Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1853-01-15
HOUSE OF REPRESENTATIVES,.

/ HOUSE OF REPRESENTATIVES,.
The House resumed the considerations of the bill to pre-
frauds upon the Treasury of the United States the
question being the motion of Mr. KING of New York
to recomm it to the select committee by which it
| reported
Mr.. STEPHENS, Of Georgia. to ascertain if there was
quorum present moved that there be call of the House
which motion agreed to.
The roll was accordingly called when hundred and
fifty members answered TO their names
quorum appearing
On motion, all further proceedings under the call were
dispensed with.
The question then taken the motion to recon-
NIT the bill, and it was disagreed to-
The question recurring the passage of the BILL it
was put and decided in the affirmative by the following
vote: Yeas 134, nays %.
SMALL NOTE BILL.
The House thereupon into Committee of the Whole
on the state of the Union Mr. SEYMOUR, of Connecticut
in the chair and resumed the consideration Of the bill
to suppress the circulation of small notes. currency
in the District Of Columbia.
Mr. DEAN said that he thought that the proposition of
the gentleman from Mississippi (Nr FREEMAs) the
which should be adopted rather than the bill report
ed by the Committee the District Of Columbia No
community could get without small notes if they had
large Ones and existed against issuing small
notes which did not apply with equal force to the issuing
Of those Of large denomination If it was in order
he would like to submit proposition which had been in
troduced into the Senate which substantially to
allow free banking in this District under the system
properly carried out, would secure the bholder from
any possibility of loss We're not so long he would like
to offer it as IN amendment: but he hoped the House
would pass the bill reported by the Committee on the
District OF Columbia, but that the would be refer
red back to the committee that they might report such
proposition would supply this community with what
every other community enjoyed proper circulation in
bills Ii too late in the day talk about having
bank notes in circulation in a community
Mr.. FICKLIN said that he was satisfied from the va
rious amendments which had been proposed to the BILL
that there was misapprehension the part of
members in regard its objects Bills dolars and
upwards not prohibited by law but bills of less
denomination prohibited by OF 1898 So that
all notes Of less denomination than five dollars which
had been issued since that time in violation of law
and the object of the bill under consideration was to
remedy this evil and enable the authorities Of the Dis
trict TO prevent illegal circulation ofpaper The amend
ment Of the gentleman from Ohio Mr.. CARTIER TO ex
clude the circulation Of all bank paper in the District
very fine in theory though he (Mr. F. wished it
could be carried into operation. He for one, OPP
posed to all bank paper circulation and believed that as
they could Congress should exclude il from the
Districts but he thought it entirely impractcabe to
attempt il As this bill did not profess to do any
thing Of that kind he did desire have it ncumber
ed with the amendments of the gentlemen from Ohio and
the gentleman from Mississippi, Mr. FREEMAN They
had better strike down the issue of below the demo-
mnation Of five dollars, and pass bill which could be
executed He for practical measure, and for sup
porting the laws of the District which forbid the circu
ton Of notes under FIVE dollars.
+. N.
explained the bin before the committee He said that il
did not strike at the poor man. but it struck at the men
who owned the paper mills which ground these notes
l. struck also the licensed merchant and others who
dealt in this paper, because il egmae, being
dered 50 by the act Of 1888
Mr. BOWIE said that in his remarks the other day lie
did injustice in regard the trade Of the District He
stated that the annual importation of -four into the Dis
rct amounted to hundred and fifty thousand barrels
In this he mistaken. The number Of barrels import
ed into the District amounted annually as il appeared by
inspection to three hundred and fifty thousand. He
authorized to that single bank Of the old Incorporated
institutions made collections from the Northern cities
amounting to FIVE millions Of dollars annually and there
we're four such institutions in the District that the
trade Of the District in exchange must be upwards Of
twenty millions Of dollars year The gentleman from
Ohio Mr. CsRrTRR) mistaken in supposing that the
wealth Of this city depended upon the Government There
was here great deal Of substantial wealth entirely
connected with the Government
All debate being closed by order Of the House. the
question was stated to be upon the amendment Of Mr.
CARTIER prevent the issue by any association Of this
District Of notes Of any denomination whatever
ar. JOHNSON, OF Arkansas opposed the amendment
He did not regard that in making an advance toward pre-
serving good circulating medium they would act wisely
IN gong TO the extent the gentleman from Ohio proposed
IL they should exclude the power issuing In the District
any circulating medium in the shape Of paper, notes IS
sued in Virginia, Maryland and other States wond
here and thus the object Of the gentleman establish
gold and silver currency would not be effected The
gentleman from Ohio had argued that by adopting his
amendment they would carry out what he termed Demo-
cratic principles, and would exhibit 70 the country what
could be done here in the shape Of pure gold and silver
currency Now in his opinion the very first step such
would be to drive them back as representatives
OF this community, to the old system Of banking If the
amendment should be adopted he would pledge himself
to offer amendment TO rcesabsh those four old banks
which had conducted themselves honoraby hitherto and
which the last to suspend their payments during the
panic, and the first to lie would move to give
them charter Of the description which they had
before, with the solitary exception that they should hold
it at the voton Of Congress- and with the insertion OF
the Democratic principle that the stockholders should be
liable for every cent that they should render the bank
sponsible for.
Mr.. CARTIER replied to Mr. JOHNSON In his opinion
IL they TO exchange the paper which was now crcu
lated here for that Of the surrounding States Il would be
vastly better than the present currency OF the District
The banks OF the States had some responsibility their
ler creditors and 70 the business community In which
Hey were created they had guardianship which fur
med some guarantee OF their olvency but that guar
nshp was totally wanted in this District where these
banks based their operations upon higher law. No
ioubt there were honorable and safe banks among
them, bat 1t was true that majority OF them were
bankrupt and fraudulent and the misfortune Of the
that, under this liccntous mode OF treating them
they gave character and credit the rorues among them
Now az TO the prophecy that his amendment should be
adopted the old banks would be revived under perpe-
charter II would be much preferable TO the present
ode Of banking here the restrictions az law we're pre-
ftrable TO open RIGHTEOUSNESS in business
| nr. TAYLOR thought il was imperative upon them az
the only legislators Of the District To look To every in