Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1863-02-11

Mr. Sherman continued at length he said
Congress at the last session. finding the Govern
ment without money. authorized the issue OF
Government notes. but there were great oijec-
tons TO continued and increased issue of this par
money. Ono reason was on account of the ia
cility for its excessive expansion. lie said he
thought be could prove that in time Of war these
local banks with their proper issue were inmical
to the county. A privilege TO issue this money
in times of suspension Of specie payments is the
same privilege TO coin money privilege
which in time of war especially should only be
exercised by the State itself, and not by any pri-
vate corporation. The great danger from this
paper currency IS from an over issue All history
has shown this This country will bear the issue
of about four hundred million dollars in paper
money and no more This plan of national cur
rency will be safer far safer than any other paper
money II will have the credit OF the United
States, n deposite of one fourth Of the circula-
ton and the liability of the stockholders These
bills will be convertible ut any time into lawful
money of the United States. and the currency
will be uniform over the country. so that bill
issued in Maine will be taken In California.
Banks will be organized all over the country. and
a demand will be made for the bonds of the Gov
eminent, and great market created for them.
This system will furnish a convenient mode for
the collection of taxes all over the country. these
believed this system would be beneficial to the
banks. II would tend greatly to prevent counter
feiting now so prevalent. The notes OF 200
banks have been counterfeted altered: over
5000 have been altered. There are ZOO spur :
Gus kinds of notes, and 400 varieties of imta-
tons. The number of banks i'm 1862 esti
mated at 500, and the notes of all we're counter
feited except 253. The alterations were 1899 and
the spurious bills ,6c5. THIS system would tend
to prevent all this. The bankers would have the
benefit of being repositories of the Government.
This will also tend to promote nationality by
nationalizng the currency of the country.
He wished above all things, to establish a
sound financial system permanent meals of
preserving our nationality; and one great means
of preserving our national life is the establish
ment of sound financial system.
Mr. Fessenden, by consent from the Commit
tee on Finance. reported back the bill to prevent
and punish frauds on the revenue, with amend
ments He also introduced a'bil to allow the
United States to prosecute appeals of writs of err
ror without giving security.
The Senate then resumed the consideration of
the currency bill, the question being on Poweli's
amendment requiring the banks to keep specie in
their vaults to the amou-t of one quarter of
their circulation. This was rejected-yeas Ia,
nays %
Mr. Powell moved to strike out the provision
ment of imports. Rejected.
Mr.. Howard moved to amend so to require
that thirty per cent. of the capital stock shall be
paid in gold and silver coin. This was rejected.
Yeays -; nays 81.
Mr. Powell offered an amendment requiring
the assent of the State To the organization OF the
banks. Rejected.
Mr.. Henderson offered an amendment increas-
ing the amount OF the capital stock of these
banks. Rejected.
Adjourned.
HOUSE, On motion of Mr.. Arnold the Com
mittee OF WAYS aud Means was instructed to ex-
anime and report on the practical operations of
the excise law upon the interests of manufacturers
of limited means.
The House resumed the consideration of the
report of the Committee on Elections in favor of
admitting Messrs. Flanders and Hahn as Repre-
sentatives from Louisiana. No question
taken
Adjourned.