Holmes County Republican. [volume] (Millersburg, Holmes Co., O. [Ohio]) 1870-1895, 1872-03-07
- SPEECH OF
Hon. James Monroe
Upon the Bill for Reprinting the
Ttrs and Kusiassd Bank Notes.

| OpOH tttC ottt bVt uCR tuS
Ttra and Husilsssd Bank Notes.
Mr.. Monroe, from the same committee
reported back with amendments, and
with the recommendation that it dc
pass, the bill (H. r. No. 800 to provide
for the retirement of worn and mutila-
ted bank notes.
The bill was read. Section one pro-
vidcs that as soon as practicable, after
an appropriation shall have been made
by law for the purpose, the Comptroller
of the Currency, under the direction OF
the Secretary of the Treasury, shall
cause to be engraved and prepared, on
such paper and of such form and de-
sign as he may prescribe, circulating
notes for national banking associations,
and shall issue the same to national
banking associations in place of the
worn and mutilated circulating notes of
said associations, in accordance with the
provisions hereinafter prescribed; and
any additional issue of national bank
notes that may be made in pursuance of
law shall be in the new notes herein
provided for, so soon as the same are
ready for issue. The second section
provides that under such rules as the
Secretary of the Treasury may pre-
scribe, the Treasurer and Assistant
Treasurer of the United States, and the
officers of all national banking associa-
tions, shall forward for redemption to
the original bank of issue, or to its re-
deeming agency, all worn and mutilated
national bank notes, and said bank of
issue, or its redeeming agency, shall
forward the same to the Comptroller of
the Currency, who shall destroy the
same and issue new notes in lieu there
of, as now provided by law.
The amendments reported by the
committee were to strike out in the first
section, in lines three and four, the
words, 'as soon as practicable after an
appropriation shall have been made by
law for the purpose : and in line seven
to insert after the word design the
words ';ind i'm such manner
Mr.. Monroe. l desire to occupy ten
or fifteen minutes of the time of the
House in giving the reasons for the
passage of this bill. 1 see that the
morning hour is nearly out, and if gen.
tlemen are likely to make privileged
motions upon me and take me off my
legs in moment, would prefer to de-
fer what have to say until tomorrow;
but if there be no objection to my Oc
cupying fifteen minutes in explanation
of the bill, will do it now.
Mr.. Holman. L hope there will be no
objection, with the understanding that
the bill shall be debated for a reason
able time.
Mr.. Garfield, of Ohio. 1 have no OBJ
lection to it, with the understanding
that at the close of my colleagues re-
marks the House will go into Com
mittee of the Whole on the appropria-
ton bill.
Mr.. Holman. 1 agree that.
Mr.. Monroe. Mr.. Speaker, at the be-
ginning of the session, so much of the
Presidents message and of the accom-
panying documents as relates to bank
ing and currency was referred to the
committee having charge of those sub
jects. OF the matter so referred was
the following recommendation of the
Secretary of the Treasury, which may
be found upon page IL of his last annu-
al report:
az respectfully recommend that an appro-
priation be made for a new issue of national
bank notes. Those now in use are much worn,
and very successful counterfeits OF several de-
nominations have appeared"
In his report for the year 1870 the
Secretary had made the same recon-
mendation. In the Congressional Globe,
near the close of the last Congress, may
be found a letter addressed by the Sec
retary to distinguished member of the
Finance Committee of the Senate, I'M
der date of March ., 1871, in which he
says:
"Ithink it very important that the House
bill providing for a new issue of national bank
note currency should be passed by the Senate
at this session. The present issue in circula.
tiOn is generally defaced and mutilated.
There is no power of compulsory exchange;
and moreover, the bills of several denomina-
tions, especially the twenty-dollar bills, are so
well counterfeited as to defy detection except
by the cleverest experts.
priation bills, that is SO important, in public
sense, within my knowledge.
In accordance with these earnest rec
concentrations of the Secretary Of the
Treasury, the committee have decided
to report this bill. 1t is substantially
the same as the one introduced into the
House by the present chairman of the
Committee on Appropriations. Many
aiV, io tOuos, Will ~
and it will not be necessary, trust,
that much time should be occupied in
explanation of its provisions.
The first section provides that there
shall be engraved and prepared, under
the direction OF the Secretary of the
Treasury, new circulating notes for the
national banking associations; and the
second section requires that all worn
and mutilated notes of such associations
shall be returned to the Treasury, and
that the new notes shall be issued In
their place.
There are three questions which sup
pose the House will wish to have an
swered in regard to this bill, namely {:
what are its objects? what expense will
be incurred under it? and who will
bear this expense?
l. As regards the objects of the bill,
the first evidently is to give the people
an unworn, clean, and legible currency.