Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1868-06-17
CONGRESSIONAL.
WAsHINGToN, june is.
SENATE

~
Mr.. SHERMAN introduced bill to pro-
mote commerce among several States and
cheaper the transportation of Mails and
Military and Naval stores. He stated it
proposed the construction of several rail
roads in different directions from Wash
ington. He moved Its reference to Sc
lect committee, to report early next ses-
sion. aElsQ et fals-
SAT the instance of Mr.. JOHNSON he was
sXcused from serving on the committee to
Introduce the Chinese Embassy.
The CHAIR appointed select COM
mittee OF seven. called for on Sherman's
bill, Messrs. Sherman, Sumner, Chandler.
Pomeroy, Stewart, Buckalew and Vickers.
The bill provides for the separate incorpo-
ration of the Washington and New York
Railroad, the Washington and Cleveland
Railroad and Telegraph Company, thu
Washington and Cincinnati Railroad and
Telegraph Company. The list of incorpo-
rators of the latter road is changed from
that alread, published by the omission of
a number OF names and substitution of
Jas. Cook, j. w. Riggs and others in their
stead.
At few minutes past two, the bill in re-
gard to the national currency was taken
up The question was on the amendment
of Mr.. Davis proposition to withdraw a
pro rata amount from the States having an
excess of banking capital, and to distribute
it then among those requiring it, to place
them on an equal footing with the former.
After discussion, Mr.. Davis, at the spg-
gesGion of Mr.. Conkling, modified his
amendment by specifying the amount OF
withdrawal from excess $20,000.0O0.
The debate was continued, during which
f@Mr. HENDERSON urged the impolicy I
contraction, arguing that the business OF
the country rather called for expansion
He questioned the propriety of speedy re-
turn to specie payments. The cry for ii
was a myth and a humbug. 1t would not
mechanical and agricultural prosperity had
built up foreign balances in our favor, IL
was idle to talk about specie payments.
Finally, MIR. Davis amendment, as modi.
| fed, was adopted.
Mr.. SHERMAN said the Senate having
decided to prohibit any increase of banl
circulation, except Withdrawing 1t from
three or four New England States, he hat
carefully prepared an amendment, in liet
of that of the Senator from Kentucky Mr.
Davis) which was not, in his opinion
properly framed, and which he hoped th'
Senator would Withdraw for such pur
I pose.
He read his substitute and continued
saying while he was glad the Senate hat
] decided to withdraw small per centage o
bank circulation from the East, he coult
assure them that If they should adjourn
without giving an increase to the Wes
and South, it would give rise to rud
spirit of dissatisfaction. If his amend
ment was adopted those States having
none now would have local circulation
by slow and gradual process
According to the law the Comptrolle
of currency was to distribute circulation
one half according to population, and on
halt according to the business require
ments, and the result would be that New
York would be found to have no NOR
than its proportion, and the only State
afflicted would probably be Massachusetts
Connecticut, Rhode Island, and possiol
Maryland and Vermont. Certainly NO
more than six or seven would be called up
on to furnish a cent.
, Mr.. BUCKALEW reminded the Senate
that some days since he had said he woul
regard certain vote to postpone rs tes
vote on the proposition contained in th
: first section of the bill forbidding one Ma
: tional Bank to pay the interest on the bal
l ances of any other.
Mr.. SHERMAN explained that sewers
Senators had thus voted, merely to Civ
time for examination.
Mr.. CHANDLER moved to strike out th
: first section of the bill, and proceeded
argue that injustice would be done to tf
country banks, by forbidding them thus
e employ their surplus capital to advantag
: Mr.. CATTEIL defended the section, II
: sistiDg that it is illegitimate in banking
! pay interest on the balance OF anOthe
Z bank, pointing out that the Bank of Con
3 merce of New York has refused to do sue
: business, and the best bankers are oppose
! to it. He quoted the opinion of the ComI
7 troller OF the Currency to the same effec
? Mr.. CHANDLER rose to reply but th
} motion to adjourn prevented all dispute
e the protest OF Sherman.
Y Adjourned.