New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-03-04

iabo- This bill offered by Thomas d. Elliott, Of
Massachusetts, CRep). was carried in both houses
IS. '''''' ~
Twelfth-An act granting pensions Approved
July L. 1sG2. This law was the foundation or all
the subsequent pension laws passed by Repuo-
hcan Congresses in recognition OF the services or
the soldiers and sailors of the Union. 1t bestowed
pensions with lavish hand on disabled veterans
and the dependent relatives widows. orphans
mothers and sstersl Of those who should die in
the field from disabilities contracted in the ser
vice. Every Republican and a few Democrats
voted for it,
Thirteenth-Increasng the duties on foreign
goods for the purposes Of both revenue and pro-
lection Approved July IA, 1SG2.
Fourteenth-Providing for the issue Of $780,
0OO.000 in Treasury notes and loan Of $780,
10000. Approved February -, 1SG2.
There were also two measures for the educa-
ton Of colored children in the District of Co
lumbia Every one Of these was a Republican
measure. introduced by Republican, carried
by Republican votes. and approved by Repub-
lican President. On September 80. 1862 Presi-
dent Lincoln proclaimed freedom to the slaves
Of the South as a war measure, in his Emanci-
patton Proclamation. TO take effect January
l. 1865
WEST VIRGINIA A STATE.
The third session of :he XXXVIIth Congress
began December /. 1852. ending March 3. 1865
Senate-Repubhcans 81: Democrats. .; Union
Democrats. 10. Total, 80
HOuse-Cialusha A Grow. Of Pennsylvania
GtepD. Speaker, Republicans. 105: Democrats,
A.. Union Democrats, so. Total. rs
This session admitted West Virginia
STATE on December 81. 1862. On February "A.
1868 the Territory of Arizona was created, and
on March 3 the Territory Of Idaho. The ses
sion was occupied with appropriations and war
measures principally, but enacted one general
law Of the greatest benefit to the whole people
OF the United States, namely the act creating
the National banks.
THE NATIONAL BANKING SYSTEM.
Scarcely any other thing that the Republican
party has done in its career has been more uni
versally useful than the substitution Of National
bank notes for the notes Of many different kinds
Of State banks. An act which extorted from
The London Times Ghen a bitter critic
Of American policies) the admirng remark
The genius Of man has never invented a better
system IF finance than the National banking
system Of the United States" The law, APP
proved February - 1868 authorized the forma-
ton Of National banks al! parts Of the coun-
try. and in every village and city in which there
was sufficient business for a bank, and in which
any FIVE persons could be found who would
comply with the conditions Government bonds
to the full amount Of the capital of the bank
Currency at Washington. Circulating bank
notes to the extent Of % per cent of the capital
were to be printed by the Government. in the
highest style OF the engraver's art. and difficult
to counterfeit, and given TO the bank. in de-
nominations Of So. So 500 $50 500 and 81. 900.
These notes were 10 be signed by the officers
OF the bank. and thus become their promises
to pay on demand the sum of m )ney set forth
upon their face. Each bank was to pay tax
OF per cent annually circulation, and keep
on hand constantly p per cent Of its entire
circulation and deposits as a reserve fund. to
meet demands. AT any time if there was not
sufficient business in a locality to sustain a
bank the law provided the way by which the
banks affairs could be closed up and its notes
paid off and retired. The law authorized a
total issue of S300.OOO.UOO in National bank
notes. There could be no monopoly Of banking |
under this law. and loss to the holders OF
bank notes. and ii was popular measure from
the start Every facility was given TO the ex- |
lstlng state banks to reorganiZe under this new
law they were expressly invited 10 do so. and
great number of them complied with
request promptly
The bill was introduced In the Senate on Janu-
airy ~. 1853 by Senator Sherman (Rep) OF
ONO, and II passed that body on February ~
Dy - yeas co Republicans, | Democrat and
Chlonlsts) TO Il nays q Republicans, Demo-
crats and Southern Unionsts). In the House
the bill passed February 20 by IS yeas go
Republicans Democrat and Unionsts) to 81
nays Ga Republicans 81 Democrats, and 10 In
Onis's' me latter mostly Southern menu
An Internal Revenue bill also passed. Q
wal measure, taxing incomes and nearly every
FORM OF private business There were also sew
era grants Of land TO Western States TO aid in
Inc construction Of railroads
PROGRESSIVE LEGISLATION.
The XXXVlIlth Congress met for its first ses-
SION December I. 1863. adjournng July 4. 1864.
Senate-Republicans and Unconditional Union |
ISIS 80; Conditional Unionists (Dem), 5; Demo- |
Gratis y Total 10