Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1863-02-12
MORE GENERALS FOR THE ARMY.

TO resolution OF the Senate transmitting the report VI the
Secretary If State relative to The visit Of NJ Mercer to
Richmond.
MORE GENERALS FOR THE ARMY
Mr.. WILSON, Of Massachusetts, called up the bill to
increase the number of Major aud Brig adler Generals in
the volunteer service The bill provides an increase Of 80
Major aud l7O Brgadier Generals making the whole num-
Der 20 Major and 270 Bngadier Generals
Mr. GRIMES was opposed to the bill, and asked for the
ayes and noes on its passage.
mir. @ lkLILE wanted to kuow how many of these
Generals not duty He thought this increase would
add greatly TO the expense OF the Government
MIR. WILSON, Of Massachusetts, SAID many Generals
had been appointed when the forces raised He
did OF believe so many needed and he thought
INIT should DO placed the number else nominations
of new Generals will be sent to the Senate every day.
Mr. GRIMES said there more obi rcton to the qua
lily OF the Generals than the quantity. Many of our Gene
rails ought to be removed and better put in their
places.
NATIONAL CURRENCY AND THE BANKS.
At the expiration o. the morning hour the CHAIR call
ed up tho special order being the bill aid the State
Missouri emancipation but the unfinished business
yesterdaythe currency bbeng heweTer, first in order,
was taken up.
An amendment offered BY Mr. HARRIS was adopted I'll
if any bank banking association, engaged in banking
shall be the holder of United States bonds to the amount
OF fifty per cent OF its capital stock may lsfer and
deliver the United states Treasurer such bonds part
thereof, in the provided by this act and will DO
emitted to receive circulating notes equal to eighty par
cent. OF the bonds so transferred and delivered
MIR COLLAMER said this bill could not be regarded
a measure, although every thing proposed now
brought forward great measure something IT,
save the Uuion THIS bill could have no effect for sons
two three years aud he supposed this to
10 end at period But tails bill Is put forward
great financial measure and its great object and aim is
withdraw the local bank circulation ali over the coua
try and establish in place hsreofa great national currency
aud unless this object Is attained the bill Will fail But
what would be the effect OF such q uref Ia New
England especially and most # the Middle aud Western
States the business and all the interests of the people
intimately connected and bound up with these local
banks winding up of all these banks would create
such state OF distress and hnanca confusion could not
be described And might be well TO inquire II have
tue power to extlnguish oil these banks Ia These
tmes, when Is almost deemed teretca to question the
exvent Of power There are many powers which belong
to tho State which entirely independent of the action
of Congress- such the right of State taxation certain
State lave, &c The Supreme Court decided in case
Maryland that the United States might establish bank
with branches aud the State could not them; and in
in Kentucky the Court decided hat the local backs
constitutional aud the State had perfect right to
authorize them That right must certainly be indepen
dent of the General Government and il the State cannot
United statos us u,on out of existence then the
General Government cannot tax State institution out OF
existence. They might as well undertake. 10 tax the
schools aud colleges II New England heavily to
pei them 70 close He had great doubts OF the proPrety
the United States becoming responsible for the redemp
ton OF tbes, bills The United States a. time esab
lshed bank with capital Of thty-fve millions, aud
that bank only clo ed because il REGARDED
dangerous political engine which could be used by the
party 10 power But the bill proposes etab SD bank
with capital Of three hundred millions, and allow the
Becresry Of the Treasury to estab sh three thousand
banks throughout the country mostly under his control
Now tie Old Cntsd States Bank furnished we'll ground
ed approximations Of being us-d as dangerous political
engine what be said Of the present scheme If
the Secretary Of the Treasury could be f nshed with all
this power and il he chose TO it, be must be
very buDglng politician ii he could not make himself Pre-
sdent any day III time OF nation Is expected 20
pay all its expenses 1t goes aloog II it pays the in
teTest on il, debt that is all that expected, and
that we are now doing aud continue TO do. He did
not how the proposed plan was any better than the
plan we are now pursung Of Issuing paper which circu-
late. among tho people But instead Of ssung the
need, which would g. out among the people without
any cost to the Government 10 place N crcuaton 1t
proposed absh all hese banks and pay them twelve
millions year for circulating these uotes That Is the
plain English Of this scheme.
In regard tho claim that this bill is TO establi.h uni
form currency he contendod that il impossible
make uniform currency by law 10 regulate the circu
la ion OF the blood. 10 former times when great states
men undertook TO establsh paper currency, they
thought Of putting it upon a0y other ground than that Of
being redeemable in spece. The only basis upon which
they pretended issue paper money from Its imme
dale relation that which the world regarded If per-
maGeat value When the United States Bank esiab
lshed it not proposed to exngush the state banks
that with other extraordinary powers, lcft TO he
brought forward in latter dbys He that
the proposed tax Of two per cent circulation equal
70 three or four per ceot their capital which would
necessarily cause the banks to suspend operations If the
AnufactureY taxed per centage his productions h.
can place The tax the price OF the eood and the burden
ut fall him entiey but the banks can 90 DO suca
hing He commended that there would be NJ nfucement
for copi asa 10 esabh these banks, even If to others
were DESTROYED They would hGve to invest 100000 10
United States bonds at fixed youe, for twenty years
and they $50 900 for circulation but they must
keep twenty-five PER cent in their vaults They would
yet 81 600 the Government and 0OO as iOtofest on
The 800 900 Ct aton. There would be no exchanges,
and that all they could make without cheating. The
regular expenses, together with the loss the amount
kept the eaut would be $500, leayiog only little
So COO Hc ccntiered IL very Rnwise at line like
th, put operation experiment Of this kind destroy
log he local banks aud bringing ruin the people. With.
ou assance Of the banks the Stte If Vermont could
not have placid her regiments il the field.
Mr. SHERMAN thought TINT under this bill banks
make reasonable profits but not, AID no induce
could be presented to these banks then this
whole scheme would fall to she grould aud could
he ne The honorable Sc alto ON Vermont had argu
thai tho United States would receive benefit from the
BILL but suppose cDu induce The banks Of the country
to withdraw alb ut hundred millions OF thor circulation
and invest in United states bonds and take I'D hi,
new circulation IL would mmed atey create demand
Tor bonds to a large extent the real demand of
hundred mlons The United Gt,tes would get the bene
t OF this aud thes bank would be useful repositories
and convenient for the collection Of all debs He claimed
that the bill would not destroy the local banks bat they
might without any difficulty come uuder the operations
of the b. lie knew that many capital SIS were ready to
no into this business Of banking aud be thought that ~
months at least fifty millions Of bo1ds would be taken to
this He could none OF The dangers feared by the