The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1862-01-10

ST. ecial Dispatch to the Chicago Tribune.

WASHINGTON, Dec. 27.-When the Amer.
lea sailed it was rumored in London and
Paris that the allied squadrons of France
and England in the Pacific had received
orders to pounce upon the golden prize,
California, at the earliest intelligence of an
outbreak of hostilities.
-Four flag officers, Captains Dupont,
Goldsborough, Mexican, and Bell in the
Pacific, who were retired by the operation
of the new naval bill, will be reappointed.
The following is brief synopsis of the
act to authorize national currency, Sc
cured by hypothecation of United States
Stocks, and to provide for the circulation
and redemption thereof, prepared by the
Committee on Ways and Means, and tobe
introduced into the House.
1t provides first for United States Bank
Department in the Treasury building, with
Bank Comptroller to be appointed by the
President and Senate, with a salary of
$4,000, to have general charge and super.
vision over all banking operations under
the act.
1t provides for issuing circulating notes
in the similitude of bank notes, to be coun-
tersigned and registered in the bank De-
partment, to be stamped on their face
Secured by pledge of United States
Stocks, and receivable for all dues to and
from the United States except duties on
imports, and made legal tender for these
purposes"
All existing banks in all States and Ter.
ritories of the United States may elect or
not to avail themselves of the benefits of
this national currency on complying with
the provisions of the act.
New banks may be formed by any num-
Der of persons under its provisions, with a
capital of 100000 or more, to circulate
this currency and carry on general bank
ing business in any part of the United
States.
All banks issuing national currency are
required to keep constantly on baud twen-
ty.fve per cent. of their outstanding circu.
lating notes in specie to secure the prompt
redemption of the same.
Stockholders are made individually liable
for the debts of the bank to the amount of
their stock.
Banks organized under this act are to
have seal, may sue and be sued in all
courts, and may make all bylaws necessary
to carry on their business.
Banks under the act are to make quar~
terly reports to the Bank Comptroller, who
is annually to report TO Congress.
If banks fail to redeem their bills and
become insolvent, the securities in the hands
of the Bank Comptroller may be sold at
public auction and the bill holders first paid
Insolvent banks are to have Receiver
appointed, and be wound up by order of the
court.
Frauds and counterfeiting are carefully
guarded against. This bill will, the Com
mittee believe, create large demand for
United States Stocks to be issued for bank
ing purposes. The bills issued on hypoth.
ecation of these stocks will have the faith of
the Government pledged to that extent for
their redemption. .
These bills are to be receivable for taxes
and all other public dues to the Govern.
ment, and for all salaries, and for all other
debts and demands due from the United
States for services rendered, and for sup
plies and materials furnished. The banks
issuing this national currency are made lia>
bic for its redemption, and the stockholders
are made liable for it.
The bill-holders have as security: First
the United States Stocks deposited with
the Bank Comptroller; second the liability
of the bank issuing bills; third the person.
al liabilities of the.stockholders of the bank
to an amount equal to their stock and it
is thus thought to constitute very safe
and secure currency for circulation among
the people, to pay the army, and all other
extraordinary expenses of the war.
McCalls official report of the battle of
Drainsville sets our loss at seven killed and
sixty.one wounded, and three missing. The
enemy left ninety bodies on the field, be.
sides number carried away, and seven
taken prisoners.
General Rosencrans is here to bring char
ges, against General Benham first, that be
permitted Floyd to escape ; second, that he
disobeYed bis superior third, thas he was
guilty Of conduct unbecoming an officer and
a gentleman. sd.
Minister Webb writes that the Brazilian
Government is favorable to us, notwithstan-
ding indications on the coast of rebel sym.
patty, which are in direct violation of
instructions.
L Lulu oHC tWO uuuuICU CudITCu uOIbSS
still lying in the burned stables near the
observatory.
Special Dispatch to the Chicago Tribune.
WARRINGTON, Dec. 29.-Col. Rankin's
resignation of his command of British Ian.
GERS is accepted.
General Scott will not at present come
to Washington, perhaps not not all. His
spine is no better, but bis dropsy and lum-
bago are much relieved.
Accounts from Missouri are very encourr
aging. Unionists are returning to their
homes; disunionists are quiescent or fee.
ing.
When the treaty was proposed by Sir
Charles Wyck, the English Minister to
Mexico, it fell through in consequence of the
refusal of the Mexican Congress to ratify
its negotiations. That of Corwin, who was
acting with Wyck, temporarily also fell
through. He has, however, set on foot ne
gotiations, and has submitted to Mexico
project Of treaty of the same purport
with that before the Senate. The negotia-
tions cannot now, however, be completed
in season to prevent the allied feet from
commencing operations. Miramon, after
an interview with the 2non;oh M;nicror