A Memorial Against The Funding Bill

Chicago, March 25. Ttie National banks nd private bank:rs nf this city, constiluting the Clear,nr liousc Assoaiation, in oonnection Aiih representativos of several bnnkiDg nstitutiona in other parta of tha West, lield a meeting to-'Jay to eonsider the 51-called Fundina; biil now pending in the House of Representativos. After an inte-rokange of viows the following memorial wns ndopted : To the Scnate and House of ReprcurntiUlvos of tho United Status, in CougresB assenxbld :■ The undersigned, business men, bankers and representatives of banking ídBtitaÜOOfl other tli&n nstional bankg, as well as those institi'tions, reRpectfully represent that they view with alarm lbo provisión in poction neven of tho Funding bill, so-callod, which has recently passod the Sonate of the United States, lequirkig natimal banks, upnn pain of forfeiting their circulation, to exehange tho bondg already deposited for new bonds required to be issued by said act, as tending to disturb thefinaneial condition oí the country and embarrass and injurc moneyed transactions and produee vast loas to nll engaged in mercantila opwations, and consequent great detriment to tLo country. Wo do not rejfard it as a question iimply affecting nationnl biinka. If it were so we would feel muela lcss interest ir ifc. We are of the opinión that no such c-bange can take plaoe without greatly diminishing the value of bonds now held by nation al banks, and conseqnently greatly depreciating the value of all United States bonds. Tho mcasure eannot be o'hnrwiso FCga?ded thtD as an altempt by an act in spirit, nt lont, unconstitutiunal, to deprive nrbitrarily orc class of einzen of rights of properfy wliich are held sacreJ i:i the bands of others, or as an al'empt virtufilly, lo confíscate a Iarg9 pörtion of the capital cf national b 3 riks. The undersigned beüere (hnt tho less legislation we have upon tho subject ut ihe prfsent time, escept perhaps to reïnovo all obstneles to (reo binking and to place all banking aiid banking instituLioni upon a footing of equality the bettcr. Thcy tberefore piay that said provisión may be s'ricken out of siid biii, and that no legislation may take place tlifit 'stíII in any wise tend to di minish the bankins: onpital of the coun try or impair conüdcnce in the fair dealing and good faith of Congrcss in i(s lfgislalion upon the suljcct of banking or curreney. They bc Icave to n($ their convictian thot the faith of the country in national banks nnd banking csnnot be maintained unless Congrpss acts upon the same priuciples in relalion to tbem as are recognized in the States in relation to such institutions, to-wit, that no legislation is to take place to unneccssarily interfero with or disturb the value of property created under the enconragoment of the ael.s of iucorporatiens s) loug as the ir.corporators in gnod faith comply with tho provisión of the aots of incorporation. Thcy subinit that the reservation of the right at any time to amend, alter or repeol the lianking act was never intended orunderstood to imply the right to deslroy the value of property of errpomtions or to legis!ate unjustly aninst it. As a matter of necespity in time of w-.r w cheerfully Eubmitted to an entire change of the banking Bjstem of che country, so far as circulalion was concerncd. Ourpresset Fystem bas worked well. Any change in it shculd be prospectivo, and not interfere injndiciouply with vcsted righ! or rightaof propert}-, and shonld, under no c;.rcura6tancos, be permitted to take place in a manner to oréate npprchcnsion in commercial ciroles at a tima when the vfhole busine=s of the couutry is sufleriupf, and such large numbers of persons nre out of employment. Wc doubt whethcr any confiidcrable nuraber of capitalista eau be iuduecd to enter inlo the business of banking under tho provisions of the Fuodiug bill. We fear that the lfgiglation proposed would producá wide-spread and general disaster.