Spencer, Stockton, Thayer, Thurman, Tipton, Trumbull, | rata with banks having a circulation exceeding Vickers, Warner, Willey, Williams-38. Mr. Conkling further moved to strike out the last part of the first section, as follows: "but a new apportionment shall be made as soon as practicable, based upon the census of 1870." Which was disagreed to-yeas 16, nays 44, as follow: YEAS-Messrs. Anthony, Boreman, Buckingham, Cole, Conkling Cragin, Edmunds, Fenton, Ferry, Hamlin, Howe, Morrill of Vermont, Patterson, Scott, Sumner, Wilson-16. $100,000 in States having the largest excess of circulation, and reducing the circulation of banks in States having the greatest proportion in excess, leaving undisturbed the banks in States having a smaller proportion, until those in greater excess have been reduced to the same grade, and continuing thus to make the reduction provided for by this act until the full amount of $13,000,000 herein provided for shall be withdrawn; and the circulation so withdrawn shall be distributed among the States and Territories having less than their proportion, and so as to equalize the distribution of such circulation among such States and Territories upon the basis provided by law. And upon failure of such bank to return the amount so required within ninety days after said requisition, it shall be the duty of the Comptroller of the Currency to sell Mr. Saulsbury moved to add to the end of the at public auction, having given twenty days' bill the following: notice in a newspaper published in Washington SEC. That the sixth section of the act ap-city and New York city, an amount of bonds proved March 3, 1865, entitled "Act to amend deposited by said bank as security for its circuan act entitled 'An act to provide internal revelation equal to the circulation to be withdrawn nue to support the Government, to pay the interest on the public debt, and for other purposes,' approved June 30, 1864," be, and the same is hereby, repealed. NAYS-Messrs. Abbott, Bayard, Brownlow, Cameron, Carpenter, Casserly, Corbett, Davis, Drake, Fowler, Hamilton of Maryland, Harlan, Harris, Howard, Howell, Johnston, McCreery, McDonald, Morrill of Maine, Mor ton, Norton, Osborn, Pomeroy, Pool, Pratt, Ramsey, Rice, Robertson, Ross, Saulsbury, Sawyer, Schurz, Sherman, Spencer, Stewart, Stockton, Thayer, Thurman, Tipton, Trumbull, Vickers, Warner, Willey, Williams-44. Mr. Sumner offered an amendment, which was disagreed to without a division. (The section referred to imposed a tax of ten per cent. on State bank circulation;) which was disagreed to-yeas 18, nays 42, as follow: YEAS-Messrs. Bayard, Cameron, Casserly, Cragin, Davis, Ferry, Hamilton of Maryland, Johnston, McCreery, Norton, Pool, Robertson, Saulsbury, Spencer, Stockton, Thurman, Vickers, Wilson-18. NAYS-Messrs. Abbott, Anthony, Boreman, Brownlow, Carpenter, Chandler, Cole, Conkling, Corbett, Drake, Edmunds, Fenton, Hamlin, Harlan, Harris, Howard, Howe, Howell, Kellogg, McDonald, Morrill of Maine, Morrill of Vermont, Morton, Osborn, Patterson, Pomeroy, Pratt, Ramsey, Rice, Ross, Sawyer, Schurz, Scott, Sherman, Stewart, Sumner, Thayer, Tipton, Trumbull, Warner, Willey, Williams-42. Mr. Morton moved to add the following to the bill: SEC. That to secure a better distribution of the national banking currency, there may be issued circulation notes to banking associations organized in States and Territories having a less banking circulation than their pro rata share, as herein set forth. And the circulation in this sec from such bank, and with the proceeds to redeem so many of the notes of such bank, as they come into the treasury, as will equal the amount required from it, and shall pay the balance to such bank: Provided, That no circulation shall after the $52,000,000 granted in the first section be withdrawn from States having an excess until have been taken up. Mr. Davis moved to strike out the word "thirteen," wherever it occurs in the amendment, and insert the words "twenty-five;" which was disagreed to. The amendment of Mr. Morton was then agreed to-yeas 34, nays 27, as follow: YEAS-Messrs. Abbott, Bayard, Brownlow, Carpenter, Casserly, Cole, Davis, Fowler, Hamilton of Maryland, Harlan, Harris, Ilowe, Howell, Johnston, Kellogg, McRamsey, Rice, Robertson, Saulsbury, Sawyer, Spencer, Creery, McDonald, Morton, Norton, Osborn, Pool, Pratt, Stockton, Thayer, Thurman, Tipton, Vickers, Wilson-34. Cameron, Chandler, Conkling. Corbett, Cragin, Drake, NAYS-Messrs. Anthony, Boreman, Buckingham, Edmunds, Fenton, Ferry, Gilbert, Hamlin, Howard, Morrill of Maine, Morrill of Vermont, Patterson, Pomeroy, Scott, Sherman, Stewart, Sumner, Trumbull, Warner, Willey, Williams-27. Mr. Kellogg moved to amend by striking out the 4th, 5th, and 6th sections, which was disagreed to-yeas 24, nays 33, as follow: NAYS-Messrs. Abbott, Anthony, Brownlow, Cameron, Chandler, Cole, Corbett, Cragin, Davis, Drake, Edmunds, Fenton, Ferry, Harlan, Howard, McCreery, Morrill of Maine, Morrill of Vermont, Osborn, Patterson, Pomeroy, Pool, Pratt, Robertson, Sawyer, Sherman, Stewart, Tipton, Trumbull, Warner, Willey, Williams, Wilson-33. tion authorized shall within one year, if required, be withdrawn, as herein provided, from banks organized in States having a circulation exceedYEAS-Messrs. Baard, Boreman, Buckingham, Carpenter, Casserly, Conkling, Fowler, Hamilton of Marying that provided for by the act entitled "Anland, Harris, Howe. Howell, Kellogg, McDonald, Moract to amend an act entitled 'An act to provide ton, Norton, Rice, Saulsbury, Scott, Spencer, Stockton, for a national banking currency secured by Sumner, Thayer, Thurman, Vickers-24. pledge of United States bonds, and to provide for the circulation and redemption thereof,' approved March 3, 1865;" but the amount to be so withdrawn shall not exceed $13,000,000. The Comptroller of the Currency shall, under the direction of the Secretary of the Treasury, make a statement showing the amount of circulation in each State and the amount to be retired by each bank in accordance with this section, and shall, when circulation is required, make a requisition for such amount upon such banks, commencing with the banks having a circulation exceeding $1,000,000 in States having an excess of circulation, and withdrawing one-third of their circulation in excess of $1,000,000, and then proceeding pro Mr. Chandler moved to strike out the 1st section; which was disagreed to. Mr. Vickers moved to insert at the end of section 4 the following: Provided, That the aggregate amount of banking capital to be furnished under this section shall not exceed $50,000,000. Which was disagreed to. Mr. Sherman moved to insert in the 1st section, after the word "apportionment," where it last occurs, the words "of the circulation herein | culation and redemption thereof, approved June provided for." 3, 1864, shall in any case charge or receive upon any loan or discount a higher rate of interest than seven per cent. per annum. Which was agreed to. Mr. Casserly moved to strike out in section 5 the words "at all times keep on hand not less than twenty-five per centum of its outstanding circulation in gold or silver coin of the United States," and insert in lieu thereof: Before the issue to it of any circulating notes, have a paid-up cash capital of not less than $400,000, which shall not thereafter be diminished. It shall at all times have on hand, in gold and silver coin of the United States, not less than thirty-three and one-third per cent. of its outstanding circulation, and two-thirds in specie funds, in bills, notes, and other securities. If at any time the gold and silver coin shall fall below the proportion above specified, such banking association shall not make any loan, discount, or issue of circulating notes until such proportion shall be restored; and a violation of this provision shall be an act of insolvency, and every director participating in such violation shall become individually liable for all debts and obligations of such banking association. Which was disagreed to—yeas 11, nays 47, as follow: YEAS-Messrs. Bayard, Casserly, Davis, Fowler, Hamilton of Maryland, McCreery, Saulsbury, Spencer, Stockton, Thurman, Vickers-11. NAYS-Messrs. Abbott, Anthony. Boreman, Brownlow, Buckingham, Cameron, Carpenter, Chandler, Cole, Conkling, Corbett, Cragin, Drake, Edmunds, Fenton, Ferry, Hamlin, Harlan, Harris. Howard, Howe, McDonald, Morrill of Maine, Morrill of Vermont, Morton, Osborn, Patterson, Pomeroy, Pool, Pratt, Ramsey, Rice, Robertson, Ross, Sawyer, Schurz, Scott, Sherman, Stewart, Sumner, Thayer, Tipton, Trumbull, Warner, Willey, Williams, Wilson-47. Mr. Casserly further moved to amend the bill by inserting at the end thereof the following as an additional section: SEC.. That bonds of the United States de posited by any bank or banking association under the provisions of this act shall cease to bear interest while they are so deposited, and the franchise of banking hereby granted shall be deemed to be payment and discharge of all interest accrued during the period of such deposit. Which was disagreed to-yeas 9, nays 46, as follow: YEAS-Messrs. Bayard, Casserly, Davis, Fowler, Hamilton of Maryland, McCreery, Norton, Thurman, Vickers-9. NAYS-Messrs. Abbott, Anthony, Boreman, Brownlow, Buckingham, Cameron, Carpenter, Chandler, Conkling, Corbett, Cragin, Drake. Edmunds, Fenton, Ferry, Hamlin, larlan, Harris, Howard, Howell, Johnston, McDonald, Morrill of Vermont, Morton, Osborn, Patterson, Pomeroy, Pool, Ramsey, Rice, Robertson, Ross, Sauls bury, Sawver, Schurz, Scott, Sherman, Stewart, Sumner, Thayer, Tipton, Trumbull, Warner, Willey, Williams, Wilson-46. Mr. Ross moved to amend section 1 by adding thereto the following: Provided, That nothing in this section shall be construed to prevent the immediate distribution of $25,000,000 of the above sum under the provisions of this act. Which was disagreed to. Mr. Wilson moved to add to the bill the following: SEC. That no banking association organized, or to be organized, under the act to provide a national currency secured by a pledge of United States bonds, and to provide for the cir Which, being modified, on motion of Mr. Thurman, by adding the following: And any contract upon which more than seven per cent. shall be reserved or received shall be void, Was disagreed to—yeas 13, nays 48, as follow: YEAS-Messrs. Bayard, Cameron, Carpenter, Conkling, Cragin, Edmunds, Patterson, Pratt, Rice, Ross, Spencer, Thurman. Wilson-13. NAYS-Messrs. Abbott. Anthony, Boreman, Brownlow. Buckingham, Chandler, Cole, Corbett, Darts, Drake, Fenton, Ferry, Fowler, Gilbert, Hamilton of Maryland. Hamlin, Harlan, Harris, Howard, Howe, Howell, Johnston, Kellogg, McCreery, McDonald, Morrill of Maine, Morrill of Vermont, Norton, Osborn, Pomeroy, Pool, Ramsey, Robertson, Saulsbury, Sawyer, Schurz, Scott, Sherman, Stewart, Stockton, Sumner, Thayer, Tipton, Trumbull, Vickers, Warner, Willey, williams-48. February 2.-The bill having been reported to the Senate with the amendments, the first question being on concurring in the first amendment offered by Mr. Morton and adopted, it was disagreed to. The second amendment, being that offered by Mr. Sherman as section 3, was agreed to-yeas 43, nays 20, as follow: YEAS-Messrs. Abbott, Bayard, Boreman, Brownlow, Carpenter, Casse ly, Chandler, Corbett, Drake, Gilbert, Harlan, Harris, Howard, Howe, Howell, Johnston, Kel. logg, Lewis, Morrill of Maine, Morton, Osborn, Pomeroy, Pool, Pratt, Ramsey, Rice, Robertson, Ross, Sawyer, Schurz, Scott, Sherman, Spencer. Stewart, Stockton, Thayer, Thurman, Tipton, Trumbull, Vickers, Warner, Willey, Williams-43. NAYS-Messrs. Anthony, Buckingham, Cameron, Conkling, Cragin, Davis, Edmunds, Fenton, Ferry, Hamilton of Maryland, Hamlin, McCreery, McDonald, Morrill of Vermont, Norton, Nye, Patterson, Saulsbury, Sumner, Wilson-20. The first amendment offered by Mr. Sherman was then agreed to-yeas 44, nays 12, as follow: YEAS-Messrs. Abbott, Anthony, Boreman, Brownlow, Buckingham, Cameron, Chandler, Cole, Conkling, Corbett, Edmunds, Fenton, Ferry, Gilbert, Hamlin, Harlan, Harris, Howard, Howell, Kellogg, Morrill of Pomeroy, Pratt, Ramsey, Rice, Robertson, Sawyer, Maine, Morrill of Vermont, Nye, Osborn, Patterson, Schurz, Scott, Sherman, Spencer, Stewart, Sumner, Thayer, Tipton, Trumbull, Warner, Willey, Williams, Wilson-44 NAYS-Messrs. Bayard, Carpenter, Casserly, Davis, Humilton of Maryland, Howe, McDonald, Norton, Saulsbury, Stockton, Thurman, Vickers-12. Mr. Morton moved to amend the amendment offered by him and adopted, by striking out the word "thirteen" wherever it occurs therein and inserting the word "twenty," and by striking out the word "fifty-two" and inserting the word "forty-five;" which was agreed to-yeas 43, nays 15, as follow: YEAS-Messrs. Abbott, Bayard, Boreman, Brownlow, Carpenter, Casserly, Cole, Corbett, Davis, Drake, Fowler, Gilbert, Hamilton of Maryland, Ilarlan. Harris, Howe, Howell, Johnston, Kellogg, McCreery, Mc Donald, Morton, Norton, Osborn, Pratt, Rice, Robertson, Ross, Saulsbury, Sawyer, Schurz, Scott, Sherman, Spencer, Stewart, Stockton, Thayer, Thurman, Tipton, Trumbull, Vickers, Warner, Wilson-43. Chandler, Conkling, Cragin, Edmunds. Fenton, Ferry, NAYS-Messrs. Anthony, Buckingham, Cameron, Howard, Morrill of Maine, Morrill of Vermont, Patterson, Sumner, Willey—15. The amendment of Mr. Morton as thus amended was then agreed to-yeas 39, nays 15, as follow: YEAS-Messrs. Abbott, Bayard, Boreman, Brownlow, Carpenter, Casserly, Corbett, Davis, Drake, Harlan, Har- Mr. Morrill, of Vermont, moved to insert at the end of section 3 the following: But shall be accounted for as between the States from which and to which any banks may remove. Which was disagreed to--yeas 21, nays 36, as follow: YEAS-Messrs. Anthony, Buckingham, Cameron, Chandler, Conkling, Cragin, Edmunds, Fenton, Ferry, Gilbert, Hamlin, Morrill of Maine, Morrill of Vermont, Nye, Patterson, Sherman, Stewart, Sumner, Vickers, Williams, Wilson-21. NAYS-Messrs. Abbott, Boreman, Brownlow, Carpenter, Casserly, Corbett, Davis, Drake, Fowler, Harlan, Harris, Howard, Howe, Howell, Johnston, Kellogg, McCreery, McDonald Morton, Norton, Osborn, Pool, Pratt, Ramsey, Rice, Robertson, Ross, Saulsbury, Sawyer, Schurz. Scott, Stockton, Thayer, Tipton, Trumbull, Warner-36. to secure the additional circulating notes herein authorized shall be of any description of bonds of the United States bearing interest in coin: Provided, That if applications for the circulation herein authorized shall not be made within one year after the passage of this act, by banking associations organized or to be organized in States having less than their proportion, it shall be lawful for the Comptroller of the Currency to issue such circulation to banking associations in other States or Territories not in excess applying for the same, giving the preference to such as have the geatest deficiency: And provided further, That no banking association hereafter organized shall have a circulation in excess of $500,000. SEC. 2. That at the end of each month after the passage of this act it shall be the duty of the Comptroller of the Currency to report to the Secretary of the Treasury the amount of circulating notes issued under the provisions of the preceding section to national banking associations during the previous month; whereupon the Secretary of the Treasury shall redeem and cancel an amount of the three per centum temporary loan certificates issued under the acts of March 2, 1867, and July 25, 1868, not less than YEAS-Messrs. Abbott Bayard Boreman, Bucking- the amount of circulating notes so reported, and ham, Carpenter, Casserly, Conkling, Davis, Drake, Fer- may, if necessary, in order to procure the prery. Fowler, Hamilton of Maryland, Harris, Howe, low-sentation of such temporary loan certificates for ell, Johnston, Kellogg, McDonald, Morton, Norton, Pomeroy, Rice, Saulsbury, Scott, Spencer, Stockton, Sumner, Thurman, Vickers-29. Mr. Howe moved to strike out the 4th, 5th, and 6th sections; which was disagreed to-yeas 29, nays 29, as follow: redemption, give notice to the holders thereof, by publication or otherwise, that certain of said NAYS-Messrs. Anthony, Brownlow, Cameron, Cor- certificates (which shall be designated by numbett, Edmunds, Gilbert, Hamlin, Harlan, Howard, McCreery, Morrill of Maine, Morrill of Vermont, Nye, Os-ber, date, and amount) shall cease to bear inborn, Patterson, Pool, Pratt, Robertson, Ross, Sawyer, Sherman. Stewart Thayer, Tipton, Trumbull. Warner, Willey, Williams, Wilson - 29. The bill was then passed-yeas 39, nays 23, as follow: YEAS-Messrs. Abbott, Boreman, Brownlow, CameHarlan, Harris, Howard, Howell, Johnston, Kellogg, McCreery, Norton, Nye, Osborn, Pomeroy, Pool, Pratt, Ramsey, Rice, Robertson, Ross, Sawyer, Schurz, Sherman, Spencer. Stewart, Thayer, Tipton, Trumbull, Warner, Willey, Williams, Wilson-39. ron, Chandler, Corbett, Davis, Drake, Gilbert, Hamlin, NAYS-Messrs. Anthony, Bayard, Buckingham, Carpenter, Casserly, Cole, Conkling, Edmunds, Fenton, Ferry, Fowler, Hamilton of Maryland, Howe, McDonald, Morrill of Maine, Morrill of Vermont, Norton, Saulsbury, Scott, Stockton, Sumner, Thurman, Vickers 23. IN HOUSE OF REPRESENTATIVES. 1870, June 9-Mr. Garfield, from the Committee on Banking and Currency, offered the following substitute for the Senate bill: terest from and after a day to be designated in such notice, and that the certificates so designated shall no longer be available as any portion of the lawful money reserve in possession of any national banking association, and after the day designated in such notice no interest shall be paid on such certificates, and they shall not thereafter be counted as a part of the reserve of any banking association. And when the whole amount of additional circulating notes issued in accordance with the provisions of the preceding section of this act shall exceed the amount of the three per centum temporary loan certificates, the Secretary of the Treasury shall, at the beginning of each month, redeem and cancel an amount of United States notes equal to eighty per centum of the amount of additional circulating notes issued to national banking associations during the preceding month, in accordance with the provisions of this act. SEC. 3. That to secure a more equitable distribution of the national banking currency, there may be issued circulating notes to banking associations organized in States and Territories having less than their proportion as herein set forth. And the amount of circulation in this section authorized shall, under the direction of the Secre That $95,000,000 in notes for circulation may be issued to national banking associations, in addition to the $300,000,000 authorized by the 22d section of the "Act to provide a national currency secured by a pledge of United States bonds, and to provide for the circulation and redemption thereof," approved June 3, 1864; and the amount of notes so provided shall be furnished to banking associations organized or to be or-tary of the Treasury, as it may be required for ganized in those States and Territories having less than their proportion under the apportionment contemplated by the provisions of the "Act to amend an act to provide a national currency secured by a pledge of United States bonds, and to provide for the circulation and redemption thereof," approved March 3, 1865, and the bonds deposited with the Treasurer of the United States this purpose, be withdrawn, as herein provided, from banking associations organized in States having a circulation exceeding that provided for by the act entitled "An act to amend an act entitled 'An act to provide for a national banking currency secured by pledge of United States bonds, and to provide for the circulation and redemption thereof,'" approved March 3, 1865; SEC. 2. That the notes issued under this act shall be used only in exchange for the circulating notes issued to national banking associations under the provisions of an act of Congress approved March 3, 1864, entitled "An act to provide a national currency secured by a pledge of United States bonds," &c., and for the purchase of such amounts of United States bonds as may be necessary to carry out the true intent of this act. but the amount so withdrawn shall not exceed | sums as may be necessary for the purposes set $25,000,000. The Comptroller of the Currency forth in this act, not exceeding in aggregate shall, under the direction of the Secretary of the amount $300,000,000 of United States notes, not Treasury, make a statement showing the amount bearing interest, of such denominations as he of circulation in each State and Territory, and may deem expedient, not less than $5 each, the amount to be retired by each banking associ- which said notes shall be lawful money and a ation in accordance with this section, and shall, legal tender for debts in like manner as provided when such redistribution of circulation is required, in the 1st section of an act entitled "An act to make a requisition for such amount upon such authorize the issue of United States notes, and banks, commencing with the banks having a cir- for the redemption or funding thereof, and for culation exceeding $1,000,000 in States having funding the floating debt of the United States," an excess of circulation, and withdrawing their passed February 25, 1862. And the provisions circulation in excess of $1,000,000, and then pro- of the 6th and 7th sections of said act are hereby ceeding pro rata with other banks having a cir- re-enacted and applied to the notes herein auculation exceeding $300,000 in States having the thorized. largest excess of circulation, and reducing the circulation of such banks in States having the greatest proportion in excess, leaving undisturbed the banks in States having a smaller proportion, until those in greater excess have been reduced to the same grade, and continuing thus to make the reduction provided for by this act until the full amount of $25,000,000 herein provided for shall be withdrawn; and the circulation so withdrawn shall be distributed among the States and Territories having less than their proportion, so as to equalize the same. And it shall be the duty of the Comptroller of the Currency, under the direction of the Secretary of the Treasury, forthwith to make a requisition for the amount thereof upon the banks above indicated, as herein prescribed. And upon failure of such associations, or any of them, to return the amount so required within one year, it shall be the duty of the Comptroller of the Currency to sell at public auction, having given twenty days' notice thereof in one daily newspaper printed in Washington, and one in New York city, an amount of bonds deposited by said association, as security for said circulation, equal to the circulation to be withdrawn from said association and not returned in compliance with such requisition; and the Comptroller of the Currency shall with the proceeds redeem so many of the notes of said banking association, as they come into the treasury, as will equal the amount required and not so returned, and shall pay the balance, if any, to such banking association: Provided, That no circulation shall be withdrawn under the provisions of this section until after the $95,000,000 granted in the 1st section shall have been taken up. SEC. 3. That all circulating notes of national banking associations which may hereafter be paid into the Treasury of the United States shall be retained in the treasury and not again put in circulation; and the Secretary of the Treasury may pay out for circulation, as the wants of the Government may require, an equal amount of the United States notes hereby authorized to be issued. And the Secretary of the Treasury may exchange United States notes, issued under authority of this act, with any person or persons for a like amount of circulating notes of national banking associations. And the Secretary of the Treasury shall notify any banking association of the amount of its notes so accumulated when such amount is not less than $900; and the said banking association is hereby required, within thirty days after the issuing of said notice, to redeem said notes at the Treasury of the United States in lawful money, and to present the notes so redeemed to the Secretary of the Treasury for cancellation. And the Secretary of the Treasury is hereby directed to cancel the said notes and to return to the said banking association the proportionate amount of United States bonds deposited as security for the same. SEC. 4. That after the expiration of six months SEC. 4. That in case any national banking asfrom the passage of this act any banking asso-sociation shall neglect or decline to redeem its ciation located in any State having more than its proportion of circulation may be removed to any State having less than its proportion of circulation, under such rules and regulations as the Comptroller of the Currency, with the approval of the Secretary of the Treasury, may require: Provided, That the amount of the issue of said banks shall not be deducted from the amount of new issue provided for in this act. June 14-Mr. Randall offered the following substitute: That from and after the passage of this act it shall be unlawful for any individual, association, or corporation to issue as money any note or bill not authorized by act of Congress; and the Secretary of the Treasury is hereby authorized to issue, on the credit of the United States, such circulating notes as provided in the preceding section within the thirty days therein specified, the Secretary of the Treasury is hereby authorized and directed to cancel said notes, and to pay said banking association in the United States notes authorized by this act the market value of the United States bonds deposited as security for said circulating notes, after deducting therefrom the amount required for redeeming said national bank notes, and to cancel said bonds, first furnishing to said banking association a list of the numbers, dates, and denominations of the notes so canceled: Provided, That if it shall appear to the Secretary of the Treasury that any of such bonds, held by him on deposit as security for said notes, shall have matured, then it shall be his duty to take the same up at par with the notes authorized by this act to an extent of the propor- | bank notes which have been or may be received tion of the notes to be so redeemed and bonds held as security for the same. SEC. 5. That when the circulating notes of any national banking association shall have been so far redeemed and canceled at the Treasury that the remaining notes shall not exceed three per cent. of the whole amount of circulating notes originally issued to said banking association, the Secretary of the Treasury is hereby authorized and directed to return to said bank the bonds deposited as security for its circulating notes, and said banking association shall be relieved from its obligation to pay said notes remaining in circulation, and the same shall be redeemed by the Secretary of the Treasury, and paid, on presentation to the Treasury, out of any money in the Treasury not otherwise appropriated. SEC. 6. That so much of any law or laws as are inconsistent herewith shall be, and the same are hereby, repealed. by the agents of the United States in payment of taxes, or otherwise, and substitute for the same an equal amount of gold treasury notes, and pay to the depositors of said bonds a sum at par in treasury notes equal to the difference between the nominal value of the bonds deposited and the amount of bank currency issued on them. SEC. 4. That the Secretary of the Treasury is hereby also required to forthwith give notice, by publication, to the holders of the 5-20 bonds, so called, (which shall be designated by number, date, and amount,) of the largest denominations, and of such issues as have matured, that the same will be paid to the amount of $100,000,000, at par, in said treasury notes on presentation, and that on failure to present said bonds for payment within six weeks after said notice interest on the same shall cease from that date. SEC. 5. That in order to secure a uniform and stable currency, from and after the passage of Which was disagreed to-yeas 51, nays 111, this act all taxes, duties, and imposts of every as follow: YEAS-Messrs. Adams. Axtell, Beck, Bird, Booker, Benjamin F. Butler, Calkin, Clinton L. Cobb, Cook, Covode, Cox, Crebs, Dockery, Dox, Eldridge, Fitch, Fox, Getz, Gibson, Hambleton, Hamill, Hay, Hays, Heflin, Holman, Johnson, Lash, Marshall, Metormick, McNeely, Milnes, Morgan, Morrissey, Mungen, Niblack, Randall, Reeves, Rice, Ridgway, Rogers, Schumaker, Sherrod, Shober, Joseph S. Smith, Stiles, Strader, Sweeney, Trimble, Wells, Winchester, Woodward-51. NAYS-Messrs. Allison, Ambler, Ames, Armstrong, Asper, Atwood, Bailey, Banks, Barry, Beaman, Beatty, Benjamin, Bennett, Benton, Biggs, Bingham, Blair, Boles, George M. Brooks, Buck, Buckley, Buffinton, Burchard, Burdett, Roderick R. Butler, Cessna, Churchill, Sidney Clarke. Amasa Cobb, Coburn, Conger, Cowles, Cullom, Dawes, Degener. Dickey, Dixon, Donley, Duval, Ferriss, Finkelnburg, Fisher, Garfield, Gilfillan, Griswold. Hawley, Hoar, Hooper, Hotchkiss, Judd, Julian, Kelley, Kellogg, Kelsey, Ketcham, Knapp, Laflin, Lawrence, Lewis, Logan, Mayhum, Maynard, McCarthy, McCrary, McGrew, Mercur, Eliakim H. Moore, Jesse II. Moore, William Moore, Morphis, Daniel J. Morrell, Newsham, Orth, Packard. Paine, Palmer, Peck. Perce, Phelps, Platt, Poland. Pomeroy, Porter, Potter, Prosser, Sanford, Sargent, Sawyer, Lionel A. Sheldon, Porter Sheldon, John A. Smith, William Smyth, Starkweather, Stokes, Stoughton, Strickland. Tafle, Tanner, Taylor, Tillman, Townsend, Twichell. Upson, Van Trump, Van Wyck, Ward, Cadwalader C. Washburn, William B. Washburn, Wheeler. Whitmore, Winans-111. Mr. Morgan moved to substitute the following: That all acts and parts of acts authorizing the issue of national bank notes be, and the same are hereby, repealed. SEC. 2. That in order to meet the demands of trade, to secure a currency in quantity and value corresponding to the development of the material wealth and population of the United States, and provide for the people a means of paying their taxes, the Secretary of the Treasury is hereby required to cause to be executed gold treasury notes, commonly called greenbacks, of convenient denominations, in manner and form as already prescribed by law, to the amount of $400,000,000. kind, payable to the Government of the United States, shall be receivable in gold, silver, or treasury notes, at the option of the person making the Payment; and upon the redemption of the public debt all outstanding treasury notes shall be redeemed at par, in gold or silver, in a manner to be provided for by law. And all acts and parts of acts inconsistent with the provisions of this act are hereby repealed. Which was disagreed to-yeas 37, nays 127, as follow: YEAS-Messrs. Adams, Axtell, Beck, Biggs, Bird, Burr, Conner, Crebs, Dox, Gibson, Hamill, Hawkins, Hays, Heflin, Holman, Johnson, Kerr, Knott, Lewis, Marshall, McCormick, McNeely, Morgan, Mungen, Niblack, Reeves, Rice, Ridgway, Rogers, Sherrod. Shober, Strader, Sweeney, Trimble. Van Trump, Wells, Winchester-37. NAYS-Messrs. Allison, Ambler, Ames, Armstrong, Asper, Atwood, Bailey, Banks, Barry, Beaman, Beatty, Eenjamin, Bennett, Benton, Bingham, Blair, Boles, Booker, George M. Brooks, Buckley, Buffinton, Burchard, Burdett, Roderick R. Butler, Culkin, Cessna, Churchill, William T. Clark, Amasa Cobb, Clinton L. Cobb, Coburn, Cook, Conger, Cowles, Cox, Cullom, Dawes, Degener, Dickey, Dixon, Donley, Duval, Ela, Farnsworth, Ferriss, Ferry, Finkelnburg, Fisher, Fox, Garfield, Getz, Gilfillan, Griswold, Hale, Hambleton, Hamilton, Harris, Hawley, day, Hooper, Hotchkiss, Ingersoll, Judd, Julian, Kelley, Kellogg, Kelsey, Ketcham, Knapp, Laflin, Lash, Lawrence, Logan, Maynard, McCarthy, McCrary, McGrew, Mercur, Milnes, Eliakim H. Moore, Jesse H. Moore, William Moore, Morphis, Daniel J. Morrell, Morrissey, Newsham, Orth, Packard, Paine, Palmer, Peck, Perce, Phelps, Platt, Poland, Pomeroy, Porter, Potter, Prosser, Randall, Sanford, Sargent, Sawyer, Lionel A. Sheldon, Porter Sheldon, John A. Smith, William Smyth. Starkweather. Stiles, Stokes, Stoughton, Strickland, Taffe, Tanner, Taylor. Tillman, Townsend, Twichell, Upson, Van Horn. Van Wyck, Ward, Cadwalader C. Washburn, Whitmore, Willard, John T. Wilson, Winans-127. June 15-Mr. Ingersoll moved to substitute the following: That the Secretary of the Treasury, in addition to the United States legal-tender notes heretofore issued under former acts of Congress, be, and he SEC. 3. That the Secretary of the Treasury is is hereby, authorized and directed to issue like hereby further required to cancel and destroy all notes of the denominations heretofore issued, and matured United States bonds deposited by the in such proportions as he may deem best, to the national banks as security in the Treasury of the amount of $44,000,000; $10,000,000 of said notes United States, and to redeem in said treasury to be issued within thirty days after the pasnotes the national bank notes issued on said bonds, sage of this act, and $10,000,000 within sixty and return to said banks, in redemption for their days after the passage of this act; and $10,000,notes, the non-matured bonds deposited as afore-000 within ninety days after the passage of this said; and he shall cancel and destroy all such act, and the remaining $14,000,000 within one |