The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1862-05-26
Tux NATIONAL RANKING

T1iH NATIONAL BANKING SYSTEM.
The bill providing a national banking system, which
Nas part Of the financial scheme proposed by Mr..
hase will be brought forward in the House during this
week. 1t is andspcl sable part Of splendid pro.
sramme OF tho Secretary Of tue Treasury, by
which he has managed not only 10 sustain the
public credit but TO raise 70 higher standard than
before during unprecedented and hitherto in
conceivable demand upon the Treasury The introduc.
ton OF the banking system based upon tho public credit
with the national currency for basis IL not the least
prominent feature OF this programme and essential 10
give Instability and render Il sefstaGing. II is the
cap stone Of tho grand system Of finance devised by the
Secretary OF the Treasury, which will be enduring
monument 70 his ability and sagscity.
THE NAVY.
Lieutenant d. Mon. Fairfax has been detached from
ordnance duty at the Philadelphia Navy Yard. aud or.
dered report oComnodors Paldiny for the command
OF The glnboat Cayuga.
Horace X Wheeler liz appointed Assistant Surgeon, aud
ordered to report TO Commodore Psulding.
Martin Il. wandeel Of West Troy, N. Y, has been sp.
Tontsd Masters Mate, aud ordered to the Now York
Yard.
THE CITY PASSENGER RAILWAY.
The subscription yesterday TO the stock OF the city
passenger railway shows that thsrs liz stii psnty OF
money in the country. The total stock OF tho company
is fixed al not less than three hundred thousand nor
required to pay snsfour,h In cash a. the time
Of subscribing Al the closing Of the books last night
the twenty five per cen; deposited the Bank Of the
Metropolis amounted 10 one million two hundred and
ffty thousand dollars, showing subscription Of Ave
millions Of dollars The pro rata reduction OF the sub.
scrption has not 70, been made. The heaviest sub.
scrptlons were from Philadelphia
CORRECTION.
In the House proceedings Of Thursday owing 70 typ,
graphical error the remarks Of another gentleman ware
attributed 10 Mr. Wallace. Tho latter maintained the
power the question Of connscston 10 In Congress-
the sovereign law making the power Of the nation and
By virtue OF the sovereignty in accordance with national
law which ia part Of constitution has the right 70
conoscats property real and PERSONAL as the satos had
under the articles Of confederation independent sove
rsgntes the power TO conscste the property q British
subjects His next point, act conlscatng rebel pro.
perty, does not conflict interfere with tbs right 20
Try and condemn ths rcbsls sssra,ors iu the criminal
courts.
DEFEScg or THR LAKss.
Vie following petition TO Congress FOR snargne the
locks Of the New York canals for passing mscsd YES.
sells, headed by crPrcsdsnt Fillmore and signed BY
leading ctixens Of Buffalo Of all parties was presented on
Saturday by STR. spauldng in the House OF Representa-
tves, and duly referred TO the Military Committee 70
condcnses very clearly and forcby the morris OF thu
proposition which viii probably be discussed aud de-
cdsd by tho House in connection with the kindred bill
already reported by that committee for enlargux ths
Illinois canal TO admit tho passage Of snisr vessels into
the lakes from the Mississippi
The undersigned citizens OF Buffalo earnestly solicit
Congress "a addition 70 provision mado aud
FOR the defence OF the Northern frontier adopt with
vut delay tho measures a. secure the enargp
mont OF the locks of tho Eric Oswogo canals b. size
sufficient pass vessels adequate tho defence of tho
Northern and Northwestern lakes pursuant 10 tho pro-
visions OF an act OF che Legislature OF New York passed
"a ebad ala
powerful than tho Monitor could pass from Nsw York To
Lake Ets sud Oupro. toM the lakcs 70 Now York. 81