Omaha daily bee., 1888-03-14

mittee of the whole for the erection OF public
buildings at Galesburg, ILL.,, and Daven-
| port, la.
The committee on public buildings and
| grounds reported the bill appropriating
| $4,000 for the purchase of site in Chicago
and providing for the erection thereon ut an
ultimate cost of s240,000 of a building TO be
| used rs an appraisers warehouse. Commit
| tee of the whole.
The bill providing that the first session of
the Ftfty-first congress begin March 4, 1889,
| was reported adversely.
The Grosvenor resolution directing the
| military committee TO enquire whether any
| unofficial matter had been Incorporated in
! the rebellion records was reported back and
adopted
The remainder of the day was consumed in
| the consideration of the bill allotting lands in
| severalty TO the United, Peoria and Miami
| Icdians, which finally passed. and the house
| adjourned.
Fairchild on the Sherman Bill.
WAsHrNaToN, March l3-Secretary Fair
| child to-day sent letter to the senate finance
committee in regard to the Sherman bill for
| ivestment of funds for the redemption of
national bank notes. He says the bill directs
the secretary of the treasury to invest so
| per cent of the funds held by the treasurer
for the redemption of the notes Of national
banks which have reduced their circulation,
by the purchase in open market of United
| States interest bearing bonds. The bill is
mandatory and would require the Investment
to be made Immediately upon its passage
The secretary is further directed to sell in
open market so many of said bonds as in
| his Judgment shall be necessary and to re-
deem bank notes as they are presented for
redemption whenever the uninvested portion
Of said fund falls below 20 per cent of the
whole. The bill further declares that its
purpose is to maintain in the treasury for
such redemption not less than 20 per cent
and not more than 30 per cent of the money
deposited. The secretary discusses the
| questions raised by the bill and says:
After mature consideration it does not
seem to be well thus forcibly and suddenly
| to expend the circulating medium when the
expansion inevitably must be followed in a
short time, and perhaps suddenly by almost
equal contraction. This would, in the secre-
| tary's judgment, promote a speculation not
! healthful to business. On the whole 1t would
appear better that the time when this CON
traction takes place should be determined by
| the voluntary action of banks as is now the
case. The increased circulation authorized
by this bill would probably not exceed Sl9,-,
100000. There would not be great profit
in the circulation at the present price of
bonds, even if hisadditional circulation were
authorized, and any attempt by banks
to purchase many bonds would soon advance
their price beyond the point where the circu-
latfon could be profitably issued upon them
This certainly would be the case if the forced
governmental purchase required by the ear
lier provisions of this bill was simultaneous
with the bank purchase. However, the 10
per centum increase would be to that extent
of benefit to the banks and not harmful to
the public, except as it might compel the
government to pay more for bonds the pur
chase of which is directed by this bill, than
otherwise would be the case. If the average
annual decrease in national bank circulation
should continue to equal that of the past five
years, the whole circulation will be retired
by the end of the fiscal year 1894. 1t is not
possible, however, that this rate of decrease
should continue unless the government pur-
chases drive the price of bonds so high that
it would be to the interest of banks to sell
and retire from the national system. Even if
circulation should continue in the past ratio
of retirement there is no reason to fear that
its place would not be supplied by other forms
of circulating media as rapidly as in the
past.
The secretary says that in his Judgment
the purchase. of bonds with the surplus
revenue is the only immediate relief from the
evils caused by the accumulation in the treas
ury, but this relief would be only temporary.
The repeal of the laws which levy excessive
taxation and cause the accumulation Of a
harmful surplus is the only adequate remedy.
Iowa and Nebraska Patents.
WASHINGTON, Jan, 13-[Special Telegram
to the BEE. Patents were to-day issued
to the following inventors: William Dppert,
Des Moines, Ia, assignor By mesne assign
ments of half to the Des Mones saddlery,
hardware and manufacturing company;
buckle and. hame tug attachment; Charles
H. and G. w. Elliott, Rockford, Ia, sheaf
carrier; Augustin S: Haines, Nashville, Ia,
a system of irrigation, George D. Hicks,
assignor of one-half to r.. l.. Hicks, Sioux
City, Ia, interest calculating device; Jacob
A. Mattern, Cofax, Ia, loom; I'll. w. Nc
Neill, Oskaloosa, Ia, cable railway car; j.
K Purnton, Dallas Center, Ia, boiler; Will
in m hal IN "a M
Frank Strub and w. Nendel, LeMars, Ia,
hay loader; Frank Thone, Oskaloosa, Ia,
incandescent lamp socket.
The Indian Appropriation Bill.
WAsHINGToN, March 13.-The house COM
mttee on Indian affairs has completed the
annual Indian appropriation bill. 1t appro
pirates S., 49,, ,253, being 1896 4+i less than the
estimates Secretary Villas, in his leutor Of
Acknowledgement of copy of the bill, says
the subject shall have his personal atten-
tion'as suggested, and that the orders will be
transmitted by the most expeditions means
which will protect the interests of the In
dans if they be in jeopardy, The committee
has sent subpoena to Agent Gregory, who
is on leave of absence at Hot Springs, Ark.
Nebraska and Iowa Pensions. .,
WAsHNeToN March Special Telegram
to. the BEE. THE following pensions for
Nebraskans We're granted to-day: Original
invalid d-William' II. " Hoblet, Dorchester;
John Barrett, Blue Hill; j.. A. Stoval, (de-
ceased) North Platte, lends, November 80,
1882; l.. S. Mason, Stella. Increase
LQ l.. Smith, Silver Creek Original,
widows, orphans, etc.-Byntha E., widow of
Moses Martin, Cresco.
Pensions for Iowans: Original invalid
OregonPreseott, Mason City; William H.
Smisher, Clarence; Jacob Jacobson, Dagen-
port: Martin Sutter, Maurice; Levi summer
lot, Dunreath; John A. Hayes, Keokuk,
InGrease-F. M. Scott, Glenwood; E. l..
johnson, Perry j. Y. Rickey, Indianola; J.
Durham; j, M. Dunn, Muscatine; George
Kent, Oelwen; Charles S. Vincent,
Wayerly; ", S. Neal, Crawfordsville,
Original widows, orphans, etc.-Sarah,
widow of j. II. Hill, Calamus; Eliza,
mother of William Bales Marengo.
Army Orders.
WAsHrNGToN, March l3,.-[Special Tele-
gram to the BEE. Captain Gordon Winslow,
Eighth infantry, is ordered to the examna-
tion by the armyretlring board at Fort Leay-