The Burlington weekly hawk-eye. [volume] (Burlington [Iowa]) 1860-1876, 1863-02-14
BUFSlINITlON, OAIOIN4)A1 fEbRUAEY IA, 1863.

Mr. CONKLIN then proceeded 70 vindicate
the report Of the Naval Committee against the
attack that had been made upon it, and In OPP
position TO the pending measure q = s1kka1
TRIHBLR opposed the bill denying Il was
nstionalin sense suggested that che trade OF the
Mississippi River never amounted TO more than
that Of all the northern likee, from the western
division remarked that the original design was
to afford passage for the chips Of war from the
Gulf Of Mexico to Lake Michigan, in event Of .
war With England, and make such provisions for
defence as are not prohibited by treaty. faa
STEVENS opposing the bill, said they bad
became 90 accustomed 70 give away money y
the millione, that no appropriation was consid-
cred too large 70 be passed He characserixed
the scheme now pending, as most prepcsterous
and shameful 10 ever brought forward soch nav
question. bas9ia o. hsfeiA eau f'a<7St i ia
/ vALLANDIGHA AN said this pchsme provis-
oned to strike deadly blow to the Dintersste
Of Indiana. Ohio, Kentucky, Virginia, Penn
sylvania. Maryland, Delawsre and swJereey
snd of Cleveland Pittsburg Baltimore Louisville,
and While the people Of thess states iare thus
damaged and they were taxed for the scheme.
PORTER entered his protest agsinst che pas
sage OF the bill. to12tnG4 F2.els7G r'l,isoi
WAsHBURN regarded the opposition Of this
measure as the most extraordinary, toward the
northwest that he hsd ever seen exhibited. -
The bill vas Of greater interest TO the north.
west, thsn sny measdre ever submitted 70 Con
gress He had voted for the tarifE, 10y which
vas ten millions year. alsSc gi' ~" ci A-e sa4
| WAsHmsros, Feb 1o-SHsArs Mr.. COL
LANER called up the bill reorgsni1ing the Post
I Office Department, which passed 4' z ~
I III. WILSON, from the Military Committee,
reported bill to authorize an increase Of Ma.
ljors and Bfigsdier. Generals in the volunteer
service.
Mr.. SUMNER presented apetition from the
colored citizens Of New Jersey, protesting
against any appropriation for colonization.
| Mr.. FOSTER offered a resolution, which was
adopted, requesting the President, if not incom.
patible with public interests, to lay before the
Senate any correspondence which has taken
place between this Government and France on
the subject of mediation, arbitration or other
measures looking to the termination Of the'ex
listing difficulty. ''s ~
| The National Currency Bill was then taken up.
Mr.. SHERMAN said the measure was pro-
posed at the last pession, but met With but little
attention. Since then it had received the most
careful consideration from persons in all por-
tions of the country and especially from the
Committees Of the House and Senate. We we're
now in condition when something must De done
| to sustain the finances Of the country We
we're in the midst of war, and gold was at such
a high premium that it was virtually driven out
of market. 49, fRba8 q E3}4iaH tta12', r5a
Mr.. SHERMAN continued at length. He said
that Congress at the last session, finding the
Government without money, authorized the is
sue of Government notes, but there were great
objections to continued and increased issue of
this paper money. One reason was on account
Of its facility for its excessive expansion. He
said he thought he could prove that in time of
war these local banks with their paper issues
were inimical to the country. This system would
tend to prevent all this. The bankers will have
the benefit OF being repositories Of the Govern.
| ment. This will also tend te promote national
4 ity by nationazing the currency OF the country
and binding together the whole country. He
wished above all things to establish sound &
nancial system as prominent means Of preser.
wing our nationality and one great means Of pre-
serving our national life is to the establishment
of sound national currency. saf q sso'ass
Mr.. FESSENDEN By consent from the CON-
mittee on Finance reported back the bill to
protect and punish frauds on revenue with
amendments He also introduced bill to allow
the United States to prosecute appeals without
giving security. " i9 10 5' ral aZmasa
Senate then resumed the consideration of the
currency bill, the question being on Powell's
amendments, requiring the banks to keep specie
in their vaults TO the amount Of one quarter of
their circulation This was rejected Yeas IA
Nays % 81 o Is ae' saha -.rassa
! Mr.. POWELL moved to strike every section
excepting those notee for being received in
payment Of imports. This was also rejected
| Ar. HOWARD moved to amend 90 % to require
80 per cent of capital stock and shall be paid 10
gold and silver COIN This was rejected. Yeas
10 Nays 20.
| Mr.. POWELL offered an an,endment reauir.
ing the assent Of the States to the organisation
Of these bankA Rejected sars r
| Aprivilege to issue their money in time of
the suspension Of specie payments 10 the same -
the privilege to coin money, privilege which
in time of war should only be exercised BY the
State itself, aad not BY any private corporation
The great danger from this paper currency is IN
over-iseue. All history has shown that this
country will bear the iseue Of about four hum
dred million dollars in paper money, aud no
more. esl,j tg za
This plan Of national currency will be safer,
far safar, than any other Of paper money. It
will have the credit of the United States, de-
posit Of one-fourth the circulation and the liber
ty Of the stockholder to certain extent These
olle viii be convertible at any time into lawful
money Of the United States, ard the currency
win be all over the country, 80 that bin Issued
in Maine viii be taken III California Banks
will be orgapizeda alIover the country and
demand vii! be made for the loonis Of the Gov
eminent and . great mediam for the bonds
made. This system will furnish convenient
mode for the collection of taxes all ever the
country, these notes being receivable for taxes
exery where. ~. ~ '..t.s1 ,',s ,r9s
He believed this system would be beneficial
70 the banks; it would tend greatly TO prevent
counterfeitng, nov SO prevalent. The notes of
1900 banks have been countsrfeited Or altered
over; 5000 have been altered There are l7O0
spurious bank notes, and A varieties of imita.
tions. The number of banks in 1862 vas esti.
mated at 1900, and the notes of all we're coun-
terfeited except 25a. a.s. gs,,s-f ~
Mr.. HENDERSON offered an amendment in.
creasing the amount of capital stock Of these
banks Rejected. Senate adjourned.
House. -On motion of Ar. ARNOLD. the
COMMITTEES Of Wave and Means vaa instrnctad