Indiana State sentinel. (Indianapolis, Ind.) 1861-1865, 1863-02-16
WASHINGTON, February 10.

SESATE.-Mr. Collamer called up the bill reor-
ganizng the Postoffice Department. Passed.
Mr. Wilson. from the Military Committee, re-
ported bill to authorize an increase of Major
aud Brigader Generals in the volunteer service.
Mr. Sumner presented petition from colored
citizens OF New jersey protesting against any
appropriation for colonizl tiOn.
Mr. Foster offered a resolution, which passed,
requesting the President. if not Incompatible, to
lay before the Senate any correspondence which
has taken place between this Government and
France the subject of mediation, arbitration
or other measures looking To the termination of
the war.
The National Currency bill then taken up.
Nc Sherman sid ;ie measure proposed at
tie last session, but met with but little attention.
Since then it hld received the most careful con-
sideration from persons in all portions of the
country. and especially from committees of the
House and Senate We were now in condition
when something must be done to sustain the
finance of the country. We were in the midst
of war. aud gold WIS at such high premium
it was NATURAL, driven out of circulation.
Mr.. Sherman continued at length. He said
Congress NJ the last session, finding the Govern
ment without money, authorized the issue of
Government notes, but there were great ohiec-
tons - continued aud increased issue of this par
money. On, account of the ia
cility for ii, excessive expansion lie said he
thought he could prove that in time of war these
local banks with their proper issue were inimical
to the country. a privilege to issue this money
in times OF suspension of specie payments is the
same rs privilege Ia coin money! privilege
which in time of war especially should only be
exercised by the State itself, and not by any pr-
waite 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 aud no more This plan of national cur
rency will be safer far safer, than any other paper
money. twill have the credit OF the United
States, a depo>ite of one fourth of the circua
ton, and the liability of the stockholders These
bills will be convertible at 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
demand will be made for the bonds of the Gov
ernment and great market created for them.
This system will furnish a convenient moGe for
the collection OF taxes all over the country these
notes being receivable for taxes everywhere. He
believed this system would be beneficial to the
banks Itwould tend greatly TO prevent counter
feitng now so prevalent. The notes OF ,2n0
banks have been counterfeited or altered; over
5000 have been altered There are 700 spuri-
Gus kinds of notes, and 400 varieties of imita-
tons. The humber of banks in lot2 was esti
mated at 500, and the notes ofall were counter
feited except 253 The alterations were 3 U39 and
the spurious bills SIS 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
Matchmaking the currency of the country.
He wished, above all things, to establish
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 bill TO allow the