The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-12-10

Prospect.
The session Of Congress opens with very
business-lke purpose. 1t would appear to be
fully appreciated in the Senate and the House
that while the general growth of the country
and the great elasticity of our institutions
promise to carry us not only through the
troubles left over by the war, but onward to
wealth and prosperity that were never dreamed
of before the war, there are still many points
in which our progress may be facilitated and
furthered by timely legislation. Perhaps there
may be room for several opinions on this point,
and it may especially be doubted whether it is
not wiser to leave alone the Improvement that
we see and feel in our political troubles, as
well as the immediate promise of our finances.
These are the two points that are to have the
honors of the session, from appearance. Sew
eral financial propositions have already been
made and reconstruction is to come ON the
carpet without delay.
Mr.. Morrell, of Pennsylvania, presents in the
House a bill to fund the debt and make bank
ing free. He proposes to fund the debt in a
new loan bearing three and two-thirds per
cent interest, retiring first that part of the debt
that bears coiA interest, and last the legal
tender notes, making it compulsory upon the
national banks to convert the basis of their
circulation at once or 60 into liquidation. But
the more Immediately important proposition Of
his bill is that for the repeal of the clause in the
banking law which limits their circulation to
three hundred million dollars. He proposes
to make banking once more free, only
requiring banks to organize under the
national law, and to deposit bonds as
security for their issues This appears to be
the latest shape assumed by the agitation Tor
more currency. Hitherto different parts of
the country and different interests clamored
that they were cramped in their operations by
the scarcity of money, and the demand was
only that the Secretary should expand in the
limit Of his discretion. Now it is proposed to
make this matter once more absolutely free,
section shall not be sacrificed and another
assisted in the interest of financial policy
In theory this is very attractive, for the simple
name of free banking seems to put the matter
quite in consonance with all our American
ideas. 1t also seems quite satisfactory that
the circulation is to be, as now, assured by
national obligations; but the loss of the bills
to holder is not the greatest danger the
people have to apprehend from banks. We
see here proposition that may put the coun-
try, even to greater degree than it now is,
in the hands of banks, and we are not without
our fancy that these will after all prove to be
the very banks that control US now, subject to
a limitation Of their power. The limitation Of
the national bank circulation has always been
held to be one of the wisest points in the
banking law, and the legal tender currency
our best currency, and we do. not see that
we shall get an equivalent in giving up that
currency and taking away that restriction.
In fact, it seems to us that this is the very
proposition that the banks would themselves
make to enlarge and consolidate their power,
for, having the field already, they, of course,
would apprehend nothing from the name of
Stree banking"
An important bill on reconstruction is fore
Swallowed in the words of General Butler to
some Virginia gentlemen, Congress will
compel Georgia TO keep her plighted faith"
Georgia, twill be remembered, adopted q con-
extreme radical could desire, giving the
colored man all political rights, &C., and on 50
doing was readmitted to the Union. Once in
the Union, and feeling her dignity as SOW
ereign State-over the local affairs Of which,
under ''the constitution as it was, Congress
could have no control-Georgia quietly kicked
the colored man down from his high pedestal
and declared that he should not sit in the Legis-
lature. In all this, as we hav said, she acted
under the constitution as it was, forgetting in
the new constitution the ever teeming words
as to appropriate legislation" These words
give Congress as absolute power over this
matter in Georgia as it could have in the Dis
trict of Columbia, and no doubt the power will
be asserted in all its force. These are the
words of the fourteenth amendment :-"No
State shall make or enforce any law which
shall abridge the privileges or immunities Of
citizens Of the United States. Con-
gress shall have power to enforce by appro-
pirate legislation the provisions Of this art-
cle"> By the adoption Of an amendment with
these words the States have in effect vacated
their sovereignty as to all the subjects that
can be brought under that amendment, since
for all such subjects Congress is the su-
preme law-making power. What is to be
done in the case of Georgia may give
to the States at large some light as to
the practical possible operation Of the amend
mcnt.
In addition to these important topics we
notice two propositions already up for COM
plete amnesty; an inquiry from stanch old