New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1863-02-11
xxxvash CoNGnEss-Thira Session.
SENATE. .WhsHSGroH, Feb. TO- 1863.
REORGANIZATION or TIE POsT-OFFICE DE-

INCREASE or GENERAL OFFICERS:
| Mr.. WILSON (Rep., Mass.) from the hhla'y
Committee reported bill TO authorize an incre1se
Of Major and Bsgalier-C Generals in tho voiuu'o'f
| service.
APPROPRIATIONS FOR COLONIZATION:
Mr.. SUMNER 0lep.. afIs.) preeented patton
from the colored citizens OF New-Jerssy, protesting
against :ny appropriation for colohZa'ion'
FRENCH MEDIATION.
Mr.. FOSTER Rep.. Conn.J offered resolution
which wac adopted requesting the rrteiush' U. ',o
! limited Efotas If no. incompatible Win tue puOuc
Interest to luy baf,re the Senate any correspond
enre v.I;ch hgs taken place tetween TINS 1oIerh-
y,,t and tbe Government Of France on tho subject
Of ,neSat;on. arbitration other measures looking
10 termination Of the e@'SIlp't clYii war'
qlIp NATIONAL. CURRENCY.
| Tho National Currency bill wa7 then taken M.
Mr.. SHERMAN lRep.. o. said this measure was
| rr0posed at the last session, but met with NJ
lie attention. Since then 1t had received the most
careful consideration from person. IN all portions OF
tbe c3,tsys aud especially from the Committees OF
the House and Senate. We were now m condl-
tion when something must DO done to sustain the
finances Of TIE country. We were IN the midst OF
war, aud gold was az such hgb premium that IL
was virtually drivcn 0ut OF circulation, whiie the
necessities Of the Government require the Use OF
large amount OF money already. Congress at the last
! sesson finding tie Government without auy money,
authorized the ifsue of Government notes, bus there
tyere great OF to the continued ana increateU
issue Of IllS paper money! ~ Pi'N"'Nr az
iulatoD Of the currency and depIeclales greatly the
value of raper money. There is II great objection
10 fhis uorer money on account ~ the facny Tor -
excessive expansion. There 10 oHnRer IRON this
pnper money of lsvish and corrupt expenditures
danrer of fraul in the management ana .uperylsion
OF IT, ard danger trom it owing ~ the impos lblly
Of providing It in sufficient amounts ior tho wants
Of the people. Wien the expenditures 10 DC re-
duced 10 an equality with the revenue nv Tue
time when the bil WAS offered IL TINS HOUSE 10 IN
crease the Issue Of this paper money. GOA was ~
! 1861; the next day it TO 49, ana within three
cmys to 49, aui in SIX days to llSs, ana hov'f our
feIed decline until the-e was disposition eVincCd
in the Senate To check this over ISSUE. ihal slpe
disposition TO check this increases issue caussd goa
10 isll three fcur per cent. Another OBJ ''lo 70
this paper money Is tina. il 10 not redeemnDl'
| or convertible, thus lacEing tue elemeuts
Of n sound national currency. These notes
arc alec made the basis OF bank Issues, uhd
tie increase OF this local bank Circulation
is in precisely the ratio OF inctetse 's ta-t o.
United States notes. Something ous NJ 10 Dc zone 10
check this ex essive issue Of bank paper lie hud
curious statement in O complaint OF proposed TWO
Der cent tax cent TO him from n bank IN tcnusy i
vania. Ii SHOVE that the ca ial stock was S~VoVVo'
while its circulation IL $50 GO. It's whole Ssscts
are not enough TO pay their deposiioFs nnd current
debts leaving the whole circulation secured b. loans
and discounts ana he feared that MANY banks o The
country were in the tane state. lie thought ne
could provo that in tine Of war ihctc ioch! banks
with their Iaper ifsue uu!cal 10 tue couDtry.
priyIlese 10 issue this money IN times OF suspen-
sion OF spece payments IL the came RS II
privilege to coin money! privilege which, m Zines
Q! war especially should only be exercised by Tie
State itselI, aud not by auy rliva'e corporation.
The great danger from this paper currency Is rom
m over issue--al history has saowa this. The
I French assignats were st first good Dut Nv an
! over ilSue they became worthless. Austrian lmIor
money by over issue became cepiccgsed !hat
81 900 was worth only 81 IL gold. Inc Contnolihi
money fell t. about the same oisconui. III II Lad
/ been restrained within ns pfopPr Limits II
migbt have contioued good This country
will bear the bslc OF about Tour hundred
millions Of dollars OF paper money, ana no more.
The moment YOU 90 over that, you begin 10 bnng
min upon the country and produce In Immense in
fa,ion and the rnost wild speculation. This rlan OF
national currency VIII be s>or far safer, than any
other of paper money. Ii VIII have the credit OF
the United States, deposit OF one-iourth Of the
circulation, ana The haOiliy 81 st0ckh0ldeTs TO "a
certain extent. These bills VIII be convertible NJ
ANY time into lawful money Of tho United States,
and the currency will he uniform nll over the conn
try so that bill issusd in Msue viii be taken IN
| California Banis will be organized al over the
country and demand will 10 made for the bonds OF
the Government. and rea, market for the bouds
made There is no lack Of CAPITAL There If GU ilsl
enough 20 carry On all the business Of the country
and IL ia begging for Investment. There ~, now
eyer a lack Of confidence and want ot system.
aCLis svstern win furnish convenient mode Tor the
colecton Of taxes all over the country, these notes
being receivable for taxes everywhere. lie be-
lHeycd this system woud be beneficial to the banks.
IL would tend greatly to prevent counier.eiting,
nav 20 prevalent. Inc notes Of l,2D banks have
been couuterfeted or altered. over 5000 have
hen altered. There nre seventeen hundred
SPURIOUS kinds of notes aud 40 varieties OF ulta.
TORS. The number of banks ia loO2 Was Estimated
ut 500 and the notes OF ali were cOuutcr'ccd, OK
cept 253. The alterations were o,o3'. ana TIE
snurious bills So. This system would tend 20
prevent all this. The banks will baye the benefit
of being deporitarcs Of the Government. This will
also tend 10 promote nationality by Matchmaking The
currency OF the country, and binding together the
whole country. lie referred TO tie cases Oi tho
Bank Of England, aud the Bank Of France,
md claimed tIat IL was necessary Tor IA
IGoyerument III order to borrow large amounts from
the people 70 have rome agency OF tins KIND, aud
these banks which no referred to lad always been q
, great support TO the Government m times OF war
aud trouble. II We place our finances in II healthy
and sound condition, we may be aole to carry on
The war and 20 provide iDr Tho pay ment " the pub
lie debt bu' if we continue this oveussue OF paper
money, without any limii The result cannot BIZ, be
universal financial ruin. Io did not take 30 gloomy
view OF our financial condition as uany did. In
deed as CON pared yith other modern nations carry n
ON large wars our financial condition was wonder
fully good. Even 90 tho ye,y commencement Vi tho
war between England and Franco Us English throe
per cents fell 10 81 and then 10 ID, ana ruin seemed
10 be starin every in tho eoo. state Of thiugr
existed far worse th-n an ;hn9 NJ nave sean. y II
that people Gid not sop. Thy pcrcYeTod 10 iAe
end, aud French securities AZ oAe uu.a were worm
actually nothing, yet that great people went OF m
Ill the genius u Napoleon and To aun OF Au.er'i2
restored the finances OF tho gOyOumcnt Ho wished
above all .hiugs establish sound nansai stem
as a prominent means Of preserving our nationality
and one great means OF preserving our national lie
ia the establishment 0! IL SQUAD uail0uol currency.
FRAUDS ON TuE ELlENUE.
Mr.. FESSENDEN rep, Me- By consent from
1.-The Committee on Finance, reported back the bll u