uary, eighteen hundred and seventy-seven, any holder of United States notes to the amount of one thousand dollars, or any multiple thereof, may present them for payment at the office of the Treasurer of the United States or at the office of the Assistant Treasurer at the city of New York; and thereupon the Secretary of the Treasury shall, in exchange for said notes, deliver to such holder an equal amount of coupon or registered bonds of the United States in such form as he may prescribe, of denominations of fifty dollars, or some multiple of that sum, redeemable in coin of the present standard value, at the pleasure of the United States, after ten years from the date of their issue, and bearing interest, payable quarterly, in such coin, at the rate of five per centum per annum. And the Secretary of the Treasury may reissue the United States notes so received, or if they are canceled, may issue United States notes to the same amount, either to purchase or redeem the public debt at par in coin or to meet the current payments for the public service. And the said bonds, and the interest thereon, shall be exempt from the payment of all taxes or duties of the United States, as well as from taxation in any form by or under State, municipal, or local authority; and the said bonds shall have set forth and expressed upon their face the above specified conditions, and shall, with their coupons, be made payable at the Treasury of the United States: Provided, however, That the Secretary of the Treasury, in lieu of such bonds, may redeem said notes in the gold coin of the United States.

NAYS-Messrs. Alcorn, Allison, Bayard, Bogy, Boreman, Cameron, Carpenter, Clayton, Conover, Cooper, Dennis, Dorsey, Ferry of Michigan, Gil bert, Goldthwaite, Gordon, Harvey, Howe, John ston, Logan McCreery, Merrimon, Mitchell Morton, Oglesby, J. J. Patterson, Pratt, Ramsey, Ransom, Robertson, Saulsbury, Spencer, TIPTON, West, Windom, Wright—36.

Mr. WRIGHT moved to amend the amendment by striking out "5" and inserting "43," so as to read:

"After ten years from the date of their issue, and bearing interest payable quarterly in such coin at the rate of 43 per cent. per annum."

Which was agreed to-yeas 32, nays 15: YEAS-Messrs. Alcorn, Allison, Bogy, Bore man, Carpenter, Clayton, Conover, Davis, Dennis, Dorsey, Ferry of Michigan, Goldthwaite, Gordon, Harvey, Hitchcock, Johnston, Logan, Mo Creery, Merrimon, Mitchell, Morton, Oglesby, J. J. Patterson, Pratt, Ramsey, Robertson, Spencer, TIPTON, Washburn, West, Windom, Wright-32

NAYS-Messrs. Anthony, Conkling, Cooper, Edmunds, FENTON, Flanagan, Hager, Hamilton of Maryland, HAMILTON of Texas,* Hamlin, Howe, SCHURZ, Scott, Sherman, Stewart-15.

Mr. CONKLING moved to amend the amend ment by striking out all after the first word "That," and inserting in lieu thereof the following:

May 14-Mr. WRIGHT moved to amend the amendment by striking out of sec. 8 the figures "50" and inserting 25," so that the clause would read:

'It shall be the duty of the Secretary of the Treasury to retire an amount of United States notes equal to 25 per cent. of the circulating notes so issued," &c.

Which was agreed to-yeas 32, nays 24: YEAS-Messrs. Alcorn, Allison, Bogy, Boreman, Cameron, Carpenter, Clayton, Conover, Dennis, Dorsey, Ferry of Michigan, Gilbert, Goldthwaite, Gordon, Harvey, Hitchcock, Johnston, Logan, McCreery, Merrimon, Mitchell, Morton, Oglesby, J. J. Patterson, Pratt, Ramsey, Robertson, Spencer, TIPTON, West, Windom, Wright-32.

NAYS-Messrs. Anthony, Bayard, Chandler, Conkling, Cooper, Davis, Edmunds, FENTON, Flanagan, Hager, Hamilton of Maryland, HAMILTON of Texas, Hamlin, Howe, Morrill of Maine, Morrill of Vermont, Sargent, Saulsbury, SCHURZ, Scott, Sherman, Stewart, Thurman, Washburn

24.

of section 6 of said act, until after the fifty-four millions granted in section 1 of said act shall have been taken up, is hereby repealed; and it shall be the duty of the Comptroller of the Cur rency, under the direction of the Secretary of the Treasury, to proceed forthwith to carry into ex ecution the provisions of section 6 of said act to the amount of $46 000,000, and, to enable him to do so, he is hereby authorized and required, from time to time, as needed for the execution of the said section, to make requisitions upon each of the national banks described in said seo tion, organized in States having an excess of circulation, to withdraw and return so much of their circulation as by said act may be appor tioned to be withdrawn from them, or, in lieu thereof, to deposit in the Treasury of the United States lawful money sufficient to redeem such circulation; and, upon the return of the circula tion required, or the deposit of lawful money, as herein provided, a proportionate amount of the bonds held to secure the circulation of such as sociation as shall make such return or deposit shall be surrendered to it.

YEAS-Messrs. Anthony, Buckingham, Chandler, Conkling, Davis, Edmunds, FENTON, Flanagan, Hager, Hamilton of Maryland, HAMILTON of Texas, Hamlin, Morrill of Maine, Morrill of Vermont. Sargent, SCHURZ, Scott, Sherman, Stewart, Washburn-20.

lawful money to redeem the circulation required, within thirty days, the Comptroller of the Cur rency shall at once sell, as provided in section 49 of the national currency act, approved June 3, 1864, bonds held to secure the redemption of the circulation of the association or associations which shall so fail to an amount sufficient 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 for the redemption of such circulation; and when the circulating notes of any such associa tions, assorted or unassorted, shall be presented for redemption, in sums of one thousand dollars, or any multiple thereof, to the Treasury of the United States, the same shall be redeemed in United States notes. All notes so redeemed shall be charged by the Treasurer of the United States 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 all notes of national banks worn, defaced, mutilated, or otherwise unfit for circulation, shall, when received by any Assistant Treasurer, or at any designated depository of the United States, be forwarded to the Treasurer of the United States for redemption as provided herein. And when such redemptions have been so reimbursed, the circulating notes so redeemed shall be forwarded to the respective associations by whom they were issued; but if such notes are worn, mutilated, defaced, or rendered otherwise unfit for use, they shall be forwarded to the Comptroller of the Currency, and destroyed and replaced as now provided by law: Provided, That each of said associations shall reimburse to the Treasury the charges for transportation and the costs for assorting such notes; and the associations hereafter_organized shall also severally reimburse to the Treasury the cost of engraving such plates as shall be ordered by each association respectively; and the amount assessed upon each association shall be in proportion to the circulation redeemed, and be charged to the fund on deposit with the Treasurer.

SEC. 5. 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 the deposit of lawful money with the Treasurer of the United States in sums of not less than nine thousand dollars, take up the bonds which said association has on deposit with the Treasurer for the security of such circulating notes: which bonds shall be assigned to the bank in the manner specified in the nineteenth section of "the national bank act;" and the outstanding notes of said association, to an amount equal to the legal-tender notes deposited, shall be redeemed at the Treasury of the United States, and destroyed as now provided by law: Provided, That the amount of the bonds on deposit for circulation shall not be reduced below thirty thousand dollars.

SEC. 6. That the Comptroller of the Currency shall, under such rules and regulations as the Secretary of the Treasury may prescribe, cause the charter numbers of the association to be printed upon all national bank notes which may be hereafter issued by him.

SEC. 7. That the entire amount of United States notes outstanding and in circulation at any one time shall not exceed the sum of three hundred and eighty-two million dollars; and within thirty days after circulating notes to the amount of one million dollars shall, from time to time, be issued to national banking associations under this act, in excess of the highest outstanding volume thereof at any time prior to such issue, it shall be the duty of the Secretary of the Treasury to retire an amount of United States notes equal to forty per centum of the circulating notes so issued, which shall be in reduction of the maximum amount of three hundred and eighty-two million dollars fixed by this section; and such reduction shall continue until the maximum amount of the United States notes outstanding shall be three hundred million dollars; and the United States notes so retired shall be canceled and carried to the account of the sinking-fund provided for by the second clause of section five of the act approved on the twenty-fifth of February, eighteen hundred and sixty-two, entitled "An act to authorize the issue of United States notes, and for the redemption and funding thereof, and for funding the floating debt of the United States," and shall constitute a portion of said sinking-fund.

SEC. 8. That on and after the first day of July, eighteen hundred and seventy-eight, any holder of United States notes to the amount of fifty dollars, or any multiple thereof, may present them for payment at the office of the Treasurer of the United States, or at the office of the Assistant Treasurer at the city of New York; and there upon he shall be entitled to receive, at his option, from the Secretary of the Treasury, in exchange of said notes, an equal amount of either class of the coupon or registered bonds of the United States provided for in the first section of the act approved on the fourteenth day of July, eighteen hundred and seventy, entitled "An act to authorize the refunding of the national debt," and the act amendatory thereof, approved the twentieth day of January, eighteen hundred and seventyone: Provided, however, That the Secretary of the Treasury, in lieu of such bonds, may redeem said notes in the gold coin of the United States. And the Secretary of the Treasury shall reissue the United States notes so received, or, if they are canceled, shall issue United States notes to the same amount, either to purchase or redeem the public debt at par in coin, or to meet the current payments for the public service.

SEC. 9. That nothing in this act shall be construed to authorize any increase of the principal or interest of the public debt of the United States. May 28 The substitute was disagreed to111, nays 118, not voting 60:

YEAS Messrs. Albert, Albright, Averill, Barber, Barry, Biery, Bradley, BROMBERG, Buffinton, Burchard, Burleigh, Cain, Cessna, A. Clark, C. L. Cobb, Conger, Cook, Cotton, Crooke, Crutchfield, Curtis, Danford, Darrall, Dawes, De Witt, Dobbins, Duell, Dunnell, Eames, Farwell, C. Foster, Freeman, Garfield, Gooch, Hagans, E. Hale, Hamilton, Hancock, Harrison, Hathorn, J. B. Hawley, Hays, G. W. Hazelton, J. W. Hazelton, Hendee, E. R. Hear, Hodges, Hos Ikins, Houghton, Hubbell, Lamport, Lansing

NAYS-Messrs. Adams, Archer, Arthur, Ashe, Atkins, BANNING, Barnum, Barrere, Bass, J. B. Beck, H. P. Bell, Berry, Bland, Blount, Bowen, Bright, Brown, Buckner, Bundy, B. F. Butler, J. H. Caldwell, Cannon, Cason, J. B. Clark, S. A. Cobb, Coburn, Comingo, Corwin, Crittenden, Crossland, Crounse, Donnan, Durham, Eden, Eldredge, Field, Fort, Giddings, Glover, Harmer, H. R. Harris, J. T. Harris, Hatcher, Havens, J. R. Hawley, Hereford, Herndon, Holman, Hooper, Hunter, Hunton, Hurlbut, Hyde, Kelley, Kellogg, Kendall, Knapp, Lawrence, Leach, Loughridge, Lowe, Luttrell, Marshall, Martin, McNulta, Milliken, Morrison, L. Myers, Neal, Nesmith, W. E. Niblack,_O'Neill, Orth, Page, I. C. Parker, E. Perry, Phillips, Pike, Potter, Pratt, Randall, Read, Robbins, J. C. Robinson, J. W. Robinson, H. B. Sayler, Sener, Shanks, I. R. Sherwood, Sloss, Small, H. B. Smith, South ard, Speer, Sprague, Stanard, Standeford, Stone, Swann, Sypher, C. Y. Thomas, W. Townsend, Tyner, Vance, Waddell, Wells, White, Whitehead, WHITEHOUSE, Whiteley, Whitthorne, Williams of Indiana, Willie, E. K. Wilson, J. M. Wilson, Wolfe, Woodworth, J. D. Young-148.

NOT VOTING Messrs. Begole, Burrows, R. R. Butler, F. Clarke, Clayton, Clements, Clymer, Cox, Creamer, Crocker, J. J. Davis, Elliott, Frye, Gunckel, R. S. Hale, B. W. Harris, Hersey, G. F. Hoar, Howe, HYNES, Jewett, Kasson, Killinger, Lamar, Lamison, B. Lewis, Lowndes, Magee, A. S. McDill, McJunkin, McLean, Mills, W. S. Moore, Negley, O'Brien, H. W. Parker, Parsons, Pelham, Purman, W. R. Roberts, Ross, M. Sayler, J. G. Schumaker, Sessions, Smart, A. H. Smith, G. L. Smith, J. A. Smith, W. A. Smith, A. H. Stephens, Storm, Stowell, Strawbridge, C. R. Thomas, Todd, Waldron, Wheeler, Wilshire, Wood, P. M. B. Young-60.

The Senate amendment to the House bill was disagreed to-yeas 70, nays 164, not voting

55:

YEAS-Messrs. Barber, Barrere, Barry, Biery, Bradley, Bundy, B. F. Butler, Cain, Cannon, Cason, Cessna, S. A. Cobb, Conger, Crounse, Crutchfield, Darrall, Donnan, Fort, Harmer, Harrison, Havens, J. B. Hawley, Haye, G. W. Hazelton, J. W. Hazelton, Howe, Hunter, Hurlbut, Hyde, HYNES, Kelley, Loughridge, Lowe, J. R. Lynch, Martin, McCrary, A. S. McDill, J. W. McDill, McKee, McNulta, L. Myers, Orr, Orth, Packard, I. C. Parker, Phillips, Pratt, Purman, Ray, H. B. Sayler, I. W. Scudder, Shanks, Sheats, Sheldon, I. R. Sherwood, L. D. Shoemaker, Snyder, Sprague, Stanard, Strait, Sypher, Taylor, Thornburgh, Tyner, Walls, Whiteley,

NAYS-Messrs. Adams, Albert, Albright, Archer, Arthur, Ashe, Atkins, Averill, BANNING, Barnum, Bass, J. B. Beck, H. P. Bell, Berry, Bland, Blount, Bowen, Bright, BROMBERG, Brown, Buckner, Buffinton, Burchard, Burleigh, J. H. Caldwell, A. Clark, J. B. Clark, Clymer, Coburn, Comingo, Cook, Cotton, Crittenden, Crooke, Crossland, Curtis, Danford, Dawes, DeWitt, Duell, Dunnell, Durham, Eames, Eden, Eldredge, Farwell, Field, C. Foster, Freeman, Garfield, Giddings, Glover, Gooch, Hagans, E. Hale, Hamilton, Hancock, H. R. Harris, J. T. Harris, Hatcher, Hathorn, J. R. Hawley, Hendee, Hereford, Herndon, E. R. Hoar, Hodges, Holman, Hooper, Hoskins, Houghton, Hubbell, Hunton, Jewett, Kasson, Kellogg, Kendall, Knapp, Lamison, Lamport, Lansing, Lawrence, Lawson, Leach, Lofland, Luttrell, Marshall, Maynard, McDougall, Merriam, Milliken, Mitchell, Monroe, Morrison, Neal, Nesmith, W. E. Niblack, Niles, Nunn, O'Neill, Packer, Page, Pendleton, E. Perry, Phelps, Pierce, Pike, J. H. Platt, T. C. Platt, Poland, Potter, Rainey, Randall, Ransier, Rapier, Read, J. B. Rice, Richmond, Robbins, E. H. Roberts, J. C. Robinson, J. W. Robinson, Rusk, Sawyer, Scofield, H. J. Scudder, Sener, Sloan, Sloss, Small, H. B. Smith, J. A. Smith, J. Q. Smith, Southard, Speer, Standeford, Starkweather, St. John, Stone, Swann, C. Y. Thomas, W. Townsend, Tremain, Vance, Waddell, Wallace, J. D. Ward, M. L. Ward, Wells, White, Whitehead, WHITEHOUSE, Whitthorne, Wilber, C. W. Willard, G. Willard, C. G. Williams, J. M. S. Williams, W. B. Williams, Willie, E. K. Wilson, Wolfe, Woodford, J. D. Young-164.

NOT VOTING-Messrs. Begole, Burrows, R. R. Butler, F. Clarke, Clayton, Clements, C. L. Cobb, Corwin, Cox, Creamer, Crocker, J. J. Davis, Dobbins, Elliott, Frye, Gunckel, R. S. Hale, B. W. Harris, Hersey, G. F. Hoar, Killinger, Lamar, B. Lewis, Lowndes, Magee, McJunkin, McLean, Mills, W. S. Moore, Morey, Negley, O'Brien, H. W. Parker, Parsons, Pelham, W. R. Roberts, Ross, M. Sayler, J. G. Schumaker, Sessions, Smart, A. H. Smith, G. L. Smith, W. A. Smith, A. H. Stephens, Storm, Stowell, Strawbridge, C. R. Thomas, Todd, Waldron, Wheeler, Wilshire, Wood, P. M. B. Young-55.

The House asked a conference; and Messrs. MAYNARD of Tennessee, FARWELL of Illinois, and CLYMER of Pennsylvania were appointed conferees on the part of the House.

IN SENATE.

May 29-A conference was voted-yeas 31, nays 24; and Messrs. MORTON, SHERMAN, and MERRIMON were appointed conferees on the part of the Senate.

Report of Committee of Conference.

conference, submitted the following report, signed June 9-Mr. MORTON, from the committee of by all the conferees except Mr. CLYMER, recommending the following bill:

FIRST CONFERENCE REPORT. SEC. 1. Be it enacted, &c., That the act entitled