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the bill reported from the Banking and Currency | vey, Hitchcock, Ingalls, Johnston, Lewis, Logan, Committee of the House, (H. R. 1572,) for which McCreery, Merrimon, Mitchell, Norwood, Oglesproceedings see beyond, the above bill from the by, J. J. Patterson, Pease, Pratt, Ramsey, RobertSenate, (S. 617) was taken from the Speaker's son, Spencer, Sprague, TIPTON, West, Windom, table, and passed-yeas 140, nays 102, not voting Wright-34. 48:

YEAS-Messrs. Albright, Arthur, Atkins, Averill, Barber, Barrere, Begole, H. P. Bell, Biery, Bland, Blount, Bowen, Bradley, Bright, Brown, Buckner, Bundy, Burchard, Burrows, B. F. Butler, R. R.Butler, J. H. Caldwell, Cannon, Cason, Cessna, A. Clark, J. B. Clark, Clements, C. L. Cobb, S. A. Cobb, Coburn, Comingo, Conger, Cook, Corwin, Crittenden, Crossland, Crounse, Crutchfield, Curtis, Darrall, J. J. Davis, Dobbins, Donnan, Dunnell, Durham, Farwell, Field, Fort, C. Foster, Hagans, Harmer, H. R. Harris, J. T. Harris, Harrison, Hatcher, Havens, J. B. Hawley, Hays, G. W. Hazelton, Hereford, Hodges, Houghton, Howe, Hubbell, Hunter, Hunton, Hurlbut, Hyde, HYNES, Jewett, Kasson, Killinger, Knapp, Lamison, B. Lewis, Loughridge, Lowe, Martin, Maynard, McCrary, A. S McDill, J. W. McDill, McJunkin, McKee, McNulta, Milliken, Monroe, Morey, L. Myers, Neal, Nunn, Orr, Orth, Packard, Packer, I. C. Parker, Pelham, Phillips, Pratt, Purman, Rapier, Ray, Richmond, Robbins, J. W. Robinson, Ross, Rusk, Sawyer, M. Sayler, Sener, Shanks, Sheats, Sheldon, I. R. Sherwood, L. D. Shoemaker, A. H. Smith, G. L. Smith, Snyder, Southard, Sprague, Stanard, Standeford, Stowell, C. Y. Thomas, Tyner, Vance, Wallace, J. D. Ward, Wells, White, Whitehead, Whiteley, C. G. Williams, Williams of Indiana, Wilshire, J. Wilson, J. M. Wilson, Woodworth, P. M. B. Young-140.

NAYS-Messrs. Anthony, Bayard, Boutwell, Buckingham, Chandler, Conkling, Cragin, Davis, Edmunds, FENTON, Ferry of Connecticut, Flanagan, Frelinghuysen, Gilbert, Hager, Hamilton of Maryland, HAMILTON of Texas, Hamlin, Howe, Jones, Kelly, Morrill of Vermont, Sargent, Scott, Sherman, Stevenson, Stewart, Stockton, Thurman, Wadleigh―30.

Two-thirds not having voted in the affirmative, the bill fell.

III.-The House Currency Bill.

1874-January 29.-Mr. MAYNARD, from the Committee on Banking and Currency, reported the following bill (H. R. 1572) "to amend the several acts providing a national currency, and to establish free banking, and for other purposes." As amended, on Mr. MAYNARD's motion, it is as follows:

Be it enacted, &c. That section thirty-one of the act entitled "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 on the third day of June, in the year eighteen hundred and sixtyfour, be so amended that the several associations therein provided for shall not hereafter be required to keep on hand any amount of money whatever by reason of the amount of their respective circulations; but the moneys required by said section to be kept at all times on hand shall be determined by the amount of deposits, in all respects as provided for in the said section.

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NAYS-Messrs. Adams, Albert, BANNING, Barnum, Bass, J. B. Beck, BROMBERG, Buffinton, Burleigh, Clayton, Clymer, Cotton, Cox, Creamer, Crooke, Danford, Dawes, De Witt, Eames, Eden, SEC. 2. That section twenty-one of the said Eldredge, Frye, Garfield, Gooch, Gunckel, E. act, and the several amendments thereto, so far Hale, R. S. Hale, Hamilton, Hancock, B. W. as they restrict the amount of notes for circulaHarris, Hathorn, J. R. Hawley, Herndon, E. tion under said act, be, and the same are hereby, P. Hoar, G. F. Hoar, Holman, Hooper, Hoskins, repealed; and that section one of the act entiKelley. Kellogg, Kendall, Lamar, Lawson, Lof- tled "An act to provide for the redemption of land, Lowndes, Magee, Marshall, MacDougall, the three-per-centum temporary-loan certificates, McLean, Mellish, Merriam, Mills, Mitchell, W. and for an increase of national bank notes,' S. Moore, W. E. Niblack, Niles, O'Neill, Page, H. approved July twelfth, eighteen hundred and W. Parker, Parsons, Pendleton, E. Perry, Phelps, seventy, be amended by repealing the second Fierce, Pike, J. H. Platt, T. C. Platt, Poland, proviso in said section contained. And the act Potter, Rainey, Randall, Read, J. B. Rice, E. H. entitled "An act to amend an act entitled 'An Roberts, W. R. Roberts, J. G. Schumaker, Sco-act to provide a national currency secured by field, I. W. Scudder, Sessions, Small, Smart, H. B. Smith, J. Q. Smith, Speer, Starkweather, St. John, Stone, Strawbridge, Swann, Tremain, Waldron, Wheeler, WHITEHOUSE, Whitthorne, Wilber, C. W. Willard, G. Willard, J. M. S. Williams, Willie, E. K. Wilson, Wood, Woodford102.

IN SENATE.

April 22-The bill was returned to the Senate y the PRESIDENT, with his objections. (For the message, see chapter XI.)

April 27-In Senate the vote was taken on passing the bill, notwithstanding the objections of the PRESIDENT, and was-yeas 34, nays 30: YEAS-Allison, Bogy, Boreman, Cameron, Carpenter, Clayton, Conover, Dennis, Dorsey, Ferry of Michigan, Goldthwaite, Gordon, Har

pledge of United States bonds, and to provide for the circulation and redemption thereof," approved on the 3d day of March, 1865, be, and the same is hereby, repealed; and section 21 of the original act to which the act last aforesaid is an amendment be, and the same is hereby, re-enacted.

SEC. 3. That every association organized, or to be organized, under the provisions of the said act, and of the several acts in amendment thereof, shall at all times keep and have on deposit in the Treasury of the United States, in lawful money of the United States, a sum equal to five per centum of its circulation, to be held and used only for the redemption of such circulation; and when the circulating notes of any such association or associations shall be presented, assorted or unassorted, for

redemption, in sums of one thousand dollars, or any multiple thereof, to the treasurer of the United States, or to an assistant treasurer of the United States, the same shall be redeemed in United States notes. All notes so redeemed shall be charged by the Comptroller of the Currency to the respective associations issuing the same, and he shall notify them severally, on the first day of each month, or oftener, at his discretion, of the amount of such redemptions; whereupon each association so notified shall forthwith deposit with the Treasurer of the United States a sum, in United States notes, equal to the amount of its circulating notes so redeemed. And when such redemptions have been so reimbursed, the circulating notes so redeemed, or, if worn, mutilated, or defaced, new notes instead, shall be forwarded to the respective associations: Provided, That each of said associations shall reimburse to the Treasury the cost of redemption and of supplying new notes in place of those redeemed. And the associations hereafter organized shall also severally reimburse to the Treasury the costs of engraving and printing their circulating notes: And provided further, That the entire amount of United States notes outstanding and in circulation at any one time shall not exceed the sum of four hundred million dollars, now authorized by existing law.

SEC. 4. That any association organized under this act, or any of the acts of which this is an amendment, desiring to withdraw its circulating notes, in whole or in part, may, upon deposit of lawful money within the meaning of said acts, in sums of not less than ten thousand dollars, with the Treasurer of the United States, withdraw a proportionate amount of bonds deposited in pledge for such circulation; and he shall redeem, cancel, and destroy an amount of the circulating notes of such association equal to the amount issued upon such bonds.

SEC. 5. That sections thirty one and thirtytwo of the said act be amended by requiring that each of the said associations shall keep its lawful money reserves within its own vaults at the place where its operations of discount and deposit are carried on. And all the provisions of the said sections requiring or permitting any of the said associations to keep any portion of its lawful money reserves elsewhere than in its own vaults, or requiring or permitting the redemption of its circulating notes elsewhere than at its own counter, except as provided for in this act, are hereby repealed.

SEC. 6. That upon all circulating notes hereafter issued, or hereafter to be issued, whenever the same shall come into the Treasury, in payment or deposit for redemption or otherwise, there shall be printed, under such rules and regulations as the Secretary of the Treasury may prescribe, the charter numbers of the associations by which they are severally issued.

authorized to withdraw their bonds in excess of ten thousand dollars.

SEC. 8. That the Secretary of the Treasury is hereby authorized and directed to issue, at the beginning of each and every month from and including July, eighteen hundred and seventyfour, two millions of United States. notes not bearing interest, payable in gold two years after date, of such denominations, as he shall deem expedient, not less than ten dollars each, in exchange, and as a substitute, for the same amount of the United States notes now in circulation, which shall be canceled and destroyed, and not reissued. And any excess of gold in, or hereafter coming into, the Treasury of the United States, after payment of interest on the public debt, and supplying any deficiency in the revenues provided to meet the current expenses of the Government, shall hereafter be retained as a reserve for the redemption of such notes.

April 9.-Mr. MERRIAM moved a substitute for the bill, the first five sections of which were the same as of the bill, and having this additional section:

SEC. 6. That any national bank desiring to withdraw a portion of its circulation may, upon deposit of United States notes in sums of not less than $9,000 with the Treasurer of the United States, withdraw bonds pledged to secure a like amount of its circulation; and the Treasurer shall redeem, cancel, and destroy an amount of the circulating notes of such association equal to the amount issued upon such bonds: Provided, That the bonds on deposit with the Treasurer shall not be reduced below $50,000.

Mr. FARWELL moved as an additional section to Mr. MERRIAM's substitute the following:

That so much of the fifth section of the act entitled "An act to authorize the issue of United States notes, and for the redemption or funding thereof, and for funding the floating debt of the United States," approved February 25, 1862, as relates to the purchase or payment of 1 per cent. of the entire debt of the United States annually, and the setting the same apart as a sinking fund, be so amended that said purchase of 1 per cent. as therein prescribed shall be applied solely to the non-interest-bearing debt of the United States, known as United States notes, which said notes, when purchased, shall be canceled and forever retired from circulation. The first application of said 1 per cent. to the purposes aforesaid shall be made after the 1st day of July, 1874, and within that fiscal year.

Mr. MITCHELL moved to add to section two of the bill, the following:

Provided, That in case any increase of national bank note circulation beyond the present authorized limit of $354,000,000 shall take place, the Secretary of the Treasury is hereby authorized and directed to retire and cancel legal-tender notes to the extent of such increase until the outstanding and unpaid legal-tender notes shall be reduced to $300,000,000; and for this purpose he is authorized to use any existing surplus revenue, or, in default of any such surplus, to sell 5 per cent. bonds of the Government.

SEC. 7. That associations without circulation may be organized under the provisions of the said act, upon the deposit, with the Treasurer of the United States, of not less than ten thousand dollars of United States registered bonds, as pro- Mr. BIERY moved to amend the bill by strikvided in section sixteen of said act; and associa-ing out its seventh and eighth sections. tions already organized without circulation are A contest here ensued. Mr. MAYNARD called

the previous question on the bill and amendments, but the HOUSE refused to second it-yeas 77, nays 124. Mr. B. F. BUTLER moved to postpone its further consideration till the next Tuesday, stating that his intention was to have the House take up the Senate bill (S. 617) then on Speaker's table. The motion to postpone was agreed to-yeas 133, nays 121. A motion was made to reconsider this vote, and the motion to lay on the table that motion to reconsider the vote on postponement was yeas 126, nays 126, and was lost by the casting vote of the SPEAKER. The motion to reconsider the vote on postponement was then agreed to-yeas 128, nays 120, and the House then refused to postpone-yeas 79, nays 106. The HOUSE then proceeded to vote on the amendments.

April 10-Mr. MITCHELL'S amendment was disagreed to-yeas 79, nays 160:

Mr. BIERY'S amendment, to strike out sectföns 7 and 8 of the bill, was not agreed to—yeas 68, nays 102.

Mr. FARWELL'S amendment to Mr. MERRIAM'S substitute was disagreed to-yeas 73, nays 162: YEAS-Messrs. Albert, Barnum, Bass, Bradley, BROMBERG, Buffinton, Burleigh, Clayton, Clymer, Cox, Creamer, Dawes, De Witt, Eames, Elliott, C. Foster, Frye, Garfield, Gooch, R. S. Hale, Hamil ton, Hancock, B. W. Harris, Hathorn, J. R. Hawley, Hendee, Herndon, E. R. Hoar, G. F. Hoar, Hooper, Hoskins, Hubbell, Kellogg, Kendall, Lawson, B. Lewis, Lowndes, Luttrell, J. W. MoDill, MacDougall, Merriam, Mitchell, W. S. Moore, Niles, Page, H. W. Parker, Parsons, Pendleton, E. Perry, Phelps, Pierce, Pike, Potter, Ray, J. B. Rice, E. H. Roberts, Sawyer, Sheldon, Smart, J. Q. Smith, Starkweather, Tremain, Waldron, J. D. Ward, Wheeler, WHITEHOUSE, YEAS-Messrs. Albert, Albright, Archer, Bar- Wilber, C. W. Willard, G. Willard, J. M. S. Wilnum, Bass, BROMBERG, Buffinton, Burchard, Bur-liams, W. B. Williams, Wood, Woodford-73. leigh, Clayton, Clymer, Cotton, Cox, Crooke, Dawes, De Witt, Eames, Elliott, Frye, Garfield, Gooch, Gunckel, E. Hale, R. S. Hale, Hamilton, Hancock, B. W. Harris, Hathorn, J. R. Hawley, Hendee, E. R. Hoar, G. F. Hoar, Hooper, Hoskins, Kellogg, Kendall, Lawson, B. Lewis, Lowndes, Luttrell, MacDougall, Mitchell, W. S. Moore, Nesmith, Niles, Page, H. W. Parker, Pendleton, E. Perry, Phelps, Pierce, Pike, J. H. Platt, T. C. Platt, Potter, Read, J. B. Rice, E. H. Roberts, Sawyer, I. W. Scudder, L. D. Shoemaker, Smart, H. B Smith, J. Q. Smith, Starkweather, Stone, Tremain, Waldron, Walls, M. L. Ward, Wheeler, WHITEHOUSE, Wilber, C. W. Willard, G. Willard, J. M. S. Williams, W. B. Williams, Wood, Woodford-79.

NAYS-Messrs. Adams, Albright, Archer, Arthur, Ashe, Atkins, Averill, BANNING, Barber, Barrere, J. B. Beck, Begole, H. P. Bell, Biery, Bland, Blount, Bowen, Bright, Brown, Buckner, Bundy, Burchard, Burrows, J. H. Caldwell, Cannon, Cason, Cessna, J. B. Clark, Clements, S. A. Cobb, Coburn, Comingo, Conger, Cook, Corwin, Cotton, Crittenden, Crooke, Crossland, Crounse, Crutchfield, Curtis, Danford, Darrell, J J. Davis, Dobbins, Donnan, Dunnell, Durham, Eden, Eldredge, Field, Fort, Freeman, Giddings, Gunckel, Hagans, E. Hale, Harmer, H. R. Harris, J. T. Harris, Harrison, Hatcher, Havens, J. B. Hawley, Hays, G. W. Hazelton, J. W. Hazelton, Hodges, Holman, Houghton, Hunter, Hyde, HYNES, Kasson, Kelley, Killinger, Knapp, Lamar, Lamison, Lansing, Leach, Lofland, Loughridge, Lowe, J. R. Lynch, Marshall, Martin, Maynard, A. S. McDill, McJunkin, McLean, McNulta, Mellish, Milliken, Monroe, Morey, L. Myers, Neal, Negley, W. E. Niblack, Nunn, O'Brien, O'Neill, Orr, Orth, Packard, Packer, I. C. Par

Ransier, Rapier, Read, Richmond, Robbins, J. W. Robinson, Ross, Rusk, M. Sayler, Scofield, L W. Scudder, Sener, Sessions, Shanks, Sheats, L. R. Sherwood, L. D.Shoemaker, Sloss, A. H. Smith, H. B. Smith, J. A. Smith, Snyder, Southard, Speer, Sprague, Stanard, Standeford, St. John, Stone, Stowell, Swann, C. Y. Thomas, Tyner, Vance, Waddell, Wallace, Wells, White, Whitehead, Whiteley, Whitthorne, C. G. Williams, Williams of Indiana, Willie, J. Wilson, J. M. Wil son, Woodworth, P. M. B. Young-162.

NAYS-Messrs. Adams, Arthur, Ashe, Atkins, Averill, BANNING, Barrere, J. B. Beck, Begole, H. P. Bell, Biery, Bland, Blount, Bowen, Bradley, Bright, Brown, Buckner, Bundy, Burrows, R. R. Butler, Cain, J. H. Caldwell, Cannon, Cason, Cessna, A. Clark, J. B. Clark, Clements, Coburn, Comingo, Conger, Cook, Corwin, Creamer, Crit-ker, Phillips, T. C. Platt, Pratt, Rainey, Randall, tenden, Crossland, Crounse, Crutchfield, Curtis, Danford, J. J. Davis, Dobbins, Donnan, Dunnell, Durham, Eden, Eldredge, Farwell, Field, Fort, C. Foster, Freeman, Giddings, Hagans, Harmer, H. R. Harris, J. T. Harris, Harrison, Hatcher, Havens, J. B. Hawley, Hays, G. W. Hazelton, J. W. Hazelton, Herndon, Holman, Houghton, Howe, Hubbell, Hunter, Hurlbut, Hyde, Kasson, Kelley, Killinger, Knapp, Lamison, Lamport, Lansing, Leach, Lofland, Loughridge, Lowe, J. R. Lynch, Marshall, Martin, Maynard, A. S. McDill, J. W. McDill, McJunkin, McLean, McNulta, Mellish, Merriam, Milliken, Monroe, Morey, L. Myers, Neal, Negley, W. E. Niblack, Nunn, O'Neill, Orr, Orth, Packard, Packer, I. C. Parker, Phillips, Pratt, Purman, Rainey, Randall, Ransier, Rapier, Ray, Richmond, Robbins, J. W. Robinson, Ross, Rusk, M. Sayler, Scofield, Sessions, Shanks, Sheats, Sheldon, I. R. Sherwood, Sloss, A. II. Smith, J. A. Smith, Snyder, Southard, Speer, Sprague, Standeford, St. John, Stowell, Strawbridge, Swann, C. Y. Thomas, Tyner, Vance, Waddell, Wallace, J. D. Ward, Wells, White, Whitehead, Whiteley, Whitthorne, C. G. Williams, Williams of Indiana, Willie, Wilshire, J. Wilson, YEAS-Messrs. Adams, Albright, Arthur, Ashe, J. M. Wilson, Woodworth, P. M. B. Young-160. | Atkins, Averill, BANNING, Barber, Barrere, Ț. B.

Mr. MERRIAM's substitute for the bill was dis agreed to-years 69, nays 89, by tellers, the yeas and nays being refused.

The previous question being exhausted— Mr. MAYNARD moved to amend the bill by striking out its seventh section.

Mr. BIERY moved to amend by striking out the eighth section.

The motion to strike out the seventh section

was agreed to-yeas 114, nays 56; the yeas and nays being refused.

The motion to strike out the eighth section was agreed to-yeas 149, nays 95:

Mr. KELLEY moved to substitute for Mr. NEG LEY'S amendment the following:

Beck, Begole, H. P. Bell, Berry, Biery, Bland, | of the United States or any assistant treasurer, Blount, Bowen, Bradley, Bright, Brown, Buck- the redemption of said bonds, it shall be the duty ner, Bundy, Burrows, B. F. Butler, R. R. Butler, of said Treasurer or assistant treasurer to pay in J. H. Caldwell, Cannon, Cason, Cessna, J. B. United States notes the principal of said bond or Clark, Clements, S. A. Cobb, Coburn, Comingo, bonds with accrued interest: Provided, That nothConger, Cook, Corwin, Crittenden, Crossland, ing in this act contained shall be construed to Crounse, Crutchfield, Curtis, Danford, J. J. Da- prevent the reissue of the notes so redeemed, or vis, Donnan, Dunnell, Durham, Eden, Eldredge, the receiving and paying out the same, from time Farwell, Field, Fort, Freeman, Gunckel, Hagans, to time, by the Government, with full benefit, Harmer, H. R. Harris, J. T. Harris, Harrison. and subject to all other provisions of law in relaHatcher, Havens, J. B. Hawley, Hays, G. W. tion to such notes. Hazelton, J. W. Hazelton, Hodges, Holman, Houghton, Hubbell, Hunter, Hurlbut, Hyde, HYNES, Kasson, Kelley, Killinger, Knapp, Lamar, Lamison, Lamport, Leach, Lofland, Loughridge, Lowe, Marshall, Martin, Maynard, J. W. McDill, McJunkin, McLean, McNulta, Mellish, Merriam, Milliken, Monroe, Morey, L. Myers, Neal, Negley, W. E. Niblack, Nunn, O'Neill, Orr, Orth, Packard, I. C. Parker, Pelham, Phillips, Pratt, Randall, Rapier, Ray, Richmond, Robbins, J. W. Robinson, Ross, Rusk, M. Sayler, Sener, Shanks, Sheats, Sheldon, I. R. Sherwood, A. H. Smith, J. A. Smith, Snyder, Southard, Stanard, Standeford, St. John, Strawbridge, Tyner, Vance, Waddell, J. D. Ward, Wells, White, Whitehead, Whiteley, Whitthorne, C. G. Williams, Williams of Indiana, W. B. Williams, Wilshire, J. Wilson, J. M. Wilson, Woodworth, J. D. Young, P. M.B. Young-149.

NAYS-Messrs. Albert, Archer, Barnum, Bass, BROMBERG, Buffinton, Burchard, Burleigh, Cain, A. Clark, Clayton, Clymer, Cotton, Cox, Creamer, Crooke, Darrall, Dawes, De Witt, Eames, C. Foster, Frye, Garfield, Giddings, Gooch, E. Hale, R. S. Hale, Hamilton, Hancock, B. W. Harris, Hathorn, J. R. Hawley, Hendee, Herndon, E. R. Hoar, G. F. Hoar, Hooper, Hoskins, Howe, Kellogg, Kendall, Lansing, Lawson, B. Lewis, Lowndes, Luttrell, MacDougall, Mitchell, W. S. Moore, Nesmith, Niles, O'Brien, Packer, Page, H. W. Parker, Pendleton, Perry, Phelps, Pierce, Pike, J. H. Platt, T. C. Platt, Potter, Purman, Rainey, Ransier, J. B. Rice, E. H. Roberts, Sawyer, I. W. Scudder, Sessions, L. D. Shoemaker, Smart, H. B. Smith, J. Q Smith, Speer, Sprague, Starkweather, Stone, Stowell, Swann, C. Y. Thomas, Tremain, Waldron, Wallace, Walls, M. L. Ward, Wheeler, WHITEHOUSE, Wilber, C. W. Willard, G. Willard, J. M. S. Williams, Willie, Woodford-95.

Mr. NEGLEY moved to amend the bill by adding to it the following:

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"That the amount of United States notes in circulation be limited, except as hereinafter provided, to $400,000,000; and that any holder of said notes presenting any sum not less than fifty dollars, or some multiple thereof, to the Treasurer of the United States, or any of the assistant treas urers, shall receive in exchange therefor an equal amount of bonds of the United States, as may by said holder be desired, bearing interest at the rate of 3.65 per cent. per annum, which the Secretary of the Treasury is hereby authorized to prepare and furnish for that purpose; and that when any person shall demand of the Treasurer of the United States, or any assistant treasurer, redemption of said bonds, it shall be the duty of said Treasurer or assistant treasurer to pay in United States notes the principal of said bond or bonds with accrued interest, and cancel and forward the bonds thus redeemed to the Treasurer of the United States forthwith, in such manner as the Secretary may prescribe; and that the Secretary of the Treasury shall cause to be prepared United States notes of the several denominations now in use to the amount of $50,000,000, which shall be held as a reserve or redemption fund for the purpose of securing prompt payment of said bonds when demanded, and the United States notes so held in reserve shall be used only when needed for the payment of said bonds on their presentation, and shall be withdrawn and placed again in reserve out of any United States notes not otherwise appropriated received by the Treasury Department thereafter; and the whole amount of United States notes received by the Treasury Department in exchange for said bonds, bearing 3.65 per cent. interest, shall be appropriated and applied by the Secretary of the Treasury as rapidly as practicable to the purchase or redemption of any bonds of the United States outstanding at the passage of this act, or the purchase of gold with which to redeem and cancel any of said bonds called for redemption by the Treasurer; and that national banks are hereby authorized to hold said bonds bearing 3.65 per cent. interest instead of the reserve of the United States notes now required by law."

Mr. KELLY's substitute for Mr. NEGLEY'S amendment was agreed to-yeas 109, nays 78, on a division.

SEC. 7. That the amount of United States notes in circulation be limited, except as hereinafter provided, to $400,000,000; and that any holder of said notes presenting any sum not less than fifty dollars, or some multiple thereof, to the Treasury of the United States, or any of the subtreasuries, shall receive in exchange therefor an equal amount of bonds of the United States, coupon or registered, as may by said holder be desired, bearing interest at the rate of 3.65 per cent. per annum, payable semi-annually, which the Secretary of the Treasury is hereby authorized YEAS-Messrs. Albright, Arthur, Ashe, Atkins, to prepare and furnish for that purpose; said Barber, J. B. Beck, Begole, H. P. Bell, Berry, bonds to mature as follows: One half part in Biery, Bland, Blount, Bowen, Bright, Brown, thirty years and one half part in fifty years from Buckner, Burrows, B. F. Butler, Cain, J. H. the date of the issue thereof; and that, hereafter, Caldwell, Cason, Cessna, A. Clark, J. B. Clark, when any person shall demand of the Treasurer | Coburn, Comingo, Conger, Cook, Creamer, Crit

The amendment as thus amended was disagreed to-yeas 120, nays 122:

tenden, Crossland, Crounse, Crutchfield, J. J. Davis, Dobbins, Donnan, Dunnell, Eden, Eldredge, Elliott, Field, Fort, Freeman, Hagans, Harmer, H. R. Harris, J. T. Harris, Harrison, Hatcher, Hathorn, Havens, Hays, G. W. Hazelton, J. W. Hazelton, Hodges, Holman, Houghton, Hunter, Hyde, HYNES, Kelley, Kendall, Killinger, Lamar, Lamison, B. Lewis, Lofland, Loughridge, Lowe, Marshall, A. S. McDill, McJunkin, McLean, McNulta, Mellish, Milliken, L. Myers, Neal, W. E. Niblack, Nunn, Orr, Orth, Packard, Packer, I. C. Parker, Pelham, Pratt, Purman, Rainey, Ransier, Rapier, Richmond, Robbins, Ross, Rusk, Sener, Sessions, Shanks, Sheats, I. R. Sherwood, L. D. Shoemaker, J. A. Smith, Snyder, Southard, Sprague, Stanard, Strawbridge, Tyner, Vance, Waddell, Wallace, Walls, Wells, White, Whitehead, Whiteley, J. M. S. Williams, Williams of Indiana, Woodworth, P. M. B. Young-120.

NAYS-Messrs. Adams, Albert, Averill, Barnum, Barrere, Bass, Bradley, BROMBERG, Buffinton, Bundy, Burchard, Burleigh, R. R. Butler, Cannon, Clayton, Clements, Clymer, Cotton, Cox, Crooke, Curtis, Danford, Darrall, Dawes, De Witt, Durham, Eames, Farwell, C. Foster, Frye, Garfield, Giddings, Gooch, Gunckel, E. Hale, R. S. Hale, Hamilton, Hancock, B. W. Harris, J. B. Hawley, J. R. Hawley, Hendee, Herndon, E. R. Hoar, G. F. Hoar, Hooper, Hoskins, Howe, Hubbell, Hurlbut, Kasson, Kellogg, Knapp, Lamport, Lansing, Lawson, Lowndes, Luttrell, Martin, Maynard, McCrary, J. W. McDill, Mc Dougall, Merriam, Mitchell, Monroe, W. S. Moore, Morey, Nesmith, Niles, O'Brien, O'Neill, Page, H. W. Parker, Parsons, Pendleton, E. Perry, Phelps, Phillips, Pierce, Pike, J. H. Platt, T. C. Platt, Poland, Potter, Randall, Ray, Read, J. B. Rice, E. H. Roberts, J. W. Robinson, Sawyer, I. W. Scudder, Smart, A. H. Smith, H. B. Smith, J. Q. Smith, Speer, Standeford, Starkweather, St. John, Stone, Stowell, Swann, C. Y. Thomas, Tremain, J. D. Ward, M. L. Ward, Wheeler, WHITEHOUSE, Whitthorne, Wilber, C. W. Willard. G. Willard, C. G. Williams, W. B. Williams, Willie, Wilshire, J. Wilson, J. M. Wilson, Wood, Woodford-122.

April 11.-Mr. MAYNARD renewed his demand for the previous question on the bill; which was seconded-yeas 105, nays 69.

The House refused to order the main questionyeas 113, nays 120.

Mr. BECK moved to amend the bill by striking out all after the enacting clause and inserting the following:

That the Secretary of the Treasury be, and he is hereby, authorized to issue, in manner as hereinafter prescribed, on the faith and credit of the Government, $400,000,000 of Treasury notes, payable on demand in United States legal-tender notes, at the Treasury and at such United States depositories as the Secretary of the Treasury may designate. Said notes shall be similar in form and appearance to the said legal-tender notes, and may be of denominations not less than one dollar nor more than $10,000, and shall be receivable in payment of all taxes, claims, and demands due to the United States and of all claims and demands against the United States, to the same extent that national bank notes are receivable and no further.

SEC. 2. That the Treasury notes authorized herein to be issued shall only be issued to the extent that national bank notes shall be returned by national banks for cancellation and destruction, as provided in section 9 of this act, and shall only be used in the purchase of the United States bonds commonly called five-twenties.

SEC. 3. That the Secretary of the Treasury is hereby authorized and directed to issue from time to time, on demand, in exchange at par for legal-tender notes of the United States, the bonds of the United States in denominations of fifty dollars or any multiple thereof; said bonds to be called United States convertible bonds, to bear interest at the rate 3.65 per cent. per annum, and principal and interest payable on demand in legal-tender notes of the United States.

SEC. 4. That the Secretary of the Treasury is hereby authorized and directed to redeem said bonds on demand at the Treasury of the United States, at the offices of the assistant treasurers of the United States, and at such other convenient places within the United States as he may desig nate for that purpose, and under such regulations as the Secretary of the Treasury may prescribe; and whenever said bonds are presented and paid as aforesaid, the same shall be immediately canceled and stamped with the word "paid" on the face thereof, and the same shall be forwarded to the Treasurer of the United States. The Secre tary of the Treasury shall, monthly, cause the bonds so paid to be destroyed in the presence of the Treasurer of the United States and Register of the Treasury, of which destruction a record shall be made showing the date, denomination, number, and date of payment of each bond, in a book to be provided for that purpose, and signed by the officers aforesaid.

SEC. 5. That the $50,000,000 of legal-tender United States notes, authorized by existing laws to be issued in addition to the $400,000,000 contemplated for permanent circulation, shall be prepared and held as a reserve for the redemption and payment of the Treasury notes authorized to be issued by section 1 and of the convertible bonds authorized to be issued by section 3 of this act.

SEC. 6. That the money received in exchange for convertible bonds shall only be used in the purchase of the bonds of the United States called five-twenties, and in keeping a reserve for the payment of the principal and interest of the convertible bonds when demanded, which reserve shall be of such an amount as, in addition to the $50,000,000 mentioned in section 5 of this act, shall be sufficient, in the opinion of the Secretary, to insure their prompt redemption. Whenever any portion of said $50,000,000 shall have been used in the redemption of Treasury notes or convertible bonds, the Secretary of the Treasury is hereby authorized and directed to sell to the highest hidder, for United States legal-tender notes, any of the bonds now authorized by law to be issued for funding the public debt, to an amount sufficient to restore to the Treasury all of said $50,000,000 that shall have been used as aforesaid. Such sale of bonds shall be made upon due notice by advertisement and upon bid dings made by sealed proposals.

SEC. 7. That all further issue of national bank

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