New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-03-04

| ,o,sad tho Ok ner cent reserve kept on mana ny
tho hanks for redemption Of circulation and re-
ou,red them 70 keep on hand as a reserve only
| Ok ner cent OF their deposits. The banks were
however, to keep per cent OF their circuiauo'
In lawful money on deposit in the Uniteo STATES
Treasury for redemption OF their circuIat'o"
| Ranks were authorized to withdraw their notes
and receive back their bonds, not, however 70
reduce the bonds on deposit for the circulation
Of any one bank to less than $4,000 The green
backs were fixed at 1890, 600 600, thus keeping
in circulation the $2G 10000 OF reissued legal
tenders Provision was made for withdrawihe
! from Eastern banks their excess OK proportiona'e
; circulation, and the issue of the same oy pahks
in States and Territories having less than theii
J proportionate share. The general erect OF this
law, which. in the form in which 1t was adopted
was a compromise proposed by Representative
| Dawes Rep Mass) was to maintain the green
backs at $751;. OOO, 900 and release for the uses
Of trade about $700OOOOO Heretofore held as
reserve in the vaults Of the banks, without, how
ever, actually initiating the currency dollar.
TARIFF DISCUSSION
The tariff also occupied part Of the attention
Of this session, and protracted debates were had
over bill which looked toward an increase OF
! the reserve. The old contest over Protection
came into the discussion, and the Democrats, as
usual, ranged themselves In favor OF tariff foI
revenue only, and in opposition to American IN
dustry and protective duties. The bill which
created the discussion framed with a view
to an increase Of the public revenue, which had
fallen off In consequence of the panic Of 1873
No legislation completed at this session.
An important act Of this session was the re
peal of the 'moieties system" established fol
the detection and punishment Of frauds in the
! importation Of foreign goods. This system had
been in operation for seventy-fve years, in fac
since 1899 1t gave to officers and detectives Of
the customs service one-half Of the sums OF
which the Government had been defrauded by
importers, provided that they were instrumental
in discovering the frauds and securing judg
! ment against the offenders. During the Wal
frauds against the revenue increased to ar
alarming extent by differentiation Of imported
goods and the "moieties system" was strength
ened in an act of March 3. 1863, by allowing the
seizure of an importers books and papers. Dur
ing 1872 and 1873 many reputable mercar a;
firms, especially in New-York City, were sub
jected by informers and detectives to exceedingly
harsh methods under this authority bringing In
jury to their business and odium upon the whole
'mOiety system" A committee OF the House OF
|
printing a book of testimony OF 300 pages The
result was the prompt repeal Of the system and
the substitution Of milder and equally effective
one. There was no contest In Congress over tho
bill: but it was Republican measure, designed
to relieve the Protection system Of every odious
| and unnecessary feature.
MORE SOUTHERN TROUBLES
During 1874 fresh outbreak of violence tool
place in the South against Republican voters ir
pursuance of the desire Of the Southern Demo
Gratis, cost what it might. to gain possession o.
the Legislatures Of their States and their respec
tive delegations to Congress. White league.
were formed; masked men again rode in com
panies, whipping. brow beating and numbering
! colored men and white Republicans; militar,
drills were held, with threatening demonstra
lions toward Republican voters, and arms wer,
! imported in large quantities from Europe and is
sued to these lawless bands. General Grant |,
Difference to public sentiment. had reduced tn,
total number OF Federal troops in the who'll
South to 1l0O men. Respecting no longer law
and local governments which had no create
military force than that to sustain them, tn
white Democrats Of the South again filled thei
States with a reign Of cruelty. fraud violence
and bloodshed, In one or two cases breaking on
into actual rebellion against the State govern
ments Voters were driven away from the polls
ballot boxes were destroyed or their content
increased by fraudulent ballots, and fraudulen
majOrities were returned in place of the true ma
jorities. The outbreaks took place chiefly in Ala
bama, Georgia, Louisiana. Mississippi and Nortl
and South Carolina, in which States the Re
publican vote had not yet been suppressed
These crimes were successful. In the XLIII,
Congress there were ten Southern Democrats II
| the Senate and forty-one In the House In tn
XLlVth Congress, elected in 1874, there wer
fifteen in the Senate and Siytv oicht Ia A,