Mr. FESSENDEN. Mr. President, the bankin system is one that we have deliber ately adopted. If we propose to repeal it, now that it is in full 0 oration, that is one thing. If we propose to get it stand awhile longer, that is another thing. A art of the contract that we have made with alIthese institutions is that their notes shall be receivable for all ub lic dues except customs. It is so printe on the back of the notes; and it was a part of the argument in favor of that banking system that it would furnish a currency which might be so receivable and relieve the community with regard to the collection of taxes. The 2 sys tems are connected together; and authority was given at the same time, and must necessarily be given, unless you change your subTreasury law, if that system went into operation, that those banks might become deposit banks. Now, sir, there are deposit banks all over the country. The honorable Senfrom Iowa does not propose to change the law, because he cannot do it, with regard to the banks in his own State or my State or in most of the places over the country; but with regard to a few cities where there are sub Treasuries, he says on must change the law because there is a sub Preasury there. I am inclined to think it has some reference rather to the concentration of capital than anything else. Now, sir, the question is perfectly simple; it is one that everybody can understand. The banking law stands at present. We have neither the time nor ability at this session to abolish the system or to change itsubstantially. These bills that are paid out must be receivable for all public dues except customs, and they so receivable; what is the result? Take the city of NewYork, for instance, the great point to which the Senator alludes; and what must a collector do? The people come to him and pay their taxas in these ank notes. He must take them. The law requires him to take them. He cannot deposit them in the sub Treasury, because the sub Treasury is not authorized to receive them. It can receive nothing but lawful money, and that is coin and U.S. notes. hat is the result? Every collector becomes a broker, or must employa broker to change his money for him; and one result, I fear, in the scarcity of these U.S. notes, comparatively, scattered as they are all over the country, is that it will make them at a premium and these officers will have to buy them in order to deposit them. That will be the result. You see it is attended with great inconvenience. You compel the collector every day to receive money which he cannot deposit, and to become an exchanger of money in order to get something he can deposit.