The New York herald., 1869-03-31


several States having an excess, from twenty mil
lons - proposed IN the original BILL to thirty mil
NJ SAWYER rep, f Of !. G., onered an amendment
requiring banks 70 return the amount called for Dy
the Comptroller Of the Currency within ninety days
aftor receiving his requlsitt0n which was agreed to-
M. SPRAGuE addressed the Senate upon the
general financial condition OF the country and In
to provide for 0aning the public money. He never
had before seen 80 much ignorance displayed as to-
day IN the discussion Of this banking question He read
statistical statement OF the Exports and imports
Of Great Britain and the United States respectively
TCm S.a. T1sa &c the as wns
manufactured articles the United States exported
nothing but the raw materai-exported IN soil IN
previous remarks IN the Senate upon the financial
question: he said they had excited comment
paper a statement that his (Mr. sprague's)
views we're to be attributed to embarrassment IN his
business analrs ana TOO close attento1 70 puoc M
votion to public AFFAIRS had not been excessive as
to impair ms Judgment, and 80 far from being eni.
nrm had prospcred more than during any
menss @ Were We're A' untrue But e he % had snticI pated @
this public attack, for before II was printed the
inslnaations had come to him privately; he would
character Of those who had inspired this para
gSp but SAID h. any nrs man who takes an 3,
those who are welding unbounded control over the
business the legislation and the capital OF this
for their attack, and who corrupt whenever they
touch-musI expect to he met ny such means as
"a the Others srre House or An q any ea
position. who can stand against the cor
ruptive influences and powers that in these
is surely more than human. It cannot
be done by any ordinary man. Those corruptlve ln-
Industrial interests Of this country Yet the Sena-
from Massachusetts, tMr. WILSON, tells that all
counr he sa %se and
capitalist was man who had . large amouni1ol
money, or whose position enabled him 70 command
1t, and VINO generally know nothing about the busi-
ness interests OF the peope OF the country and cal cd
nothing about them except to use them Tor his own
places which wic.ded the capital OF the coaatrj
were were managed by men who VINO knew nothing nothing
Of the people, and yet the Congress- anI the eglsa-
tion Of the country were influenced and governed
by the managers Of the banks both BY open and BY
indirect corruptlve influences. He knew himself OF
. legislator, member OF committee, who had
been asked to report upon certain matter in Ger
was one hundred thousand dollars. The worst and
most alarming feature OF this matter was tina. the
people became aroused and struck down some mere
Iool OF the corruptionsts; but tney could never
reach nsn me oSs q the n m, matter ter PROVIDE S
stadIei the condition OF the country. aeep
mat he fully comprehended it and he had not ex
a2gerated Its dangers The Senator from NJ lssachl
senate and the country that all was gong vel
fnat Senator no doubt, repeated what had been
told by others but hrs Information had been de-
rived from men who expected TO be benefited by
the exercise OF his influence Ia his nigh position.
Can that Senator (said Mr. Sprague) tell the Senate,
tIulya Can he tell that they knew the truth OF what
they gave hims Certainly not. What does he know
about Foc.ety2 iHow much Of 1t does he minsle
witns lie mingies with those whom he compre-
hends. Are they such as can give cOmprehen-
siye view o. the present stuaticns situate No
intention or ignorance, or from aay other cause, mis-
take misstate the situation without being an
swered Dy The Senator understands the crea-
ton or parties aud carrying them on successfully az
well any man; but he mistakes his calling when
interests or the people of the United States. The
whole capital OF the county is collected IN the large
Cities and AZ used to increase the value OF property
manufacturing to-day at loss, and they have made
no money Tor the last two or three years. The only
way IN which success can be attalned there now IS
by the capital st crushing out all VINO arc engaged
IN the same business with him.
Passing FROM The financial to the social condition
Of tue country, Mr. Sprague said that his previous
reiirks upon tile latter subject had been severely
familiar with the disturbing element In American
s0ccy from the fact that ne described II minatey.
n NJ had been familiar with the condition of
American society he would not hare ventured to
maze such statements about H. because neither in
lne o.iate elsew where would lie make statements
tiat he ud not substantiate by proof.
D .c anonymous writer had criticised the social
Jndion OF foreign countries and had insisted that
...lcricau society comparatively pures but the
was that Americans travelling abroad mingled
v IN tue dregs OF European society and came back
and nculcated upon society at home tue mnoraiities
and wees they hal learned abroad.
kesuning the discussion 1f the financial problem
lle said that &c would be utterly useless ald mis-
cncvous to attempt to enforce the resumption or
specie payments BY legislation The pending bill
OF the most dangerous propositions that had
ever emanated from the Committee on Finance and
II elacted INTO q law would disturb the relations
OF ~ 00 90 OF capital and so far from relieving
the south and West would actually increase the
funvvr haV m fQr ~ Of 10
money. lt was not measure IN the interests or the
people, II rather bill 70 provide for the esab
tue PARK sank OF New York. He had spent so much
time In calling the attention OF the senate TO the
sSust1y besSase he Was CONVINCED that the seaae
having con,ro Of the legislative and executive de-
partments OF the government, was mainly respoEsi-
Mr. AsrnoNY, lrepj OF r. l., said he was at loss
see how hls colleague could regard the paragraph
in his tMr. An'nony'sl paper as an attack upon his
mercantile credit, and asked his colleague read 1t.
Mr. SPRAGuE sent 1t to the secretary, who read 1t,
as foi.ow5:-
day which e views previously expressed and
aciced the pro aen low tone % paoc morals IN sociey
dues aud 10 his extensive private business fear causes
hin to take loomy view OF the gene. al staation.
Mr.. ANTHONY again expressed his surprise that hrs
colleague should regard tnls an attack upon him.
lie tAnfnony) Thought 1t was rather intended to be
friendly explanation OF his colleagues strange ut
tefances upon pubic affairs. He entirely dlssented
from his colleagues gloomy view OF the condition
OF tile country. Ills COdedxue nh1 Icluttu MS own
statements by tcliug the senate Of ms prosperity,
which was. no doubt, shared by other New England
manufacturers
Mr. srRAGuE said that his prosperity was attained
only by crushing out all smaller competitors. lie
d,-calnied any intention TO impute unworthy mo-
tIyes TO his colleague, but said ne would take
another occasion to speak OF the Influences wncn
had INSPIRED the paragraph In his colleagues paper.
Mr.. WILSON replied To Mr. Sprague. without be-
ing cotton spinner or o great manufacturer ne
thought ne knew something Of the condition OF the
country, and he believed IL 70 be reasonably pros
porous and moral.
several amendments were offered, discussed and
rejected, and Others were agreed TO, and finally the
bll was passed. In the following form:--
supplementary 70 entitled "in ne, 20 provide
naiiOna currency secured by pledge OF n,ei States
bonds and W provide for the circulation herco approved
June g. 1864.
lie enacted &c That every national banking association
selected depository Of pubic under the provsons
o. section t5 the act entitled .An provide q
national currency, secured ~ pledge OF unisi States
and provide The circulation and redemption
thereof approved June s. l6l, shall deposit United States
bonds with OF the United States
deposs, and whenever the prhic deroste IN
such association shall per
pfs held hv he