of Jersey
City soIemnly protesting against what they
cali the base surrender BY james e.. Blaine
and James Russell Lowell Of the rights OF
American citizens abroad, calling on the
President TO vindicate these rights, and de-
handing the recall 81 Minister Lowell. Re
ferrcd 10 the Committee on Foreign Rela-
tons.
Mr.. Bayard reported favorably from the
Finance Committee, with an amendment in
the nature OF a substitute, the bonded spi-
rits bill. lie said the committee had taken
SPEEDY action on the question because OF IL
importance to the public revenue and the
extensive business connected with IL, and
that an amendment would probably be Of
fered the Senate allowing bonds 10 be given
annually, and 20 prevent the hardsblps I'M
der the present arrangement OF giving
bonds monthly. The bill went 10 the cal
endar.
The : per cent. land bill came up as IN
finished business.
The bin was discussed for some time, and
finally went over as unfinished business for
tomorrow.
Executive session. Adjourned.
HOUSE OF REPRESENTATIVES.
The House resumed the consideration Of
the Observation-Disclosures bill.
Mr.. Hewitt, % New York, promised his
speech with the declaration that he was the
owner Of no stock in national banks and
he had never borrowed dollar from such
banks: what he said would not be in the
interest Of the banks, but would be spoken
A. the representative 81 4 district in which
he did not believe there was q national
bank. lie did not claim the pre-
sent system was perfect, or that IN
some other age and time q better would not
be devised: but il was the best that had
vet been devised by the ingenuity OF man.
Any circulating medium IN order 70 be
good must be redeemable in coin on de-
mand. and should be issued in amounts
sufficient 20 meet the legitimate re-
qilirements Of business. That was
precisely the circulation that we
had now. The banks were willing
% redeem every note on presentation.
and they were able 20 provide Tor what
ever amount Of currency the demands Of
business might make necessary. He pro-
posed that the misunderstanding system
should not be changed in any respect ex-
cept in regard to is circulation and secu-
rity for the same. he would keep the
issue Of money in the hands Of the
Government, through the agency Of
the banks. He would provide for
reserve fund and a redemption
fund: but be would no longer
compel banks to deposit Government bonds
for their circulation. lie would issue notes
FOR the net PER cent. Of capital: would silll
require a percentage II 4 banks capital IN
be invested in Government bonds; would
maze it, issue net and a first lien upon the
assets Of q bank: would make the stock
holders individually liable FOR 100 per cent.
In addition % the amount u their stock.
and would institute a reserve fund 10y IN
assessment upon all such banks % secure
the notes Of any one d them, and be- would
make the banks a. q whole guarantee Tie
circulation Of each individual bank.
Mr. Buckner, u Missouri, after briefly
advocating a substitution OF Treasury
notes for national-bank notes, opposed
the pending bill a. being wholly unnece--
sarv. II wa 4 delusiOn and a cheat, which
would not accomplish what the country
thought il would, and which failed 20 Sc
cure a fast and stable circulation.
Mr.. Butterworth. oi Ohio. supported the
bill "a. being required by public policy
and bv The business interests - the coun-
Try. but insisted that the reserves Of IL
ti0nal banks should be kept in coin.
Mr. Brnnm. Of Pennsylvania. opposed
the bin. He advocated the principle that
the issuing function should De in the con-
troll of the Government. and in reply 10
question a. % how the amount q currency
should be regulated. be said be would give
the Treasury unlimited power 20 issue fiat
money 20 long ssmoney brought more Than
pr cent. interest.
The subject then went over.
ON motion Of Mr.. UOwd, Of North Caro-
Ina. senate joint resolution was passed
authorizing the Secretary of War 10 loan
one hundred fags 20 the citizens c0mmil-
tee Of Charlotte. North Carolina. % be- used
in celebrating the 10Th anniversary 81 the
Necklenburg Declaration ol Independence.
The House n ) O'Clock took recess uu-
I'll 100 =. NJ, the evening session 90 be- Tor
debate on the bank-charier bin.
There were but ten members present 10
the evening session u the House. After
>peeche- by Messrs. Hazeitine Of Missouri,
Anderson 81 Kansas, and Holman OF lndl-
ana. in opposition 10 the bin 10 extend the
charters Of national banks, the House II
g:4j 2. ". adjourned.