Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1863-02-11
THIRTY-sEVENTH CONGRESS.
Third Session.


sESATr.-Mr Collamer called up the bill re.
organizing the Postofice Department, which
| passed.
Mr.. Wilson, from the Military committee,
reported bill to authorize an increase OF Ma
jors and Brigadier Generals In the Volunteer
service.
Mr., Sumner presented petition from the
colored citizens Of New Jersey, protesting
against any appropriation for colonization.
Mr.. Foeter offered q resolution, which was
adopted, requesting the President, if not inoom-
7stible with the public interests, to lay before
the Senate any correspondence which has
taken place between this Government and
France on the subject of mediation, arbitration
for other measures looking to the termination
Of the exiting war.
The National Currency bill was then taken
up.
Mr.. Sherman said the measure was proposed
at the laet session, but met with but little at
tention. Since then 1t had received the most
careful consideration from persons in oil por-
tions OF the country, aud 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 country.
such high premium that il was virtually driven
out of circulation.
Mr.. Sherman continued at length. He said
Congress at last session, finding the Govern.
ment without money, authorized the Issue of
Government notes, but there were great OBJ
jections to continued and increased issue of
| this paper money One reason was on account
of the facility for it's excessive expansion. He
said he thought he could prove that in time Of
war these local banks, with their paper ISSUE
were inimical to the country. privi-
| lege to issue this money in times of
suspension of specie payments is the
same as privilege to coin money
privilege which In time Of war especially
sheuld only be exercised by the State itself, ii
not by any private corporation. The great
danger from this paper currency is from an
overissue. All history has shown this. This
country will bear the issue of about four hun
dred millions dollars Of paper money, and no
more. This plan OF national currency will be
safer, far safer, than any other of paper money.
1t will have the credit Of the U. s., deposit
Of one fourth Of the circulation, and the liabil-
ity OF the stockholders to certain extent.
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.
90 that q bill issued In Maine will be taken IN
California. Banks will be organized all over
the country, and demand will be
made for the bonds Of the Govern
ment, and great market for the bonds
made. This system will furnish q con-
venient mode for collection oftsxes all over the
country, these notes being receivable for taxes
everywhere. He believed this system would be
beneficial to the banks. II would tend greatly
to prevent counterfeiting, now 90 frequent. The
notes of twelve hundred banks have been coun-
terfeited or altered; over three thousand have
been altered. There are seventeen hundred
spurious kinds Of notes, and four hundred and
sixty varieties of limitations. The number of
banks in 1862 was estimated at fifteen hundred,
and the notes Of all we're counterfeited, OK.
cept two hundred and fifty three. The alterations
we're >3039, and the spurious bills 1856. This
system would tend to prevent all this. The
bankers will have the benefit Of being deposi
taries of the Government This will also tend
to promote nationality, by Matchmaking the
currency of the country and binding together
the whole country. He wished above all things
to establish sound financial system as prom.
inent means Of preserving our nationality; and
one great means Of preserving our national
| life Is the establishment Of q sound national
currency.
Mr.. Fessenden, by consent, from the COM
mittee on Finance, reported back the bill to
prevent and punish frauds on the revenue, with
amendments. He also introduced bill to al
low the United States to prosecute appeals and
wrlts of error, without giving security.
The Senate then resumed consideration Of
the currency bill. The equestion being on Pow
ellis amendment requiring the banks to keep
specie in their vaults to the amount Of one
fourth Of their circulation, this was rejected
yeas IA, nays 20. aA 10 fts 81
Mr.. Powell moved 10 strike out the provision
excluding these notes from being received in
payment Of imports. This was also rejected