The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1868-06-17
=coNGREssio NAL,.
WASHINGTON, June 10.
SENATE.


mote commerce among the several
States and cheaper transportation OF
mails, and military aud naval stores.
lie stated that it proposed the construc-
ton of several railroads in different di-
rectious from Washington.
He mSved its reference to select
committee to report by next session,
Agreed to.
r At the instance Of Mr.. johnson he
was excused from serving on the CON-
mittee to introduce the Chinese En-
bassy.
The Chair appointed as select com.
mittee of seven, called for on Sherman's
bill: Sherman, Sumner, Chandler,
Pomeroy, Stewart, Buckalew and Wick
ers. Tie bill provides for the separate
incorporation of the Washington &
New York Railroad, the Washington
& Cleveland Railroad aud telegraph
company, the Washington & Cincinnati
Railroad and telegraph company. The
list of incorporatOrs of the latter road
is changed from that alread! published
by the omission of 4 number of naurcs
and the substitution of Jay Cooke, j.
W. Riggs aud others in their stead. ..
At few minutes past 2 o'clock, the
bin in regard to the national currency
was again taken up. The question was
OH the amendment OF Mr.. Davis, pro-
posing to withdraw u pro rata amount
from the States having an excess OF
banking capital and distributing it
among those requiring 1t, TO 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 withdraw from the excess
of twenty millions.
The debate was continued. during
which Mr.. Henderson argued the im-
policy of contraction, arguing that the
business of tn: country rather called
for expansion. He questioned the pIO-
priety of n speedy return to specie pay
ments. 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 it was
idleto talk about specie payments.
Finally Mr.. Davis amendment, ~
modified, was adopted.
Mr.. Sherman said that the Senate
having decided to prohibit any Increase
of bank circulation, except withdraw
ing il from three or four New England
States, he had carefully prepared an
amendment in lien of that of the Sena-
tor from Kentucky (Davis,) which was
not, in his. opinion, properly framed,
and which he hoped the Senator would
withdraw for such purposc. He rad
his substitute and continued, saying
while he was glad the Senate bad de-
cided to withdraw n small per centage
of bank circulation from the East,
he could assure them that if they
should adiOur" without giving
au increase to the West and South,
they would give rise to rude
spirit of dissatisfaction. If his amend
ment was adopted, those States having
none now would have local cireula-
ton by slow and gradual process. Ac.
cOrdins to the law, the Comptroller Of
Currency was to distribute the circnla-
ton Of one half according to the popn-
latiCp and one half according to the
business requirements, and the result
would be that New York would be found
to have no more than its proportion,
and the only States atfectt dlwould prob
ably he Massachusetts,, Connecticut,
Rhode Island and possibly Mary land
and Vermont, certainly not more than
six or seven would he called npon to
furnish cent.
Mr.. Buckalew reminded the Senator
that sOIEe days since he had said he
would regard u certain vote to postpone
as o test vote on the proposition con-
tanned in the first section of the bill for
bidding one national bapk to Psy inter-
est OF the balances OF any other.
Mr.. Sherman explained that several
Senators had thus voted merely to give
time for an examination.
Mr.. Chandler moved ~ strike out the
first section Ut the bill, aud proceeded
to argue that Injustice would DO done
the country banks by forhiGding them
thus to employ th6ir surplus rapita4 to
advantage.
Mr.. Ca.trll defended ia; section, in
sisting that il is illeSitimate banking
TO pay interest on balances Of another
bank, and pointing out that the Bank
o: Commerce, of New York, has refused
TO do such business and tue best bank
ers are opposed to it. He quoted the
opinion OF the Comptroller of the Cur
rency to the same effect.
Mr.. Chandler rose to reply, but Il
motion to adjourn prevailed, despite
the protest of Mr. Sherman.
Adjourned.