New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-05-19
AFFAIRS AT WASHINGTON.
THE NATIONAL BANK BILL.
VOTING DOWN CRAZY PROPosrr0Ns-THE GREEN
BACKERs ATTACKED BY MR.. BLAND-THE BILL


BAcKERs ATTACKED BY Mr.. BLAND-THE BILL
STILL UNFINISHED
lBY TELEGRAPH TO THE TRIBUNE.l
WASHINGTON, May 1870 heavy was the Hood OF
so-called amendments poured in by the National
bank haters to-day, in the hope of swamping the
committees bill to extend the charters of the Ma
tional banks, that slow progress was made, and
after six hours session. the greater part of which
was consumed in discussing and voting down moro
or less crazy propositions offered chiefly by South
western Democrats, the House adjourned, leaving
the bill still unfinished.
The amendment offered by Mr.. Hammond, of
Georgia, giving State Courts jurisdiction of suits to
which National banks are parties which was
printed in tO-days TRIBUNE, was adopted without
a division after short discussion, Mcssrs. Bayne
and Brumm, of Pennsylvania, and Mr.. Parker of
New-York opposing it, Mr. Parker, who has had
considerable experience in litigation where National
banks were interested, objected to the proposition
mainly because it would make all that kind OF iitl-
CATION subject to what he styled " the barbarous
Usury laws" Of the State Of New-York. Chairman
Crapo accepted amendment t. the fifth section,
offered by Mr. Randall, designed to protect the
rights of small stockholders when banks
are reorganized or have their charters extended
MIR. Crapo. in accepting this amendment remarked
that it necessary to guard against an injustice
toward small stockholders which had already been
exercised in several instances where banks have re-
organized under the present law. 1t provides that
each stockhold.r who elects to remain in the new
organization shall receive amount of stock pro-
portioned to the amount which he held in the ex-
pring association. The cautious and economical
Mr. Holman offered an amendment, which MIR.
Crapo also accepted, requiring that the cost OF the
plates for printing the new notes. and all other ex-
penses of substituting the notes for the old
ones shall be paid by the banks This is simply re-
enacting law now on the statute DOOR,
An amendment offered by Mr. Crapo TO
the seventh section was adopted without
DIVISION 1t is designed TO remedy deiect
in the present law by holding legally responsible
for debts etc. until their affairs shall have been
finally adjusted and settled, all National banking
associations whose charters may expire After only
short discussion, and somewhat unexpectedly 10
n great many members, amendment proposed by
Mr. Cannon, of Illinois. was adopted as section
eight of the bill. 1t reads as follows:
That National banks organized, or hereafter or
ganZed having capital Of $1j0,000 or less, Shall not
BE- required to keep deposit with the Treasurer OF
$4,000 security for their circulating notes and such
Of those banks aayng on depos, bonds IN exSGss on
by the deposit of lawful money as provided by laW
In support of this amendment Mr.. Cannon argued
that the present law bears too heavily on banks
with small capital by requiring them to keep much
larger percentage of their assets in Government
bonds than the larger banks are required to keep IN
the same class of securities. 1t will readily be seen
that this amendment, ii it becomes part OF the
law. may produce important consequences by re-
leasing very large amount of Government bonds,
and by affecting the amount OF National bank cir
culation The amendment was adopted by very
close vote-1O2 to 1OO-and the Democrats. under
To nrrrn
a reconsideration but failed. Soon afterward Mr.
Has;el; of Kansas. who had hitherto supported the
hill obtained the floor and declared that the adop-
ton of the Cannon amendment, the effect
of which he thought would naturally
be an extensive contraction of the currency,
had determined him to vote against the entire
measure Mr. Randall offered as section nine OF
the bill his amendment, printed Ill to-daYs iRiB-
UNE and Mr.. Crapo at once sent up SUBSTITUTE lor
if which Mr. Randall as promptly accepted, ac-
I,,owledgino as he did so that his own amcndlneht
did some things which he had not intended 70 ac
complish Among the things when Mr. hanuall, IN
his poiieness proposed, but when ne san lie M din
nnt mean was TO reenact sections D. 90 ana ., lou
of the Revised Statutes, requiring National banks 10
keep invested in Goyeinnentt pofos stock " Mr. Ram
dall had also been brought to see that ny q no'lto
of ninety days TO surrender cirenIa''on henEu mobt
any extent ohuse tne H%'lipir nrcciuitatc fnanca
II n,nic 'ney at o"oUIy' oUy time, almost if not
Guite as efectuay rs if they were TO surrender cir
culation without such no,lce; MI ElaPos suosti 1
nosit awful money to reduce circulation, limits the
amount of lawful money that may be deposited Tor
that purpose in any one calendar mon IL 10
e. 400 900 excerpts from this restriction lawful
Money dcposted to redeem called bonds which may
ha an den sit 10 secure circulation, and requires
hanks to surrender such bonds so deposited Wlimn
thirty days after the maturity OF the call maj
vote was hot taken on Mr. Crapo's substitute, but IL
,;i rndoubtedly be adopted IN its present form.
Ur Rucknrr's amendment to limit the duration OF
extended char,erS TO ten years, whlch was pehulhg
,yhen tbe House adjourned yesterday. was rejected
hv a vote of 81 TO ll0. Eleven Republicans
III Western men, except Mr.. Robeson, of
Nev Jerscy-yoed for this amendment lana eighteen
Democrats voted against 1t. Among thc latter were
Vcssrs Harris, llardenbergh and Ross, or New
iersny and Mcssrs. Beach, Flower A. B. Hewitt,
UutcRins and Scovllc. of New-1oIk.
A very lively episode was occaslOned Ill tue course
of the afternoon by violent assault Dy MI Dlahd,
of Missouri upon the Greenbackersi IN the course OF
which he declared with lhuch ehPHasiS, an ho
fiat money Grcenbacker" :, =, -,
Mr. Jones' of Texas, sprang to his feet and hotly
retorrcd "Why, pity the poor ieiloW lie mas got
,ore Gree n hackers in his district than he would
Ike TO have and he wants to show that ne is bet
Tor hacker than they are. lie is nor III favor
of fat money! Why, he IL the taher Oh our present
silver dollar dollar the commercial Vaiueot wnlch
20 hout eighty cents. but which the Bland law
declares is worth II hundred cents Then turning
unon the Missouri statesman and shaking MS hand
toward him. Mr.. Jones exclaimed: Where's the
othnr seventeen cents III that Is not hat money,
We.srs Brumm Of Pennsylvania, and Burrows
of Uissourl also paid their respects TO Mr.. Bland
and fine Democratic party ana Tor some tihie con-
siderable cont tusiOu ana eNcltcmeuJ prcNilleu.
S.x,.ral substitutes remain TO be ycted upon, and
rrohably n few more amendments Will also be
nfIcred hut final vote Will he taken t'-morroW
aud she bill substantially III It's present form VIII
be adopted