Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1882-05-17
CONGRESSIONAL.
SENATE.

SENATE.
WASHINGTON, May 16.-Petitions
were presented by Mr.. Mcpherson
from the board Of aldermen of Jer>
sey City solemnly protesting against
what they call the bs e surrender by
Jsmas G. Blaine and James RUSSELL
Eswell of the rights of American
abroad, and calling .on the
President to vindicate these rights
and demanding the recall of Minister
Lowell. Referred to the committee
on foreign relations.
Senator Bayard reported favorably
from the finance committee, with
in the nature of sub
stitute, the bond spirits bill. He
said the committee had taken speedy
action on the question because of its
to the public revenue
and the extensive business connected
with it, and that an amendment
would probably be offered in the
allowing bonds to be given
annually, SO as to prevent the hard
ship under the present arrangement,
of giving the bonds monthly. The
bill went 10 the calendar.
TIE five per cent. land bill came
up as unfinished business, and was
discussed for some time, and finally
went over as unfinished business for
Tomorrow.
After an executive session the
Senate adjourned.
WASHINGTON, May 16-The House
resumed consideration of the ma
tional bank charter bill.
Mr.. Hewitt, of New York, pre-
missed his speech with the daclara-
ton that he WAS owner of no stock
in national banks, and that he had
never borrowed dollar from such
bank. What he had said would not
be in the interest of the banks. but
would be spoken as the representa-
tive of the district In which he did
not believe there was a nation Il
bank. He did not claim that the
present system was perfect, or that
in some other ege and time better
would not be devised, but it was the
best that had yet been devised by
the ingenuity of man. Any circula-
ting medium, in order to be good,
must be redeemable in coin on de,
mand, and should be issued in
mounts sufficient to meet the leeiti~
mate requirements of business. That
was precisely the condition that we
had now. The banks were willing
to redeem every note on presenta-
ton, and they were able to provide
for whatever amount of currency the
demands of business might make ne,
cessary.
He proposed that the national
banking system should not be chang
ed in any respect, except in regard
to its circulation and security for the
same. He would keep the issue OF
money in the hands of the govern
ment, through the agency of ma
tional banks. He would also
provide for reserve
fund and redemption frnds, but he
would no longer compel banks to
deposit government bonds for their
circulation. He would de notes
for 80 pr cent. of capital; would
still require per centage of q
banks capital to be Invested in gov
ernment bonds; would make its notes
a first lien upon the assets of bank;
would make the stockholders indi
vidually liable for 100 per cent. iu
addition to the amount of their stock
and would institute reserve funo
| by assessment upon suct
banks to secure notes q
any one of them, and finally he woull
make the banks as whole guarar &c
the circulation of each individual
bank.
Mr.. Buckner, of Missouri, afteI
advocating the substitution of trea-
sury notes for national hank notes
opposed the heading of the bill a.
beng wholly unnecessary and was
deluslon and a cheat which woult
not accomplish what the countr
thug 1t would and whicn failed t
secure fe and stable circulation.
Mr.. BuCterworth, of Ohio, sup
ported the bill as bong required b
/ public policy and the business in
terests Of the country, but insiste
that the reserves of national bar
should be kept in coin.
| Mr.. Brumm, of Pennsylvania, op
posed the bill. He advocated til
principle that the issuing functio
should be in the control of the gov
ernment, and in reply to the que~
ZION as to how the amount of cu1
rency should be regulated, he sal
that he would give the Treasury un
limited power to issue Fl At none
so long as the money brought NOR
than three per cent. interest. Th
subject then went over.
On motion of Mr.. Dowd, of Mort
Carolina, Senate joint resolutio
!; was passed authorizing the Secretar
OF War to loan one hundred flags
the citizens committee Of Charlott
N. c., to be used in the celebrate
of the one hundred and seventh an
nive sary of the Mecklenburg Decla
ration of Independence.
The House, at 5 clock, took II
cess until 7:30, the evening sessio
to be for debate only on the bar
charter bill