The Nashville daily union. [volume] (Nashville, Tenn.) 1862-1866, 1866-04-25
By Telegraph.
Afternoon Dispatches.
Congressional Proceedings.

WAsHTSsTOS, April 24.-HOUsz.-The frs
business in order being the call Of commit
/ tees for reports during the morning hour.
/ The joint resolution, reported April 14th
from the Committee on Roads and Canals
to construct ship canals around the Falls o.
Niagara, came. up for discussion. A sum
mary Of the bill was published in the pro-
eeedings Of the 14th.
Mr.. Hubbard addressed the House in
favor Of the passage Of the bill.
Mr.. Davis, interrupting, stated that he
! was desirous Of voting for the bin, and
| having the work constructed as q National
work, but be observed that in the charter
| granted by the New York Legislature to a
corporation for this purPassy there was a
clause raserVing to the State Of New York
the right 70 purchase the canal.
Mr.. Hubbard, stated that his colleague,
| Mr.. VanHorn, intended to offer an amend
ment which would give the control Of the
work exclusively to the Federal Govern
ment.
Mr.. Davis remarked that that was Whist
| seemed essential 70 him.
Mr.. YanH1rn stated that after consulting
with the friends Of the measure in the
House, be had concluded to present an
amendment j n the nature Of substitute for
the bill. The substitute differed from the
bill in this, that it provided for the charter
ing Of company, instead Of having the
work done BY a company chartered by any
State. lie was authorized by the gentle
man from Wisconsin, Mr.. Paine, 10 with
draw the substitute which that gentleman
had offered, and be now presented the sub
stitute agreed upon.
Mr.. Humphrey denounced the measure
as scheme created by men who were en-
deaVorlng TO produce corporate rights &C
cOmpanied by donation of six millions
from the Federal Government. II protested
to have two objects, one military and the
other commercial, and yet why had it not
been referred 10 the Committee on Military
Affairs, or the Committee on COmmerce2
That indicated that there was something
wrong about the matter
NEw YORK, April 24.-The steamer Amer
lea, from Southampton, has arrived at
quarantine. The ship Eliza, from New
York, for Bremen, was run into and sunk
of Portland, England, and a I hands but
one man, persisted.
Liverpool, April 1.-THE sales Of cotton
Cor two days S. 800 bales, including l, $50 to
spectators. Market dull and irregular
Owing to the Fenisn difficulties and excess
i've receipts, deciiae Of one pence per
pound had taken place.
WAsTISGT0N, April 24.-The Secretary of
the Treasury has written letter TO the
chairman Of the Senate Finance Committee
on the appOTtiOnment Of the National cur
rency. He says that Senate BILL No. 236, is
simply general in its provisions, but in ef-
feet It singles out Massachusetts, COnnect-
cut and Rhode Island, and reduces their
circulation to q certain arbitrary standard
1t practically asserts that the circulation
Of the Natiosal Banks IN Massachusetts
shall be diminished sixty per ceLt the cir
culalion Of the National Banks in Connect
cut shall be diminished five per cent, and
the circulation of National Banks in Rhode
Island shall be diminished seventy -four per
cent.
This principle on which the reduction is
not a correct one. One hundred and seven
ty-five thousand Of the rural population Of
Ohio and Illinois do not need tenth part
required by the manufacturing and COM
mercial communities of Rhode Island
This bill is an amendment to section p
Of the present National Currency act, and
proposes TO withdraw the circulation from
Banks, reducing the ratio which it shall
bear to capital. Il will effect the banks 10
all the States, more or less, by certain
fixed rate. The reduction is 10 be effected
gradually as the circulation becomes worn
and mutilated and is returned for redemp-
ton. The amount by which the circulation
is to be thus diminished approximate
Szo,OOO,UUO, ana IL Is proposed IN antietpa-
tion Of this reduction to authorize the issue
of circulation to banks in States that have
received the least proportionats amount of
circulation, as it may be needed.
The Secretary thinks it is important that
Southern Stata Banks should have an op-
portunity to become National Banks, other
wise by the operation Of law of the United
States they will be compelled to wind up
after the first day Of next July, and that it
is q matter Of great importance that pro-
vision should be made to meet the wants Of
those states which have been in rebellion.
Banking facilities are necessary to develop
the industrial interests of the South and TO
stimulate the protection Of those staples
which enter so largely into the financial
interests Of the country.
CINcISSATI, April 24.-River rising; feet |
inches. Weather clear. Their. So deg.