The Evansville journal. [volume] (Evansville, Ind.) 1866-1870, 1870-01-25
T e lie G. r a p Il
CONGR REssIoNAL.
xLIst uoNsBEss-SECosB SESSION

SENATE........ w WAsHINGToN, Jan. q.
Stewart desired to make a personal
explanation, in order to correct the
statement of Sumner, in the discus
sion with Trumbull, on Friday, upon
the suggestion of Sumner, that he
would, if requested, be granted to go
into whole history of the question
in the order Of business called for,
and the request Of Stewards was not
granted.
Fenton presented a memorial for
the removal of the duty on Canadian
timber.
Petitions were presented for abol-
ishing the frankiDg privilege, against
the continuance of the income tax,
&c.
Hamlin introduced bill for the
relief OF the poor Of the District of
Columbia, which was referred.
Drake reported from the Navy
Committee, a bill for the relief Of
certain contractors for the cOnstruc-
tion Of vessels Of war and steam ma
chineryt 1t affords an opportunity
for the proof of claims upon the basis
Of the act of March ID, 1867. The
bill was laid over.
Morton offered resolution direct
ing the judiciary Committee to re
port to the Senate, as soon as practi-
cable, by what authority, il any, Gen.
Terry has organized and convened a
Military Commission to inquire into
the eligibility of Senator's and Repre-
sentatiyes elected to the Legislature
Of Georgia, and requesting the Piesi-
dent and Secretary Of War TO commu-
nicate copies of all orders issued and
correspondence with Gen. Terry, or
the Governor, and ali information
they may have with reference 20 the
action Of such Commission.
Sumner objectiug to the present
consideration, the resolution was laid
over.
Wilson offered for reference the
joint resolution granting pension to
the widow of the late President Lin
coin. Referred to the Committee on
Finance.
On motion Of Sherman, the Senate
proceeded to consider the bill to pro
vide national currency Of coin aud
notes, and TO equalize the distribu
ton and circulation Of notes, which
was read
Sherman, Chairman Of the Finance
Committee, said he did not propose
to enter into an elaborate financial
argument in opening the debate on
the bill, but would confne himself to
two main propositions. 1t presented
frst, the partial equalization Of the
distribution OF the banking currency
among the States; second, free bank
ing on coin basis. The present dis
tribution of the bank circulation was
grossly and paipabiy unfair; the
States OF Massachusetts,, Rhode
Island aud Connecticut, containing
population less than 100000, have
over 96,C00,O00 circulation; one
fifteenth of our population have thus
one third of all the bank circulation.
The rapidly growing Western
States, where credit is most needed,
have scarcely three dollars TO an in
habitant, while all the lai3 rebel
States are practically without any
banking circulation This is an un-
fair distribution, he said, which grew
out OF palpable violation of law By
the then Comptroller of the Curren
cy and the Secretary of the Treasury.
The first banking act of February
10Th, 1868, provided q rule of distrib-
ution by which the whole amount of
circulation was not to exceed three
hundred million dollars, one hundred
and fifty million dollars of which was
to be apportioned amorg the States
according to population, and the other
one hundred and fifty million dollars
according to their banking capital and
resources. The revised act of
June B., 1864, was silent a, to
distribution, but gave to existing
State banks the right to enter into
banking system without limit. The
growing inequality of distribution be-
coming apparent. Congress, by az
Act, March 3. 1865, restored the old
rule of distribution. At that time
there WAS less than $3.50. 600 GOO OF
banking circulation, and If this law
had been observed each State would
have had reserved for il not less than
five dollars for each inhabitaut. This
law was fagrantly and boldly disre
garded, and the preteuse to Justify
it was the provision in the Internal
Revenue Act of March 3. 1865.
National banking was, he said.
monopoly confined to a few States
whose population was not increasing,
excluding all the rapidly growing