Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1870-01-25
CONGRESSIONAL.
SENATE.

| WASHINGTON, Jan. "a. Mr.. Hamlin pre-
sented the credentials of his colleague Lo
Morrill,, and the usual oath of Office wa
| administered
Another Rod in Pickle for Summer
Stewart desired to make o personal ex
| PLANTATION in order to correct a statement
of Sumner in his discussion with Trumbul
Friday. Upon the suggestion of Sumner,
he said he would if requested go into the
whole question. The order of business
was called for and the request of Stewart
was not granted.
For Relief of the Poor.
Resolutions were presented for abolish
ing the franking privilege, against the con-
tinuance of income tax, etc.
Mr.. Hamlin introduced bill for the re-
lief the poor of the District of Columbia.
Referred.
Mr.. Wilson offered for reference a joint
resolution granting pension to the widow
of the late President Lincoln. Referred to
the Committee on Finance
Mr.. Drake reported from the Naval Com
mittee a bill for the relief of certain con-
tractors for the construction of vessels of
war and steam machinery. 1t affords an
opportunity for the proof of claims upon
the basis of the act of March 9, 1867. The
bill was laid over.
A Call for Terry's Authority and
Orders.
Mr. Norton offered a resolution directing
the Judiciary Committee to report to the
Senate as soon as practicable, by what au-
thority, if any, Gen. Terry has organized
and convened a military commission to in
inquire into the eligibility of Senators and
Representatives elected to the Legislature
OF Georgia, and requesting the President
and Secretary of war to communicate copies
of the orders issued, the correspondence
with Gen. Terry and the Governor, and all
information they may have with reference
to the action of such commission.
Mr.. Sumner Directing to its present
consideration, the resolution was laid over.
Federal Finance.
On motion of Mr. Sherman the Senate
proceeded to consider the bill to provide a
national currency coin and notes, and to
equalize the distribution and circulation OF
the notes which was read.
MIR. Sherman, Chairman of the Finance
Committee, said he didn't 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 first, the partial equalization
of the distribution of the banking currency
among the States.
Second, free banking on a coin basis.
The present distribution of bank circula-
ton was grossly and palpably unfair.
The States of Massachusetts,, Rhode
Island and Connecticut, containing apopu-
lation less than 1000, 900, have over 500
900, 600 in circulation; one-ffteenth of our
have thus one-third of all
the bank circulation. The rapidly growing
Western States where credit is most need
ed, have scarcely three dollars to an in
habitant, while all the late rebel States are
practically without any banking circula-
ton.
This unfair distribution, he said, grew out
Of palpable misinterpretation of the law
by the then Comptroller of Currency and
Secretary of the Treasury. The first bank
ing act of Feb. %, 1868, provided a rule
Of distribution by which the whole amount
IF circulation was not to exceed $500, OOO.-
300, $50, 600, 900 of which was to be ap-
portioned among the States according to |
population, and the other Sl5, 900, 600 ac-
cording to the banking capital and re-
sources. The revised act of June 8, 1864. |
was silent as to the distribution, but gave |
TO existing State banks the right to enter |
INTO the banking system without.
The growing inequality of distribution
apparent, Congress by an act of |
March 8, 1865, restored the old rule of |
At that time there was less than |
1ne hundred and fifty million dollars
If banking circulation and if this law had |
been observed, each State would have had |
reserved for it not less than five dollars for
each inhabitant.
This law was fagrantly and boldly dis
and the pretense to justly it was
he provision in the internal revenue act |
Of March 3, 1865, which continued |
up to July, 1865, the privilege of |
existing banks to national banks. |
On the 1st of Oct, 1865, the whole |
banking circulation was $50, 900, 900, leav-
ng, three months after the expiration of |
his act, $4,000, 600 for distribution, &C
1Or1iDC tO DODrlatioD