Charles City Republican intelligencer. [volume] (Charles City, Iowa) 1861-1864, 1864-02-25
Legislative Summary.
SENATE.

SENATE.
On the bill prohibiting the circula-
ton of foreign bank bills an interest
ing and lengthy discussion took place.
Mr.. Cue who offered the bill said
that the object of the bill was to give
preference to the credit of the Gov
eminent, secure the people against
the losses occasioned by the issues of
wildcat institutions and hasten the
time when we shall have sound cur
rency of uniform value throughout the
country. OF the solvency Of foreign
banks the people did not and could
not know anything. The people of
the United States were paying to the
various banking institutions of the
country the annual profit of $4,000
600 as interest alone on the credit of
the banks. If this tax must be paid,
he preferred to pay it to the Govern
ment. When specie payment is re-
sumed there must be crash, and
every interest demanded that we
should be secured against the tum-
bling wildcat banks. He believed
that all the business men of the coun-
try, except the brokers. desired uni
form currency,-a currency which
would not oblige a man every time he
received little sum of money to look
through a list of sixteen hundred
banks to ascertain whether it was
good for anything.
Mr.. Young said that if he was in.
structed by bis constituents upon one
subject more than another, it was to
use his influence in securing such leg.
islation as would tend to bring about
the use of q uniform currency in the
circulating medium of the country,
and to drive all other currency from
the market. He was in favor of the
bill in the form recommended by the
committee. He believed that the peo-
pie would rejoice to see the day when
a uniform currency would prevail
throughout the whole country. In
answer to the objection that the law
would not be enforced, the only ques-
ton with him was, Is the law right in
principle, and ought it to be enforced ?
He was prepared to vote for the pas
sage of any law that was right and
necdful, and which ought to be enfor-
ced. .
Mr.. Burdick would not vote for any
law which could not be enforced sim
ply because in the abstract it might
be right. Believed that every law en-
acted and habitually disregarded, ten
ded to beget disregard of law in the
minds of the people. He was willing
to leave the people free to take such
money as they choose. Believed the
currency would be insufficient under
the operation of the principle propos.
ed. This matter Of currency should
be left to regulate itself.
Mr.. Patterson said that the Sena.
tor from Scott had stated that there
was circulation in the country of
$500, 100000 of the kind of banks
prohibited from circulating their bills
in this State. The effect of this bill,
if carried into effect, would be to de-
prive this State of her proportion of
this circulating medium. 1t would de-
press the prices of our produce. But
be did not believe the public senti-
ment would sustain the law, and he
would vote for no law that could not
be enforced. 4..
Mr.. Henderson believed we should
have an ample circulating medium un-
der the operation of the proposed law.
The people too he believed, were
ready to sustain the law.
Mr.. Foote was in favor of the bill.
He was in favor of banks-but the
facts were that while the State had
in times past been flooded with wild
cats, there was before US a greater
inundation of wildcat currency if
there was no protection by the legis-
lative power. The time to protect the
people was when there was danger !;
and there was danger now of a flood
of worthless currency being brought
in on speculative demand. Bankers
were buying eastern bank notes at
discount for greenbacks, and flooding
the State with those bills instead of
paying out State bank notes and
Treasury notes and notes of the Ma
tional Banks.
Mr. Cults knew not by what authori-
ty Senators were justified in stating
that the public sentiment of the State
would not support the law. On the
other hand he believed the people
would sustain the law. The people
did not desire a repetition of the wild
cat, stump tail. red dog" swindle
of a few years since. The currency
would be sufficient under the opera
ton of the bill.
Mr.. Ross believed the bill proposed
to go outside of the proper province
of legislation. The anti-small note
laws Of Ohio and other States had al
ways proved imperative. Believed
the policy was to crush out all banks
not created by Federal law, including
State ranks. The State banks were
sound and had rights.
Mr.. Roberts was disposed to lend
tho Government helping hand when
ever he could. No opponent Of the
bill had answered Mr.. Cues position
that substitution of the Treasury and
National Bank Notes for the notes of
the sixteen hundred banks would be
loaning the Government SO much mon
ey. He did not want the State food
ed with wildcats again. The Nation
al Banks and Treasury Notes were
founded upon the credit Of the Gov
ernmcnt, and their stability was CO.
extensive with that of the Govern
ment.
The bill then passed by a very de-
cisive vote-28 to ID.
A bill has been passed providing
fhat cuany, lands shall not ba aold at