The Nashville daily union. [volume] (Nashville, Tenn.) 1862-1866, 1863-02-14
National Currency Bill.

We End the following in the report of
Congressional proceedings on the 10th
inst:
The National Currency Bill was then
taken up.
Mr.. Sherman said the measure was
proposed last session, but met with but
little attention. Since then it had re-
ceived the most careful consideration
from persons in all portions of the coun-
try, and especially from the committees
of the House and Senate. We were now
in \ condition when something must be
done to sustain the finances of the coun-
try-we were in the midst of q war, and
gold was at such high premium that it
was virtually driven out of circulation.
Mr. Sherman continued at length He
said Congress at its last session, finding
Government without money, authorized
an issue of Government notes, but there
were great objections TO o continued and
increased issue of paper money; our
reason was on account OF the facility for
its excessive expansion, He said he
thought he could prove in time of war
these local banks, with their paper issue,
were inimicAl TO the country. A privilege
TO issue this money in times ofsuspension
Ofspecfe payment, ia the same as a pri-
vilege TO coin money "a privilege which,
in time OF war especially, should only
be exercised by the State itself, and not
by any private corporation. The great
damage from this paper currency, is
from an oyer-issue all histories have
shown this. This country will! bear
the issue of about four hundred million
dollars paper money, and no more. This
plan of national currency will be safer,
far safer, Than any other of paper money.
IL will have the credit OF the United
States, deposit Of one fourth of the cir
cula,ion, aud the liability Of the stock
holders extent These bills will be con-
verlible, at any time, into lawful money
OF the U. s., aud the currency will be uni
form over the country, so that a bill issu-
ed IN Maine will be taken in California.
Banks will be organized all over the coun-
try, aud a demand will be made for the
bonds OF the Government, and great
msrket for the bonds made. This system
| VIII furnish convenient mode for the
| collection OF taxes all over the country.
these NOES being receivable for the taxes
every where lie believed this svs,em
would be beneficial to the banks. "A
would tend greatly to prevent counter
teiung, now 20 prevalent. The notes of
twelve hundred banks have been coun-
teriei,ed or altered; over three thousand
have been altered. There are seventeen
hundred kinds Of limitations. The num-
Der Of banks in 1862 was estimated al
fifteen hundred, and the notes of all were
counterieited, except two hundred and
tifty-three. The alterations were three
thousand and thirty nine, and spurious
billie sixteen hundred and eighty five.
This system would tend TO prevent all
this The bankers will have the benefit
Of being depositaries OF the Government.
This will also tend 70 promote NATIONAL
ily by naiionAlizing the currency OF the
country, and binding together the whole
country He wished above all things,
20 establish sound financial system, as
. prominent means Of preserving our ma
tionaliiyi and one great means OF pre-
serving our nstional life, is The establish
msnt OF a sound financial system.
The bill VIII probably pass