The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1864-04-01

from last week. said be bad already attempted 10 snow
from OIL Gal documents that the means OF communiCa
ton between Washington and New York notoriously
insufficient for the purposes Of the government and that
line not being sufficient do the business, the
fusal Of the u additional line was 10 fact an nhi
bton Of transit across New Jersey and violation OF
sne tights o. INC ana amS0y from
volume published by that compsny-tne "blue
Book Of New Jersey and register Of greatness and
taken New Jersey their protection, and they
sured and praised that State according 70 their nclna
rates were unjust and their infringement Of all the
laws Of trade was outrageous. He wished that
II Inc Governor mad only consulted Calhoun be would
have found his State rights doctrine much more plainly
stated and in better English 10 conclusion he expressed
the hope that the House would squech the monopoly
The subject was passed over aud the House went into
TuE NATIONAL BANK BILL.
Mr. STEVENS, (rep) OF Pa offered as substitute for
the THIRTEEN section, with 10 restore the scven
mttee having yesterday reduced 70 six providing 70
shall not be greater than the rate established BY law IN
States where such institutions shall be located MT.
stevens said the banks chose 10 charge below seven
per centum they could do u, and there was nothing 10
the law which compelled men 70 deal with them. He
would regard the vote on this amendment as test ques
ticn affecting the passage Of the bill
Mr. BIAss, lrep.l Of Me-, IN reply, said me banks
could than the legal rates without the authority
Of this bill. The success Of this scheme depended on
driving the banks Of the states out Of existence He pro
pssed compromise providing the interest shall be az
the established by law in the State where such asso
cation is located, not to exceed seven per cent He
spoke for section Of the country For twenty years
the New England Aes had charged six per centum, and
there had been such plethora OF money there
to day seeking investment. II seven Ter centnm
should be adopted would add one sixth more than was
before paid, falling on mechanics and men OF enter
prise.
OF the country against higher rate OF interest than
per centum Seven per centum was higher than else
where on the face OF the civilized EARTH
Mr.. KAssoN, (rep) OF Iowa, advocated Mr.. Stevens
amendment. The law proposed should not be OBJ.
struced by State legislation. The action here proposed
the interest was justified under The constitutional clause
that internal State shall be under The control
Of Congress.
ment the OF interest shall not exceed the rate
established by the law OF the State IN which the bank
established and argued that the question Of interest did
not affect the uniformity Of the currency.
Mr. PIKE, (rep) Of Ne, said they were seeking TO tax
labor not in behalf Of the government but for the benefit
MIR. ALLEY, trep) Of Nass did not believe in tinker.
ing the BIZ as i had from the al. able Intelligent.
by way OF compromise, he offered an amendment, pro.
vidng any State shall have the right to reduce the
OF interest below seven per centnm as applied TO
any institution under this act within limits pro-
vidnk further that the rate OF interest established
shall not be less than the legal rate Of interest in sad
NJ Alleys amendment, together with the others, was
Mr. sTrvKvs appealed 10 The Committee Of the Whole 70
take the question his substitute and determine whe
thor the interest should be uniform or not and not at
from the purpose II was intended TO accomplish
Mr. DRocs (rep) Of Mich, expressed his views In
Mr. PIss said that the country could not have more
Uniform currency than "greenbacks; but this bill pro-
po.ed q drive them gu. e e ao, ~ ns sG So
banks.
Mt. COLE, oepl Of Cal remarked Cha. there was 10
reason why the States should not have control OF the
interest. The notes can be made uniform by The per-
sons establishing these banks.
The interest By the s.aee II should be left 70 Congress
in order 70 have stable and Uniform system Of banking
The question was then taken on Mr. Stevens subsii-
TIE subs:,u,e in erect restores the original thirteenth
esye chsrSe 81 resan on any loan Or dcoan. made or
upon any ncte bill Of exchange Or other evidence OF debt
interest a the rate OF seven per centum per annn The
knowingly taking, receiving, reserving or charging
greater rate OF interest IL 70 be heldand adndged
forfeiture Of the entire interest Those paying IL may re
cover back in action OF debt twice the amount Of in
terest thus paid.
The section designating the places Of redemption
amended TO include ST. Louis, Louisville, Chicago
New Orleans Cincinnati Baltimore Philadelphia Boston,
New York, San francisco, Detroit, Pttsbura, Albany,
M BnA.ss moved to add Portland, and Mr.. FRANK, Of
New York, moved 20 add Buffalo
Both amendments were agreed TO.
Mr.. WILSON, (rep.) Of Iowa. moved 10 make New York
the only place Of REDEMPTION.
Mr. BROOKS, (opp) Of N Y, regarded this as q bust
like and practical proposition, New York beng the
only monetary centre, and the only place where uni
form currency be obtained
Aessrs Alley (rep of Mass., and RANDALL, (opp Of
Pa. opposed The amendment The latter viewed i as an
cities. including Philadelphia lie hoped the House
would give u quietUs.
Mr. WILSON defended his amendment show ing ts fuan
cial advantages 10 the West
Mr. STEVENS moved substitute for Mr.. wilson's
that the notes OF each national ASSOCIATION
shall received by every other national ASSOCIATION at
par lie was opposed TO centrazipg the redemption 10
a single city.
Mr. MoRFlII, (rep) OF W., said Mr.. stevens amend
ment adopted there end OF the system, and
be hoped when the House came 10 vote on the amend
ment5 the committee have acoT ted they would reject
the little villages added places OF redemption.
Mr.. stevens amendment was re,ected-54 against IS.
The amendment OF Mr.. Wilson, making New York the
only place o. redemption. was further discussed Mr..
DAVIS rep.) ofN Y, speaking in fav6f and Mr. BLOW,
(rep) Il Mo-, against IT,
NJ WILSON q Iowa repeated that bis object was 20
lower rate OF exchange and uniform system OF
currency.
After further debate Mr. Wilson'S amendment was 70.
jec;ed-27 against 63
Mr.. ELuMpcE, topp) Of Wis, moved an amendment,
this out OF fashion, but he desired OF the gen.
,lemen the ther side 10 inform him when the notes
we're TO be redeemed and in what article.
Mr. SHANNON, (rep) Of Cal would answer the gentle
when lie would tell him when be (Mr. Eldridge)
aud his friends would their croakipg and efforts
ment, thereby aiding and comforting JET Davis and
further IL the gentleman would tel the House when he
and his friends would help close the war The Pacific
coast would help materially 70 pay the gold.
Mr.. ELDRD6E said he aad his friends would give their
aid aud sympathy 10 the other side when those 10 power
would give them the old currency their atbers would
restore the constitution which they had wresed away,
and wien they would unite 10 the restoration OF the
Union.
No further action was taken on the bill.
The Committee rose, and at five O'Clock the House ad
ourned.