New-York tribune., 1884-02-19
NATIONAL BANK CIRCULATION.

CONTINUATION OF THE DISCUSSION IN THE SENATE
WASHINGTON, Feb. 1S.-The Senate to-day
resumed consideration OF the bill providing for Naton
bank circulation. Mr. Pugh spoke in favor Of the Plumb
amendment in which there were substance ana perinH
nent vital force 1t founded hostility 10 tne
National banks 1t aimed to prevent any contraction ~
any time in the future Of the present volume OF lne e
rencv nv the withdrawal of National hank circulation
Mr. Vest said he would support the Dill reported Dy
the commit tee nor any giving to any corpora
ton control of the currency OF the country tne n
we're plainly told the National banks were greater tnan
the Government They had now surplus OF SlOo'VVV-
600; they had deposits of S1,000,O0O.OoO and eoud
strike down the energies Of this country ut ther VIII
Congress had taken of of taxes and extended
the time within which pay their notes from six months
to years and they now say that the tax OF Ooo
900 on their circulation is TO be removed-tor that was
the meaning Of the movement and 1t was useless 10 at
tempt to disguise IT,
Mr. Jones, Of Florida replied to Mr. vest lie sau
there was no state community that had not National
hank composed of citizens OF that community, who had
mt their individual capital into It. such banks ds-
counted paper afforded facilities for deposit, ana gave
conveniences to the public that our Government coud
not give unless IL went beyond the powers
designed for it. Tie attribute OF Circulation
attaching to the banks although the principal subject OF
this debate was one which Mr. Jones supposed the banks
could do without. lie did not know that ne would vote
for repeal o. the tax circulation as TO make the
privilege of circulating note credit common one,
which had been the usage before these banks came into
existence. Would the Senator from Missouri Alr Nesp
he willing 10 taRe of the tax circulation, which gives
the banks their monopoly and reegate to the states
the furnishing of currency - n; .
Mr Morrill, remarked that the Senator from Missouri
was nrOpOsirg that the Government should become
greaf National Banking Institution for the purpose OF l
suing paper money without any preparation IOr us It.
demptOn. - od .,
Mr. can believed the remedial measures proposed 10
meet the anticipated contraction OF the currency were
entirely wrong. The true remedy MI Can De,leNed 70
lie IN the direction OF reduction OF taxation ana cs
uon OF the purchase of bonds at prtmun 1houGu ne
might bc compelled vote FOR one OF 0lhcr Vi
the propositions before the senate ne Wa a.
OF OPINION that they would not accoHpush
the end aimed at unless power was vested III He
secretary Of the Treasury 10 use when necessary lne
pubbc credit OF the United states in some Othef form.
tonirction uust result nom the present eondiuon-the
high premium on the bonds the excessive surplus ID He
Treasury and the necessity Of usins taat surplus III tAe
extinction of the deDt. ,.-. A..
Mr Plumb modified his amendment by providing mat
tbe Treasury notes be issued u, wltnln Lhlfy
davs tter tic surrender National bank circulation
some Oher National bank does not take II up ana ny
adding at the close the following " Ihe true
intent and meaning Of this section being that the yo9e
of paDer money outstanding exclusive OF gOd ana silver
certificates, shall remain as now existing