Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-02-08
NATIONAL BANKS.
Substitute Presented in the House for the
NEUTRALITY-SUSPICIOUS. Bill
Extending Their Charters.
Tariff ReYision-Garlsnd's Railroad Bill
-Beck's Bill Relating to Certified
Checks-Capital Briefs.

WASHINGTON, February THE Commit
tee on Elections decides that Dibble, til
sitting member from the fifth district o
South Carolina, in place of O'Connor, de
ceased, must file a brief and defend hi
title to the seat in the same manner tina
OConnor would be required to do had be
lived
Nominated by the President.
The President nominated John Gallagher
jr., OF Pennsylvania, consul-generals at Bic
de Janeiro; John J. Flynn, OF Illinois
United States consul-general at Chemnitz
Albert Morlan, of Pennsylvania, consul
general at Belize; Henry Pay Nall, surveyor
of customs at Baltimore.
Supervising Inspectors.
The Board of Supervising Inspectors for
Steam Vessels to-day completed its business.
Rule l of the pilot rules for lake and
seaboard was amended in accordance with
the Revised Statutes, which reads: eli two
vessels under steam are meeting so as to in
volve the risk OF collision, the helms of
both must be set hard a-port, SO that each
may pass on the port side OF the other"
GarIand's Railroad BIZ.
Senator Garland's bill granting the right
of way to the Mississippi, Albuq uerque and
Inter Ocean railway through the Indian Ter
ritory provides that the company shall have
the right OF way from a point in Polk
county, Arkansas, on the line of the Indian
Territory, westward through the lands of the
Choctaw and Chickasaw Nations, for a dis
tance of about two hundred miles, for the
purpose of constructing and operating rail-
road and telegraph line. The bill also pro-
vides that the company shall make full
for property taken or de-
stroyed in the construction of the road.
I0sth Bond Call.
The bonds called for to-day by the score
tary OF the treasury are the registered bonds
of July II, and August 5, 1861 continued
during the pleasure of the government under
the term OF circular No. AZ, dated April IL,
1881, to bear interest at the rate of 81 per
cent. per annum from the LIST of July, 1881,
as follows: $50. Nos. 1851 TO 2l50 both in
elusive; 500, Nos. 49, 01 to 14,700, both in
elusive; $500, Nos. 10,001 to 10000, both in
elusive; $1,000, Nos. 4S,90l to 81 900, both in
elusive; $4,000, Nos. 10, Isl to 16, $50, both in
elusive; $4,000, Nos. 1851 to 1880, both
inclusive; total, $4,000, 900. Many of the
bonds originally included in the above num-
bers have been transferred and Cancelled,
leaving the amounts outstanding as above
stated.
The Star Route Cases.
The straw-bond Star-route case of Cabell,
Judge Smell in the Police Court. Baskets
between twenty and twenty. five
thousand papers were produced, and these
we're only portion OF those called for
The Court refused 10 allow the defence
% submit the advertisement of the Post
Office Department for the purpose of
showing the practice resorted to, and also
70 demonstrate the fact that defendants
lad lived up to the practice ss therein
4 4
10 further testimony to introduce, reserving
he right however, for Mr.. Hine, one OF
heir number who was absent, to submit any
evidence he might have in his possession.
The court then adjourned until ThurRday.
Beck's Bank BIZ.
The Senate Finance Committee referred
senator Beck's bill to prevent the unlawful
ratification OF checks by national banks 10
he secretary of the tire asury for his opinion.
The sentiment OF the committee apparently
avors the bill, and if the secretary OF the
reasury approves it, and it is believed he
will, the measure will be favorably reported.
senator Beck has. information to the effect
hat reputable banks generally desire the
passage OF this law. The over-certifcation
81 checks, it la alleged, is INDUCED in by
ew reckless banks, which are thus enabled to
10 business IN excess of their legitimate
means, and banks which make it a rule to
comply with the law want TO see all others
'equired to abide by it. Senator Beck SAYS
he Importance OF the measure is generally
and he has no doubt of its ultimate
passage.
The Union League.
The executive committee of the Union
League of America met here to-day. Dele
rates were present from all sections of .the
country. The league called on the President
hnd oft he af
providing for the congressional elections
lext fall was referred to a committee, with
,ower to act. The condition OF the Republic
an party throughout the Union was reviewed
md addresses made by CT. Filley and Others
The committee called upon President Arthur
ind presented resolution of confidence
Idopted by the league at its December meet
ng at Philadelphia. The President made
n appropriate response, and the members
'ere then individually presented. At the
vening session several addresses we're made,
nd the committee adjourned to meet at some
lace in the Southern States 10 be selected
y the executive committee.
National Banks.
The substitute presented in the House for
he Morrill, Grape Hardenburgh bill, extend
ng the charters of three hundred and ninety
hree national banks, provides that the con-
emit in writing of not less than two-thirds of
he capital stock of the association shall be |
equired to the amendment OF the articles of |
ssociation in applying for an extension I'M
er the provisions of the act, and such |
unendment shall be certified by the presi- |
ent or cashier to the comptroller of the
urrency, and it is made mandatory upon
he comptroller OF the currency to grant or
withhold his certificate OF approval the
provided for by the act may
isclose that the affairs of the association
re in satisfactory condition or otherwise |
three new sections are added to the substi-
ute bill, providing for the disposition OF |
took by any shareholder who may refuse to |
onsent to the extension, for the cancellation |
old notes and the issue of new ones to banks |
extending their charters, and that national |
anks which do not avail themselves of the |
PROVISIONS OF the act, and whose corporate
xistence shall expire, shall be required to |
omply with the provisions of the Revised |
tatutes in the same manner as If the share |
folders had voted to go into liquidation.
The report of the committee accompany |
ng the bill says: ain forming a judgment |
f the wisdom of the proposed legislation
xtending the corporate existence Of ma
ional banks, it is proper to consider what
esult the failure OF Congress to act will |
ave upon the paper circulation of the |
ountry. In case of no authority to con-
niue their business, WITHIN the next twelve |
months three hundred and ninety-three |
anks must go into liquidation. This will
ompel the withdrawal of 500, l60,9S0 law !
al money now IN active circulation, in order |
o procure SIS, sos, 700 United States bonds |
edged with the comptroller, and which the |
iuuidatipg banks will withdraw Tor |
ale and for the purpose of clos
ng their affairs and making a |
vision of their assets. Upon one single |
sy, February %, 1888, the charters of two |
undred and ninety-seven banks will expire,
n golvipg the return to the treasury of S54,- |
90, 600. 1t is not difficult to conjecture the |
influence of such a contraction of the cur
ency upon the business of the country and |
he values of property. Even if every ma
ional bank should reorganize by working
ew association under the existing law, the |
eposit of legal-tender notes or lawful
honey must precede the withdrawal of |
-nited States bonds held by the gov
which withdrawal becomes neces-
ary in the settlement OF the affairsof
bank. Your committee, having carefully |
the importance Of the question
involved in the continuance and discontinue
nee OF national banks, recommend the pas
a 70 nj the aceomnanyino substI tute bill"