The New York herald., 1868-06-03
TIE FORTIETH CONGRESS.
SENATE.
WASHINGTON, June .. 1858.

cENATEs
WASHINGTON, June 2, $685.
qne vnA,R laid before the Senate the report Of the
Commissioners Of Education, which was laid on the
table. Also communication from the General Of
the Army Acknowledgements receipt OF the Senate
resolution calling for copies and papers relative TO
the elections In the state Of Arkansas since May
date. -
THE ALASKA FISHERIES.
Mr.. SUMNER (rep.) of Mass, from the Committee
on Foreign Relations, reported communications in
Haka and tS or M m to the
on Territories.
THE FOREIGN RELATIONS COMMITTEE RELEASED.
AT Mr.. SUMMERS instance the Committee on
Foreign Relations was discharged from further con-
sideraton Of the following bills, resolutions, &c.:-A
zens in Palestine; joint resolution to send gram
and hour to the starving population in sweden;
pire as a lawful goyernment Communications from
the President enclosing the correspondence with Mr..
Motley, Minister at Vienna, and having inforpaton
in relation to the participation by the Consul at Rome
in the recent troubles in Italy,
NATURALizED CITIZENS ABROAD.
Mr.. CoNNESs rep.) Of CAL, inquired now soon they
were to have report from the Committee on fOre n
Relations n regard to the House bill the protec
tion OF the rights OF naturalized citizens abroad.
Mr.. SUMNER replied that The business Of the COM
mtttee was much behind hand, and that the last
positions on that subject; among these tie one IN
question, which would be the subject OF considega
ton at their next meeting.
RESTORATION OF SOUTHERN STATES
Mr.. TRuMBULI, lrep) OF Ill, from the Committee
on the Judiciary, reported with amendments gi for
the representation IN Congress OF the states oi North
Carolina, South Carolina, Louisiana, Georgia, Ala
bama and Florida. AT his instance another bill on
the subject was Indefinitely postponed.
Mr. EDMUNDs, (rep.) Of VI, offered q Joint resolu
tion TO exclude from The Electoral College the votes
Of the States lately IN rebellion that are not reor-
ganized, which was referred to the Committee on the
| Judiciary.
MR.. BURLINGAME
Mr.. SUMNER from the Committee on Foreign
Affairs asked TO be discharged from The considers
ton OF the resolution TO allow MIR. Burlingac 10 ac.
| cept mission under foreign government. lie said
that at The time this resolution introduced twas
supposed that Mr.. Burlingame was stl IN the ser
vice of the United States. " is well known that he is
no longer in the service OF the United states, bat
citizen thereof; there is occasion for the action
OF Congress- lie is at liberty to enter any service he
| NEBRASKA PUBLIC LANDS
| Mr.. HENDRICKS, tdenl) Of md, called up the bill
TO confirm the title ol certain lands Ii Nebraska
| which was passed.
THE NATIONAL CURRENCY BILL.
NJ. SHERMAN, (repl of ONO, called MP the bill sup
| Elementary 10 an act to provide national currency
1 secured by pledge OF United States bonds, and TO
provide for the circulation and redemption thereof.
lie stated that IL was intended to correct abuses t3t
| have grown up in the banking system, from his con-
strucon of which 1t would not materially interfere.
| Mr.. CAMERON, rep Of Pa, moved that the bill he
| postponed, saying that he desired to examine the
! amendments made by the committee. In his opinion
| the bill TO the city banks.
| Mr.. BuoKAIEw, (dem.) Of Pa, also urged q post
| ronement
l
Mr. Cameron applied to the body oi the BILL which he
had had three months to examine, and that the bill
is OF vital Importance to the banking system. The
country banks, in his judgment, were as much inter-
| ested in the biii as the city banNs.
| Mr.. CAMERON thought the country would be In
better condition If Congress should 40 home ~ once
he hoped 1t would this month, and reflect on the
| aiiafs OF Tue country. me reason the hnances or
| the country were in good condition tina, they
have been left alone. Five-twentes were now selling
at about fifteen per cent above par IN currency, and
would probably be twenty per cent above par IN u
| few davs. He likened the Country 10 q patient ia
| such condition that more medicine would XIII HIM,
while II iet alone nature ana ais constitution would
| triumph over disease.
bili. Ia his judgment Il would destroy the country
| banks and materially njurc the country If passed.
| Mr.. WILSON, (rep) OF Mass, suggested tnat the
! Senator from OHIO allow the bill To be postponed,
saying he desired TO cal up the Dil TO continue INC
8 1Mr SIfanAN repeated that the bin was tile result
Of desire To correct cert2n abuses tnai nave grown
up ana that it has been endorsed by the secretary
OF the Treasury and the Comptroller OF the Cur
reIcy. He proceeded TO the desirabiity Of ts
proposed change, repeating the arguments adduced
10y nn former occasion In regard 10 The double
| use of capital drawing lnteles5 twice lie pro-
ceeded 10 discuss tne a7nenameris, INC ifst OF
winch iorbids banks 70. deposit more than ten per
cent Of their capital wit brokers' lie sald that ne
Senate could refuse 10 agree TO IL, since IL would
| correct iase system by Which copta was depos
tied with irresponsOie brokers, who, falling, caused
the failure OF the bank. Ine next alnend1ent that
banking association Winding up It's q airs shat re-
deem It's circulation correcsod one OF the most pal-
pabe abuses. Many OF them cIdeayored to eyade tie
| Responsibility under the Banking act, by giving
notice OF nclf Intention 20 Wlnd up and never pag
ipg one dollar on t6eir atoii but set drawing
in crest upon 1t. Another amendment restricts fees
to bank receivers To The amount allowed 10 coile2 ora
! OF internal revenue. In New lork 100000 III fees
| had been allowed TO n sinyie receiver, aud
| $4,000 attorney fees had been allowed for
| pine months. Under the law there was no
limit to the costs. dc would rather be an attorney
for banks IN the city OF New York than TO hold
| any once under the government. Again, sundTy
states in the Union had not single national bank,
| While massachusetts, Riodc Island and Connecticut
| had from $50 to s75 per innabtant aud another
amendment allowed limited amount, not TO exceed
5000 900, for rganzlng banks IN states and Ter
ritories where the banking circulation Is less than
| $5 per head. To allow these sorseS amt defects
| 70 continue from political reasons would be
| gross neglect OF duty and. instead OF avoiding y
popular calIOr, would excite IL. lie utterly re-
! undated any disposition 10 evadc RESPONSE
| bility upon these nnancia questions. 1Iey could
not refuse to meet these questions without assuming
! n responsibility ne yvas unwilling 20 assgmc. This
| Dill would increase the confidence or the people IA
| orr financial system. The BANKS IN Ohio loaned
| every dollar at tlelr com ninahd to New YORK under
the present system receiving 1Cur or i've per cent
interest whle they refused TO the merchant, iarlncr
and produce dealer any accommodation. The d.
| versty Of Interest between the CITY and country
| banks alluded TO by Mr. Cameron was a misappre-
hension; n was dodge 90 allow tue banks 70 draw
the interest 1he adoption q sle sl world restore ,e
the banking system to It's Legitimate purpose ia dis
| tributing the circulation oven the country.
Mr.. CAMERON, msapprehending me Term dodge,
20 rave been applied 20 hiin, sdid he dd not ho'd
any stock, though report said Gss Senator sherman
| Ead dsbbled in stocks.
Mr. SHERMAN sad ne did not care TO use toward
| the Senator the language such nn iapuaion
prompted and ne explained that ne had applied the
| woru "dOdge' to the banks alone
| MIR. CAMERON continued saying tlat ihe country
banks are obliged 70 keep portion OF iher,capiial
In the cities 20 redeem Their notes, arguing mat the
natural laws OF trade tckc capital - te cilles dt
| partitular seasons OF the year and shat country
banks have ryat 10 use tt IA best they caD me
| senator was mistaken IN suppOsine he cDu'd OOTr0w
| money In New YORK az three or four per cent
though IL was oaaed ~ thai rae per
| month for speculation Tue senator seemed 10
| Laye a patriotic desire g. give banks 10 the
sfates lately IN rebellion. He Mi. Cameron would
support that when they back IN the Union; bat
the proposed s2oJU0,o0o would scarceV FURNISH pus
OF them He closed by expressing the opinioH that
the secretary OF the Treasury wOdd DO more service
to the country in using tic sODoOOyVO nc keeps IN
the treasury 10 nay Jne debt &C., than Ia agitat-
| ING tie country now on The subj % OF hhance.
Mr. CoabEiT, ,rep.l Of OREGON. maze u motion TO
posuoac the OIL unlil tomorrow Az one O'Clock, then
10 be ina ic the special order, but Withdrew the mo-
ton nc the suggestion OF Nj TRUABuLt, who said he