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

amendment reducing notes 10 De l<SueQ 10 one
hundred and fifty millions, instead of three hun
dred millions. including the amount issued BY the
resolution of Jan. 18th, 1863.
The section allowing coupons on bonds and
notes to be received for customs thirty days be-
fore due and after due, was stricken out.
Mr.. Clark moved to amend the proposed tax
of two per cent. on the circulation of the banks
as to make il one per cent for TWO years and
two per cent. after that.
Mr.. Harris said he could vote for no such
amendment, as he deemed it a declaration OF wa
against the banks. Ii a notice to them that
they must wind up their affairs in two years. The
banks had nobly supported the Government, and
he would not vote to destroy them.
Mr.. Clark said he offered the amendment to
relieve, not 10 destroy them. Il the scheme
passed Yesterday was to 90 into effect, that circu
lation must take the place of bank circulation
he was willing to sacrifice anything to save the
Government
Dir. Fessenden said the Senator from New
York was willing, yesterday, to vote for the bank
bill to aid the Government; but now he not
willing that the bill should go into operation
The very essence of the bill passed. yesterday was
to introduce a new circulation to take the place
of bank circulation. But If the banks were to
still 60 on issuing all the notes they pleased, it
would render the new plan a nullity. This tax
was designed as pressure on the banks TO in
duce them to come under the new arrangement
and help make a uniform currency all the
country.
Mr. Harris contended that he had supported
the new banking bill rs a system which the banks
would receive, and not as measure TO extermi-
nate and make war on the State banks.
Mr. Chandler said the question was, whether
we should support the Government or protect the
State banks ut all hazards2 What would the
banks be worth If the Government went DOWN.
They would be worth nothing
Mr. Harris was willing to tax the banks as
heavily as they could bear, but not to extinguish
them.
Mr. Powell declared that there was a scheme
to DESTROY legal banks ami substitute worthless
currency founded on deprecated bonds He said
the policy of the Secretary of the Treasury had
been wrong and ruinOus from the first, and if he
could not carry on the Treasury he ought to re-
sign and not food the country with trash never
redeem1ble in coin.
Mr. Fesseuden said the gentleman from Ken
lucky had very peculiar views about carrying on
the war. He said he WAS loyal, and wanted to
preserve the whole county, but would do moth
ing To ut down the rebellion He would let
them 20 OIL, thou III he all it was all wrong He
would do nothing to stop them, yet he was
loyal man
Mr. Powell: As loyal as the Senator from
Maine.
Mr Fessenden said he did not dispute it, only
rebellion. He (Mr FesSenden) would defend
the country, and not allow the free States to be
Overru:e1 by savaees.
The Senator from Kentucky said he would do
all that but wouI not vote a dollar. lie had
opposed the from the beginning. The Sen
ator from Kentucky would have nothing but gold
paid the Government.
Mr. Powell said he had not claimed the Gov
eminent should use all gold He had repeatedly
II hx mill flnA Local
binks-
Mr. Fessenden, (interrupting): Suppose you
can't get paper?
Mr. Powell said they could get it as they could
get coll-coun take il in payment of the public
due and for taxes.
Mr. Fes- endeu said the Senator objected be
cause the Government chose to use its own paper
Everybody knew That no country ever carried on
war Ike this without cOr, and never could,
without using its own paper. But the Senator
complained because the Government put its own
credit into the market. r~te I'd of putting itself
the mercy of anyb ,dy who chose to prey upon it.
II was impossible to obtain gold to carry on
the war. We had carried on the war for two
years and the credit of the country had been sus
tanned nobly before the world by The exeriions of
the Secretary of the Treasury. Now, the Secre
tary came tn Us and explained that things had
lived at such n state ard after much consulta
ton, careful thought and study. lac had decided
that this or some other plan was necessary in
orter to carry on the and the Government.
and nobody had ioifeIed any other plan, unless il
the Senator from Kentucky. and as he (FeS-
senden) had no better plan to offer, he will
ne to Weld his judgment He would not say that
this plan should not be adopted He was willing
to do everything and try Thing for the safety
OF the Government aud TO carry on the war to a
success nj termination.
Mr. Pow ell said lie was stunshed to hear so
able Senator the gentleman from Maine re-
sort To- tt,k abou, loy .ltt in-ieiG OF argument.
Mr.. Fes>enden said he was only contrasting
the Senators pr ,ctice with his Professions.
Mr. Prae continued at some ensih, contend
ing Ih,t his loyalty would bear favorable com
pari-un with that vf the Senator from Maine.
He believed that the separation of States was ac
conp,ishe by tie declaration of war. lie re-
feried, at considerable length, /, various acts of
the Government, which he alleged were unstitu-
tiual
Mr. Oh ndIer claimed that the proposed cur
ren would be more safe than that of tie
loyal b uks; besides II would be based Oh the
credit of the Government aud secured hy mort
gage of ali the property of the country. The
Senator from keitncky was as consistent at least
IA his colleague. nov General in the Rebel
army +, who, when here. voted against every thing
tending to support and defend the Federal Gov
erument and was now fighting against the Gov.
ernIneui; and the Senator Was consistent in re-
mining here and voting against every war meas
ure.
Mr. Davis referred to the condition of the
banks of Kentucky. and claimed that their notes
were preferable 10 greenhlcks, and the policy
pursued in the war of 1912 was better than the
present policy.
He protested against this manner of impugn-
ing mans loyalty because re did not follow the
lead OF the party in power. He would never
fure-o his convictions, but would stand by the
Constitution, and no matter wh were the con
sequences. There were traitors North and South
trying To depreciaie the currency.
Mr.. Howe was glad the Senator was willing
TO Stand by the Constitution. He admitted the
banks sound and wealthy, but was not the
Government OF the United States more sound
and wealthy Did the people of Kentucky dis
trust the intention of the Government 10 pay. or
were they fearful il would not be able to support
ITSELF Ii every one would feel that everything
to be sacrificed for the safety of the country,
there would be no more fears for the Govern
ment?
Mr.. Howard said he was opposed to the bill
because he believed it intended-to sacrifice
the banks
Mr.. Clark's amendment was then adopted-23
to 10.
The question WAS then taken on the amend
ment a. amendeI. Adopted-20 to IL.
Several amendments rejected, and the
bill was reported To the Senate.
The vote was again taken on the amendment
t,xing bunk circulation one per cent. for two
years. and TWO per cent thereafter, Instead OF the
gliding scale proposed b, the House The amend
ment was agreed to. The bill was then passed
by yeas 80 nays A. MeSsrs. Carlisle, Richardson,
Wall and Powell voting nay.
HousE-The House took up the naval appro-
pfiatisn bill reported from the Committee OF
the Nhole with amendments