Daily Republican., 1883-12-26
NATIONAL LEGISLATION.
REvlVAL OF AMERlCvH SHIP.
PING-THE RATIONAL
Back 9YSTEn.

PING-THE n NATIONAL
BANK sYSTEn.
WASHINGTON, Dec. 25.-Repressn-
ta tive Dingley, of Maine, who was
prominently identified during the last
Congress With the question Of the re-
vival Of American shipping, and who
Was placed 6rst among the Republic
cans en- the new Committee on Ameri.
can shipping and ship owning, express
sed himself o. very we'll pleased with
the committee as named. He thought
II was . strong Cummittee-a commit
tee made up OF strong men, who are in
terested In the questions which are to
he submitted to them. The committee
be thought also was we'll selected gao.
graphically. New York, Massachu.
setts, Delaware and Maine, with their
great interests in the settlement Of the
question, were represented, as were
also the Pacific coast, the Great Lakes,
the Gulf States and the Mississippi
River. He was satisfied, be said, that
the committee was strongly in favor
of doing something at once for the revi-
val Of American shipping, and he in
clined to think that a majority of the
committee would be found favoring
free ships.
Mr.. Diugley also heads the list Of Re-
publican members Of the Committee on
Banking and Currency. To this com.
Inittee will be referred all questions TO-
lating to national banks, the most i'm
portant of these questions being that Of
providing for the stability Of national
bank circulation. Mr.. Dingley said he
thought that but two of the plans pro-
posed to this end were practicable.
One of these was to provide tor the issue
OF circulating notes to national banks
to an amount equal to 80 per cent. Of
the market value of bonds deposited by
them to secure circula' ion. After a
hasty examination Of the list of men,
bers Of the committee, he said he was of
opinion that this plan was likely to
find favor with the committee. He
would not venture an opinion as to the
treatment which the other plan he had
in mind as practicable--to take the tax
off the circulation Of national banks
would probably receive from the com.
mittee.
Mr.. A. Fl. Buckner, Chairman of The
Committee on Banking and Currency,
is preparing q bill to be introduced
when Congress re-convenes, which pro-
vides for the issuing of Treasury notes
without . legal.tender quality, 10 take
the place of the bank notes going out of
existence. The purport of the measure
IL the same a. that of the bill introduced
by Mr.. Buclner at the first session of
the last Congress. The proposition of
Com ptroller Knox to take off the per
cent.tax on circulation and allow banks
to issue on market value instead of a
par value IL not favored by the Chair
man of the Banking and Currency
Committee. Mr. Buckner says If the
plan Of Mr.. Knox Is successful in
avoiding contraction Of the circulation
Of bank notes it would afford but q
temporary relief, and in seven years
from the present, when 1t became
necessary to begin redeeming AZ per
cent. bonds, there would BE- o recur.
renee Of the present trouble.
The national bank system cannot
live without the national debt, and, as
that debt is being wiped out gradually
and certainly, Mr.. Bucker is of opinion
that 1t is time to prepare for perlnan-
ent cirulation. He Is not favorably in
clined to the removal of the tax on
circulation, giving az his reason that
while In the Eastern States-w here in.
trests is low and circulation is not valu.
able the franchise of banks is valuable
and worth all the Government asks, in
the Western States franchises are still
more valuable, because the rates Of in
trest are higher. The originator Of the
proposed measures is doubtful of the
probability of legislation upon the sub
ject during tho present term Of Congress
owing to the divisity Of opinion on the
question.
General Slocum, OF New York, who
has been made chairman of the new No.
lect Committee on American Shipbuild-
lug and Shipowning, has long been in
terested in the revival Of American
shipping. He is in favor Of allowing
ship owners to purchase wherever they
can get ships cheapest, and OF admit
ting such vessels to American register
when purchased. He Is opposed to CIV
ing direct subsidies to vessel owners as
a means to the restoration ofthe Ameri-
can merchant marine TO its former i'm
portance, but is In favor of removing
some Of the burdens, which, under the
operation of the present shipping laws
uf the United States, rest upon the
American Shipping industry.
He said to an Associated Press re-
porter tonight that he thought Con.
Rress would do something toward
rsviving the shipping industry, but
until he had become acquainted with
the gent ltmen who are to be his col
leagues on the tAmmltt,v no o'o no'
care to venture sn opinion as to which
of the many plans proposed would be
adopted by the committee. For himself
be said he was in favor Of free ships,
and he thought q majority Of the House
of Representatives would vote for free
ships II the question was was pre-
sented. He did not think it possi BILE
to build up the American merchant
marine If American ship owDers were
to be compelled in the future, as at
present, to pay 40 per cent. more for
their vessels than foreign ship owners,
hence he WAS willing to allow the
. merican owner to purchase his vessels
In the best market.
In order TO encourage American ship
building he thought the builder in the
United States should be allowed the
use Of free material by giving him re.
bate Of duties paid on materials i'm
ported and used in the construction of
vessels for foreign trade. He inclined
to the opinion that with equally cheap
material the shipbuilder could success.
fully complete with the shipbuilders
on the Clyde, the increas ased COS oflabor
in the country being Offset by the great
er skill of Amer can mechanical. He