The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1884-05-29
Washington Letter.
EDITOR PLAIN DEALER:

EDITOR PLAIN DEALER:
Congressman Weller OF 4th con-
gressional district Of Iowa, presented
the subjoined resolution to the
House Of Representatives May 18th,
and asked unanimous consent that
it be taken up for present consider.
alton. Objection was offered by some
gentleman standing on the republic
can side Of the House, on which, un-
der the rules, Mr.. Weller had to con-
tent himself with securing unani-
nous consent that said resolution be
printed in the Record for the infor-
nation OF the House.
Crhe resolution may be found
in our editorial on this same sub.
ject, prepared before Mr.. Rahn's ar
ticlc reached US. Ed. p. d.
The proclaimed object which Mr..
Weller had in introducing this joint
resolution was to supercede the so
called Dingley Bill, (Mr. Dingley OF
Maine), which inclose as originally
presented to the House, as also the
amendments proposed by the con-
mittee. on banking and currency, that
it may be seen by the reader the
points aimed ut. The following is
the bill and the report OF the COM
mittee thereon Feb. 1S:
Mr.. Dingley introduced the fol-
lowing bill:
BE it enacted by the Senate and
House OF Representatives Of the
United States OF America in Congress
assembled, That the Secretary of
the Treasury be-, and is hereby au-
thorized, out Of any lawful money
deposited by national banks for the
purpose OF retiring their circulation,
under the provisions Ut section four
Of the act Of July twentieth, eighteen
hundred and seventy-four, and OF
section fifty-two hundred and twenty
two ard tifty-two hundred and thirty
Of the Revised Statutes Of the Unit
ed States, and OF section six OF the
act Of July twelfth, eighteen hundred
and eighty-two, to purchase, at cur
rent market rates, under such regu-
lations as he may prescribe, such
bonds Of the United States as in his
judgment will be for the interest OF
the Government, the bonds SO pur-
chased, together with the interest
that may accrue on the same, to be
held in trust and used for the pay
ment Of the circulating notes OF the
banks which have deposited lawful
money for such payment"
Mr.. Dingley, from the committee
on Banking and Currency, submitted
the following Report April L:
The Committee on Banking and
Currency, to whom wac referred the
bill Oh. r. 5O43 authorizing the
Secretary OF the Treasury to invest
the lawful money deposited in the
Treasury, in trust, by national bank
ing associations for the retirement OF
their circulating notes." report the
same back with an amendment, and
recommend the passage OF the same.
The report OF the committee on q
bill involving the disposition OF u
trust tatnd-supposed to be sacred
heretofore, for the purposes Of the
trusts novelty in brevity. I um
only surprised ut its brevity, con-
sidering that about $42,OOO,OOO OF a
trust fund is involved only when ]
consider the past record CT the ma.
nipulators OF the republican party
in the Credit Mobilier salary grab
Babcock whisky frauds, Boss Shep-
ard steals, and Star Route pecula-
tons, and that brevity as In some
instances Is o convenient cloak.
The Dingley bill provides that this
trust fund may be used by the Secre.
tary OF the u. s. Treasury In pur.
chase OF bonds at their market val.
ue, be that what it may be, then
that the same bonds In the Treasury
vaults shall draw interest to them
selves SO to speak, from the time
they are thus placed there until they
the bonds mature, and that as a
trust.
Now suppose these bonds are oil
those OF 1907, they would remain in
the Treasury drawing interest for
nearly twenty-five years. No pro-
vision is made in the bill for the
disposition ci any Ut the bonds pur-
chased and SO held, except that they
be used for the payment or redemp-
ton Of circulating notes Of retired
national banks How can they be
used? Certainly not by cancellation,