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at the pleasure of the United States, after ten States deposited as security for circulating notes years from the date of their issue, and bearing or Government deposits; and that hereafter interest, payable quarterly in such coin, at the only one-fourth of the reserve now prescribed rate of five per centum per annum. And the by law for national banking associations shall Secretary of the Treasury may reissue the Uni- consist of balances due to an association availated States notes so received, or, if they are can-ble for the redemption of its circulating notes. celed, may issue United States notes to the same from associations in cities of redemption, and amount, either to purchase or redeem the public upon which balances no interest shall be paid.' debt, or to meet the current payments for the SEC. 6. That nothing in this act shall be conpublic service. And the said bonds, and the strued to authorize any increase of the principal interest thereon, shall be exempt from the pay- l of the public debt of the United States. ment of all taxes or duties of the United States March 25-Mr. SCHURZ moved to amend the as well as from taxation in any form by or un- first section so as to make the maximum limit of der State, municipal, or local authority; and the United States notes $356,000,000, which was dissaid bonds shall have set forth and expressed agreed to-yeas 18, nays 40. apon their face the above specified conditions, YEAS—Messrs. Anthony, Bayard, Chandler, and shall, with their coupons, be made payable Conkling, Cragin, Fenton, Ferry of Connecticut, at the Treasury of the United States.

Frelinghuysen, Hager, Hamilton of Maryland, SEC. 3. That national banking associations HAMILTON of Texas, Hamlin, Morrill of Maine, may be organized in any State or Territory, in- Morrill of Vermont, Sargent, Saulsbury, SCHURZ, cluding the District of Columbia, having a less Stewart-18. proportion of national bank circulation than the Nays-Messrs. Allison, Bogy, Boreman, BoutState of New York, according to the apportion. well, Buckingham, Carpenter, Conover, Cooper, ment made upon the basis of population and Davis, Ferry of Michigan, Goldthwaite, Gordon, wealth by the annual report of the Comptroller of Harvey, Hitchcock, Howe, Ingalls, Johnston, the Currency for eighteen hundred and seventy- Lewis, Logan, McCreery, Merrimon, Mitchell, three, until each State and Territory and said Morton, Norwood, Oglesby, J. J. Patterson, District, respectively, has an amount of such Pease, Pratt, Ramsey, Ransom, Robertson, Scott, bank circulation equal to such proportion of Sherman, Spencer, Sprague, Stevenson, Thurman, notes then outstanding in the State of New TIPTON, West, Windom-40. York; and all banks organized under this sec. Mr. Wright moved to strike out the first section shall be subject to, and be governed by, the tion and insert: “That the maximum amount rules, restrictions, and limitations, and possess of United States notes is hereby fixed at the rights, privileges, and franchishes, now, or $400,000,000." hereafter to be, prescribed by law as to national Mr. MORRILI. of Vermont moved to amend banking associations, with the same power to the amendment by adding at the end thereof amend, alter, and repeal provided by the "na- "at which amount it shall remain until reduced tional currency act," approved June third, as hereinafter provided," which was disagreed

eighteen hundred and sixty-four, and section to-yeas 26, nays 31. six of the act entitled "An act to provide for YEAS-Messrs. Anthony, Bayard, Bucking the redemption of the three per centum tempo- ham, Chandler, Conkling, Cooper, Cragin, Davis, rary loan certificates, and for an increase of FENTON, Ferry of Connecticut, Frelinghuysen, national bank notes," approved July twelfth, Hager, Hamilton of Maryland, HAMILTON of eighteen hundred and seventy, be, and is here- Texas, Hamlin, Howe, Morrill of Maine, Morrill by, repealed.

of Vermont, Sargent, Saulsbury, SCHURZ, SherSEC. 4. That within thirty days after circulat- man, Stevenson, Stewart, Thurman, Wadleigh ing notes to the amount of one million dollars 26. shall be issued to national banking associations Nays—Messrs. Allison, Bogy, Boreman, Carunder the preceding section, it shall be the duty penter, Conover, Ferry of Michigan, Goldthwaite, of the Secretary of the Treasury to retire an Gordon, Harvey, Hitchcock, Ingalls, Johnston, amount of United States notes equal to seventy Lewis, Logan, McCreery, Merrimon, Mitchell, per centum of the circulating notes so issued, Morton, Norwood, Oglesby,J.J.Patterson, Pease, which shall be in further reduction of the vol- Pratt, Ramsey, Ransom, Robertson, Spencer, ume of three hundred and eighty-two million Sprague, TIPTON, West, Windom-31. dollars fixed by the preceding section; and such Mr. WRIGHT's amendment was agreed to reduction shall continue until the aggregate yeas 31, pays 26: amount of United States notes outstanding shall YEAS-Messrs. Allison, Bogy, Boreman, Carbe three hundred million dollars. And for that penter, Conover, Ferry of Michigan, Goldthwaite, purpose he is authorized to issue and sell at pub- Gordon, Harvey, Hitchcock, Ingalls, Johnston, lic sale, after ten days' notice of the time and Lewis, Logan, McCreery, Merrimon, Mitchell, place of sale, a sufficient amount of the bonds of Morton, Norwood, Oglesby, J. J. Patterson, the United States, of the character and descrip- Pease, Pratt, Ramsey, Ransom, Robertson, Spention prescribed in the second section of this act, cer, Sprague, TIPTON, West, Windom-31. for United States notes to be then retired and Nays-Messrs. Anthony, Bayard, Bucking canceled.

| ham, Chandler, Conkling, Cooper, Cragin. Davis, SEC. 5. That each national banking associa- FENTON, Ferry of Connecticut, Frelinghuysen, tion, now organized or hereafter to be organized, Hager, Hamilton of Maryland, HAMILTON. Of Tex. shall keep and maintain as a part of its reserve as, Hamlin, Howe, Morrill of Maine, Morrill of required by law one-fourth part of the coin re. Vermont, Sargent, Saulsbury, SCHURZ, Sherman, vived by it as interest on bonds of the United Stevenson, Stewart, Thurman, Wadleigh-26

Mr. MERRIMON moved to strike out all after Sargent, Saulsbury, SCHURZ, Sherman, Stewart, the enacting clause and insert the following: Stockton, Thurman, Wadleigh, Windom-27.

"That the maximum limit of the United States Mr. Logan moved to strike out the third secnotes for circulation is hereby fixed at $400,- tion of the bill and insert the following: 000,000, at which sum it shall remain. That National banking associations may be organ$46,000,000 in notes for circulation, in addition (ized in any State or Territory, including the to such circulation now allowed by law, shall | District of Columbia, having a less proportion be issued to national banking associations now of national bank circulation than the State of organized and which may be organized here. Pennsylvania, according to the apportionment after; and such increased circulation shall be made upon the basis of population and wealth by distributed among the several States as provided the annual report of the Comptroller of the Curin section 1 of the act entitled 'An act to pro- rency for 1873, until each State and Territory vide for the redemption of the three per cent. and said District, respectively, has an amount temporary-loan certificates, and for an increase of such bank circulation equal to such proporof national bank notes,' approved July 12, tion of notes then outstanding in the State of 1870.

Pennsylvania; and all banks organized under March 27-Mr. MORTON moved as an amend this section shall be subject to, and be governed ment to the amendment, to strike out the second by, the rules, restrictions, and limitations, and section of the bill.

possess the rights, privileges, and franchises, March 30—Mr. Morton's motion was agreed now or hereafter to be prescribed by law as to to-yeas 28, pays 23:

national banking associations, with the same YEAS-Messrs. Allison, Bogy, Boreman, Car- power to amend, alter, and repeal provided by penter, Conover, Dennis, Ferry of Michigan, the “national currency act," approved June 3, Gordon, Harvey, Hitchcock, Howe, Ingalls, 1864, and section 6 of the act entitled "An act to Johnston, Logan, McCreery, Merrimon, Mitchell, provide for the redemption of the 3 per cent. Morton, Norwood, Oglesby, J. J. Patterson, temporary loan certificates, and for an increase Pease, Ramsey, Robertson, Spencer, Sprague, I of national bank notes," approved July 12, 1870, Tipton, Windóm—28.

be, and is hereby, repealed. NAYS—Messrs. Anthony, Bayard, Chandler, Mr. BUCKINGHAM moved to amend Mr. Lo Conkling, Cooper, Cragin, Davis, FENTON, Fre- gan's amendment by striking out all after the linghuysen, Hager, HAMILTON of Texas, Hamlin, / word “That" and inserting the following: Jones, Morrill of Maine, Morrill of Vermont, “On and after the 1st day of January, 1875, Pratt, Sargent, Saulsbury, SCHURZ, Sherman, United States legal tender notes in sums of Stewart, Thurman, Wadleigh—23.

i $1,000, and its multiple, shall, on demand by Mr. MORTON moved to strike out the fourth the holder thereof, be redeemed by the Treassection of the bill.

| urer of the United States, either with coin or March 31-Mr. MORRILL of Vermont moved with United States bonds, at par, as he shall to amend the fourth section of the bill by in- elect. The principal of such bonds shall be serting "90" per cent. instead of "70;" which payable in coin in ten years from the 1st day was disagreed to– yeas 20, nays 37:

of January, in the year in which they may be YEAS-Messrs. Anthony, Bayard, Chandler, issued, and shall bear interest, payable semiConkling, Cooper, Cragin, FENTON, Frelinghuy- annually in coin at the rate of five per cent., sen, Hager, Hamilton of Maryland, Hamlin, and shall be free from State and municipal Jones, Morrill of Maine, Morrill of Vermont, taxation.” Sargent, Saulsbury, SCHURZ, Stewart, Stockton, Which was disagreed to-geas 21, n'ays 30: Wadleigh-20.

YEAS—Messrs. Anthony, Bayard, BuckingNays-Messrs. Allison, Bogy, Boreman, Car- ham, Chandler, Conkling, Cooper, Cragin, Davis, penter, Conover, Davis, Dennis, Ferry of Mich- FENTON, Frelinghuysen, Hamilton of Maryland, igan, Goldthwaite, Gordon, HAMILTON of Texas, HAMILTON of Texas, Hamlin, Howe, Jones, Harvey, Hitchcock, Howe, Ingalls, Johnston, Morrill of Maine, Morrill of Vermont, Sargent, Lewis, Logan, McCreery, Merrimon, Mitchell, SCHURZ, Sherman, Stockton-21. Morton, Norwood, Oglesby, J. J. Patterson, | Nays-Messrs. Allison, Bogy, Boreman, ConPease, Pratt, Ransom, Robertson, Scott, Sher- over, Dennis, Ferry of Michigan, Goldthwaite, man, Spencer, Sprague, Thurman, TIPTON, Gordon, Harvey, Hitchcock, Ingalls, Johnston, West, Windom-37.

Lewis, Logan, McCreery, Merrimon, Mitchell, Mr. MORTON's motion to strike out the fourth Morton, Norwood, Oglesby, J. J. Patterson, section of the bill was agreed to-yeas 29, nays Pease, Ransom, Robertson, Spencer, Sprague, 27:

Thurman, Tipton, West, Windom-30. YEAS-Messrs. Allison, Bogy, Boreman, Car-) April 2-Mr. MERRIMON moved to strike out penter, Conover, Dennis, Ferry of Michigan, the third section of the bill and insert the folGoldthwaite, Gordon, Harvey, Hitchcock, In-Ilowing: galls, Johnston, Lewis, Logan, McCreery, Merri- ' "That $46,000,000 in notes for circulation, in mon, Mitchell, Morton, Oglesby, J. J. Patter- addition to such circulation now allowed by son, Pease, Pratt, Ransom, Robertson, Spencer, law, shall be issued to national banking assoSprague, Tipton, West—29.

ciations now organized or which may be organNAYS–Messrs. Anthony, Bayard, Bucking- ized hereafter; and such increased circulation ham, Chandler, Conkling, Cooper, Cragin, Davis, shall be distributed among the several States as FENTON, Frelinghuysen, Hager, Hamilton of provided in section 1 of the act entitled 'An act Maryland, HAMILTON of Texas, Hamlin, Howe, to provide for the redemption of the 3 per cent. Jones, Morrill of Maine, Morrill of Vermont, I temporary loan certificates, and for an increase

of national bank notes,' approved July 12, | States and Territories having less than their 1870."

proportion of circulation, under an apportionMr. Davis moved to strike out all after the ment made on the basis of population and of word "That," in Mr. MERRIMOn's amendment, wealth, as shown by the returns of the census and to insert the following:

of 1870: Provided, That the whole amount of "So much of the act entitled 'An act to pro-circulation issued to such banking associations, vide for the redemption of the 3 per cent. tem- and withdrawn and redeemed from banking as. porary loan certificates, and for an increase of sociations under the provisions of this act, shall national bank notes,' as provides that no circu- not exceed $50,000,000, and that such circulalation shall be withdrawn, under the provisions tion shall from time to time be withdrawn and of section 6 of said act, until after the fifty-four redeemed only as it shall be necessary to supply millions granted in section 1 of said act, shall banks in those States having less than their have been taken up, is hereby repealed; and it apportionment." shall be the duty of the Comptroller of Cur- "Which was disagreed to-yeas 20, nays 31: rency, under the direction of the Secretary of YEAS—Messrs. Anthony, Conkling, Cooper, the Treasury, to proceed forthwith to carry into Cragin, Davis, FENTON, Frelinghuysen, Hager, execution the provisions of section 6 of said act, Hamilton of Maryland, HAMILTON of Texas, and to enable him to do so, he is hereby author Hamlin, Jones, Kelly, Morrill of Vermont, Sarized and required, from time to time, as needed gent, Saulsbury, SCHURZ, Sherman, Thurman, for the execution of the said section, to make Wadleigh-20. requisitions upon each of the national banks Nays-Messrs. Allison, Bogy, Boreman, Cardescribed in said section, organized in States penter, Clayton, Conover, Ferry of Connecticut, having an excess of circulation, to withdraw Ferry of Michigan, Goldthwaite, Gordon, Harvey, and return so much of their circulation as by Hitchcock, Ingalls, Johnston, Lewis, Logan, Micsaid act may be apportioned to be withdrawn Creery, Merrimon, Mitchell, Morton, Norwood, from them, or, in lieu thereof, to deposit in the Oglesby, J. J. Patterson, Pease, Pratt, Ramsey, Treasury of the United States lawful money Robertson, Spencer, TIPTON, West, Windom-31. sufficient to redeem such circulation, and upon Mr. MERRImon's amendment was agreed tothe return of the circulation required, or the yeas 33, nays 19: deposit of lawful money, as herein provided, a | YEAS—Messrs. Allison, Bogy, Boreman, Carproportionate amount of the bonds held to se-penter, Clayton, Conover, Davis, Ferry of Michcure the circulation of such association as shall igan, Goldthwaite, Gordon, Harvey, Hitchcock, make such return or deposit shall be surrendered Ingalls, Johnston, Lewis, Logan, McCreery, Merto it.

rimon, Mitchell, Morton, Norwood, Oglesby, J. "That upon the failure of the national banks J. Patterson, Pease, Pratt, Ramsey, Robertson, apon which requisition for circulation shall be Sherman, Spencer, Thurman, Tipton, West, Winmade, or of any of them, to return the amount dom-33. required, or to deposit in the Treasury lawful Nays-Messrs. Anthony, Boutwell, Chandler, money to redeem the circulation required, with Conkling, Cooper, Cragin, Ferry of Connecticut, in thirty days, the Comptroller of the Currency Frelinghuysen, Hager, Hamilton of Maryland, shall at once sell, as provided in section 49 of HAMILTON of Texas, Hamlin, Jones, Kelly, Morthe national currency act, approved June 3, rill of Vermont, Sargent, Saulsbury, Stewart, 1864, bonds held to secure the redemption of Stockton19. the circulation of the association or associations Mr. FRELINGHUYSEN moved to amend by addwhich shall so fail, to an amount sufficient to ing to the first section of the bill the following: redeem the circulation required of such asso. “The surplus revenues of the Government shall ciation or associations, and with the proceeds, be used for the purpose of accumulating coin in which shall be deposited in the Treasury of the the Treasury until the Secretary of the Treasury United States, so much of the circulation of such shall be enabled thereby to redeem United States association or associations shall be redeemed as notes in coin when presented; but this shall not will equal the amount required and not returned; prevent the Secretary of the Treasury from selland if there be any excess of proceeds over the ing gold sufficient to meet all demands on the amount required for such redemption, it shall be Treasury which are payable in currency over returned to the association or associations whose and above currency receipts, and to keep on bonds shall have been sold. And it shall be hand a proper cash balance for that purpose and the duty of the Treasurer, Assistant Treasurers, to maintain the sinking fund." designated depositaries, and national bank de- The amendment was disagreed to-yeas 16, positories of the United States, (who shall be nays 31: kept informed by the Comptroller of the Cur- YEAS-Messrs. Anthony, Conkling, Cragin, rency of such associations as shall fail to return Ferry of Connecticut, Frelinghuysen, Hamilton circulation or to deposit lawful money as re- of Maryland, HAMILTON of Texas, Hamlin, Howe, quired,) to assort and return to the Treasury for Jones, Kelly, Morrill of Vermont, Sargent, Sherredemption the notes of such associations as they man, Stewart, Wadleigh-16. shall come into their hands until the amount Nays-Messrs. Allison, Bogy, Boreman, Boutrequired shall be redeemed.

well, Carpenter, Clayton, Conover, FENTON, Ferry "That from and after the passage of this act it of Michigan, Goldthwaite, Gordon, Harvey, Inshall be lawful for the Comptroller of the Cur- galls, Johnston, Lewis, Logan, McCreery, Merrency to issue circulating notes in the manner rimon, Mitchell, Morton, Oglesby, J. J. Patterand proportion now provided by law, to asso- son, Pease, Pratt, Ramsey, Robertson, Scott, ciations organized or to be organized in those Spencer, Thurman, TIPTON, West-31.

Mr. THURMAN moved to amend the bill by an United States notes equal to 70 per cent. of the additional section, as follows:

circulating notes so issued, which shall be in " That from and after June 30, 1874, one twen- further reduction of the volume of $400,000,000 tieth of the customs duties shall be payable in fixed by the preceding section; and such reducUnited States legal-tender notes, and after June tion shall continue until the whole $46,000,000 30, 1875, one tenth, and after June 30, 1876, one of circulating notes shall be issued. And for that fifth thereof may be so paid, whenever the same purpose he is authorized to issue and sell at pubcan be done without violating the pledge made lic sale, after ten days' notice of the time and by the act of February 25, 1862, for the payment place of sale, a sufficient amount of the bonds of of the interest on the public debt and providing the United States of the character and descripfor the sinking fund.”

|tion prescribed in the second section of this act Which was disagreed to-yeas 19, nays 27: for United States notes to be then retired and

YEAS—Messrs. Bogy, Davis, FENTON, Hager, canceled.” Hamilton of Maryland, HAMILTON of Texas, The amendment was disagreed to-yeas 25, Hamlin, Jones, Kelly, McCreery, Merrimon, nays 30: Pratt, Ramsey, Ransom, Saulsbury, Stewart, YEAS-Messrs. Anthony, Bayard, Chandler, Stockton, Thurman, Tipton-19.

Conkling, Cooper, Cragin, Davis, FENTON, Free Nays—Messrs. Allison, Anthony, Boreman, linghuysen, Häger, Hamilton of Maryland, HamCarpenter, Chandler, Clayton, Conkling, Cono- ILTON of Texas, Hawlin, Howe, Jones, Kelly,

Ferry of Connecticut. Frelinghuy. | Morrill of Vermont, Sargent, Saulsbury, SCHURZ, sen, Harvey, Hitchcock, Howe, Johnston, Lewis, Scott, Sherman, Stewart, Thurman, Wadleigh Logan, Mitchell, Morrill of Maine, Morrill of -25. Vermont, Morton, J. J. Patterson, Pease, Rob- Nays-Messrs. Allison, Bogy, Boreman, Camertson, Scott, Sherman, Spencer-27.

eron, Carpenter, Clayton, Dorsey, Ferry of MichApril 6–The question recurring on Mr. MER igan, Goldthwaite, Gordon, Harvey, Hitchcock, RIMON's substitute for the entire bill:

Ingalls, Johnston, Lewis, Logan, McCreery, MerMr. Scott moved to amend the substitute by rimon, Morton, Norwood, Oglesby, J.J. Patteradding to it the following:

son, Pease, Pratt, Ramsey, Robertson, Spencer, "And each national banking association now TIPTON, West, Windom-30. organized, or hereafter to be organized, shall keep Mr. MERRIMON's substitute, as modified, was and maintain, as a part of its reserve required by then agreed to-yeas 29, nays 24: law, one fourth part of the coin received by it as YEAS-Messrs. Allison, Bogy, Boreman, Caminterest on bonds of the United States deposited eron, Carpenter, Clayton, Dorsey, Ferry of Michas security for circulating notes or Government igan, Goldthwaite, Gordon, Harvey, Hitchcock, deposits; and that hereafter only one fourth of Ingalls, Johnston, Lewis, Logan, McCreery, Mers the reserve now prescribed by law for national rimon, Morton, Oglesby, J.J. Patterson, Pease, banking associations shall consist of balances due Pratt, Ramsey, Robertson, Spencer, TIPTON, to an association available for the redemption of West, Windom - 29. its circulating notes from associations in cities of NAYI—Messrs. Anthony, Bayard, Chandler, redemption, and upon which balances no interest Conkling, Cragin, Davis, FENTON, Frelingbuy. shall be paid."

Ben, Hager, Hamilton of Maryland, HAMILTON Mr. MERRIMON accepted it, and modified his of Texas, Hamlin, Howe, Jones, Kelly, Morrill substitute accordingly.

of Vermont, Sargent, Saulsbury, SCHURZ, Scott, Mr. CONKLING moved to amend the substitute Sherman, Stewart, Thurman, Wadleigh-24. by adding to it the following section:

The bill was reported to the Senate as amended "That nothing in this act shall be construed to by the one amendment, Mr. Scott's. authorize any increase of the principal of the Mr. SHERMAN moved to amend by substituting public debt of the United States."

for the amendment agreed to as in Committee of The amendment was disagreed to-yeas 24, the Whole the following: Days 28:

The maximum amount of United States notes YEAS—Messrs. Allison, Anthony, Bayard, is hereby fixed at $400,000,000, at which amount Chandler, Conkling. Cragin, Davis, FENTON, Fre- it shall remain until reduced as hereinafter prolinghuysen, Hager, Hamilton of Maryland, Ham- | vided. ILTON of Texas, Hamlin, Howe, Kelly, Morrill of SEC. 2. That on the 1st day of January, 1877, Vermont, Sargent, Saulsbury, SCHURZ, Scott, the Secretary of the Treasury is authorized and Sherman, Stewart, Thurman, Wadleigh-24. required to pay on demand, at the office of the

Nays— Messrs. Bogy, Boreman, Cameron, Car- Treasurer of the United States, and at the office penter, Clayton, Dorsey, Ferry of Michigan, Gold- of the assistant treasurer in the city of New York, thwaite, Gordon, Harvey, Hitchcock, Ingalls, to any holder of United States notes to the amount Johnston, Lewis, Logan, McCreery, Merrimon, of $1,000, or any multiple thereof, in exchange Morton, Norwood, Oglesby, J. J. Patterson, for such notes, an equal amount of the gold coin Pease, Pratt, Ramsey, Robertson, TIPTON, West, of the United States; or in lieu of coin he may, Windom-28.

at his option, issue in exchange for said notes an Mr. Howe moved to amend the second section equal amount of coupon or registered bonds of of the substitute by adding thereto the following: the United States, in such form as he may pre

" That within thirty days after circulating scribe, and of denominations of fifty dollars or notes to the amount of $1,000,000 shall be issued some multiple of that sum, redeemable in coin to national banking associations under the pre- of the present standard value, at the pleasure of ceding section, it shall be the duty of the Secre- the United States, after ten years from the date tary of the Treasury to retire an amount of l of their issue, and bearing interest, payable quar

terly in coin, at the rate of five per cent. per The amendment to the amendment was disannum. And the Secretary of the Treasury may agreed to-yeas 23, nays 28: reissue the United States notes so received, either Yeas-Messrs. Anthony, Chandler, Conkling, to purchase or redem the public debt or to meet Cooper, Cragin, Davis, FENTON, Frelinghuysen, the current payments for the public service. And Hamilton of Maryland, HAMILTON of Texas, the said bonds and the interest thereon shall be Hamlin, Howe, Jones, Kelly, Morrill of Vermont, exempt from the payment of all taxes or duties Sargent, Saulsbury, SCHURZ, Scott, Sherman, of the United States, as well as from taxation in Stewart, Thurman, Wadleigh-23. any form by or under State, municipal, or local Nays-Messrs. Allison, Bogy, Boreman, Camauthority; and the said bonds shall have set eron, Carpenter, Clayton, Dorsey, Ferry of Michiforth and expressed upon their face the above gan, Goldthwaite, Harvey, Hitchcock, Ingalls, specified conditions, and shall, with their coupons, Johnston, Lewis, Logan, McCreery, Merrimon, be made payable at the Treasury of the United Morton, Oglesby, J. J. Patterson, Pease, Pratt, States.

Ramsey, Robertson, Spencer, TIPTON, West, WinSEC. 3. That section 21 of the national currency dom—28. act, and the several amendments thereto, so far The amendment was then agreed to. as they restrict the amount of notes for circula- The bill was ordered to be engrossed for a tion under said act, be and the same are hereby, third reading, and was read a third time, as folrepealed; and that section 1 of the “act to pro- lows: vide for the redemption of the three per cent. A bill to fix the amount of United States notes temporary loan certificates and for an increase and the circulation of national banks, and for of national bank notes," approved July 12, 1870, other purposes. be amended by repealing the second proviso in Be it enacted, &c., That the maximum amount said section contained. And all banks organized of United States notes is hereby fixed at $400,under this section shall be subject to and be gov- 000,000. erned by the rules, restrictions, and limitations, ! SEC. 2. That forty-six millions in notes for cirand possess the rights, privileges, and franchises, culation, in addition to such circulation now now or hereafter to be prescribed by law as to allowed by law, shall be issued to national banknational banking associations, with the same ing associations now organized and which may power to amend, alter, and repeal provided by be organized hereafter, and such increased circuthe “national currency act," approved June 3, lation shall be distributed among the several 1864; and section 6 of the act entitled "An act States as provided in section 1 of the act entitled to provide for the redemption of the three per "An act to provide for the redemption of the ceni, temporary loan certificates and for an in- three per cent. temporary loan certificates and crease of national bank notes," approved July for an increase of national bank notes,” approved 12, 1870, be and is hereby repealed.

July 12, 1870. And each national banking assoSec. 4. That within thirty days after circu- ciation now organized or hereafter to be organized lating notes to the amount of $1,000,000 shall be shall keep and maintain, as a part of its reserve issued to national banking associations under required by law, one fourth part of the coin rethe preceding section, it shall be the duty of the ceived by it as interest on bonds of the United Secretary of the Treasury to retire an amount of States deposited as security for circulating notes United States notes equal to fifty per cent. of the or Government deposits; and that hereafter only circulating notes so issued, which shall be in one-fourth of the reserve now prescribed by law further reduction of the volume of $400,000,000 for national banking associations shall consist of fixed by the preceding section; and such reduc balances due to an association available for the tion shall continue until the aggregate amount redemption of its circulating notes from associaof United States notes outstanding shall be $300,- tions in cities of redemption, and upon which 000,000. And for that purpose he is authorized balances no interest shall be paid. . to issue and sell at public sale, after ten days' And passed-yeas 29, nays 24, not voting 19. notice of the time and place of sale, a sufficient YEAS-Messrs. Allison, Bogy, Boreman, Čamamount of the bonds of the United States, of the eron, Carpenter, Clayton, Dorsey, Ferry of Michicharacter and description prescribed in the sec- gan, Goldthwaite, Harvey, Hitchcock, Ingalls, ond section of this act, for United States notes Johnston, Lewis, Logan, McCreery, Merrimon, to be then retired.

Morton, Norwood, Oglesby, J.J.Patterson, Pease, SEC. 5. That each national banking association Pratt, Ramsey, Robertson, Spencer, Tipton, West, now organized or hereafter to be organized shall Windom-29. keep and maintain, as a part of its reserve re- Nays-Messrs. Anthony, Chandler, Conkling, quired by law, one-fourth part of the coin received Cooper, Cragin, Davis, FENTON, Frelinghuysen, by it as interest on bonds of the United States Hayer, Hamilton of Maryland, HAMILTON of deposited as security for circulating notes or Texas, Hamlin, Howe, Jones, Kelly, Morrill of Government deposits; and that hereafter only Vermont, Sargent, Saulsbury, Schurz, Scott, one-fourth of the reserve now prescribed by law Sherman, Stewart, Thurman, Wadleigh-24. for national banking associations shall consist of ABSENT-Messrs. Alcorn, Bayard, Boutwell, balances due to an association available for the Brownlow, Buckingham, Conover, Dennis, EUredernption of its circulating notes from associa- | munds, Ferry of Connecticut, Flanagan, Gilbert, tions in cities of redemption, and upon which Gordon, Mitchell, Morrill of Maine, Ransom, balances no interest shall be paid.

Sprague, Stevenson, Stockton, Wright-19. SEC. 6. That nothing in this act shall be construed to authorize any increase of the principal

IN HOUSE. of the public debt of the United States.

April 14-After the passage by the House of

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