New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-05-17
AT THE NATIONAL CAPITAL.

hiENDo AMI rOES Or M bllONAb DANiN','
DEBATE IN TIE HOUSE ON THE BILL TO EXTEND
THE CIIARTERs-vIEws or MR. HEwITr-A
VOTE LOOKED FOR TO-DAY
IBY TELEGRAPH TRTBUye.i
WASHINGTON, May 16.-Dcbate on the bill to ex-
tend the charters of National banks was resumed in
tho House to-day and continued through the after
noon and evening sessions, Mr.. CrapO-who has
charge OF the measure-being anxious that general
debate shall close at o'clock Tomorrow afternoon
in order that final vote may be had before the hour
of adjournment.
The first speaker to-day wasAbram 6. Hewitt, who
favored the bill with the Randall amendment
quirlng banks to give ninety days notice of an
intention to surrender circulation The experience
of last year, Mr. Hewitt thought, sufficient to
Justify the taking away from the National banks
the power to contract the currency without notice
by withdrawing lawful money for the purpose of
redeeming their bonds. Mr.. Hewitt said nothing
about the cause of this sudden coniraction--thc
Carlisle amendment to the Refunding bill-although
in another part of his speech he did dwell upon his
desire to manage his own property in his own way,
which was precisely the reason given by the
National banks for their action.
Among the reasons given by Mr.. Hewitt
why this bill should pass was that
if the banks should be compelled to wind up their
affairs and then reOrganize, the process would in
NOlNt lIlc ulstTlbntOD among tlcr Oh
the $13S,000000 accumulated by the ban Ks, the
effect OF which would be to reduce tho volume of
business in the country at least one thousand mill
ion dollars for the ensuing year " And" he con-
tInued, " even if the banks should then reOrganlze,
it would be ut least ten years before they would
again be as secure and strong as they are to-day"
The passage of three per cent refundng bill, Mr..
Hewitt thinks is quite as necessary as the passage
of the measure under consideration. He warned the
majority that as the Republican party was RESPONSE
Bile for the failure of the Refunding bill passed by
the last Congress, that party would be held to
strict account for the disaster which ne believes
will surely overtakc the country If no Refundmg
Mr.. Hewitt believes that the National banking
system Is the best system OF banking that man
has yet devised" and, banks are necessity,
he desires to the system continued With this in
view lie unfolded certain suggestions, which, al
though they might seem crude he had made the sub
ject OF much thought and study and upon the FEAST
bility and security OF which, If adopted, he was will
ing to stake his reputation as business man. , The
ing: ~ The amount of Government bonds re-
qulred to be held by National bank to be reduced
to $4,000. (2) Circulating notes to be ssed to
stock, and these notes to be first lien upon all the
assets Of the bank. 49, Stockholders to ,6e be
liable to the amount of their stock and 100
to be first lien upon this amount also ~ Each
bank to he required to deposit i'll the United States
Treasury IN com an a. tsg sga T 40 eT
whole to be responsible for the circulating notes of
each individual bank. 90 Providing for the
seS6lnent Oh tlc D1lhS W iuSocS.
Under Mr.. Hewitt's plan, supposng the
whole number of National banks to be 1000 and
the entire circulation, as at present,
say $3GO,OO OO,OO0 they would be required
to hold 800, 900 900 in Government bonds as part
of their asses and also to maintain the Treasury
of the United States coin reserve amounting to
$:SG, 600 900 for the redemption of their notes.
Mr. Hewitt very hoarse and spoke with much
difficulty, but members from both sides iocked
about him and listened with close attention to his
remarks. Mr.. Buckner. of Missouri, made long
speech in advocacy of his peculiar views, but
did not attract much attention. Nh
Butterworth of Ohio. read long and rather
interesting speech, giving his views on currency
and financial subjects generally, and incidentally
approving the bill before the House
Sir SrumIn, the Pennsylvania GTeenbacker, held
the floor tor nearly two hours while lie expounded
his financial theories and rehearsed his
financial vagaries Mr.. Brumm believes in
q currency based upon the integrity,
whole American people lie has been very thor
ough investigator of currency questions, it appears
and among either original discoveries announced by
him to-day is that gold dollar is rredeemable cur
rency, because, if you present 1t at the Treasury
the Government will not redeem it. but will accept
it in payment of debt. at times nearly dozen
members appeared to listen to Mr.. }rumms elo-
quencc and profoundly wise and philosophical ut