The republic. [volume] (Washington [D.C.]) 1849-1853, 1853-01-12

lad are issuing paper without authority OF law, aa
he was informed.
Mr.. JONES, of TENNESSEE. thought the gentle.
man would hpt, on examination, that the charters
OF all the banks here expired during the twenty
eighth Congress- when an act passed giving
them time to close up business and cease 10 exist
lhls was the manifest intention Ct Congress; but
under construction of that act and BY the advice
OF attorneys those banks are going on and circu
lating their paper,
Mr.. CARTIER remarked that such was his in
formations; but whether true or not, he insisted
his amendment 1t time to put end to
these banks, anyhow. This business of making
picture, and putting cashiers name to it, and
drawing interest upon it as money, Is frand on
good sense that ought to be ended, and particular
ly at point where the necessities of credit do not
require such paper. He hoped that Congress
would not, by implication, authorize any suth
humbug. Let this National Legislature set a sub
stantiai example and put an end to this speces of
business, which is Improbable to everybody ek-
cep. trose who put the trash in circulation
! Mr.. AVERETT, while he agreed in sentiment
with the gentleman from Ohio would be con-
| strained to vote against the amendment, because
he wanted the bill to have practical and not a
theoretical effect. Maryland and Pennsylvania
have passed laws to Danish small notes, and Vir-
ginia doing the same thing; and Congress
should back those States in their laudabie designs
The great object is to rehuke the law breakers.
Let gentlemen take The bill it is, and send it to
the Senate. He hoped it would not be clogged
with Appointments.
/ -
ing the resolution instructing the Committee for
the District OF Columbia to inohre into the expedi
ency OF suppressing email notes; and the COM
inlttee, alter careful investigation and consulta
ton with the United States law officer for this
District, had prepared the bill now before the
committee. 1t was framed in conformity with
public sentiment in this District, and he under
took to say, the adjoining country TWAS de-
signed to obviate the evils sensibly felt, and
which Cypress and lax his constituents, which evils
he held it to be the duyof Congress to suppress if
possible 1t was toe late TO say that community
OF sixty OF seventy thousand inhabitants can dis
psnse with credit and ban king capital. The expe
rlence OF the country is against it. The gentleman
from Ohio (Mr. CARTrER) mistook when he said
there is no commerce here. The District commerce
amounts to some millions of dollars. There is
large domestic commerce The importation of the
single article OF flour amounts to one hundred and
| fifty thousand barrels annually. All this is
ported Ships ara continually coming to George
town with eargoes of sugar, molasses, and coffee
I from the West Indies, which attract the atten-
ton OF merchants of Baltimore, Washington and
Alexandria. We have ocular demonstration of
! the immense domestic commerce going on around
US; and unless, he said, Congress fswilling to
rob constituents of the facilities of credit they
| have no right to make this District the mere sub
ject of experiment" Itis the bounden duty of Con
gress to give this District facilities similar to those
! which other communities enjoy. The representa-
tives here are the special representatives of the
people of the District who have voice from their
midst to urge their particular claims and interests.
| press the mushroom currency, unworthy of
institutions and scarcely deserving of Sc local
habitation and namen He held in his hand
| New York Bank Note Detector, containing list
OF thirty-seven banks purportng to be situated in
our midst, thirtytwo of which issue notes under
/ the denomination of five dollars. Most of these are
OF recent origin. In conclusion, he said his con-
stituents suffered by those small issues, because
they were mostly small farmers They supply
this District with the products of their dairy gar
! dens, and poultry yard; and when they bring
hther the fruits ct their labor they expect to
celVe something ofintrnsic value in return. When
4 they reach here they told, ssYou may take
| back your produce. or consent to receive paper
for it, Some of them illiterate, and are not
qualified to Discriminate; and after calculating
their gains they find, the return of the next
year, that they have boarded up nothing but trash.
They who live in the vicinity Of the District ask
that Congress will furnish substantial basis of
currency By Withdrawing the small note currency.
Mr.. JONES, of Tennessee, inquired whether
there Is any law in force authorizing the issue or
the regulation of paper currency in this District.
MIR. BOWIE replied, that since the expiration of
the charters of the District banks, they all act as
private coPartuerships and associations, and do
not issue bills under the denomination of FIVE dol
lars.
MIR. JONES, of Tennessee. There are other
places called banks which issue bills under five
dollars. He never took any of them.
MIR. CARTIER said he learned from the gentle
man from Ohio that there upwards of forty of
those shinplaster machines in this District If
that was the case, the purpose of the bill was, by
lndirection, TO give them the power to do what, un
der the authority of law, they have right to do
He denied the right of the gcntleman's constitu-
ents to dictate what line of policy Congress should
pursue. Maryland, up to the time she reformed
her constitution was any thing but pattern. And
If he (Mr. CARTTER) understood her policy, she
supported her government by gamblng-by cup
porting lotteries All the trade of the Constituents
of the gentleman with this District was in cabbages
and potatoes. [Laughter.l Would the gentle
man say the produce would not command gold?
Nothing would command gold 80 readily hun
cry stomach Men can do without gold, but can,
do without their cabbage and potatoes IRE.
newed laughter He would give the gentleman's
constituents something heavier than stone-in
gold.
Mr.. BOWIE replied, saying that, with respect
to lotteries, Maryland has done all in the power of
moral and religious people to wipe away that
stigma. He had no response to make to that part
of the genteman's remarks relating to cabbages
and potatoes, having doubt that the gentleman
enjoys more OF those vegetables than he does The
most of his constituents are exemplary citizens,
and he was sure what the gentleman said about |
them was merely jest. He begged to institute o |
comparison between the legitimate banks of this |
District and those of Ohio.
MIR. CARTIER expressed the hope that the gen.
tleman would direct his remarks to some one else,
as he had always fought them. SSH
Mr.. BOWIE then said that it appeared the banks
of the great State of Ohio have no more credit |
abroad than the legitimate of the little Dis
trict OF Columbia; for while the banks of Ohio are
at discount OF one per cent. in New York, the |
banks of the District are at discount of only |
three-lourths per cent.
Mr.. TOOMBS said there was no law to restrain
banking here, nor principle TO regulate it by law
One thing or the other ought to be done. The bill
does not seek to control the business of banking in
the District of Columbia, but permits the banks
issuing five dollars and upwards to go on. If
gentlemen want to get rid of shinplasters, the
amendment of the gentleman from Ohio is good
one. He expressed his opposition to the bill in ts
present shape.