The Burlington weekly hawk-eye. [volume] (Burlington [Iowa]) 1860-1876, 1865-02-25

cy now in the country. which has led to the
enormous imitation of the prices of all com.
modites. While we are impesing burdens
upon our people by taxation; and sorely
afhicting many of the industrial interests
OF the country, think we should accom-.
pany such legislation with some provision
which will tend to increase the value of the
money we are using for the purpose of car.
ryirg on the affairs Of the Government and
the trade and commerce of the country in
every department. ! know Of no other
way than to pgohibit the issue of notes for
circulation by the local banks of the States.
National banging associations are ;ncreas-
inr4 very day; and in this way millions are
besFS added to the circulation. This will
go&n until representing the entire $780,
COZ, eco of national banking capital shall lie
put IN ejaculation. We must, then, look 70
. destruction of the issues OF the State
BANKS as the only remedy we can Apply at
the present time.
Certainly there can be no question abou,
our power to do this under the power con.
1erred upon Congress TO regulate commerce
acCrto do Whatever is necessary and pro.
per to carry into effect the powers delegat-
ed TO the legislative department of the Gov.
eminent. From that power We derived
the 2nthority TO establish . system of ma
tional oanking; and having assumed juris-
cjctien with reference to the currency OF
the country, We have right to prohibit the
StaSoB from authorizing the issuance of
bank notes, as means necessary TO pre-
serve the value Of the circulating medium
. authorized by Congress. think the soon.
el We apply the remedy the better j, will
befor all concerned; and instead of post
pcning, as the gentleman from Msssachu.
sf;ts proposes, the operation Of the tax un-
p the 1ss OF January next, increase the
yaseyAhoSten the time, and prohibit new
sssueG ssmy substitute contemplates. The
|Qrverhment and the people need relief
rSW. .Unts De1t year. .sass-s ia .:gt
I'm order to MAGE the remedy rore per,
;ect than that proposed by the gentleman
from Massachusetts, / have somewhat
modified his amendment, and added there
70 the provision that after the LIST Of April,
1865, those State banks shall issue no notes
OF their own or the notes of other State
banks. That will drive home all the issues
Of State banks and relieve us to the extent
Of the amount Of currency now in circu!a.
:ion and issued by the State banks. If this
amendment should be adopted now, the
provision of the section establishing the
tax apon circulation would have but little
to operate on, for the reason that all local
and national banks being prohibited from
paying out the currency Of State banks, it
viii be driven home for redemption, and
in q few months all this class Of notes will
have disappeared from circulation.
Mr.CLAY. ! would ask the gentleman
if bis node Of relieving the currency is to
kill one State bank in my town and start
three national banks in its place?
Mr.. WILSON. The question which the
gentleman proponnds only opens up a
broader field, exhibiting the difficulties
under which the nation ID now laboring
more fully than have yet presented. or
course there may be banks created in the
town in which the gentleman resides un-
der the national banking system whether
we prohibit the issue of notes for circula.
ton by local banks or not. The only ques-
tion is, whether, having determined to de-
termined to establish national banks, we
will not do something to curtail the vol.
nme of the currency, instead of increasing
the number OF banks and thereby increas-
ing the volume OF the currency, without
any check on the local State institutions.
i I will suggest also that the bank to which
change its organization and carry on its
operations under the national banking law.
This amendment offers them q choice be-
tween operating under the charter granted
by the State and organizing under the ma
tiOnal banking system. If they continue
under the State charter, under the provi-
sions Of this amendment, they will be pro-
hibited, after the lst of April next, from
issuing notes under and by virtue of the
powers they derive from the State. Ny
sole purpose is to reduce the volume of the
currency Of the country, thereby adding to
the value Of that which is left; not to make
war upon any bank or banking system,
bn: simply to applysa remedy which shall
reduce the volume (which il now disas-
trous1y affecting every interest in the
whole country. While am voting taxes
or. the people want to make the money
worth something more than it is, so as to
prevent - far ~ practicable an unneces.
saxy accumulation Of the national debt.
In prize case before the United States
District Court It was charged in a libel
on Of having entered the port Of Norwalk
in violation Of regulations prescribed by
the Secretary Of the Treasury and the sew
eral Intercourse proofs tons Of the Pres
ident. The carge was landed December,
1858, and the seizure Of the vessel was not
made until the following June. During
the interval the vessel madet three or four
innocent voyages. The turning point Of
the case was the qvestion whether the ves-
sci, mace guilty by the language Of the
Admiralty law BY the violation above
Of the subsequent voyages, coupled with
the delay Of the Government ia making
the seizure. The court held the forfeiture
as complete at the moment the cause Of il
ayose, and this cause is the act violating
the law. Sentence Of condemnation was
accordingly pronounced. !. l.i.'.
The New York Amsi-S2nvcry Maneloyd
agrees with Mr.. Garrison in advising the
dissolution Of the ant;-slavery societies.
because slavery is virtually dead. and
mast be legally SO in few months. Phil
lips wants to keep the societies together to
70 in for the eDfranchisement of women.