Daily American organ. [volume] (Washington, D.C.) 1854-1856, 1854-12-20

HOUSE OF REPRESENTATIVE


TUESDAY, December 10.
After our report closed yesterday, the Senate
bill for the suppression OF small notes in the Dis
trict OF Columbia was taken up.
Mr.. McMULLEN presented remonstrance
from X. w. Latham and other citizens against the
BILL and asking for the passage Of free banking
law. He said he was opposed 10 such circulation
anywhere, but doubted the policy Of passing the
bill at this time owing to the embarrassed financial
condition of the country. Virginia has small
note law, and he knew it could not be enforced In
his district.
Mr.. CASKIE said in his (Richmond) district the
law acted like charm. The worthless small notes
had been banished from their midst, and there was
plenty of gold and silver for ordinary business
transactions.
Mr.. HAMILTON bore like testimony regarding
the Maryland small-note law.
Mr.. FLORENCE said the smalLnote law had
precisely the same effect in PENNSYLVANIA as in
Mr.. CAsKIE's district in Virginia. Specie had
there taken the place of rags. He remarked that
the remonstrance Mr.. MCMULLES presented was
signed by r. w. Latham, who had become noto-
rious for the failure Of the Exchange Bank, with
which he had been connected-he desired to pro-
tect the workngmen from losses sustained by shin
plaster issues for on the poorer classes such disas
tiers invariably fall.
Mr.. LETCHER said he was opposed to shin
plasters, blisterplasters and almost every other
species Of plasters; and especially shin-pasters.
The times are certainly out of joint but 1t did not
occur to him he would find his colleague Mr.. Nc
MuLLKEl In favor Of small notes. Nor did he ex-
pect him to come inwith dead memorial, dated
january, 1853. The thing had kept respectable,
while the managers who drew it had gone with all
things perishable. It is headed by Il. w. Latham,
and he imagined his friends had heard Of defunct
institution known as the Exchange Bank. Ow-
s,r 81, tho IF
small notes, Virginia was driven to the necessity of
banishing them from its borders.
Mr.. MCMULLEN explained that this bill was pre-
pared during the last session. It was then the
remonstrance was handed to him to be presented
to the House. He had not changed his views with
regard to the improperly Of the circulation Of small
notes, but doubted the policy Of passing this bill
Mr.. LETCHER resumed, asking his colleague
whether, il this remonstrance had been gotten up
now, there would have been the same signatures to
Il? Would men now be found endorsing the con-
duct of the defunct institution?
Mr.. McMULLEN. Does my colleague mean to
say endorse the remonstrance?
Mr.. LETCHER. say those who sent the re-
monstrance here year ago would not now sign it.
Mr.. McMULLEN replied, he was charged with
the presentation of the paper, and thought It was
as to its contents.
Mr. LETCHER asked his colleague to look at
the date. The very fact that no remonstrance has
now been sent in shows that the people of the Dis
trict have borne long they could the evils Of
that institution. Such issues ought to be put down.
They operate as fraud that portion OF the CON-
munity least able to bear losses. The smallnote
law of Virginia is in force this very day.
Mr.. HAMILTON suggested that as but three
days were assigned to the District of Columbia
business, gentlemen proceed without unnecessary
discussion.
Mr.. JONES Of Tennessee, argued in favor of an
entire metallic currency.
Mr.. CUMMING thought that would be absurd,
and distract the entire business of the country.
Mr.. SHELTON agreed with Mr.. JONES, and ex
pressed his views regarding the evils Of paper
money.
Mr.. BAYLY Of Virginia, gave notice that on
the 10th of January, he shall make effort to
take up the French Spoliation bill This design
was mentioned, that no one should be taken by
surprise.
Mr.. TAYLOR Of Ohio, attributed the present
evils Of paper money In this District to the neglect
of Congress to re-charter the banks.
The committee here rose, and without disposing
of any of the bills which had been considered the
House adjourned.