Year: 1863

/ wa LIN SEN Ale.
Mr. WILSON, Of Massachusetts, from the Committee
on Mi ary Affairs reported back the bill to raise addi-


onal soldiers for the service of the United States with
the recommendation that it do pass because the


horty intended to be granted is sufficiently granted the
| act approved July IL, 1862.


/ [This is the bill introduced by Mr. SUMNER


Mr. SUMNER called up the bill to prevent correspon-
| dence with rebels Passed


/ THE FINANCES AND THE BANKS


Mr.. FESSENDEN called up the bill to provide ways
and means for h support of the Government An amend
ment adopted making the interest authorized
by bill and certificates Of Indebtedness hereafter issued pay
able in lawful money instead Of in coin. Also amend
reducing the amount of notes to be issued to hun
dred and fifty millions instead of three hundred millions
including amount already issued by resolution of January
II, 1863 The section allowing the coupons bonds and
to be received for customs thirty days before due and
| after due was stricken out


| Mr.. CLARK moved to amend the proposed tax of two
per cent the circulation Of banks to make it
per cent for two years and two per cent after that
Mr.. DAVIS said he could vote for such amend
ment as be deemed it declaration of against the
banks notice to them that they wind up their af
fairs in two years The banks bad noby supported the
Government, and he could MT vote to destroy them.
Mr.. CLARK said he offered the amendment to relieve
the banks and not to jure them If the scheme passed
yesterday was to into effect that ecrcuaton must take
the place of bank crcuation and ready to
tice any thing to save the GoverUmenr


Mr.. FESSENDEN said the Senate kfrom NeW York yes-
teday willing to vote for the ban bill to aid the Gov
ernment but he is not willing that that bill should 20
ato operation The very of the bill passed yeser-


day 10 INTRODUCES circulation to take the place
Of tank circulation, but if the banks still go issuing
all the notes they please it would render the plan
nuity This tax designed pressure the banks
to induce them to under the arrangement and
help make uniform circulation all the country.


Mr. HARRIS contended that he had supported the new
banking bill voluntary system which the banks would
receive and not as measure to extsrmnate and make
| war on the State banks.


| Mr., CHANDLER said the question was whether we
should support the Government, protect these State
banks at all hazards He thought the Senator msappre.
hended the question What would the banks be worth
The Government should go DOWN. They would be worth
nothng This question far greater than that of local
banks.


Mr. HARRIS said he was willing to tax the banks as
heavily they could bear, but not TO extinguish them.
| Mr. POWELL claimed that this was scheme to de
stroy the 10 banks aud substitute worthless currency
founded deprecated bonds He said the policy of the
Secretary OF the Treasury has been wrong and runeus
rom the first aud he could carry the Treasury
be ought TO resign and not food the country with trash
| never redeemab,e 10 coin.


very peculiar views about carrying the He says
he loyal aud wants to preserve the whole country but
would do nothing to put down the rebehonhe would let


them go on though he says it is all wrong; he would do
nothing to stop them, yet he is loyal man.


Mr.. POWELL. As loyal as the Senator from Name.


Mr. FESSENDEN said he did not dispute it, only they
differed in Jdes TO put down rebellion He (Mr. F.)
would defend tho country and not allow the Free States
| to be by savases The Senator from Kentucky
Gays hc would do all that, but would not raise
vote dollar, and he has opposed the from the begin
/ uiug The Senator from Kentucky would have nothing
but gold paid by the Government He would defend the
Government by attempting what is impossb BILE, and in
| order to do that must not the means


Mr.. POWELL said he had not clsmed that the Govern
ment sh ud all gold he had repeatedly stated he
would use the paper of the local banks.
/ Mr.. FES SENDEN Suppose you cannot get the paper
/ Mr. POWELL said they could get it they could get
Cold-could take 1t in payment OF public dues aud for
taxes.


the Government chooses to issue its paper Every
body knows that country carried on war like
this with and could without issuing ito
paper But the Senator complains because the Govern
ment puts ts credit in the market instead of putting
itself the mercy of any body who chooses prey upon


hsm 1t impossible to obtain the gold carry on the
var We have carried on the for two years and


the credit Of the Government has been sustained noby b


fore the world by the exeriions Of the Secretary OF the
Ire suy but tine Secretary and explains


that things arrived mt such that after much
consultation ard careful thought and study he had decided
that this other plan necessary in order to carry
on the and the Government. Nobody had offered any
other plan unless it be the Senator from Kentucky and
as he Mr. FEssENDEN) bad other plan offer be was
willing TO vie his Judgment. He would not say that this
plan sh ,uld be adopted He was willing to do every


thing to ty every thing for the safety of this Government
aud ca ry on the war to u successful term nation.
| Mr. POWELL said he asfonshed to hear so able a
SENATOR the Senator from Maine resort to the talk about
LOYALTY instead of arguments.


| Mr FESSENDEN said he was only contrasting the
Senator'S practice with his professions.
| Mr.P0WELL continued at length contendBg
that hs loyalty would bear favorable with that
of the Senator from Maize He believed the separation of
the States accomplished by He refryred CON
siderable length to various aca of the Government which
he alleged were unconstitutional


| Mr. CHANDLER claimed that the proposed currency
would be safe than that of local banks becauss it
would be based the credit Of the Goyern mt and
cured by mortgage all the property Of the country
The s nator from Kentucky has animadverted very
verey the conduct OF The Secretary OF the Treasury
Only few years ago friend Of that Senator bad coatro
of the Treasury and in time of profound peace the bonds
the Government went down to "a and while the friends
the Senator stealing the property of the Govern
ment and robbng the Treasury the GoverntGent was
obliged to ray IL per cent for money carry it's ees
ation The FROM Kentucky is consistent at least
ia his late colleague, Gener in the rebel army,
who when here vot ID against every thing tending sup
port and defend tho Government and is now fighting
against the Governments and the other Senator il
,stent in remaining here and voting against every war
measure


Mr. DAVIS referred to the condition Of the banks Of
Kentucky and claimed that their notes preferable to
the green backs and that the policy pursued in the war of
1872 better than the present policy lie protested
against this Of impugnng mans loyalty brcaue
he did not follow the lead Of the party in power Hs would
forego hs convictions but would ,taDd By tho COP
stitution, matter what the consequences
| Mr.. RICHARDSON sad tho Senator from Michigan
(Mr CHANDLER) seemed to think that man could be
loyal Who did not support every OF h He be-
leved there man in the country who stood in 30
doubtful position that Senator Before he war com
menced he letter TO the Governor Of toat
this country not worth rub without litl6 ood-
letting and he stands before the country rs ba ing said
when Gen Mcclellan was about to attack Richmond that