Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1886-11-29
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Slogging Match-Through
the Niagara Rapids.

DOMESTIC NEWS.
The National Banking System.
WASHINGTON, November 2Sth.-Hon.
VIM. L. Trenholm, Comptroller of the
| Currency, concludes his annual report to
Congress with remarks on the subject of
| the national banking system. The present
| financial prosperity of the country induces
| the expectance that the funded debt will be
| paid off as fast as bonds mature and in
| consequence the question has arisen as to
what changes should be made in the ma
| tional bank system, in order that it shall
not suffer deterioration or destruction upon
| the withdrawal of the support upon which
1t is based by the present laws, which re-
quire every bank, before beginning bust
ness, to deposit certain amount in United
States bonds. The payment of per cent.
bonds maturing in 1891, of Al per cent.
bonds aggregating $3.50 600 900, and in 1907
| OF per cent. bonds amounting to nearly
| $738, ,0000 000 have combined to produce a
! prospective scarcity in the securities avail
| able to the banks as the basis for their cor
porate existence, and this is expected to
| advance these bonds to premium
so high that every day their en-
forced purchase becomes more and
| more enormous. The banks are now
holding per cent. bonds, and newly
organized national banking associations
are forced into market as purchasers of
| the 4 per cent. or the Al per cent. bonds,
and this constant demand, in connection
with the prospective scarcity already re-
terred to, operates still further to elevate
| the premium of these bonds. As the time
| approaches for the payment of the Al per
cent. bonds, it is reasonable to expect a
still greater demand for 4 per cents, and it
| is question of serious importance whether
| the banks can afford to hold or to buy 4
per cent. bonds after 1891. In the present
| age all business men try to anticipate full
conditions, and to provide well in advance
| against unforeseen emergencies; and hence
| it is to be expected that the banks will not
wait until the approach of 1891 to shape
their policy with reference to continued
| holding of high-priced bonds. For this
reason it is not too early now to consider
| what legislation will be proper to remove
| this element of future uncertainty from the
National Banking system.
"A Pure Ballot and Protection
New YORK, November 2Sth.-Congress-
| quent advocate of protection, said to a Mdil
and Express reporter to-day that he felt
| very certain as to Republican success in
| the National election two years hence, but
avoided naming any candidates.
| what will be the issue in 1882" asked
| the reporter.
cit will be a pure ballot and protection
for American labor and industry The
colored people in the South will soon be in
conflict with our labor, unless they are
permitted the freedom of the ballot box.
They cannot possibly have any remedy
unless they are permitted to vote at home.
They give the South increased representa-
| ton, and it is a shame that they are de-
| prived of the greatest privilege of American
| citizens, the right to vote. 1t must be
| remedied, and the only remedy I see for
the evil is to make a strong fight at the
ballot-box, and let the Republican party
once more be the champion of the op-
| pressed. 1t is not waving the bloody
Shirt but genuine cry for justice to a
| class of citizens who have been granted
| certain rights by the Constitution. The
Democrats will put it off as long as possible
and raise the dismal howl of the bloody
shirt but all the same they must meet
| that issue in 1885,"
Has the Republican party lost any
ground during the last two years?'
81 think it gained everywhere The late
| elections certainly indicate a renewed vital
| ity of the party. The most confirmed po-
| litical pessimist can see nothing in the late
| eleoeons TO discourage her hopes of success
| in 1888. The people are aroused on the
tariff question, and do not intend to have
| the same condition of distress prevailing
here as in the free trade countries of Eu-
rope. The Democratic party has not in
spired the country with confidence, and
manufacturing industries everywhere be-
come paralyzed when the regular tariff bill
! is brought up. The Republican party in
power again will restore confidence, and
the industries of the country will be devel-
oped and pushed forward with energy"
The Coming Labor Convention.
New YORK, November 2Sth.-P. j.
| Mcguire, Secretary of the Brotherhood of
American Carpenters and Joiners, is in
| this city to confer with the heads of Union
! organizations about the Columbus Conven-
| ton, which takes place in December. Mr.
Mcguire said yesterday to a reporter
The Columbus Convention will be an i'm
portant one to the Trades Unions of this
country. As to just what action will be
taken in regard to the relations between
| the knights of Labor and Trades Unions l
am not in position to express an opinion.
| | will be better able to make some positive
statement after | see Mr.. Powderly on
Monday. The Convention will be largely
attended. From present indications L
| should say there will be representatives of
at least 100000 Trades Unlonists perhaps
more, as the Federation of Trades will
| meet at the same time, and the two organi-
| cations will be merged. There is no doubt
that other interests than those named in
i. II 7
of policy of accord between the Knights
| and Unions, provided it can be secured on
| terms which are right and honorable"
Colonel Mosby.
New YORK, November 2Sth Colonel
Mosby, now here, says he has made his
| home in San Francisco and will return
| there Mosby has in his possession the last
letter written by General Grant 1t was
dictated the day before Grant died, and
was addressed to Senator Stanford, asking
his influence to secure Mosby position in
California which would help him to enter
on the practice of law. This letter was the
means of obtaining an appointment as
counsel for the Southern Pacific Railroad
Company, which Mosby still holds Gen.
eral Grant had very strong attachment
for Colonel Mosby, which was fully recip-
rocated by the latter.
The Senator !" Dead Gone.r
WASHINGTON, November 2Sth.-Senator
Jones, Of Florida, is still in Detroit. He is
reported as wandering around aimlessly, as
with no special object in view. His friends
have done all in their power to persuade
him to return to Washington, but without
any apparent effect. His son has made
several visits to Detroit recently for the
purpose of making an effort to induce his
father to return to Washington and take
his seat in the Senate on the 4th of Deem
Der, but he, too, failed to make any i'm
preston upon the mind of his eccentric
sire. The suggestion of cutting off the
Senator's pay is being discussed, for the
purpose, it is said, of forcing him to return
when Congress assemblies, and perform the
duties for which he was elected. a formal
complaint may, therefore, be made, charg-
ing that the Florida Senator is absent and
not entitled to compensation as a Senator
There is law which has never been en-
forced which will fit his case Jones term
expires in March next.
VIII They Be Punished?