The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1882-05-25
KENNA ON FINANCES.
HIS VIEWS OF THE NATIONAL BANKS.
''0ur washInston Correspondent" Draws Him Ont.
Another West virginia Rallroad-Oh vlr.
glula PollticA-About NJ. vcrnon-Gulteau
and tho Pctrihcn-Perxonai Notes. :,


Special Dispatch 10 the lntcllgcncrr. es
WASHINGTON, May o4.-Mr. Kcnna, OF
West Virginia, being inquired Of, today,
concerning the amendment that he offered
to the National bank bill and the comments
OF the 1STELLlnEScsR thereon, insisted That
his amendment was right. "lecause," said
lie, "undcr tho National bank law tho
banker deposits bonds with tho Govern.
mcnt for 90 per cent, face value, ns security
for the circulation which ho Is authorized
to issue and lend for interest; he must re.
serve 10 per cent to pay one per cent tax
on circulation, and pay for printing the
notes, etc. When these expenses arc COW
cred, lie gets the balance for nothing. In
other words, the interest on 10 per cent Of
his bonds will cover all expenses; for the
other 90 per cent he gets from tho Govern.
ment MI exact equivalent and ought not to
be paid anything for the exchange"
Suppose 1 hold your note for sl,0oo,"
urged Mr.. kenna, "and suppose the note
is due and need 500; ask you TO lend it
to me and give you your own note for 81 900
as collateral. Now, rs yon pay INC interest
on 81, 900, which you owe me, and borrow
500 from you, ! must either pay you inter
est on the slO0, which owe YOU, or abate
interest on 500 OF the $1,000 you owe mo.
So the Government owes the bond-holdcr
100000 on which it promises TO pay inter
est, but the bond.holdcr wants money
and the bond is not due. He, therefore,
says to the Government, Lend me 100000
and I will give Yon your own bond as Sc
curity.' The Government says, 4 am pay
ing you interest on my bond; you must
pay me interest OH my money No. says
the bond-holder, i have to keep 10 per cent
in hand to pay tax on the rest aud have my
money printed WE'LL Says the Govern
mcnt, 4 insist that 10 per cent OF my bonds
will cover that; then, il give you the
other 60 per cent for nothing, you must not
ask me to pay interest on that for which l
give you all equivalent" ....
Saying which, Mr.. Kenna, with self
satisfied air, turned on his heel and walked
away, adding as he went, "rhat's the the
ory OF the amendment l offered"
Dispatches sent from here to Wall street,
to-day, state that the Washington 4 Ohio
railroad has been sold to Il syndicate OF
Boston capitalists. who would at once COM
nence the work oiextending it to the West
Virginia coal fields, if not further, and
prosecute the work to completion as rap
idly rs possible, with all the force that can
be put on it.
Colonel w. p. Burwcll, Of Richmond, is
here, in the interest Of several Virginian
claimants under the French spoliation bill.
The measure reported iby the Senate for
eign affairs committee appropriates Sl2,-
400, 900 toward the payment Of these claims,
and allows the prosecution Of the claims in
the Court Of Claims,
A gentleman who attended the Repub.
lcan conference at Richmond, yesterday,
says that the Straishtouts will run candi-
dates ior Congress in every district next
fall, in order TO show the President
exactly where they stand, and that
the men they elect to Congress
will not forget the quarter whence came
the most powerful opposition the Virginia
Republicans had to contend with. The
same gentleman asserts that had it not
been for Malone, the State could have
been carried for Garfield.
Mr.. Blaine, having to be in Cincinnati
on private business, could not appear be-
fore the Chiti-Peruvian Investigation COM
mittee to-day, much to the disappointment
OF large crowd OF correspondents and
others, who had gathered early at the Capt.
tai to hear him.
0 The regular annual ession Of the Mount
! Vernon Rcsen!s.began today, ladies OF the
= association from fourteen States being pres
! ent, among them Mrs. Cole, OF Washington
t vice regent from West Virginia, Others
. are expected tomorrow, when the various
:, reports will be read. The grounds and
, buildings arc in excellent order. Tho
/ green room OF the mansion, furnished by
J: West Virginia, has been restored to its
:. original color. through tho efforts OF Mrs
Cole. Many old family relies have
!; been placed therein, among which arc thu
n mantel, mirror and dressing table once tht
J property OF General Washington, and tht
bedstead on which Mrs. John Gusts died
n The bill providing for the increase OF tn,
Il water supply OF Washington provides iol
n n new reservoir to hold 300,OOO,0OO gallons
V and the extension OF the dam at Grca
Falls, Mt an estimated cost Of about $500,
y 600. a9
y Among numerous odd requests lately re
\ ceived at the jail is one from II concerl
~ calling itself "The New England retrifyini
IS company" asking for the body Of Guitea'
IS to be petriiied. s
G r. B. r johnson, the colored editor OF til
n Woodstock, Virginia, Argus, announce;
J himself candidate for Congress in PAUL
n district. He claims that his race hay
. been shameiully overlooked in tho distri
I. button OF the coalition" spoils. 5g'
9 Tic Senate to-day passed, by a close vote
d 4 bill for the roliei OF the officers and ere,
!. !. OF the Monitor, which fought tho Merri
!. mac in 1862. and Senator Davis made quit