Orleans independent standard. [volume] (Irasburgh, Vt.) 1856-1871, 1869-02-23
Congressional News.
WASHINGTON. Feb. II, 1863.

WASHINGTON. Feb. II, 1869.
HOUSE.
The election committee reported
adversely to Simon Jones, }. W. Me-
nard or Caleb Short being entitled
to seat from Louisiana. 1t was or
dered to be printed with the minority
report.
A resolution was passed directing
the secretary of war to have the har
Dor of Chicago surveyed with view
to enlarge its facilities to meet the
wants of commerce.
The House then proceeded to the
consideration of the act supplemental
ry to the national banking bill, the
previous question having been second
ed yesterday, and Mr.. Pomeroy, who
reported the bill, being entitled to
close the debate, yielded part of his
time to Mr.. Poland, who argued in
support of the amendment which he
had offered, looking to the withdraw
al and cancellation of all United States
legal tender notes, and their CONVEX
sion into the new issue of bonds bear
ing interest at 4 II and 4 per cent,
and redeemable after thirty and fifty
years. He defended the New Eng
land states from the charge of being
grasping. They had taken the ma
tional banking currency because they
thought that to be for the good Of the
country. They had taken it because
the western states did not then choose
to take it. He declared himself in
favor of free banking system, be-
lieving it to be the true remedy to
which they should at least come.
Mr. Butler of Mass. addressed
the House for twenty minutes in ad-
vocacy of the amendment, submitted
by him, to the second section of the
bill in reference to the mode of letting
banks 60 in liquidation. 1t proposes
that the interest on bonds deposited
to secure their circulation shall cease,
and that in the delivery TO the comp
troller of the currency of their circu-
lating notes in sums of one hundred
or multiples thereof, a pro rata pro-
portion of bonds shall be delivered up
and the accrued interest on them be
paid.
Mr.. Barnes of New York inquired
how it would be if a bank in liqui-
dation could not get in all it's circu-
lation, if part of it was lost or taken
out of the country?
Mr.. Butler replied that then the
bank had its advantage. 1t had the
money for those notes, and should not
have in addition the interest on its
bonds. If it should appear after.
ward that part Of the circulation of a
bank was irrevocably lost, then the
bank should come to Congress for re
lief. The whole circulation of the
government and banks was $500,00O,.
600. more or less, perhaps 100000,
600 or $750,000,000. Three humid
red and fifty millions of that would
have to be taken care of by the gov
eminent whenever specie payment
was resumed. and three hundred mil
lions must be taken care of by the
banks, or they would forfeit ten pei
cent on their bonds and the premiums
and interest on them. The moment
then, the country came to specie pay
mcDJ7 the banks enuld 90 into liauida
ton, and the whole circulation af th.
; country would be thrown on the gov
erument to provide specie for.
= Mr.. Price Of .Iowa-The gentle
mans amendment leads to this
; that no banking institution could win,
, up as a national bank and go out Of
the business entirely until it shall
: have turned in the identical none
. received from the treasury. A dc
pOsite of legal tender notes would no
t relieve it. Under that proposition
r bauk could not wind up in ten years
e 1t could not get its circulation in
e Some of it might never come in. TIL
+ government under this law gets til
). benefit of the destroyed circulation.
n Mr.. Paine of Wisconsin asked NJ
h Price how the country could eve
@ have specie payment unless the bank
K did their own redemption.
q Mr.. Price-The answer to that
4 found in this fact-that the laws undt
e which the national bank system ws
D. organized provides that banks ma
redeem in legal tender notes of tt
r country and it provides, also, thu
rs when banks wish to wind up, they Ga
e return as much of the identical nott
s received as they can get possession c
D. and make up the balance in legal te
81 der notes.
Iy Mr.. Butler-True, they cannot r
turn as many of these notes as the
please. My amendment allows tina
y too, Only when they do it, they sha
&c not draw interest on their bonds
g posted. And now my friend fro
Sc Iowa says they cannot wind up in t.
III years. Well, they never should viii
Il, up until they pay back the curren,
le they received. They promised to {
&c Re it, they agreed to do it, and they ha
4" no right to throw the responsible
e. on the government.
Mr.. Price instanced the fact of
o. bank in his state which was willil
% q to pay gold for its circulation al
70 could not get it.
h. Mr.. Butler-That is a case for ST
It. cial relief. You cannot now start
lie bank in any of the southern or we
be ern states because all the circulate
remains out, but if you make these
solvent, winding up banks, redee
nd their circulation, then this amendme
ed of mine provides that their circulate
SIS shall be given over to the states viii
Id have not got their quota.
IL Mr.. Wood of New York was allo
81 ed ten minutes to address the Hous
III He said that everything affecting t