The New York herald., 1870-02-01

tracts N the port Of New York, and to establish
OvMnittee ON Commerce.
Mr. WILSON, Tep.) OF Miss,. from the Military
solution authorizing the purchase or lease Of build
ngs IN New York for the use OF stan departments
Nj. CAnrENrER, trep, OF Wis. introduced reso-
luton calling upon the President for information IN
regard TO affairs IN Georgia. which was objected 70
~ Mr.. norton and laid over.
Mr. CRAGIN introduced = Joint resolution, which
was referred, authorizing the Secretary oi the Navy
don sSn pen ~ ne use q the u
Daances remaining to the credit OF the bureaus oi
tne Navy Department and available for the current
Mr.. RAMSEY reported favoraply the House bin
aoolishing the franking privilege
THE CURRENCY BILL
Inc senate then took up the Currency bIll.
upon the suggestion oil Mr.. Sherman the penang
amendments oI Mr.. Morton and Mr.. Sumner were
Mr.. SHERMAN then submitted an amendment ~ 0
distinct section to provide that any banking associ-
proportion Of circulation, may be removed 10 my
state having less than It's proportion, under such
rules and regulations as the Comptroller OF the Cur
rency may approve aud the Secretary ol the Treasury
may require.
Mr.. SIBERIAN said he submitted the amendment in
accordance with instructions from the Finance Com
mittee. It's adopuen would not affect the other pro-
visions OF The bi but any capital acquired under It
Dy STATE would be entirely III excess OF the share
to which 1t would be entitled Of the forty-n NIL
lions OF any other amount authorized by the BILL The
onect would Do 10 encourage capital TO go into the
south and Wes.-
Mr.. COLE, trep.) OF CAL, believed the amendment
would operate exclusively to the benent OF any citl
zen VINO chose to remove into State which had NOS
heretofore received its proportion OF circulation.
This would be unfair to the people OF the States
which mad not received their proper share.
Mr. MORTON SAID II the State OF Minnesota was TO
be allowed more banking capital the additional IA
clties should be given citizens OF that State
who were ready aud willing 20 take them, Instead or
authorizing the transfer thereof to tho BANKS OF
Mr WI a., ,nforrsJ from, tho ,a,narLu t,at h,a
been made that the real reason OF the cla,nor III
gard TO the circulation was not 70 afford mere
IN the North ana East to make money out vi The
business of banking IN the South and West.
Messrs. ABBOTT ana WARNER suggested modifca-
uons OF tho amendment, which were adopted.
Mr.. SAWYER, trep.) Of j. e.. said the provision TO
allow banks III States having more than their share
OF circulation 10 be removed into states having less
than their proportion OF circulation susceptible
OF beng SO interpreted that thus additional capital
might be considered part or the quota allowed to
the latter. lie thought the Comptroller ol the Cur
rency might thus construct tns provision.
Mr. CoNKLlNd opposed the alnendment, because It
States license " put bank upon wheels and move
II from place to place, all over the country, until
for Inc Continuance THerciore wne he COY con see
no reason for complaint by the States 70 which
these transfers were Lo be made, he did see abund
cause OF dissatisfaction the part Oi the oder
states with the present proposition, which virtually
offered bounty 10 every deacient section Tor the
transportation or banking facilities which had
grown up In other scchons
Mr. FOWLER, QepJ OF Tenn, said In view OF their
practical operations there were no more useless and
pernlcous institutions than the national banks.
These banks ia the South were no better than shaw
ing shops. Ills own opinion was that the national
bank note Was not whit more variable tnan the
greenback, based upon the credit OF the govern
ment The passage Of the bill, ne believed was cal
culated 10 fassen upon the whole country a most
lnlqult0us ana injurious system.
Mr.. WILSON scrntInlzed tue disadv antages OF the
national bankng system, and favored the adoption
OF another, based upon free banking principles.
MIR. HOWE, frep) OF Wis, c0ntrasled the two paper
money systems OF the country-national bank cur
rency and greenhacks--and said that While either
system would be most efficient II that alone were in
operation, yet the policy OF Keeping D0tn systems
IN existence was most perncions; that one OF THESE
two circulations which was tho best, should be
continued and the other dispensed WITH at once
Mir. SAWYER SAID that the South asked for more
principle, believing that as the government mad
assumed control Of the matter fair dealing and
equality should be observed among the different
sections OF the country. lie proceeded To show that
tie banking capital and wealth Of the South mad
largely increased, remarktng That the banks OF
South Carolina had for the last two years larger de-
posts lying idie tnan ever they had before. THIS
capital Was waiting iOr employment. In this con-
Patterson that the Soulh would nave TO come TO
New England for capital, he sald tnat before tho
s u the ~ tho u M Sankp Or
Charleston, =. c., redeemed their obligations ~
usual o. the fourteen millions VI banking capital
OF that city more than ninety per cent was owned
there, and not abroad.
The pending amendment rs modlled was then
read, AZ follows:-
That after the expiration the passage
sh. act any sanSns in any state having
any state having than M proportion Of circulation.
under such rules and regulations the Comptroller
re-:
provided for in this act
Mr.. CoNKLING believed the amendment objection
able because OF the uncertainty and confusion 10
present additional volume OF circulation among the
states now deficient any pank might by the amend
ment, remove tntthcr apd increase the circulation.
But no provision was made in rcRard tO the
amount Of this excea. 10 be allowed.
The Senate then adopted the amendment by yeas
The former amendment OF Mr.. Morton, to nS the
additional amount Of circulation al S52,o500oof was
then renewed.
Mr. CHANDLER, trep) OF Mich, moved to amend 80
rs 10 authorize an issue Of one hundred millions,
while preventing any diminuti0n OF Increase OF cir.
cuaton py substituting tho bank notes for legal
tenders. II banks were not started under tlis
proposition no grecnbaCkS would he Withdrawn;
but II banks were started. then an amount OF green
backs equal 10 the amount Of the new circulation
would have TO be wtndrawn. In other words, lie
said If this entire one hundred million dollars was
taken we would b0 brought one hundred millions
nearer to specie payments than we are to-day, q
reduction 10 that amount being Effected In the
present circulation. In the meantime the amount
Of currency would not be changed in the slightest
degree. In reply to Mr. Sumner he SAID the amend
ment was substantially stniiar to that offered oy
thar Senator and was calculated TO equalize tue
amount OF the circulation OF the national banks. He
favored the provision TO authorize banks upon a
kOiu DAs5.
Mr.. WILLIAMS urged the proprIety or prompt ac-
ton, without regard to the intricate and unlmpor
tant financial problems which had been suggested.
Mr.. PATTERSON, (rep.) Of N. H., believed that the
policy Of beginning the work Of funding the green
backs without having established y principle as 70
the rate OF interest to be paid was Ill advised The
per cent now adopted should be fixed with view
10 the same rate in funding the whole debt.
Mr.. MORTON said he was opposed 10 the amend
ment Of Mr.. Chandler, because he felt satisfied that
bill TO fund legal tender notes that bear no inter-
est into an debt could pass Congress
vt tue present session. He desired to relieve the
present wants OF the West ana South, leaving the
question OF funding the greenbacks future con.
sideratlOn.
Mr.. SUMMER advised the Senate to give the coun-
try an indication OF ta future financial policy by ma
turing the present measure IN the manner proposed
by his Amendment
The amendment Of Mr. Chandler WAS then rejected
without q division.
Mr.. CAMERON, Fep.) OF Pa, remarked that the only
remedy IN MS opinion for our didiculnes was 70
Dc found In the resumption Of specie payment. He
said 1t were not for the $500 0o0 OF greenbacks
the government could to-day pay ALI its liabilities In
gold and silver, and he Thought If the government
would cut loose from the banks the latter would
prove fully able to take care OF themselves. After
specie payment had been attained he would be