Savannah morning news. [volume] (Savannah) 1868-1887, 1886-02-09
MONEY OF THE NATION.
LIVELY FINANCIAL DEBATES IN
CONGRESS.

Mr.. ingalls, WOrktnB TO noseoN0
Sc Notes to circulation-Mr' EuseIs
Demands an Inquiry into the REFUSAL
of the Sub Treasury at New orleans
20 Receive Silver on Deposit.
WASHINGTON, Feb. SIN the Senate
today Mr.. Ingalls, offered resolutlon'
which was agreed to, directing the COM
mite on Finance to inquire into the pro
priety Of making such an amendment 10
section 3571 of the revised statutes as may
be necessary TO require the issue Oh
United States notes OF the denomination
of 81 and 50. In offering the resolution
Mr.. ingalls, said United States notes OF
denominations less than 50 mad practical
lv disappear from circulation, 10 the
great inconvenience of all who had small
idailv transactions or were engaged In the
5retail trade. He Mr.. Ingalls, had ascer-
1tained bV Vexamination OF the statutes that
4the denomination of United States notes
was left entirely to the discretion OF tne
Secretary Of the Treasury, with the single
Elimination that notes of denomination
4 less than 81 shall not be issued.
TO FORCE SILVER.
Mr.. ingalls, understood that the smaller
notes had been Withdrawn ana practlcal-
*1v retired from circulation for the purpose
&of forcing silver into circulation and
thereby rendering silver unpopular with
the people. He supposed that If all the
hOtes under 500 were withdrawn the re-
suit would be that gold would be forced
into circulation. No effort Of that KIND,
however, appeared to have been made.
f Mr.. Ingalls, impression was that the peo-
S ple of this country wanted gold, and
silver as the basis of circulation, but did
not desire to carry either metal in their
pockets. The people did, however, desire
the restoration of small United states
notes, and inasmucb as they pay all the
money In the Treasury from their own
resources. and are the owners OF what
ever currency there may be in the cOun-
try, he Mr.. ingalls, did not see why the
peoples wish should not be gratihed. de
had, therefore. offered his resolution.
NEw ORLEANS sUB-TREAsURY.
Mr. Eustis offered a resolution directing
the Finance Committee to inquire wheth-
er it had been the custom for the Assist
ant Treasurer at New Orleans to receive
deposits OF standard silver dollars from
Shippers OF said coin. and to issue to their
correspondents at New Orleans receipts
for silver subject to count, and to issue
silver certificates after the count OF said
dollars so deposited had been made, and
whether said custom, if it mad prevailed,
had been changed by the instruction OF
the Treasurer of the United States, and
the reasons therefor; also. whether such
custom was now in force at any other
E sub Treasury; also, whether there was
adequate clerical force at the New Or
leans sub-Treasury, and if not, what in
crease was necessary there to enable the
sub-Treasurer to carry out the law,
REFUSED TO RECEIVE THEM.
Mr.. Eustis stated that the cashier of
national bank at New Orleans had written
~ t~,, rsr Ahaf Chi ,saAc of al
dollars had been made by banks in the
interior to their correspondents in New
Orleans. but that the sub-Treasurer at
New Orleans had refused TO receive silver
dollars on deposit, aud that that refusal
had been approved by the Treasurer of
the United States. The only sub-Treasury
south of Baltimore being at New Orleans,
the business OF the States OF Tennessee,
Arkansas, Mississippi, Texas, Alabama
and others with the Treasurer of the
United States had to be done through the
New Orleans sub-Treasury. 1t therefore
became a most important question
whether that sub.Treasury was conducted
In compliance with the law. and with the
recognized and approved custom.
THE LAW SUSPENDED.
II seemed that the law in favor of the
circulation, transmission and deposit of
silver dollars had been practically sus-
pended by officials Of the United States.
What was the consequence? A strong
prejudice would soon be created against
the silver dollar. Mr.. Eustis had received
Information from another cashier of
. bank giving the startling information that
country merchants were refusing to re.
eeive silver dollars except at discount.
Mr.. Dawes inquired whether the suO-
treasures were required to receive sill
ar dollars-the property Of private indi-
-esuals-on depositY
LEGAL RIGHT TO DEPOSIT.
Mr.. Eustis replied that the holders OF
silver dollars had by law the right to de-
posit them in the sub-Treasury and re-
ceive certificates therefor.
Mr.. COkere the provision of the law on
the subject to that effect.
Mr.. Chace asked whether Mr.. Eustis
meant that merchants had refused 10 take
silver dollars for debts, or that they mad
\ refused 10 sell merchandise for 1t?
Mr.. Eustis replied that he understood
that they were taking silver dollars only
at a discount.
Mr.. Morrill, inquired whether there mad
been any diminution Of the clerical force
since March 4.
DISCRIMINATION ALLEGED.
Mr.. Eustis was not aware that there
had been. His criticism, he said, was
that II 1t mad been the custom for banks
70 henu Ihelf silver money 10 sub
Treasury, subject 10 count and TO get GER
tihcate to that effect, this custom had
been suddenly changed as TO the New
iDrleans sub-TTeasury, though not changed
IRs to the sub-Treasury at New York The
New Orleans sub-Treasury. Mr.. Eustis
Bald, had refused 10 receive a shipment OF
825.0 from the Memphis (renn.) Bank
~ Commerce and the Waco Texas) State
Bank.
TIE OFFICIAL OPEN TO SUSPICION.
IL that statement should be substantial
ted. Mr.. Eustis continued, and if IL should
be proved that that custom had prevailed
tnd II was not volative of the law, and
fhat II now prevailed IN New York and
tther states, then, Mr., Eustis said, the
tihcial who had approved Of the change OF
custom In the city Of New Orleans ex-
posed himselfto very grave suspicious to
fay the least, with reference TO the secret
Warfare against the silver dollar. Mr..
Lustis would make no charge in the alb.
tence OF proof but he wanted 10 get at the
acfs.
Mr.. Mcpherson said that the shipments
pf silver dollars referred 10 BY MIR. Eustis
pad oeen sent t0the sub-Treasury at New
orleans through an express company and
Areceipt demanded for it. II was sent 10
ne sub-Treasury 10 be placed 10 tue credit
~ the State National bank. Silver GER
uilcates had not been asked tor He Mr..
MgPnprROn WunfaU IN Euptv ffff s..ne l,..,.t