Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-01-13
XLVIITH CONGRESS.
Further Consideration Of the Sherman
Three Per Cent. Funding BIZ in
the Senate-Garlaud, of
Arkansas,
Gives a Few Facts Concerning the Rela.
latiOns Existing Between National
Banks and the Government
In the House.

In the House.
WAsHINGToN, January 12-.Seaote-Sens
tor Vest reported favorably. with amend
ments, from the Committee on Commerce, the
Senate bill to authorize bridge across the
Missouri river at the most accessible point
within five miles above the city of St
Charles. Missouri. Taken up and passed az
amended.
Senator Ingall-, who has returned, having
been detained away since the reassembling
OF Congress, then took the floor 10 defend thu
arrears OF pension act, which was attacked
by Senator Beck in his speech the other day
Senator Ingalls, said if there was anything
wrong in that act or in its passage Senator
Beck should have exposed it before Its pass
age. He offered a resolution declaring it the
sense of the Senate that the arrears of ps n
sion act should not be repealed.
Senator Beck asked that the resolution lie
over, saying that he would endeavor to pre-
sent some facts showing that the act was
passed under all sorts OF misconceptions
Senator Iugalls gave notice that he would,
upon every occasion that he could get the
floor, ask tor vote on his resolution.
At ] :25 pm. the Sherman funding bill was
proceeded With, Senator Garland having the
floor. He quoted from decisions to show the
relation existing between the banks and the
government.
Senator Garland argued to show that the
relation of the banks TO the government was
that of mere fiscal agents, and that Senator
Vests amendment was logical and legal
sequence of funding. He was not welded to
the idea OF three per cent. bond, but was
willing to take the assumption of saving
81 900 900 annually for what it was worth.
Senator Allison inquired for information
whether, upon Senator q arl and's construction
of its language, Senator Vests amendmon
making the new bonds the sole basis of bank
three and a half per cents on deposit 10 sur
render those and take three PER cents He
did not SO understand it.
Senator Gariand-We will try to make il
broad enough to cover that
Referring incidentally to passages in the
report of the comptroller and secretary of
the treasury upon the subject, he said
the opinion seemed to be entertained by
those officers that by some means the banks,
upon the expiration of their charters, could
be organized by the comptroller to continue
business. If that be true, which he did not
admit, the country should know the fact,
and Congress should assert its authority in
the matter. 1t was its duty TO say to these
institutions, ave want to see your books"
Senator Sherman interposed to say he did
not think the claim had been made by the
comptroller or any officer of Il e government
that the bank per cent. with the same out
standing trusts, etc. could organize as new
bank but all they had claimed was that any
five persons inside or outside the old corpora.
ton might, under the existing law, start a
bank upou the expiration of their bank
charter.
Senator Garland replied that the section of
the statute which created banks fixed the
absolute termination of their career at the
end of twenty years. Where the law had
qualified that by allowing banks-by change
Of name or persons-to organize anew the
section did not refer to organization bv five
or any other number Of persons. If we had
given these corportions the power to PER
petuate themselves after twenty years as
claimed by the senator from Ohio [Sherman1
the country should know the fact, for it did
not yet know il.
Senator Sherman explained. He claimed
exactly the opposite, that banks had
no power to revive themselves, but that he
thought any set of people, either stockhold-
ers or outsiders could organize.
Senator Garland, remarking that he could
not discuss more than one proposition at a
time, went on to argue that there was no
power in banks to organize, and there
should be none until Congress could see how
they stood.
Senator Plumb renewed his amendment so
az to require the use of all funds now in the
for the relem ption of United States |
notes in excess of 100000, 900. In the re-
iemption of three per cents; such redemption |
10 be made in not less than three Install |
nents, and said sum of S100,000,000 so left |
N the treasury shall not be increased or di- |
except in the REDEEM ption of United |
Sta'es notes. He also gave notice of addi- |
ional propositions, and proceeded to argue
hat upon any calculation of interest the !
government would now lose more than it
,ould realize by an attempt at refundfng.
He favored in lieu of that the taking of |
go, 100000 from the treasury fund and the
PERMANENT Limitation of that fund as pro-
,osed by his amendment. Casually refer
ing to the veto bill of the last session he
characterized it "a wicked and defenseless
Ict, which would have caused the defeat of
he Republican party las that party would
AVE had no greund 10 stand upon before the
'eople) but for the success Of Secretary Win
om's subsequent operations.
Senator Vest, replying to Senator Sher-
nan, asserted that between 1858 and 1873
liver dollars were coined to the amount of
G, 0O0, 0OO
To disprove the assertion, Senator Sherman
aid ii had not been coined fer several years
rior 10 the detnonetizing act OF 1873.
This point gave rise to a controversy be-
Teen the two senators, during which Sena-
)r Vest substantiated his assertion by quo
atoms from official records, and Senator
herman conceded the fact as TO the coinage
silver dollars in the period named, but in
sted that it had been made use of only for
Sport statement, which Senator Vest had no
arrant OF law to supTu:t it. Replying to (
enalor Allison's inquiry on the point Sena-
n Vest explained that the amendment did
Of apply to the bonds held by the banks
DIV. 1t merely applied to the bank now in !
Sistence which seeks to increase its capital
ter July ], 1882, or to a new bank which L
eks to go into business after that date The !
,bate was continued by SSnators Allison,
herman and Plumb.
The fact became apparent at 4:20 o'clock I
at as several senators desiring to speak had
It yet participated in the discussion, the
II was informally laid aside until Monday G
Bills introduced were follows: e
By Senator Edmunds: In relation to quo
m of the Supreme Court of the United
aies, providing that hereafter a majority n
the Justices. instead of six, shall consti- r
lie quorum. 81
By Senator Kellogg: To extend the limits
the port of New Orleans, aud making an f
OF 100000 for the improve u
mt of the harbor. Copies of bills already Il
reduced in the House were presented.
The President pro tenn. pre- 'ented a commu Sd
ation from Isaac NJ. Arnold, president o '.
Chicago Historical Society, asking Ia ?,
operation OF Congress in the celebration, &C
ril 9th, at New Orleans, OF the two-hun-
dth anniversary of the discovery of the B,
nth of the Mississippi river by Robert n
Waller de LaSalle nnts
IN motion of Senator Teller, his resolution in
Getting the secretary of the interior TO COM
nicate the decision OF the commissioner al
eral of the land office declaring that the TT
d-grant made to the Northern Pacific c ",
ilroad Company had lapsed under the Il
ration of the law granting the same, and
} the decision, order or instructions of his sic
decessor, Carl Schurz, everything the com wi
sioner's decision and restoring the grant fst
lands to the Northern Pacific railroad sp
bout reference of the subject to Congress;
further, all memoranda on the subject tn
the number of acres for which patents ma
been issued to said company or its as vel cei
Is since July.4, 1877, was taken up. col
enator Allison moved an amendment to tho
ude in the call for information any opin-
of the Encouragement on the subject iti'
eed to, and the resolution passed. s H,I
enator Window offered resolution re- Tia
sting the President of the United States hg
as far as may be compati- e e1S
with public interests, copies of the in ma
ctions to the minister of the United
es in Hayti, of his notes to that govern Viz
It, and of his dispatches to the department toN
ate, not heretofore communicated, re- b er
ting the claims of Antonio Pelletier, ma
ZEN of the United States, against the gov dai
ont of cd