The New York herald., 1869-02-18
HOUSE OF REPRESENTATIVES,.

WASHINGTON, feD. IL, 1863.
LOUISIANA CONTESTED ELECTION CASE.
Mr.. UPs0N, (rep.) Of Mich, from the Committee on
Elections made report in the Louisiana Contested
Election case, with resolutions declaring that simon
Jones, not having received majority OF the votes
cast for Representative from the Second Congress
sional district Of Louisiana was not entitled TO
seat and that neither ]. w. Menard Caleb S. Hunt
was entitled. The report and resolutions, with a
minority report from Mr.. Kerr, were laid on the
table and ordered to be printed.
SURVEY OF THE PORT OF CHICAGO
On motion OF Mr. JUDD, (rep) OF H., the Secretary
Of War was directed to have an examination and
survey made at the port Of Chicago with view to
as the necessities OF commerce at that point demand
THE NATIONAL BANKING LAW.
The House then proceeded TO the consideration OF
the act supplementary to the National Banking biz,
the previous question having been seconded yester
day, and Mr. PoMERoY, who reported the blu, being
entitled TO close the debate yielded part OF his time
70 Mr.. POLAND, who argued In support OF an amend
ment which he had oirered looking TO the with
legal tender notes ana their conversion into new
issue OF bonds bearing interest at four and half
and four per cent and redeemable after thirty aud
MIR, BUTLER. trep.. OF Mass, addressed the House
for twenty minutes IN advocacy OF the amendment
reference to the mode OF letting banks go into liqu
dation. II proposes that the interest on the bonds
deposited to secure their circulation shall cease
that In the delivery to the Comptroller OF the Cur
rency OF the circulating notes. In sums OF one hun.
u
portion Of the bonds shall be delivered up and the
accrued interest on them be paid.
u.es to address the House He SAID thai everything
anectng the currency and the banking interests OF
the country was matter OF grave concern, and that
Congress should not act hastily or without that care
which tue importance Of the subject demanded. The
national banks and their circulation had become q
part OF the monetary system Of the country indeed
they were the basis upon which they rested the en-
tire monetary and trading interests OF the United
States. The fourth amendment to the Senate bin.
n q nor nd (,ir-
rency provided for the withdrawal OF circulation
from the existing institutions and for bestowing 1t
the South and West on the ground that those sec
tions had unequal proportions Of banking facilities.
He was opposed TO disturbing the distribution or
prove q dangerous experiment and be followed % BY
the most severe monetary pressure that had been
@ seen IN this country for years He desired to force
demption, and he knew no better way 10 do than to
require central point OF redemption. The obllga-
tions Of these institutions 10 the government and
to the people should not be released. This sense OF
obligation must be awakened. He thought that the
amendment he proposed would do 1t. That amend
ment was as follows:-
Every under this act and the act to
which this Is suppenent should provide Tor the redemption
the United States. Be selected by The compiroier
Treasury 70 assert and seal under seal ali
tcna bank notes received for payment Of and
agency.
Mr. GRiswoLp, rep, OF n. ", having nve minutes
allowed him. expressed himself in myor OF Mr.
Poiands amendment. lie was inclined to adhere to
IL IN preference to the bill before the House.
Mr. EsERsoLI, Cep.l Of H. being allowed Eve
minutes to explain his amendment, said that In the
nrst place II proposed TO make the banking system
OF the country free one, so that any citizen OF the
country ne might could establish banking institu-
ton II IL was deemed good investment and q egi-
circulation or banking capital held in Massachnsests
Rhode Island, New York or any other State. WHY
would members insist upon II that there should be
restriction with reference to the amount OF capital
that men should invest In the banking business
or reference TO the amount OF circulation that
banks should issue when 1t was admitted that all the
circulation was well secured to all the billh0dersY
Why NOT leave II to the business OF the country
to say how much circulation they should haveY
Freedom was the motto OF the republican party aud
he hoped tnat IN trade u was also the motto Of the
democratic party.
bate. lie favored the amendment OF Mr.. Butler 30
far as II applied to nsovent banks but not a. il ap-
the free banking law OF New YORK was the best law
that the wisdom OF man had ever made; but he said
that when Congress declared that not only the free
state banking laws should he swept away by the
board aud new national system established he for
TO be true and faithful to the banking system lie
believed however, that was IN the wisdom OF Con-
e q was posSe for seg s srd
dom and capacity Of the Forty-drrt Congress perma
permanently to fund its debt, and SO to amend per
feet aud revise that national banking system as TO
An that they had sought 70 do In the present pili
was to correct papable defects existing In the sys.
TEN, and then TO stop and rest until the time should
arrive to revise the whole system.
The debate being closed the House proceeded to l
vote ON the several amendments pending
The amendment offered by Mr.. Pr1se TO the fourth L
section to increase the allowance Of circulation 10
banks with capital not exceeding $780, 900 from /
eighty 10 ninety per cent Of the capital was agreed TO-
The FIRST second and third amendments ofered hy
the Committee on Banking and Currency, being
merely formal were agreed to.
Mr.. Bucklsnd's amendment regulating bank circu-
ation at the rate OF 81, for each member Of
Congress nom states was rejected
The amendment BY Mr.. smith to increase the
( ADO 900, 900 was rejected.
The amendment offered BY Mr.. Coburn az a substi.
ue for the fourth section was agreed to by yeas e3
nays SO.
The substitute is as follows:--
sac And therefore be enacted 10 insure better
rbuton OF she national bankng there
smed circulation notes 70 bankns associations organised In
aies and Territories having less banking circulation than