The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1868-06-17
BY TELEGRAPH
WASHINGTON, June 16.
SENATE.

Mr.. Sherman introduced a bill to
promote commerce among the several
States and cheaper the transportation
of mails, and military and naval stores.
He states it proposes the construction
of several railroads In different direc-
tions from Washington. Moved its
reference to the Select Committee TO re-
port early next session. Agreed to.
AT the instance OF Mr.. johnson he
mittee to introduce the Chinese EN-
bassy.
The Chair appointed as the Select
Committee of Seven, called for in Mr..
Sherman's bill, Messrs. Sherman, Sum-
ner, Chandler, Pomeroy, Stewart,
Buckalew and Vickers. The bill pro-
yides for the separate incorporation OF
road; the Washington and Cleveland
Railroad and Telegraph Company; the
Washington and Cleveland Railroad
and Telegraph Company. The list
OF the incorporators of the latter
road is changed from that already pub
lished, by the omission of u number of
names, and the substitution OF Jay
Cook, j. w. Riggs and others, in their
stead.
Alta few minutes past . o'clock the
bill in regard to the national currency
was again taken up. The question was
on the amendment of Mr.. Davis, pro.
posing to withdraw pro rata amount
from the States having an excess OF
banking capital, and the distribution
of 1t then among those requiring it 10
place them on an equal footing with
the former.
After discussion, Mr.. Davis, at the
suggestion of Mr.. .Conkling, modified his
amendment by specifying the amount
of withdrawal from twenty millions.
The debate was continued, during
which Mr.. Henderson argued the i'm
policy of contraction, arguing that the
business OF the country rather called
for an expansion. He questioned the
propriety of speedy return to specie
payments; the cry for it was myth and
humbug; 1t would not last six months
If it was resumed until mechanical aud
agricultural prosperity had built up
foreign balances in our favor; 1t was
idle 10 talk about specie payments.
Finally, Mr.. Davis amendment, ns
modified, was adopted.
Mfr. Sherman said the Senate having
decided to prohibit any increase OF
bank circulation, except Withdrawing
IL from three or four New England
States. he had carefully prepared an
amendment in lieu of that of the SEN
ator from Kentucky Mr.. Davis) which
was not, in his opinion, properly
framed, and which he hoped the Sen
tor would withdraw. For such pur-
pose he read his substitute, and conttn-
ued saying that while he was glad the
Senate had decided to withdraw II
small percentage of bank circulation
from the East, he could assure them
that II they should adjourn without
giving an increase to the West and
South 1t would give rise TO rude spirit
of dissatisfaction. Ii his amendment
was adopted, those States having none
now would have local circulation.
BY slow and gradual process, according
to law, the Comptroller OF the Curren'
cy was to distribute the circulation one
half according to population, one-half
according to the business requirements,
and the result would be that New York
would be found to have no more than
It's proportion, and the only States
affected would probably be Massachu,
setts, Connecticut, Rhode Island, and
possibly Maryland and Vermont. Ger
taiuly not more than six or seven would
be called upon to furnish a cent.
Mr., Buckalew reminded the Senator
that some days since he had said he
would regard certain vote to post
none as a test vote on the proposition
contained in the first section of the bill,
forbidding one National Bank to pay
interest on the balances of any other.
Mr.. Sherman explained that several
Senators had thus voted merely to give
time for examination.
Mr.. Chandler moved TO strike out
the first section of the bill and proceed
ded to argue that injustice would be
done TO country banks by forbidding
them thus to employ their surplus cap
ital to advantage.
Mr.. Cattell defended the section, in
sisting it is illegitimate banking to pay
interest on balances of another bank.
Pointing out that the Bank OF Com
- York hal raff1RaH IN do
such business, and the best bankers are
opposed to 1t. He quoted the opinion
OF the Comptroller of the Currency 10
the same effect.
Mr.. Chandler rose to reply but the
motion to adjourn prevailed despite
the protest of Mr.. Sherman.
Adjourned.