Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1888-04-17
CONGRESSIONAL PROCEEDINGS.
The Senate.

The Senate.
WASHINGTON, April 16th.-In the Senate
to-day Stewart introduced bill granting d
pension of $1,000 year to the widow of
Chief Justice Waite Referred.
Hoar offered a resolution, which was
adopted, instructing the select Committee
on the Operations of the Civil Service to
inquire and report whether there has been,
within two years, any fraud or maadmin-
lstration in the New York Custom-house
in regard to the importation of sugar.
Riddleberger offered resolution for the
suspension of the Senate rules as to execu-
tive sessions during the consideration of
the fisheries treaty. The resolution went
over, under the rules
Conference reports on the bills to divide
the great Sioux reservation into separate
smaller reservations and to ratify the agree.
ment with the Gros Ventres and other
bands of Blackfeet indians in Montana
were presented and agreed to.
On motion of Farwell, the bill providing
for the investment of certain funds in the
Treasury was taken up, and Farwell pro-
ceeded to address the Senate on the finan-
cial question. He gave notice of his inten-
ton to offer two amendments to the bill.
one of which directs the Secretary of the
Treasury TO issue and sell to national banks
at par. for United States notes, q per cent.
bonds redeemable after fifty years, to be
used by the banks as security for their cir
culating notes.-the notes to be issued TO
the full par value of the bonds. 1t also
directs the Secretary of the Treasury to in
vest the surplus funds held in the Treasury,
including the amount to be received
for these bonds, in the purchase of
any United States bonds in open
market, and repeals all sinking funds.
The other amendment authorizes the Sec
retary of the Treasury, in order to enable
the national banks to maintain and in
crease their circulation, and to prevent
the ultimate destruction of the banks by
the purchase or payment of the national
debt, to receive from the banks, to secure
their circulating notes, State, county or
municipal bonds, upon which interest has
been heretofore promptly paid, and whose
market value bears interest at no less than
4 per cent. Such bonds, however, are not
to be received by the Treasurer at more
than 10 per cent. of their par value. nor
until approval of the Secretary of the
Treasury, the Treasurer and Comptroller
of Currency shall be indorsed upon them.
Farwell went on TO say that the bill was
good enough so far as it went. 1t did not
include the whole financial question,
which he regarded as of paramount interest
but only proposed to temporize with it.
Two amendments that he proposed to offer,
if adopted, would enable the national
banks to use the present debt of the
country-if that debt could be continued at
its present value. The legislation proposed
by him would be adequate to the main
tenance of the national banking system,
but he recognized the fact that the Amer
lean people were anxious and determined
to pay the debt.
Reagan said his wish was to see the
country relieved OF this bonded debt
as early as possible. He did not
deny that the national banks had SUBJ
served very valuable purpose, both dur.
ing and since the war, but he had no regret
that the time was approaching when they
should become extinct. They had shown
themselves to be guided by policy pc
culiarly their own, and it was for the best
interests of the country that he would al
low the charters of the national banks to
expire, and he would refuse to recharter
them as banks of issue. For the
national bank circulation he would substi-
tute the issue of certain certificates based
on the gold and silver in the Treasury, and
if that were not enough he would authorize
the issue of Treasury notes, but not as legal
tender. He would protest against the
policy OF continuing the bonded debt for
lllIy NtdIS, anu dEdllSl lnp DOllCY Oh per-
petuating the national banks.
Stewart protested against the reduction
of silver in the interest of that " mushroom
stuff which had already brought distress
upon the country. The national bank cir
culation ought not to be fostered any
longer. The precious metals should be
used for circulation, and when they were
not sufficient, paper money should be is
sued-not by private corporations, but by
the Government. The greatest enemies of ,
the country were those who managed the
circulation of the country so as to make
hard times good times, to suit their specula-
ton.
At the close of Stewards remarks the
Senate resumed consideration OF the bill
for the admission of the State of South
Dakota and for the organization of the
Territory of North Dakota.
Spooner addressed the Senate at length !
in favor of the bill.
The bill finally went over till tomorrow, !
and after an executive session the Senate /,
The House.
WASHINGTON, April 16th.-In the House !
to-day bills were introduced and referred:
To make the arsenal at Benicia, Cal, an |
arsenal of manufacture, construction and |
repair.
VI tAC CiCSdOh VI puUllC UullulUS at
Salt Lake City.
Under instructions from his committee, |
Blanchard of Louisiana moved to suspend |
the rules and put the river and harbor bill |
upon its passage.
After sharp debate, the motion to sus-
pend the rules and pass the bill was lost /
ayes 134, noes 120 (not the necessary two
thirds in the affirmative).
Wilkins of Ohio moved to suspend the !
rules and adopt resolution to the effect I;
that Section of the sundry civil bill of
1882, relating to the purchase or redemp- |
ton of United States bonds by the surplus
in the treasury, is declared to have been
since its enactment and to be now, in the
opinion of the House, in full force and
effect.
Weaver of Ohio declared that this reso-
luton meant nothing more than the defeat
and burial of the House surplus resolution,
with the Beck silver amendment.
The resolution was sdopted-ayes 16s,
noes Ga.
Adjourned.
A California Land Case.
lcotsght, 1855, by ae caf foy7sia Assoc1ied Iressl
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