The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1883-12-27

Representative Dingley of Maine, who was
placed first among the Republicans on the new
committee on American shipping and ship
owning, expressed himself as very well pleased
with the committee as named. He said that
the committee was strongly in favor of doing
something at once for the revival of American
shipping, and he was inclined to think that
majority of the committee would be found
favoring free ships. Mr. Dingley also heads
the list of Republican members of the COM
mittee on banking and currency. To this
committee will be referred the question OF
providing for the stability of the national-bank
circulation. Mr.. Dingley thought that the
plan providing for the issue of circulation
notes to national bar rs TO an amount equal to
80 per cent of the msiAet value of bonds de-
posted by them to secure circulation was like
ly to find favor with the committee. Mr..
Buckner, chairman of the committee of bank
ing and currency, Is preparing bill which
provides for the issuing of treasury notes with
out legal tender quality to take the place
of the banking notes going oat of existence.
The proposition of Comptroller Knox to take
eff the tax on circulation and allow banks to
issue ON a market value instead OF a par value,
is not favored bv Mr.. Buckner. He SAYS If
contraction of the circulation of bank notes,
it would afford but q temporary relief, and in
seven years from the present, when it became
necessary to begin redeeming Al per cent
bonds, there would be recurrence of the pre-
sent trouble. He is not favorably inclined to
the removal of the tax on circulation, giving
as his reason that while in the Eastern States,
where interest is low, the circulation is not
valid, the franchise of banks is valuable and
worth all the government asks. In the
Western States, Mr.. Buckner says franchises
are still more valuable, because the rates of in
terest are higher. The originator of the pro-
posed measure is doubtful of the probability of
legislation upon the subject during the present
term of Congress, owing to the diversity of
opinion upon the question.
Gen. Slocum of New York, chairman of the
new select committee on American ship-build
| ing and ship-owning, is in favor of allowing
| ship-owners 10 purchase vessels wherever they
| can get them cheapest, and of admitting such
| vessels to American register. He is opposed
| to giving direct subsidies to vessel owners, but
| is in favor of removing some of the burdens
| which rest upon the American shipping indus
| try. He thought majority of the House of
| Representatives would vote for free ships If
| the question was presented. In order to en-.
| courage American ship-building, he thought
| the builder in the United States should be al
| lowed the use Of free material by giving him a
| rebate of duties paid on materials imported
| and used in the construction of vessels for the
| foreign trade. OF the several bills already in
| troduced in Congress he thought that the one
which proposed to remove certain burdens up
| on American shipping, such as the three
| months pay to discharged seamen, the obliga-
| tion to carry American mates, and the provis-
| ions of law requiring payment of various fees
to port officers, would meet with no opposition.