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notes to national banks by the Comptroller of the by striking out of section three the words : Currency, whether for the renewal of defaced “outstanding and in circulation at any one and torn bank notes or for any other purpose, is time," and insert the words “which shall be hereby prohibited.
permanently issued," and after the words “exSec. 8. That in lieu of the tax of 1 per cent. isting law,” to insert the words “and for the per annum now imposed by law on the out-purposes of a reserve," so that the section would standing circulation of national banks, a tax of 3 read: "that the entire amount of United States per cent. per annum, payable semi-annually in notes which shall be permanently issued shall not gold, shall be collected upon the circulation exceed the sum of $400,000,000 now authorized which has been issued to each national bank by existing law; and, for the purposes of a rewhich has not been returned for cancellation. serve, that the Secretary of the Treasury be, and This tax shall be collected by withholding one- he is hereby, authorized to issue the sum of half of said tax semi-annually from the semi- ! $50,000,000 of United States notes," &c. annual interest upon the registered bonds de Mr. HUNTER moved to amend by adding to posited by said banks as security for their circu- the original bill the following new sections: lation; and if the interest of said registered SEC. — That no national bank shall herebonds is payable in currency, there shall be re- after take, receive, reserve, or charge on any tained of said currency the equivalent of said loan or discount made, or upon any note, bill of tax at the market premium on gold, which pre-exchange, or other evidence of debt, a greater mium shall be fixed by the Secretary of the interest than the rate allowed by the laws of Treasury.
the State or Territory where the bank is located, Sec. 9. That each national bank may withdraw which shall in no case exceed 10 per cent. per any part of its United States registered bonds annum; and every contract knowingly made hy deposited as security for the redemption of its any officer or officers of a national bank, where circulation by paying into the proper depart- the amount received by or to be paid to said ment of the Treasury $900 of its circulation for bank, or for its use or benefit, either directly or each $1,000 of bonds so withdrawn, and may indirectly, in the shape of interest, discount, withdraw all of said registered bonds by pay- premium, profit, or remuneration of any kind, ing a sum equal to its whole circulation, in for the use of its money, where such sums so reits own bank notes, and United States legal-ceived or to be paid shall be greater than the tender notes, or wholly in either of them; and amount of interest or discount allowed to be thereupon the United States shall be bound to taken by such bank upon any loan or discount redeem, on demand, the whole of such circula- made by it, such contract shall be deemed usurition of said bank which shall be outstanding ous and shall be absolutely null and void, acd When such circulation is redeemed or paid into all money paid thereon shall be recoverable the Treasury as provided herein, it shall be de- back by the party or parties who paid the same, stroyed in the manner now provided by law. or by his, her, or their heirs or legal representa
Sec. 10. That the United States legal-tender tives, in case of his, her, or their death, by suit notes paid into the Treasury under the provis- at law, in any court having competent jurisdicions of section 9 shall only be used, first, for re- tion, providing the suit shall be brought within deeming the circulation for which it was paid six years from such payment, and the officer or into the Treasury, for doing which promptly a officers of such bank who made, or advised to be sufficient reserve shall be kept in aid of the fund made, such contract shall be guilty of a misdeprovided in section 5; and, secondly, in pur meanor, and upon conviction thereof in any chasing United States five-twenty bonds. court of the United States, within the State or
Sec. 11. That whenever the Secretary of the Territory where said bank shall be situated Treasury may think it expedient, he may use having jurisdiction of such cases, shall be fined any coin in the Treasury not required for the in any sum not less than $100, to which may payment of demands against the United States be added imprisonment in the penitentiary for payable in coin, in redeeming any United States any period of time not exceeding one year, withfive-twenty bonds that have become payable at in the discretion of the court or jury trying the the pleasure of the Government, the market case; and every direct or indirect' means used by value of which coin, as fixed by said Secretary, any bank or its officers to evade the provisions shall be substituted by Treasury notes issued by of this section by using the money of the bank authority of this act, or by legal-tender notes in any other manner than in bona fide loans or received under the authority of this act, which discounts by the bank, as provided in this secshall thereupon become subject to be used in the tion, shall be prima facie evidence of usury, and Treasury for the payment of all claims and de- the officer or officers so committing usury shall mands against the United States.
be guilty of a misdemeanor, and shall be punSEC. 12. That no purchase of United States ished as provided in this section for punishing five-twenty bonds shall be made under the pro- misdemeanors. The words "bona fide loans or visions of section 2 or sections 6 and 10 of this discounts," as used in this section, shall be conact when the price demanded shall be at a strued to mean only such loans or discounts in greater rate of premium upon the bonds than 10 which the bank parts with its entire interest in per cent. above their par value of principal and the money so used by it or its officers in making accrued interest; nor shall any redemption of such loan or discount, without any understandsaid bonds be made in pursuance of section 11 ing, hope, or expectation of receiving any benefit while the premium on gold is above 10 per cent. therefrom, directly or indirectly, except the note, in lawful money.
draft, bill of exchange, or thing of value received Mr. COBURN moved to amend the original bill | in exchange by the bank for such loan or discount. And it is hereby made the special duty | aforesaid, until the whole amount or volume of of the Comptroller of the Currency to see that United States legal tender notes shall be reevery officer of any such banks who shall be duced to the sum of $250,000,000. guilty of a violation of any of the provisions of Mr. Coburn's amendment was disagreed to this section shall be prosecuted and punished as yeas 21, nays pot counted. above provided; and if such Comptroller shall Mr. HUNTER's amendment was disagreed to. fail to have prosecuted all officers of banks Mr. Packer's substitute for Mr. BECK's amendo whose violations of the provisions of this secment was disagreed to-yeas 76, nays 151: : tion shall come to his knowledge within a reason- YEAS—Messrs. Alhert, Albright, Barber, Bass, able time thereafter, he shall himself be subject Biery, Bradley, Buffinton, Burchard, Burleigh, to like punishment with the officer or officers so Burrows, R. R. Butler, Cessna, Clements, S. A offending as an accessory after the fact; and Cobb, Conger, Cook, Cotton, Creamer, Crooke, upon the failure of such Comptroller to promptly Crutchfield, Danford, Darrall, Donnan, Dunnell, put into full force the provisions of this section Farwell, C. Foster, Frye, E. Hale, K. S. Hale, against all bank officers who shall violate the Hamilton, Harmer, B. W. Harris, G. W. Hazelton, same, in addition to the punishment above pro- J.W. Hazelton, Hendee, Hodges, Houghton, Hub vided for him, he shall be dismissed from office bell, Hurlbut, Kasson, Kendall, Killinger, Lamby the President of the United States, but such port, Lansing, Lawson, Lowe, Martin, Maynard, dismissal from office shall in nowise prevent or McCrary, J. W. McDill, McJunkin, L. Myers, extenuate his punishment as above provided. Orr, Packard, Packer, Pratt, Rainey, Ray, Rich
SEC. — That hereafter all United States notes mond, Ross, Sawyer, I. W. Scudder, Sessions, 'commonly called greenbacks, and all national Shanks, L. D. Shoemaker, Sprague, Stowell, bank notes, shall be taxable within the States Strawbridge, Tremain, Waldron, Wallace, J. D. and Territories the same as money is therein, Ward, Wilber, C. G. Williams, J. M. S. Williams, and not otherwise.
| Williams of Indiana76. Mr. PackER moved to amend by substituting Nays— Messrs. Adams, Archer, Ashe, Atkins, for Mr. BECK's amendment the following: Averill, BANNING, Barnum, Barrere, J. B. Beck,
That so much of the twenty-second section of Begole, H. P. Bell, Berry, Bland, Blount, Bowen, the act entitled "An act to provide a national Bright, Brown, Buckner, Bundy, B. F. Butler, currency secured by a pledge of United States J. H. Caldwell, Cannon, Cason, J. B. Clark, bonds, and to provide for the circulation and Clayton, Clymer, Coburn, Comingo, Corwin, Cox, redemption thereof," approved June 3, 1864, and Crittenden, Crossland, J. J. Davis, Dawes, De of the several acts supplementary thereto and Witt, Dobbins, Durham, Eames, Eden, Field, amendatory thereof, and such of the provisions Fort, Freeman, Garfield, Giddings, Gooch, of the act entitled "An act to provide for the Gunckel, Hagan, Hancock, H. R. Harris, J. T. redemption of the three per cent. temporary Harris, Harrison, Hatcher, Hatborn, Havens, J. loan certificates and for an increase of nationål B. Hawley, J. R. Hawley, Herndon, E. R. Hoar, bank notes," approved July 12, 1870, and so G. F. Hoar, Holman, Hooper, Hoskins, Hunter, much of such parts of any other act or acts of Hyde, HYNES, Kellogg, Knapp, Lamar, Leach, Congress as limit, or as may be construed to Loughridge, Lowndes, Marshall, A. S. McDill limit or restrict, the entire amount of notes for MacDougall, McKee, McLean, McNulta, Melcirculation to be issued under said act of June lish, Merriam, Milliken, Mills, Mitchell, Monroe, 3, 1864, and the several supplements thereto be, W. S. Moore, Morey, Neal, W. E. Niblack, and the same are hereby, repealed; and that Niles, Nunn, O'Brien, O'Neill, Orth, Page, H. hereafter all associations organized, or that may W. Parker, I. C. Parker, Parsons, Pelham, Penbe organized, for carrying on the business of bank- dleton, E. Perry, Phelps, Pierce, Pike, T. C. Platt, ing under the provisions of said act shall be free Poland, Potter, Randall, Rapier, Read, J. B. to establish and organize national banks with Rice, Robbins, E. H. Roberts, J. W. Robinson, circulation at any place within the several Rusk, M. Soyler, H. J. Scudder, Sener, Sheats, States and Territories of the United States upon I. R. Sherwood, Smart, A. H. Smith, H. B. the terms and conditions and subject to all the Smith, J. A. Smith, J. Q. Smith, Snyder, Southlimitations and restrictions now provided by ard, Speer, Stanard, Standeford, Starkweather, law, except the limitation upon the entire Stone, Swann, C. Y. Thomas, Tyner, Vance, amount of circulation, which is hereby repealed. Waddell, Walls, M. L. Ward, Wells, Wheeler,
Sec. 2. That after notes for circulation shall White, Whitehead, WAITEHOUSE, Whitthorne, C. have been issued, under the provisions of the W. Willard, G. Willard, Willie, Wilshire, J. preceding section and of the several acts of Con- Wilson, J. M. Wilson, Wood, J. D. Young-151. gress therein referred to, to national banking Mr. Beck's amendment was then disagreed associations to the aggregate amount or sum to-yeas 68, nays 163: of $400,000,000, the Comptroller of the Currency YEAS-Messrs. Adams, Ashe, Atkins, BANshall report to the Secretary of the Treasury, at NING, J. B. Beck, H. P. Bell, Berry, Bland, the end of each month thereafter, the amount of Blount, Bowen, Bright, Brown, Buckner, B. F. notes for circulation issued to national banking Butler, J. H. Caldwell, Cessna, J. B. Clarke, associations, in addition to said sum of $400,- Clymer, Comingo, Cook, Crittenden, Crossland, J. 000,000, during the said month, and thereupon J. Davis, Durham, Eden, Field, Fort, Giddings, the Secretary of the Treasury shall cause to be R. S. Hale, Hancock, H. R. Harris, J. T. Harris, redeemed, retired, and canceled an amount of Hatcher, Havens, Herndon, Holman, Knapp, United States legal tender notes equal to said Lamar, Leach, Marshall, McLean, Mellish; Miladditional amount of notes for circulation so liken, Mills, Neal, W. E. Niblack, O'Brien, Orth, issued to such national banking associations as . I. C. Parker, Pelham, Randall, Robbins, M. Say
ler, Sener, Sheats, Southard, Speer, Stone, Vance, I legal tender notes of the United States shall be Waddell, Wells, White, Whitehead, Whitthorne, reduced to the amount of $300,000,000. Willie, Woodworth, J. D. Young, P. M. B. Young SEC. . That to enable the Secretary of the
Treasury to perform the duty imposed by the Nays-Messrs. Albert, Albright, Archer, Aver- preceding section, so much of the fifth section of ill, Barber, Barnum, Barrere, Begole, Biery, Brad | the act entitled "An act to authorize the issue of ley, Buffinton, Bundy, Burchard, Burleigh, Bur- United States notes, and for the funding and rerows, R. R. Butler, Cain, Cannon, Cason, Clayton, demption thereof, and for funding the floating Clements, S. A. Cobb, Coburn, Conger, Corwin, debt of the United States," approved February Cotton, Cox, Creamer, Crooke, Crounse, Crutch | 25, 1862, as relates to the purchase or payment field, Curtis, Danford, Darrall, Dawes, De Witt, of 1 per cent. of the entire debt of the United Dobbins, Donnan, Dunnell, Eames, Farwell, C. States annually, and the setting the same apart Foster, Freeman, Frye, Garfield, Gooch, Gunckel, as a sinking fund, be so amended that said purHagans, E. Hale, Hamilton, Harmer, B. W. chase of 1 per cent. therein prescribed shall apply Harris, Harrison, Hathorn, J. B. Hawley, J. R. to the extent of the legal tender notes of the Hawley, G. W. Hazelton, J. W. Hazelton, Hen- Unites States directed to be retired, redeemed, dee, E. R. Hoar, G. F. Hoar, Hodges, Hoskins, and canceled under the preceding section of this Houghton, Hubbell, Hunter, Hurlbut, Hyde, act. HYNES, Kasson, Kellogg, Kendall, Killinger, 1 April 14-Mr. E. R. Hoar's amendment was Lamport, Lapsing, Lawson, B. Lewis, Lofland, disagreed to--yeas 70, nays 171: Loughridge, Lowe, Lowndes, J. R. Lynch, Mar: YEAS—Messrs. Albert, Arthur, Barnum, Bass, tin, Maynard, McCrary, A, S. McDill, J. W. BROMBERG, Buffinton, Clayton, Clymer, Cow, McDill, MacDougall, McJunkin, McKee. Mc. Crooke, Curtis, Dawes, De Witt, Eames, Frye, Nulta, Merriam, Monroe, L. Myers, Niles, Nunn, Garfield, Gooch, E. Hale, Hamilton, Hancock, B. O'Neill, Orr, Packard, Packer, Page, H. W. Par. W. Harris, J. R. Hawley, Herndon, E. R. Hoar, ker, Parsons, Pendleton, E. Perry, Phelps, Pierce, G. F. Hoar, Hooper, HYNES, Kellogg, Kendall, Pike, T. C. Platt, Poland, Potter, Prati, Rapier, Lawson, Lowndes, Luttrell, Magee, MacDougall, Ray, Read, J. B. Rice, Richmond, E. H. Roberts, Mitchell, W. S. Moore, Nesmith, Niles, Page, H. J. W. Robinson, Ross, Sawyer, H.J.Scudder, I. W. W. Parker, Pendleton, E. Perry, Phelps, Pierce, Scudder, Sessions, Shanks, Sheldon, I. R. Sher: Pike, J. H. Platt, Poland, Potter, Randall, J. wood, L. D. Shoemaker, Smart, A. H. Smith, H.B. B. Rice, E. H. Roberts, Sawyer, J. G. SchubSmith, J. A. Smith, J. Q. Smith, Snyder, Sprague, maker, Scofield, Small, Smart, J. Q. Smith, Speer, Stanard, Standeford, Starkweather, St. John, Starkweather, Tremain, Waldron, Wheeler, Stowell, Strawbridge, Swann, C. Y. Thomas, W. WHITEHOUSE, C. W. Willard, G. Willard, J. M. S. Townsend, Tremain, Tyner, Waldron, Walls, J. Williams, Willie, E. K. Wilson, Wood, WoodD. Ward, M. L. Ward, Wheeler, WHITEHOUSE, ford—70. Whitely, Wilber, C. W. Willard, G. Willard, c. NaYa_Messrs. Adams, Albright, Atkins, AverG. Williams, J. M. S. Williams, Williams of In- ill, Barber, Barrere, Barry, J. B. Beck, Begole, diana, Wilshire, J. Wilson, J. M. Wilson, Wood. H. P. Bell, Biery, Bland, Blount, Bowen, Bradford-163.
ley, Bright, Brown, Buckner, Bundy, Burchard, Mr. E. R. HOAR moved to amend the original Burleigh, Burrows, B. F. Butler, R. R. Butler, bill by adding to it the following:
Cain, J. H. Caldwell, Cannon, Cason, Cessna, That from and after the fourth day of July, A. Clark, J. B. Clark, Clements, C. L. Cobb, in the year 1876, nothing but gold and silver S. A. Cobb, Coburn, Comingo, Conger, Cook, coin of the United States shall be a legal tender Corwin, Cotton, Creamer, Crittenden, Crounse, for the payment of any debt thereafter contracted. Crutchfield, Danford, Darrall, J. J. Davis, Dob.
That from and after the fourth day of July, bins, Donnan, Duell, Dunnell, Durham, Eden, in the year 1876, every holder of United States Eldredge, Farwell, Field, Fort, C. Foster, Free notes shall have the right to exchange them at man, Gunckel, Hagans, Harmer, H. R. Harris, the Treasury of the United States, in sums of J. T. Harris, Harrison, Hatcher, Hathorn, Ha$100 or any multiple thereof, for bonds of the vens, J. B. Hawley, Hays, G. W. Hazelton, J. United States, coupon or registered, bearing in- W. Hazelton, Hereford, Hodges, Holman, Houghterest at the rate of 41 per cent. a year, payable ton, Hubbell, Hunter, Hunton, Hurlbut, Hyde, semi-annually, which bonds shall be redeemable Jewett, Kasson, Kelley, Killinger, Knapp, after ten years from their date, at the pleasure Lamison, Lamport, Lansing, B. Lewis, Lofland, of the United States, and payable at thirty years Loughridge, Lowe, Marshall, Martin, Maynard, from their date, payable principal and interest | McCrary, A. S. McDill, J. W. McDill, Mo in gold; and the notes so exchanged shall be | Junkin, McKee, McLean, McNulty, Mellish, canceled and destroyed, and not reissued; and Merriam, Milliken, Mills, Monroe, Morey, L. no new notes shall be issued in lieu thereof. Myers, Neal, W. E. Niblack, Nunn, O'Reill,
Mr. Foster moved to amend the bill by adding Orr, Orth, Packard, Packer, I. C. Parker, Pelto it the following:
ham, Phillips, T. C. Platt, Pratt, Rainey, Rapier, SEC. —. That whenever the national bank Ray, Richmond, Robbins, W. R. Roberts, J. W. note circulation shall exceed the aggregate of Robinson, Ross, M. Sayler, I. W. Scudder, $400,000,000, the Secretary of the Treasury is Sener, Sessions, Shanks, Sheats, Sheldon, I. R. hereby authorized and directed, so far as the Sherwood, L. D. Shoemaker, Sloss, A. H. Smith, fund hereinafter provided will permit, to retire, G. L. Smith, H. B. Smith, Snyder, Southard, redeem, and cancel legal tender notes of the Sprague, Stanard, St. John, Stone, Stowell, C. United States to the extent of 25 per cent. of Y. Thomas, Tyner, Vance, Waddell, Wallace, such excess, until the outstanding and unpaid J. D. Ward, M. L. Ward, Wells, White, White
head, Whiteley, Whitthorne, Wilber, C. G. Wil- | Hawley, Hays, G. W. Hazelton, J. W. Hazelton, liams, Williams of Indiana, J. Wilson, J. M. Hodges, Houghton, Howe, Hubbell, Hunter, Wilson, Woodworth, J. D. Young, P. M. B. Hunton, Hurlbut, Hyde, HYNES, Kasson, KilYoung-171.
linger, Lamport, Lansing, B. Lewis, Lofland, Mr. Foster's amendment was disagreed to- Lougbridge, Lowe, Martin, Maynard, McCrary, yeas 104, nays 133.
A. Š. McDill, J. W. McDill, McKee, McNulta, YEAS-Messrs. Albert, Albright, Barber, Bar. Merriam, Monroe, Morey, L. Myers, Nunn, Orr, num, Bradley, BROMBERG, Buffinton, Burchard, Orth, Packard, Packer, I. C. Parker, Pelham, Burleigh, Burrows, Cannon, A. Clark, Clements, Phillips, J. H. Platt, Pratt, Rainey, Rapier, Ray, Cotton, Cox, Creamer, Crooke, Darrall, Dawes, Richmond, Robbins, J. W. Robinson, Ross, Rusk, De Witt, Donnan, Duell, Eames, Farwell, C. Fos- Sawyer, I. W. Scudder, Sener, Sessions, Shanks, ter, Frye, Garfield, Gooch, Gunckel, E. Hale, R. Sheats, Sheldon, I. R. Sherwood, L. D. ShoeS. Halė, Hamilton, Hancock, B. W. Harris, J. B. maker, Sloss, A. H. Smith, G. L. Smith, Snyder, Hawley, J. R. Hawley, J. W. Hazelton, E. R. Sprague, Stanard, St. John, Stowell, Strawbridge, Hoar, G. F. Hoar, Hooper, Hoskins, Howe, Tyner, Vance, Wallace, J. D. Ward, Wells, White, Hubbell, Hurlbut, Kasson, Kellogg, Kendall, Whitehead, Whiteley, C. G. Williams, Williams Lansing, Lawson, B. Lewis, Lowndes, Martin, of Indiana, Wilshire, J. Wilson, J. M. Wilson, McCrary, A. S. McDill, J. W. McDill, McDoug- Woodworth—129. all, Merriam, Mitchell, W. S. Moore, Niles, Orr, Nays—Messrs. Albert, Arthur, Atkins, BANPackard, Packer, Page, H. W. Parker, Parsons, NING, Barnum, Bass, J. B. Beck, Bland, Blount, Pendleton, E. Perry, Phelps, Pierce, Pike, T. C. Bright, BROMBERG, Brown, Buckner, Buffinton, Platt, Poland, Potter, Pratt, Ray, J. B. Rice, E. Burleigh, J. H. Caldwell, A. Clark, Clayton, H. Roberts, Sawyer, Scofield, I. W. Scudder, Clymer, Comingo, Cotton, Cox, Creamer, Crooke, Sessions, L. D. Shoemaker, Small, Smart, A. H. Danford, J. J. Davis, Dawes, De Witt, Durham, Smith, J.Q. Smith, Sprague, Starkweather, Stow - Earnes, Eden, Eldredge, Frye, Garfield, Gooch, ell, Strawbridge, Tremain, Waldron, J. D. Ward, E. Hale, R. S. Hale. Hamilton, Hancock, B. W. M. L. Ward, Wheeler, Wilber, C. W. Willard, G. Harris, Hathorn, J. R. Hawley, Hereford, Hern. Willard, C. G. Williams, J. M. S. Williams, E. don, E. R. Hoar, G. F. Hoar, Holman, Hooper, K. Wilson, J. Wilson, Wood—104.
Hoskins, Kelley, Kellogg, Kendall, Knapp, Nays-Messrs. Adams, Arthur, Atkins, Aver-Lawson, Lowndes, Luttreli, Magee, Marshall, ill, Barrere, Barry, Bass, J. B. Beck, Begole, MacDougall, McLean, Mellish, Milliken, Mills, H. P. Bell, Biery, Bland. Blount, Bowen, Bright, | Mitchell, W. S. Moore, Neal, Nesmith, W. E. Brown, Buckner, Bundy, B. F. Butler, R. R. | Niblack, Niles, O'Neill, Page, H. W. Parker, Butler, Cain, J. Á. Caldwell, Cason, Cessna, J. B. Parsons, Pendleton, E.Perry, Phelps, Pierce, Pike, Clark, Clymer, C. L. Cobb, S. A. Cobb, Coburn, T. C. Platt, Poland, Potter, Randali, Read, J. B. Comingo, Conger, Cook, Corwin, Crittenden, Rice, E. H. Roberts, W. R. Roberts, M. Sayler, Crounse, Crutchfield, Curtis, Danford, J.J. Davis, J. G. Schumaker, Scofield, Small, Smart, H. B. Dobbins, Dannell, Dirham, Eden, Eldredge, Smith, J. Q. Smith, Southard, Speer, Standeford, Field, Fort, Freeman, Giddings, Hagans, Har- Starkweather, Stone, Swann, C. Y. Thomas, Tremer, H. R. Harris, J. T. Harris, Harrison, main, Waldron, M. L. Ward, Wheeler, WHITEHatcher, Hathorn, Havens, Hays, G. W. Hazel HOUSE, Whitthorne, Wilber, C. W. Willard, G. ton, Hereford, Herndon, Hodges, Holman, | Willard, J. M. S. Williams, Willie, E. K. WilHoughton, Hunter, Hunton, Hyde, HYNES, son, Wood, Woodford, J. D. Young, P. M. B. Jewett, Kelley, Killinger, Knapp, Lamar, Lami: Young—116. son, Lamport, Lofland, Loughridge, Lowe, Ma
IN SENATE. gee, Marshall, Maypard, McLean, McNulta, Mellish, Milliken, Mills, Monroe, L. Myers, Neal,! May 6—House bill 1572 was reported by Mr.
W. E. Niblack, Nunn, O'Neill, Orth, I. C. Par- SHERMAN, with an amendment, viz: to strike out ker, Pelbam, Phillips, Rainey, Randall, Rapier, all after the enacting clause and insert the folRichmond, Robbins, W. R. Roberts, J. W. Robin- lowing: son, J. G. Schumaker, Sener, Shanks, Sheats, That the act entitled "An act to provide a naSheldon, I. R. Sherwood, H. B. Smith, Southard, tional currency secured by a pledge of United Speer, Stanard, Standeford, St. John, Stone, States bonds, and to provide for the circulation Swann, C. Y. Thomas, Tyner, Vance, Waddell, and redemption thereof," approved June third, Wells, White, Whitehead, WHITEHOUSE, White- eighteen hundred and sixty-four, shall be hereley. Whitthorne, Williams of Indiana, Willie, after known as "the national bank act of eighWilshire, J. M. Wilson, Woodworth, J. D. Young, teen hundred and sixty-four." P. M. B. Young-133.
SEC. 2. That section thirty-one of “the national The bill of the committee as amended then bank act of eighteen hundred and sixty-four" be passed-yeas 129, nays 116:
so amended that the several associations therein YEAS— Messrs. Adams, Albright, Averill, Bar- provided for shall not hereafter be required to rere, Barry, Begole, H. P. Beil, Biery, Bowen, keep on hand any amount of money whatever by Bradley, Bundy, Burchard, Burrrows, B. F. But- reason of the amount of their respective circulaler, R. R. Butler, Cain, Cannon, Cason, Cessna, tions; but the moneys required by said section J. B. Clark, Clements, C. L. Cobb, S. A. Cobb, to be kept at all times on hand shall be deterCoburn, Conger, Corwin, Crittenden, Crounse, mined by the amount of deposits, in all respects Crutchfield, Curtis, Darrall, Dobbins, Donnan, as provided for in the said section; and each naDuonell, Farwell, Field, Fort, C. Foster, Free- tional banking association, now organized or man, Gunckel, Hagans, Harmer, H. R. Harris, hereafter to be organized, shall keep and main.J. T. Harris, Harrison, Hatcher, Havens, J. B. I tain, as a part of its reserve, one-fourth part of the coin received by it as interest on bonds of forwarded to the Treasurer of the United States the United States deposited as security for circu- for redemption as provided herein. And when lating notes or Government deposits.
such redemptions have been so reimbursed, the Sec. 3. That sections thirty-one and thirty-curculating notes so redeemed shall be forwarded two of the said act be amended by requiring that to the respective associations by whom they each of the said associations shall, within ninety were issued; but if such notes are worn, mutidays after the passage of this act, and thereafter, slated, defaced, or rendered otherwise unfit for keep its lawful money reserves within its own use, they shall be forwarded to the Comptroller vaults at the place where its operations of dis- of the Currency and destroyed and replaced as count and deposit are carried on. And all the now provided by law: Provided, That each of provisions of the said sections requiring or per said associations shall reimburse to the Treasury mitting any of the said associations to keep any the charges for transportation, and the costs for portion of its lawful money reserves elsewhere assorting such notes; and the associations herethan in its own vaults, or requiring or permitting after organized shall also severally reimburse to the redemption of its circulating notes elsewhere the Treasury the cost of engraving such plates than at its own counter, except as provided for as shall be ordered by each association respectin this act, are hereby repealed.
lively; and the amount assessed upon each assoSEC. 4. That section twenty-two of the said ciation shall be in proportion to the circulation act, and the several amendments thereto, so far redeemed, and be charged to the fund on deposit as they restrict the amount of notes for circula- with the Treasurer. tion under said acts, be, and the same are hereby, Sec. 6. That any association rganized under repealed; and the proviso in the first section of this act, or any of the acts of which this is an the act approved July twelfth, eighteen hundred amendment, desiring to withdraw its circulating and seventy, entitled "An act to provide for the notes in whole or in part, may, upon the deposit redeinption of the three per centum temporary of lawful money with the Treasurer of the loan certificates, and for an increase of national United States in sums of not less than nine bank notes," prohibiting to banks hereafter or- thousand dollars, take up the bonds which said ganized a circulation over five hundred thousand association has on deposit with the Treasurer dollars; and the proviso in the third section of for the security of such circulating notes; which said act limiting the circulation of banks author- bonds shall be assigned to the bank in the manized to issue notes redeemable in gold coin to one ner specified in the nineteenth section of the million dollars; and section six of said act, re- national bank act of eighteen hundred and lating to the redistribution of twenty-five mil. sixty-four; and the outstanding notes of said lions of circulating notes, be, and the same are association, to an amount equal to the legal hereby, repealed; that every association here-tender notes deposited, shall be redeemed at the after organized shall be subject to and be governed Treasury of the United States, and destroyed as by the rules, restrictions, and limitations, and now provided by law: Provided, That the possess the rights, privileges, and franchises now amount of the bonds on deposit for circulation or hereafter to be prescribed by law as to national shall not be reduced below thirty thousand banking associations, with the same power to | dollars. amend, alter, and repeal provided by the na- SEC. 7. That the Comptroller of the Currency tional bank act of eighteen hundred and sixty- shall, under such rules and regulations as the four."
Secretary of the Treasury may prescribe, cause SEC. 5. That every association organized, or the charter numbers of the association to be to be organized, under the provisions of the said printed upon all national bank notes which may act, and of the several acts in amendment thereof, be hereafter issued by him. shall at all times keep and have on deposit in SEC. 8. That the entire amount of United the Treasury of the United States, in lawful States notes outstanding and in circulation at money of the United States, a sum equal to five any one time shall not exceed the sum of three per centum of its circulation, to be held and hundred and eighty-two million dollars. And used only for the redemption of such circulation; within thirty days after circulating notes to the and when the circulating notes of any such as- amount of one million dollars shall from time to sociation or associations shall be presented for time be issued to national banking associations redemption, in sums of one thousand dollars or under this act, it shall be the duty of the Secreany multiple thereof, to the Treasurer of the tary of the Treasury to retire an amount of United States, the same shall be redeemed in United States notes equal to fifty per centum of United States notes. All notes so redeemed shall the circulating notes so issued, which shall be be charged by the Comptroller of the Currency in reduction of the maximum amount of three to the respective associations issuing the same, hundred and eighty-two million dollars fixed by and be shall notify them severally on the first this section; and such reduction shall continue day of each month, or oftener at his discretion, until the maximum amount of United States of the amount of such redemptions; whereupon notes outstanding shall be three hundred million each association so notified shall forth with de dollars. And for that purpose he is authorized posit with the Treasurer of the United States a to issue and sell at public sale, after ten days' sum in United States notes equal to the amount notice of the time and place of sale, a sufficient of its circulating notes so redeemed. And all amount of the bonds of the United States of the notes of national banks worn, defaced, mutilated, character and description prescribed in this act or otherwise unfit for circulation, shall, when for United States notes to be then retired and received by any assistant treasurer, or at any canceled. designated depository of the United States, bel Sec. 9. That on and after the first day of Jan.