  Remarks in the Senate, on introducing a Bill to amend the Banking Act, and to promote the Return to Specie Payments, December 7, 1869. The bill having been read twice by its title, Mr. Sumner said:— At the proper time I shall ask the reference of this bill to the Committee on Finance; and if I can have the attention of my honorable friend, the Chairman of that Committee [Mr. Sherman], I should like now, as I have ventured to introduce the bill, to specify for his consideration seven different reasons in favor of it. It will take me only one minute. Mr. Sherman. I should like to have the bill read, if the Senator has no objection. The Secretary accordingly read the bill in full, as follows:— Be it enacted, &c., That so much of the Banking Act as limits the issue of bills to $300,000,000 is hereby repealed, and existing banks may be enlarged and new banks may be organized at the discretion of the Secretary of the Treasury; but no more bills than are now authorized by the Banking Act shall hereafter be issued, unless the Secretary of the Treasury, at the time of their issue, can and does cancel and destroy a like amount of legal-tenders; and the increase of bank-bills hereby authorized shall not exceed $50,000,000 a year, which amount shall be so distributed by the Secretary of the Treasury as to equalize, as near as possible, the banking interest of the different States. Mr. Sumner. Now, Mr. President, I wish at this moment merel 1. It will create a demand for national bonds, and to this extent fortify the national credit. 2. It will tend to satisfy those parts of the country, especially at the South and West, where currency and banks are wanting, and thus arrest a difficult question. 3. It will not expand or contract the currency; so that the opposite parties on these questions may support it. 4. Under it the banks will gradually strengthen themselves and prepare to resume specie payments. 5. It will give the South and West the opportunity to organize banks, and will interest those parts of the country to this extent in the national securities and the national banking system, by which both will be strengthened. 6. It will within a reasonable time relieve the country of the whole greenback system, and thus dispose of an important question. 7. It will hasten the return to specie payments. Now I believe every one of these reasons is valid, and I commend them to my excellent friend from Ohio. The bill was then laid on the table, and ordered to be printed. |
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