New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1863-02-12

debts. He claimed that The bill would NOT Sestroy
the local banks. But they might, without any din.
Guilty, come uuder the operation Of the bill. He
tbs business. Of banking and 10 ,hodsSs hal in %S
months at least fifty nillieus Of bonds would b.
taken in this way. He could zee mono Of the dan
gers feared BY the Senators but thought this measure
calculated TO maintain the credi. aud preserve the
nationality Of the Government
Mr.. COLLAMER (Rep., W. replied at some
length, reaiirming the positions he had taken.
Mir. CHANDLER rep, Mich thought, IL there
was anything In this bill 1t was good. There might
not be much demand for tbess banks and notes In
the East but in the West tLere would be. as their
circulation was mostly gone, and this measure would
furnish them with better currency than they had,
Of finance. If We could keep up our finances we
could carry on the war. He thought it tie duty of
the Government TO protect its own currency, and
tax banks II necessary. This was question whetb-
or We should pro'ect few bauks in the East, or
protect this great nation. He would sacrifice the
nation. They Of the West did not want the notes
OF Eastern banks; they preferred the greenbacks.
MIR. ARNOLD I'm, K. l offered an amendment
to insert the w0id Providence among the rameS
ought TO be recognized as one Of the commercial
cities Of the country. 1t was tho second city III re-
gard to the number Of its banks and the fourth city
In regard to iis capital. Adopted.
On motion Vt Mr. SHERWOOD (Hop., Ohiol
Chicago and St. Louis were also inserted.
Mir. POWELL tUn., Ky.) offered an amendment
requiring the banks in twelve months after the war
is closed TO redeem 80 per cent Of their circulation
in specie, and in TWO years TO redeem tho whole OF
ii. Rsjected-l4 against %. TAO
Mr. HOWARD (lsep., Mich.l opposed tho bill,
as unwise and inpolHic, % tending TO food the
country with irredecmable currency, TO- mako war
the local banks, and 10 create political discussion.
| Messrs. CARIdLE tUn., VAL and DAVIS tUn.,
KY also spoke against the bill
| Mr.. WILSON tiiep., Mass) cOntended that the
bib was not q War upon the bank. He MAS sorry
10 boar the old predictions Of ruin made. They had
been often made, and proved false predictions. He
did not belisye that the passag of the bill would
make any disturbance 81 all in tho commercial in'
terests OF this State.
Mr.. DOOLITrLE (Rep., Wis said, ~ m origi-
! nal question, he should hold that State had no
right TO Issue paper money But tbs practice Of the
country and tho decision Of the courts hAd been the
other way, and the banks were organized; snd u
tue beginning Of the WAR our currency practi-
caily the notes of these banks, which, when they
suspended, was Unreasonable paper currency. lie
believed that the Government could not at this time
return 70 q gold and silver currency. Tho Govern
ment must CONTROL some way, the currency of tho
country and Lnust not allow the banks Of the coun-
try TO hooo toe country and control the currency.
AIR. POWELL moved to adjourn. Rejected
Yeas z, nays -.
Messrs. KING lRep. N. ~ and TRUMBULL
presented petitions in favor OF Trustworthy camp
hospital and ambulance corps.
lhe Senate then adjourned with tho understaA l.
ing that vote should be taken rs one O'Clock -
morrow.