296 



CONGRESS, U. 8. 



ternal taxes and all other dues to the Govern- 

 ment, except customs, and payable to the army 

 and navy and all other creditors of the Gov- 

 ernment. 



" 3. The banking associations are to be ex- 

 empt from all State and United States taxation, 

 and only pay two per cent, per annum for en- 

 graving, paper, and printing their circulating 

 notes, and which is to include all the other ex- 

 penses of the Currency Bureau at Washington. 



" On a full review of this proposed plan of 

 a national currency, it will be seen that it is 

 based on public and private faith ; that it pro- 

 poses to combine the interest of the nation 

 with the rich individuals belonging to it. Men 

 of surplus capital only can profitably engage 

 in the business of banking. If speculators and 

 adventurers, without positive capital, attempt 

 to bank under this bill, they will fail. Money- 

 lenders, and not money borrowers, can success- 

 fully organize and manage banking associations 

 under the provisions of this act." 



Mr. Harrison, of Ohio, urged the following 

 objections to the bill: " As long, Mr. Speaker, 

 as our domestic troubles continue, the business 

 of the country must be done with an unre- 

 deemed paper circulation ; and the alternative 

 is presented of a circulation of Treasury notes 

 issued directly by the Government, or bank 

 notes issued by institutions organized under 

 Federal grant. The former, it seems to me, 

 is to be preferred, and for obvious reasons. It 

 is an expedient resorted to in an emergency, 

 justified by an emergency, and made acceptable 

 to the country by reason of the emergency. 

 The evils and inconveniences arising from it 

 can be borne, because there is no other way by 

 which we can help ourselves along in our pres- 

 ent straits. There has been and there will ne- 

 cessarily be an expansion of credits a rise of 

 values, or, rather, of prices a good deal of 

 speculation but then the ordinarily disastrous 

 consequences of this state of things will be 

 measurably averted by the temporary charac- 

 ter of the cause which produced it. When the 

 necessity for the expedient ceases, the expe- 

 dient will be abandoned, and business will re- 

 sume its ordinary courses. On the other hand, 

 the other alternative inaugurates an expedient 

 into a policy, and fastens permanently upon the 

 country evils otherwise of a temporary char- 

 acter." 



The debate was further continued, and the 

 bfll finally passed by the following vote : 



YBAS Messrs. Aldrich, Alley, Ashley, Babbitt, 

 Beaman, Bingham, Jacob B. Blair, Blake, Buffinton, 

 Calvert, Campbell, Casey, Chamberlain, Clements, 

 Colfar, Conway, Covode, Cutler. Davis, Delano 1 , Dunn, 

 Edgerton, Eliot, Ely, Fenton, Samuel C. Fessenden, 

 Thomas A. D. Fcssenden, Fisher, Frank, Goodwin, 

 Granger, Hahn, Haight, Hickman, Hooper, Hutchins, 

 Julian, Kelley, Francis W. Kellogg, William Kellogg, 

 Lansing, Leary, Lovejoy, Low, Mclndoe, McKean, 

 McPherson, Marston, Maynard, Moorhead, Anson P. 

 Morrill, Noell, Olin, Patton, Timothy G. Phelps, Pot- 

 ter, Alexander H. Rice, John H. Rice, Sargeant, Sedg- 

 wick, Segar, Shanks, Shellabnrger, Sherman, Sloan, 

 Spaulding, Stevens, Trimble, Trow bridge, Van Horn, 



Van Wyck, Verree, Wall, Wallace, Washburne, Albert 

 S. White, Windom, and Worcester 78. 



NAYS Messrs. William Allen, Ancona, Bailey, Baker, 

 Baxter, Biddle, Cobb, Frederick A. Conkling, Roscoe 

 Conkling, Cox, Cravens, Crittenden, Dawes, Edwards, 

 English, Gooch, Grider, Gurley, Hall, Harding, Harri- 

 son, Holman, Horton, Johnson, Kerrigan, Knapp, Law, 

 Lazear, Loomis, Mallory, May, Menzies, Justin S. Mor- 

 rill, Morris, Nixon, Noble, Norton, Nugen, Odell, Pen- 

 dleton, Perry, Pike, Pomeroy, Porter, Price, Robinson, 

 James S. Rollins, Sheffield, Shiel, John B. Steele, Wil- 

 liam G. Steele, Stiles, Stratton, Benjamin F. Thomas, 

 Francis Thomas, Vallandigham, Wadsworth, Wheeler, 

 Whaley, Chilton A. White, Wickliffe, Wilson, Wood- 

 ruff, and Wright 64. 



The following is the bill as passed : 



.472. Act to provide a National Currency, secured by 

 a pledge of United States Stocks, and to provide for 

 the circulation and redemption thereof. 

 Be it enacted by the Senate and House of Represen- 

 tatives of the United States of America in Congress as- 

 sembled, That there shall be established in the Treas- 

 ury Department a separate bureau, which shall be 

 charged with the execution of this and all other laws 

 that may be passed by Congress respecting tha issue 

 and regulation of a national currency secured by 

 United States bonds. The chief officer of the said 

 bureau shall be denominated the Comptroller of the 

 Currency, and shall be under the general direction of 

 the Secretary of the Treasury. He shall be appointed 

 by the President, on the nomination of the Secretary 

 of the Treasury, by and with the advice and consent 

 of the Senate, and shall hold his office for the term of 

 five years, unless sooner removed by the President, 

 by and with the advice and consent of the Senate. He 

 shall receive an annual salary of five thousand dollars. 

 He shall have a competent deputy, appointed by the 

 Secretary, whose salary shall be two thousand five 

 hundred dollars, and who shall possess the power and 

 perform the duties attached by law to the office of 

 comptroller during a vacancy in such office, and dur- 

 ing his absence or inability. He shall employ, from 

 time to time, the necessary clerks to discharge such 

 duties as he shall direct, which clerks shall be appoint- 

 ed and classified by the Secretary of the Treasury in 

 the manner now provided by law. Within fifteen days 

 from the time of notice of his appointment, the Comp- 

 troller shall take and subscribe the oath of office pre- 

 scribed by the Constitution and laws of the United 

 States ; and he shall give to the United States a bond 

 in the penalty of one hundred thousand dollars, with 

 not less than two responsible freeholders as sureties, 

 to be approved bv the Secretary of the Treasury, con- 

 ditioned for the faithful discharge of the duties" of his 

 office. The Deputy Comptroller so appointed shall also 

 take the oath of office prescribed by the Constitution 

 and laws of the United States, and shall give a like 

 bond in the penalty of fifty thousand dollars. The 

 Comptroller and Deputy Comptroller shall not, either 

 directly or indirectly, be interested in any association 

 issuing national currency under the provisions of this 

 act. 



SBC. 2. And be it further enacted, That the Comp- 

 troller of the Currency, with the approval of the Sec- 

 retary of the Treasury, shall devise a seal, with suit- 

 able inscriptions, for his office, a description of which, 

 with a certificate of approval bv the Secretary of the 

 Treasury, shall be filed in the office of the Secretary of 

 State with an impression thereof, which shall there- 

 upon become the seal of office of the Comptroller of 

 the Currency, and the same may be renewed when 

 necessary, fivery certificate, assignment, and convey- 

 ance executed by the Comptroller, in pursuance of any 

 authority conferred on him by law, and sealed with 

 his seal of office, shall be received in evidence in all 

 places and courts whatsoever; and all copies of papers 

 in the office of the Comptroller, certified by him and 

 authenticated by the said seal, shall in all cases be evi- 

 dence equally and in like manner as the original. 



