The Cadiz Democratic sentinel. [volume] (Cadiz, Ohio) 1854-1864, 1863-02-18

pensiOn. HesAH be thought he could urOvs
that in time Of war these local hanks. vith
thetr paper issue were inimicai 10 the coun.
Try. A privilege 10 issas this nosey IN times
81 sasPension Of sP>cis psymsnts is the same
IS PrisIleg to coin money privilege which
IN time OF war especially should only be en-
erctsed by the State ITSELF Il not by any pri-
yats corporation. The great danger from
tnls paper currency IS rom an ever issue
All history has shown this. This country
VIII tear the issue OF about four hundred
millions dollars OF paper money, and no NO no
Ibis plan OF national currency will be saIer,
bar ssier, than any other Of paper money. II
viii have the credit Of the U. 8, q deposit
OF one iourth Of The circulation, and the liza
ollity OF the stockholders to certain extent.
These bills viii BE- convertible ct any time
into lawful money Of the United States, and
tee currency will DO UNIFORM all over the
country, 50 that bill issued in Maine will
be taken in Cali'ornis. Banks will be organ.
lzsd all over the country, and q demand will
be made for the bonds OF the Government,
aud = great market Tor the bonds made
This system win furnish conyenient mode
ior collection Of taxes all over the country,
these notes being receivable for taxes every.
where. lie believed this system would be
beneficial to Che banks. II would tend great.
y to prevent counterieiting. now so frcquent.
The notes of twelve hundred banks have
been counterfeited or altered; over three
thousand have been altered. There are sew
enteen hundred spurious kinds OF notes, and
sixty varieties ofimitations. The number oI
banks in 1852 was estimated at fifteen hun
died, and the notes OF all werc counter eited,
except two hundred and fifty three. The al
erations were 3o39, and the spurious bills
1888. This system would tend to prevent
| oil this. The bankers will have the bene ft
OF being repositories the Governmept.--
This will also tend to promote nationality,
oy nalionaizng the currency Of the country
AMI binding together the whole county,
He wished above all things to establish q
sound finsncial system as prominent mean
Of preserving our nationality, and one great
means Of preserving our national life is the
establishment of u souai national cure n
cy, ...,-,. s...-..
Mr.. Fesssnden, by consent, from the com.
mit,es on Finance. reported back tho bill to
prevent and pnniSh frauds on the revenue
with amendments He also introduced q
bill to allow the United States to prosecute
appeals and writs Of error, without giving SO
curity. -
The Senate then resumed consideration OIL
the currency bill. The question being on
Powell's amendment requiring the banks to
keep specie in their vaults to the amount
one fourth Of their circulation, this was 70.
jeSted. IA, uays %. ~
Mr.. Powell moved to striks out tho pro-
vision excluding these notes from bcing re.
ceived in payment Of imports. This was al.
so rejected. '
MIR. Howard moved to amend so as to 70
quirs thirty per cent OF the capital stock t.
bs paid in gold and silver coin. This WA
rejected-ysars l9, nays 2l.
Mr.Powell offered an amendment requirin,
the assent OF the States to the organization
Of these banks. Rejected.
Mr.. Henderson offered an amendment in
creasirg the amount OF the capital stock o
these banks. Rejected. 731 AZ 'e.t
| Adjourned. H.. | "r-. F
| House-On motion NJ Mr.. Arnold, the
committee Of Ways aud Means was instructed
to examine and report on the practical op r
ations OF the excise law upon tho interests 0
manufacturers OF limited means. ~ 4
! The House resumed consideration OF tn
report of the committee on Elections in favo
of admitting Messrs Flanders aud Hahn a.
Representatives from Louisiana. 5'i ~
No question was taken. Adjourned.