Savannah morning news. [volume] (Savannah) 1868-1887, 1886-12-21
FINANCIAL LEGISLATION
sECRETARY MANNING ASKED
FOR TWO EXPLANATIONS

Loans to Stock Gamblers to be Looked
Into.
WASHINGTON, Dec. 20.--In the Senate
to-day, on motion of Mr.. Hoar, the Pacific
railroad funding bill was postponed as
the special order till the second Tuesday
In January. He expressed the hope that
in the meantime the matter would be
taken up in the House and disposed Of in
one way or the other.
On motion OF MIR. Eustis, the bill de-
claring forfeiture of the lands of the New
Orleans, Baton Rouge and VicSsburg
(backbone) railroad was postponed as a
in January.
THE SHIP RAILWAY Bull.
Mr.. Vest introduced a substitute tor
the bill to INCORPORATE the Atlantic and
Pacific Ship Railway Company, and
stated that it SIMPLY provided for the
naked incorporation OF company with
out any guarantee by the government.
II was made the special order for the sec
ond Tuesday In January.
The Senate passed the House bill tor
the relief of the survivors of the exploring
steamer jeanette, and the widows and
children of those who perlshed in the re-
treat from the wreck of that vessel in The
Arctic seas, and also the Senate bill to
construct road to the National cemetery
at Corinth, Miss, and a number of others
of only local interest. After an execu-
tive session the Senate adjourned.
IN THE HOUSE.
In the House to-day Mr.. Wilkins, of
Ohio, from the Committee on Banking
and Currency, reported back the Weaver
resolution calling on the Secretary of the
Treasury for the following information:
1. Whether any portion of the money
appropriated by the sundry civil bill OF
last year has been expended in issuing
notes of large denomination in lieu OF
notes of small denomination, cancelled or
destroyed.
2. How many (if any, 81 and 50 notes
have been cancelled and destroyed since
the passage of the act? BY what au-
thority they were destroyed. and what
sum was expended in their destruction?
8. How many of such notes were mutt
lated, and whether notes of like denomi-
nation were issued in their stead
Adopted.
CALL OF THE STATES.
Under the call of States the following
bills and resolutions were introduced and
referred:
By Mr.. Townshend, of Illinois-A reso-
lulion calling for executive information.
Following is the text of the resolutions:
That the Secretary of the Treasury be
requested to ascertain whether any
national banking association located in
the city of New York has, during the
present month, loaned its surplus money
or deposits to brokers or other persons
operating in stocks and bonds without
security. and merely upon re-
oeipt OF interest on the same, for
the purpose OF enabling speculator to
lock up and prevent the use of money in
business transactions and thereby pro-
duce scarcity of money and greatly in
crease the rates OF interest on loans; and
also, whether, during the same period.
any OF said banks for the purposes afore.
SAID knowingly permitted the total liza
olllty OF any person, corporation or firm
to exceed the amount limited by statute
In said cases; and that said secretary re-
port all the lacts TO this House as soon as
practicable, with such recommendations
as he may deem proper"
by Mr.. Taulbee, of keutucky-A reso-
luti0n reciting that it is stated in the
newspapers that the Secretary of the
treasury has paid interest on certain
bonded Indebtedness of the United States
before said interest was due and without
rebate, and that 1t is also stated that SAID
advance OF interest was made for the pur-
pose OF affecting the market value of cer-
taln stocks in Wall street, and request
ing the Secretary to inform the House il
such interest has been go paid, and if so
why and by what authority.
by Dir. Findlay, of Maryland-To pre-
scribe the rate OF standard silver for cer-
'aln coins OF the United States, to enlarge
'ue legal tender quality Of the half dollar,
ana TO permit the issua Of silver certit.
cafes on deposits OF the same.
BANK DEPOSITS OF BONDS.
By Mr.. Wilkins, of Ohio-r0 reduce the
amount of deposit of United States bonds
10 ne required of national banks and TO
restore to the channels of trade excessive
gccumulations of lawful money in the
treasury.
SECTION l. That compulsory requirement of
uoposlts OF bonds " Tn the Treasurer by ma
unnal banks be limited to 81 600 OF bonds for
,sn tsacn ara every national bank; provided, that
,ne voluntary withdrawal OF bonds for the re-
uItinehi OF national bank notes shall noe eX-
ceen the sum of 81, ,00U, o 0 IN any one month
Sitnout he approval and consent OF the Sec
rq5efS OF the Treasury; and. further pro-
s!ue', tnat this at shall not apply TO the re-
guiirreu deposits OF bonds to secnrc deposits of
PUpulIc mo- eys IN national banks.
,'LO. e On the surrender bv n national bank
y, ahy sum OF its circula ing notes by the re-
| gulIeu deposit of lawful money with the
irrasurer Of the United states for their re-
utmptlon, the entire liahility OF said bank for
ne s 5tiu surrendered notes shall utterly cea-e,
ava they shall be redeemed bg said Treasurer
Tvs me account OF the United States, and lie
nesuoyed as now provided by law, and this
XII shail be construed to determine the liza
T.l! oI national banKs which have hereto
~ inns lawfully surrendered any or all of
shei clrcu ating notes: but no national ba k
naI naI ne required nor denied the right to ap.
p"lnl an agent at its own expense 10 witness
u Suu Nttest the destruction oi its redeemed and
cancelled notes.
PIC. 3. In lieu OF the furd OF lawful money
,N.vt.l0re set apari for the redemption Of
nIrehnered notes of national banks amount
ro% % ~ Vhe entire sum unredeemed of saId sur
S,m,,ered notes the Treasurer Of the United
Ssoue., under the advice and direction of the
ro.ietdry OF the Treasury, shall establish a
reirNe ro,i tnnd OF lawful money IN n, amount
| cos icss lhan rer cent, nor more than 20 per
sns...o o the entire sum unredeemed OF said
surrendered notes.
roWER OF INVESTMENT PROPOSED.
by Mr. Warner, OF Ohio-To provide
the Investment OF lawful money de-
r ted in the Treasury by national banks
~ the redemption of their circulating
'o'es' Following 10 the text OF the bill:
p,,i lotion ]. That the Secretary OF the Treas
fo We and Ia hereby authorized aud required
no'n,ntet w per cent. or the lawful money de-
Stat,eu WIN the Treasurer of the United
All oo aI the date OF the passage Of this act,
lI,.yVV ~ per cent. of all such money hereafter
tn tnpuslteu Tor the redemutiOn OF the clrculat
sosS ntOtcs OF national Dauss, as provided 10y
ann ,"n OF The act OF june 20. 1874, and the
n", % nlents thereto. In United States bonds,
nnssuiyect TO call, at The lowest market rates.
,rssss,,so 50 purchased shall be he in the