, 1888-01-19
adopted.
CONTESTED ELECTION.

u restrain them from supporting the |
minority resolution without IN in
qulry. Preccdenis are quoted in sup.
port OF u course recommended by
the minority, AMI In view of all th''
facts the minority fee obliged. in
wha il believes tu be the interests Of
exact aud equal Justice. to withhold
its consent to the m"jority report.
Row,ll. in ~ supplementary report.
states that lie cOIcurs In the majority
committee report, On'y dissenting
from, practicing the disputed questions
Of fact upon ex parte t'stinon
INTERsrATE coMMERcE.
The senate committee on interstate
commerce this morning decid, d to
grant u hearing next "Wednesday to
council Ut express companies.
Plumb's bill prohibiting the granting
of passes by railroads u official per-
sons, that is, members of congress and
government employees, and Butle-'s
bill 10 license railroad conductors were
referred to the subcommittee.
BANKING BILL.
Farwell introduced u bill to author
ize the secretary Of the treasury to APP
ply the surplus in the treasury to the
purchase of United States bonds, ard
IT, per- etmte the national banking
system by providing further securities.
The first section provides that the Sec
retarv Of the treasury issue to national
banking associations bonds Of the
United States in such form ,pd de-
nomination ns he may prescribe, re-
de-nable tifty years after date Of tneir
isslie, bearing interest payable semi.
annually ut the rate Of 3 per cent per
annun,, to be used by the national
banking association as security for
their circulating notes. Such bonds
sha he exempt from taxation, by or
under the state or municipal author.
ity. A " national banking association
shall, after the passage Of this act, b.
authorized to issue circulating notes to
the amount Of 100 per cent Of the par
value of said bonds.
Section 2. Thatany National bank.
ing association shall be authorize to
deliver to the secretary u the treas
ury any Of the outs,an nding bonds Of the
United States in exchange for the
three per cent bonds, provided for il
this act, money (not otherwise APP
proprated) difference in the value Of
bonds exchanged, the difference to he
ascertained by taking average pre-.
MUM as shown by New York market
for twenty days prior to the time Of
such exchange.
Section 3. The secretary OF the
treasury is hereby authorized and di-
rectcd to receive from national bank
ing associations OF the United States
notes in payment for three per cent
bonds herein provided for, such bonds
to be delivered ut their par value.
Section A. The secretary Of the
treasury il authorized and directed to
at the end Of each month to invest
the surplus funds held in the treasury
(nOt otherwise appropriately in the
purchase in open market of any
United States bonds. Bonds So pur-
chased shall be cancelled and des.
trOyed.
SEC. 5. The treasurer is author.
lied To receive from any national bank
lug association, to secure its circulat-
ing notes, All amount equal in value
(value hereinafter provided for) to
coupon Of registered notes so pur-
chased, cancelled and destroyed, any
state or municipal bonds Of the Uni ed
States upon which interest has been
heretofore promptly paid, and whose
market value is equal or greater than
par value, bearing interest ut rate of
not less than A per ent. per annum |;
provided that the treasurer shall not
receive snch state or municipal bonds
more than rs per cent. par value
provided further, that the trea, urer
shall II receive such state or munic-
ipal bonds until such bonds shall have
endorsed upon them the approval Of
the secretary of the treasury and
comptroller Of the currency.
SEC. 6. That all laws and parts of
laws relating to the establishment of
sinking fund and payment Of the
publ debt be, and the same re- here.
by repealed.
TO BE INVESTIGATED.
The Interstate commerce commits
sion will institute an inquiry ut New
Yo. K ON February 7th in the matter
OF the inland transportation of emf
grants from the port OF New York,
many com plants having been made
by private parties.
TOBACCO MEN.
The National Tobacco Association
OF the Unit I'd States met here in con.
vention to-day. There we're about
thirty members of the association
present from different Darta nj tho
country. After BRET and informal
discussions the following was adopted !:
Resolved, That the National To-