, 1863-02-11
PROCEEDINGS OF CONGRESS-.



SENATE.
Mr.. COLLAalER of Vt. called up the bill
for recognizing the Post Office Department,
which passed.
Nj. WILSON Of Mass. from the Military
Committee, reported bill to authorize an
increase Of Maj iur and Brigadier Generals In
the volunteer service.
Afr. SUMNER Of Mnss. prescnscd petition
from the colored citizens Of New Jerser, pro-
testing against any appropriation for coloni-
zation.
Mr, FOSTER Of Ct. offered a resolution
which was adopted requesting the President,
if not incompatible with public interests, to
lar before the Senate any correspondence
which has taken placc between this Govern
mcns and France on the subject Of media.
tion, arbitration. Or other measures looking
to tie termination Of the existing war. The
National Currency bill VIE then taken up.
Mr. SIBERIAN Of Ohio said the measure
was proposed at the last session but met with
but little attention. Since then 1t had receiE.
the most careful confederation from persons
IN all parts ct The county, and ana especially
Ate. We were now in condition when some
,hipe must be done to sustain the finances Of
the country. We we're In the midst Of war,
and gold was at such high premium that it
was virtually driven ont OF circulation.
A{r. SHERMAN continued At length. He
tho Government without money, authorized
the issue Of Government notes, hut there were
great objections to the continued and increased
issuo Of this paper money. One reason VAS
on account Of the facility for It's excessive ex-
ransion. He said he thought he could prove
that In time Of war these local banks we're
lnimical to the country. 4 privilege to issue
tllis money in times of the suspension OF
srecie payments, is the same as privilege to
coin money; privilege which in time Of WIT
especially should only be exercised by the
State itself, and not By any private corpo7sa-
ton. The great danger from this paper cur
rcncy is from an oveT-issue, al history has
shown this. This country will bear the issue
ofabout $400, ,o00, 00opapeT money and no more,
This rlan Of national currency will be safer,
far safer than any other Of paper money. It
will have to the credit Of the United States 9
deposit Of one fourth Of the circulation, and
the liability Of the stockholders to ascertain
into lawful money Of tbs United States
and the currency will be all over ths
| country, 30 that bill issued in Maint
| will Be taken in California, banks vii
| be organized all over the ,countr.
| and demand will bo made for the bonds 0
bonds made. This system will furnish 4 con
venient mode fer the collection Of taxes al
over the country, these notes being receiya
Bile for taxes everywhere. He believed TIL
system would be beneficial to the banks l
would tend greatly to prcTent connteFfeitine
now so prevalent.
| The notes Of ], 200 banks have been eonnte!
feited or altered. Oyer 5000 hare been a
tered There afe ], 100 spurious kinds Of note!
and 4Go varieties Of limitations. The numbe
Of banks In 1863 WAS estimated at 1,5oo, an
the notes Of all these eountsrisjted e1ce{
263. The alterations were 3,0S, aud II
spurious bills .1,eS5:, This system woul
tend to prevent all this. The bankers vi
have the benefit Of being depositaries
| he Government. This will also. ter
promote nationality By nationalizing the Gu
rency Of the country, md binding togeth
thinrs to establish sound financial syste1
as prominent means Of preserving Our \
t;unallty, and a great means Of pse6ervi'
our national life is the establishment Of;
{ sound national currency.
Mt. FESsENDEN, by consent
tho Committee On Finance, reported ba
the bill to pro{ent and pun