Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1863-02-11
Condemned.
AFFAIRS IN TENNESSEE.
CAPTURE OF MORGAN'S MEN.
Selzure OF COntraband GOODS.
CONGRESSIONAL.
WAsH1SarOE, Feb. 10.

| WASHINGTON, Feb. lO.
SENATE.
Mr.. Collamer called up the bill reorean.
izing the POstOfice Department. which
passed.
Mr.. Wilson, from the Military Commit
tee, reported bill to authorize an increase
of Major and Brigadier Generals in the
volunteer service.
Mr.. Sumner presented petition from
the colored citizens Of New Jersey, pro-
testing against any appropriation for colo
/ nization.
Mr.. Foster offered resolution which
was adopted requesting the President il
not incompatible with the public interest
/ to lay before the Senate any correspond
ence which has taken place between this
/ Government and France on the subject of
mediation, arbitration, or other measures
looking to the termination of the existing
war.
The National Currency bill was then
taken up. Mr.. Sherman said the measure
was proposed at the last session bnf met
with little attention. Since then it had
received the most careful consideration
from persons in all portions Of the eoun-
! try and especially from the Committees Of
the House and Senate. We were now in
condition when something must be done
to sustain the hnauees Of the country. We
were in the midst Of 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
the Government without money, author
lied the issue Of Government notes; but
there were great objection to the continued
and increased issue Of this paper money.
One reason was on account Of the facility
for its excessive expansion. he said he
thought he could prove that in time of war
these local banks, with their paper issue,
were inimieal to the country. A privilege
to issue this money in times of suspension
of specie payments, is the same as priv
ilege to coin money, privilege which, in
time Of war especially, should only be ex-
ercised by the State itself, and not by any
private corporation. The great danger
from this paper currency is from an over
issue. All history shows this.
The country will bear the issue Of about
four hundred million dollars paper money
and no more. This plan of National cur
rency will be safer, far safer, than any
other of paper money. It will have all
credit of the United States, deposit Of
one-fourth of the circulation and the la
bility of the stock holder to a certain ex-
tent. These bills will be convertible at
any time into lawful money of the United
States, and the currency will be uniform
all over the country, so that bill issued
in Maine will be taken in California.
Banks will be organized all over the coun-
try and a demand will be made for the
| bonds of the Government and great mar
ket for the bonds made.
TL;- sJyto4.I uili rlIrHIsn q convenient
mode for the collection Of taxes all over
the country, these notes being receivable
for taxes everywhere He believed the
system would be beneficial to banks. It
would greatly prevent counterfeiting. The
notes Of 1000 banks have been counter
feited or altered. There are over 5000
| spurious kinds of notes, and 460 varieties
Of limitations. The number of banks in
1852 was estimated at ], 800 and the notes
Of all we're counterfeited except 20. The
number of deliberations were 3,039, and spu-
rious bills, 1885.
This system would tend to prevent all
| this, and bankers will have the benefit of
being repositories of the Government
| This will also tend to promote nationality,
by nationalizing the currency Of the
country, and binding together the whole
country.
He wished above all things to establish
sound financial system as promi-
nent means Of preserving our nationality /;
and one great means of preserving our
national life is the establishment Of q
sound national currency.
Mr. Fissenden, by consent from the
| Committee on Finance reported back the
bill TO prevent and punish frauds on the
Revenue, with amendments. He also in
| trodueed a bill to allow the United States
to prosecute appeals to writs of error,
/ without giving security. The Senate then
resumed the consideration of the currency
bill, the question being on Powells amend
ment requiring the banks to keep specie
/ in their vaults to the amount Of one-ihird
/ Of their circulation. This was rejected,
yeas IA, nays p.
Mr.. Powell moved to strike out the pro-
vision excluding these notes from being
received in payment of imports. This was
also rejected.
Mr.. Howard moved to amend it 30 as to
require that 30 per- cent. of the capital
stock shall be paid in gold and silver coin.
This was rejected, yeas 10, nays q.
Powell offered an amendment requiring
the assent of the States to the organiza-
ton Of these banks. Rejected.
Henderson offered an amendment in
creasing the amount Of the capital stock
Of these banks. Rejected.
! Adjourned.