Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1863-02-12
CONGRESS.
EXTRACTS FROM OUR DAILY REPORTS
TUESDAY, FEBRUARY 10, 1868
IN SENATE.

Mr. COLLAMER called up the bill e@ganizng Inc
Post offics Department. who was passed. l.. ,,;;,s
Mr WILSON, OF Ms.sachusets nou an in ;ocTsssa Il
Mr and Br gadier Generals IN the volunteer service
Mr. SUMNER presented petition from cooreu
of NV Jersey, protecting against any appropriation o'
@ 1ToSTER offered resolution which was adopted
uatioa Ihs President of the United states II Dol in-
Iet.b with h- public inter ST. 10 lay before me cen-
,spopdeace which has taken place between
GorrTnment and the Government OF France on Inc
I,,et Of mediation, arbitration, OF other measures ooH
,ng 70 termination OF the existing ciVii Wat
NATIONAL CURRENCY
The national currency bill was then taken up.
NJ SHERMAN said this measure was proposed al the
,, esson but met with but lite attention ohce 'neh
il has ceiv.d most careful consideration from persons ~
All 90, ons OF tie country, and especially Oh Inc commit
al a. r of ~ Hon,r and Senate We now in condi-
ton when something must Do done 70 sustain inc
of the country We III the midst OF war, aa soa az
" h;b premium that II is virtually driven out OF crcn-
In whie The necessities OF the Government require the
use a large amount Of money Already Congress tine
last session. fading the GoVernme NJ without any oly
the issue Of Government notes. but there We're
rat affections TO the continued aud increased issue OF
tbs paper money 1t poduced excessive innaton oil cur
rency and deprecated CRAFTY inc value Of ta paper
money There great objection on account OF lno iac
~ CIV expansion tbs danger OF lavish and cor
r1pt ex enditure danger OF fraud IN ana
supervision, ard the impossbly OF ptoVdng IL 10 sum
nt amount for the wants Of the people when the e1e1d
rurs are reduced to equality with The revenue Att
time wben bill offered IN the House 70 Increase The
;osua NJ pap
N l3s and within three days to l4I aad in six days
3 l4S5 and suffered decline un There was dis
nsition eynced in the Senate TO check THIS oVerssue
That simple disposition to check this issue caused
IA 20 FIJI three or four per cent Another objection 70
this paper money that 1t is not redeemaoe or conVer
lie thus lacking the elements OF sound national currency
ee notes are ALEC inside the basis OF bank issues AND
a. of this local bank circulation Is IN precisely
tbe same ratio Of increase that OF the United States
notes ought to be done 10 check Ibis exec sve
;s.ua Of bank paper He had cuiious stafement IN
naint of ths proposed two per cent tax, sent TO him
fron bank in Pennsylvania 1t shows that the capital
stock was $4,000 while It's circulation the
h are not enough to pay their posors ana Inc
nrrant dphts leaving the whole circulation secured by
ioans and discounts And he feared that many OF the
ba Ks of the country were In tine ae sa'e no
IL coud prove in time OF war these local oaaK WIN
,ha paner issue were iurnics to tue country prvi-
ao ~ issue this money in tunes oil suspension OF specie
payment is the as privilege 70 com PRIV
soe which ia times of especially should only DC exeT-
cisad by the State i.seh ahe my ~ 10y p P
ton. 80. -. :. g., -, o,,o-
issue all tisto has shown this Tie French assignats
were at FIRST 3D. but by The issue became worth
ess The Aus paper money by over Issue became 30
deprec aed that oae thousand ooals was worn my one
in cod The Continental money tel 10 ABOUT the same
d,eouot If it had been restrained within ts proper limits
il might have continued good. This country VIII bear the
issue of about $500 0oO 600 OF paper anu no
the country and produce immense lufahon and wild
snecnstsn TIE plan Of currency will De sae lar safer
80 Irted Staes -post of onefourth the circulation,
and the liability of the stakeholder 10 certain extent.
These lis will be convertible at any lime INTO the IaWui
money of the United States and the currency WIN De ubs
form I'll over the country SO that bill issued in Maine
Wi, be taken in Cafornia. Fanks VIII De ORGANIZED al
over the county aud demand will be made Tor the bonds
Of the Government ard great market LOT oonos mace.
There ia no ack of capital there 10 capital enough 10
carry ON the of the country oegging ioI lnVes
rneat there lack OF confidence and system lhs "
tern win furnish convenient mode Tor the c'ec,ion oi
All over the country these notes being receivable for
taxes every wksie He believed II Whud DC oehenca 70
the bauk it would tend greatly 10 prevent
now 40 prevalent The notes Of over l2oO banks nave
hen countef,iied or altered 5000 altered LOO
snGrnus notes 400 varieties OF limitations Inc NUMBER
al hanks 10 1882 estm.ed at 500 the notes 81 al
~. cmn,erS,ed except 1853 the number Ct kiDds of Inn
taoDs ia ISL the ateratons 09, and the spurious DIN
l65S This al stem would tend TO prevent oil inns ne
hank. will have the benefit Of being depotars OF the uoV
arnme,t This system will also tend TO promote nation
ahty by nauOusizng the currency ot tue county, apo
bpo1pp toe Their tie whole country lie referred 10 ,ne
cases OF Bank OF England AID France ana u
A. wss neces.ary for Government order TO boiro~
large amounts from the people, 10 nave some ogeuy
this kind aud these banks referred 10 na'e peel
th eat support Of the Government IN times OF war anc
f,,uble II we place our fnauces in healthy and sou
copa ZION may be bble 10 carry on the war ana 10 pro
vide for the payment OF tae publ deb out We eontnus
this over ssue paper money without any limit Tue re
anlt cannot but be universal financial run lie dld Boi
take 40 gloomy view Of finances as many did, indeed
as compared VITA Other m den NATIONS carving on sree
xUar our oapcal condition wonde fully good Even
n the veIy commence OF the war between England
and France tbs English three per ceDts fell t. aed
tn
In the fece state Of things far thhn auy thing we
have seen but that people did not stop but Perseveed III
the end Aud the French securities at one time were ao
tuay WORTH nothing, yet that great people went on vi
the e.pus OF Napoleon and tie OF Ausertz
tbe finances Of the Government He wished above all
things 10 establish sound financial fystsu as the prom.
nent eane Of preserving nationality, and one great
means OF preserving national lie the establishment
OF a sound national currency.
Mr. PowELL's .dment requiring the banks - keep
specio Ia their vaults TO the amount o. oaeutn tne
circulation wac rejected-yeas Ia nays D.
Mr. POWELL moved 10 strike out the provision e1.
cnine these notes from being received in payment OF I'M
nosts He Claimed that the Government should receive
iha ssme notes which il forces the people TO take. he
,sc.d Yeas-Metsrs. Bayard Davis. Dixon, Foot, Ken
nedv Powell Richardson, Turpie, and Wall-9 NaysT
M HOWARD moved TO amend 80 as 10 require thirty
mar cent OF the capital stok shall be pad IN 10 gold or
silver coin Reiected-yeas 49, nsys 81
Mr. POWELL Offered an amendment requiring the as
seut OF the States to the organization Of these banks he
jected
Mr. HENDERSON offered amendment increasing
the stork Of these banks He feared tho establishing nj OF
larpe pumber Of small banks located IN inaccessible
uIsces He gas willing 70 do all he uld 10 aid The Gov
eminent s was iiog % vote for measures be might
consider of doubtful coostituronay but no thought the
fu.urs would show the necessity u tns amendment Re.
jscted-yeas g. nays 81
The Senate then adjourned,