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LVII.

BANKING AND CURRENCY.

AN ACT to provide for the redemption of the three per centum temporary loan certificates, and for an increase of national bank notes.

Be it enacted, &c., That $54,000,000, in notes for circulation may be issued to national banking associations in addition to the $300,000,000 authorized by the 22d section of the "Act to provide a national currency secured by a pledge of United States bonds, and to provide for the circulation and redemption thereof," approved June 3, 1864; and the amount of notes so provided shall be furnished to banking associations organized or to be organized in those States and Territories having less than their proportion under the apportionment contemplated by the provisions of the "Act to amend an act to provide a national currency secured by a pledge of United States bonds, and to provide for the circulation and redemption thereof," approved March 3, 1865, and the bonds deposited with the Treasurer of the United States to secure the additional circulating notes herein authorized shall be of any description of bonds of the United States bearing interest in coin; but a new apportionment of the increased circulation herein provided for shall be made as soon as practicable, based upon the census of 1870: Provided, That if applications for the circulation herein authorized | shall not be made within one year after the passage of this act, by banking associations organized or to be organized in States having less than their proportion, it shall be lawful for the Comptroller of the Currency to issue such circulation to banking associations applying for the same in other States or Territories having less than their proportion, giving the preference to such as have the greatest deficiency: And Provided further, That no banking association hereafter organized shall have a circulation in excess of $500,000.

SEC. 2. That at the end of each month after the passage of this act it shall be the duty of the Comptroller of the Currency to report to the Secretary of the Treasury the amount of circulating notes issued, under the provisions of the preceding section, to national banking associations during the previous month; whereupon the Secretary of the Treasury shall redeem and cancel an amount of the three per centum temporary loan certificates issued under the acts of March 2, 1867, and July 25, 1868, not less than the amount of circulating notes so reported, and may, if necessary, in order to procure the presentation of such temporary loan certificates for redemption, give notice to the holders thereof, by publication or otherwise, that certain of said certificates (which shall be designated by number, date, and amount) shall cease to bear interest from and after a day to be designated in such notice, and that the certificates so designated

shall no longer be available as any portion of the lawful money reserve in possession of any national banking association, and after the day designated in such notice no interest shall be paid on such certificates, and they shall not thereafter be counted as a part of the reserve of any banking association,

SEC. 3. That upon the deposit of any United States bonds, bearing interest payable in gold, with the Treasurer of the United States, in the manner prescribed in the 19th and 20th sections of the national currency act, it shall be lawful for the Comptroller of the Currency to issue to the association making the same circulating notes of different denominations not less than $5, not exceeding in amount eighty per cent. of the par value of the bonds deposited, which notes shall bear upon their face the promise of the association to which they are issued to pay them upon presentation at the office of the association, in gold coin of the United States, and shall be redeemable upon such presentation in such coin: Provided, That no banking association organized under this section shall have a circulation in excess of $1,000,000.

SEC. 4. That every national banking association formed under the provisions of the preceding section of this act shall at all times keep on hand not less than twenty-five per cent. of its outstanding circulation in gold or silver coin of the United States, and shall receive at par in the payment of debts the gold notes of every other such banking association which at the time of such payments shall be redeeming its circulating notes in gold or silver coin of the United States.

SEC. 5. That every association organized for the purpose of issuing gold notes as provided in this act shall be subject to all the requirements and provisions of the national currency act, except the first clause of section 22, which limits the circulation of national banking associations to $300,000,000; the first clause of section 32, which, taken in connection with the preceding section, would require national banking associations organized in the city of San Francisco to redeem their circulating notes at par in the city of New York; and the last clause of section 32, which requires every national banking association to receive in payment of debts the notes of every other national banking association at par: Provided, That in applying the provisions and requirements of said act to the banking associations herein provided for the terms "lawful money" and "lawful money of the United States," shall be held and construed to mean gold or silver coin of the United States.

SEC. 6. That to secure a more equitable distribution of the national banking currency, there may be issued circulating notes to banking associations organized in States and Territories hav

586

of the Secretary of the Treasury, may require:
Provided, That the amount of the issue of said
banks shall not be deducted from the amount of
new issue provided for in this act.
Approved July 13, 1870.

Final Vote.

IN SENATE, July 6, 1870.

The bill, as printed above, being the report of the committee of conference last appointed, was agreed to without a division.

IN HOUSE, July 7, 1870.

YEAS-Messrs. Allison, Ambler, Armstrong, Asper, Atwood, Ayer, Bailey, Banks, Benjamin, Bennett, Benton, Blair, Boles, Booker, Boyd, 'Buck, Buckley, Churchill, William T Clark, Sidney Clarke, Amasa Cobb, Burchard, Burdett, Roderick R. Butler, Cake, Cessna, Coburn, Conger, Cook, Covode, Cowles, Darrall, Dickey, Donley, Duval, Dyer, Ferriss, Ferry, Finkelnburg, Thomas L. Jones. Judd, Kelley, Knapp, Lash, Logan, Fisher, Garfield, Gilfillan, Harris, Hawley, Hays, Hill, Loughridge, McCarthy McCrary, McGrew, McKenzie, Mercur, Eliakim H. Moore, Jesse H. Moore, William O'Neill, Packard, Packer, Palmer, Peck, Poland, Porter, Moore, Morphis, Daniel J. Morrell, Myers, Negley, Prosser, Roots, Sawyer, Scofield, Lionel A. Sheldon, Worthington C. Smith, William Smyth, Stevens, Stokes, Porter Sheldon, John A. Smith, William J. Smith, Stoughton, Strickland, Taffe, Tanner, Taylor, Tillman, Trimble, Upson, Van Horn, Cadwalader C. Washburn, William B. Washburn, Wheeler, Whitmore, Wilkinson, Willard, John T. Wilson-100.

ing less than their proportion, as herein set forth; and the amount of circulation in this section authorized shall, under the direction of the Secretary of the Treasury, as it may be required for this purpose, be withdrawn, as herein provided, from banking associations organized in States having a circulation exceeding that provided for by the act entitled "An act to amend an act entitled 'An act to provide for a national banking currency secured by pledge of United States bonds, and to provide for the circulation and redemption thereof,'" approved March 3, 1865, but the amount so withdrawn shall not exceed $25,000,000. The Comptroller of the Currency shall, under the direction of the Secretary of the Treasury, make a statement showing the amount of circulation in each State and Territory, and the amount to be retired by each banking association in accordance with this section, and shall, when such redistribution of circulation is required, make a requisition for such amount upon such banks, commencing with the banks having a circulation exceeding $1,000,000 in States having an excess of circulation, and withdrawing their circulation in excess of $1,000,000, and then proceeding pro rata with other banks having a circulation exceeding $300,000 in States having the largest excess of circulation, and reducing the circulation of such banks in States having the greatest proportion in excess, leaving undisturbed the banks in States having a smaller proportion, until those in greater excess have been reduced to the same grade, and continuing thus to make the reduction provided for by this act until the full amount of $25,000,000 herein provided for shall be withdrawn; and the circulation so withdrawn shall be distributed among the States and Territories having less than their proportion, so as to equalize the same; and it shall be the duty of the Comptroller of the Currency, under the direction of the Secretary of the Treasury, forthwith to make a requisition for the amount thereof upon the banks above indicated as herein prescribed; and upon failure of such associations, or any of them, to return the amount so required within one year, it shall be the duty of the Comptroller of the Currency to sell at public auction, having given twenty days' notice thereof in one daily newspaper printed in Washington and one in New York city, an amount of bonds deposited Be it enacted, &c., That $45,000,000 in notes by said association, as security for said circula- for circulation may be issued to national banktion, equal to the circulation to be withdrawn ing associations, in addition to the $300,000,000 from said association and not returned in com- authorized by the 22d section of the "Act to pliance with such requisition; and the Comp- provide a national currency secured by a pledge troller of the Currency shall with the proceeds of United States bonds, and to provide for the redeem so many of the notes of said banking circulation and redemption thereof," approved association as they come into the treasury as will June 4, 1864; and the amount of notes so proequal the amount required and not so returned, vided shall be furnished to banking associations and shall pay the balance, if any, to such bank-organized or to be organized in those States and ing association: Provided, That no circulation shall be withdrawn under the provisions of this section until after the $54,000,000 granted in the first section shall have been taken up.

SEC 7. That after the expiration of six months from the passage of this act any banking association located in any State having more than its proportion of circulation may be removed to any State having less than its proportion of circulation, under such rules and regulations as the Comptroller of the Currency, with the approval

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NAYS-Messrs. Adams, Archer, Arnell, Axtell, Barnum, Beatty, Biggs, Bingham, Bird, George M. Brooks, Jumes Cleveland, Cimner, Cox, Crebs, Davis. Dickinson, Dixon, Brooks, Buffinton, Burr. Benjamin F. Butler, a'kin, Dox, Ela, Getz, Haldeman, Hamill, Hawkins, Hay, Hoar, Hooper, Ingersoll, Jenckes, Johnson, Julian. Kellogg, Kerr, Lawrence, Lewis, Marshall, Mayhum. McCormick, McNeely, Morgan, Mungen, Niluck, Orth, Paine, Potter, Randall, Reeves, Rice, Sanford, Sargent. Schumaker, Shanks. Slocum, Joseph S. Smith, Starkweather, Stevenson, Stiles, Stone, Strong, Swann, Sweeney, Townsend, Voorhees, Ward, Welker, Williams, Winchester, Woodward Twichell, Tyner, Van Auken, Van Trump, Van Wyck, -77.

Previous Votes.

IN SENATE.

1870, January 11—Mr. Sherman, from the Committee on Finance, reported the following bill:

To provide a national currency of coin notes, and to equalize the distribution of circulating

notes.

Territories having less than their proportion under the apportionment contemplated by the provisions of the "Act to amend an act to provide a national currency secured by a pledge of United States bonds, and to provide for the circulation and redemption thereof," approved March 3, 1865; but a new apportionment shall be made as soon as practicable, based upon the census of 1870.

SEC. 2. That at the end of each month after the passage of this act it shall be the duty of

the Comptroller of the Currency to report to the Secretary of the Treasury the amount of circulating notes issued to national banking associations during the previous month; whereupon the Secretary of the Treasury shall redeem and retire an amount of the three per centum temporory loan certificates issued under the acts of March 2, 1867, and July 25, 1868, not less than the amount of circulating notes so reported; and may, if necessary, in order to procure the presentation of such temporary loan certificates for redemption, give notice to the holders thereof, by publication or otherwise, that certain of said certificates, (which shall be designated by number, date, and amount,) shall cease to bear interest from and after the date of such notice, and that the certificates so designated shall no longer be available as any portion of the lawful money reserve in the possession of any national bank, and after such notice no interest shall be paid on such certificates, and they shall not be counted as a part of the reserve of any banking association. SEC. 3. That upon the deposit of any United States bonds, bearing interest payable in gold, with the Treasurer of the United States, in the manner prescribed in the nineteenth and twentieth sections of the national currency act, it shall be lawful for the Comptroller of the Currency to issue to the association making the same circulating notes of different denominations, not less than five dollars, equal in amount to ninety per centum of the gold value of the bonds deposited, but not exceeding eighty per centum of their par value; which notes shall bear upon their face the promise of the association to which they are issued to pay them upon presentation at the office of the association in gold or silver coin of the United States, and shall be redeemable upon such

sentation in such coin.

January 31-The Senate being in Committee of the Whole, Mr. Sherman, from the Committee on Finance, moved to strike out, in section three, the words "equal in amount to ninety per cent. of the gold value of the bonds deposited, but not exceeding eighty per cent. of their par value,' and in lieu thereof to insert "not exceeding in amount eighty per cent. of the par value of the bonds deposited;" which was agreed to.

Mr. Sherman also moved to insert, as section three, the following:

SEC. 3. That any banking association located in any State having more than its proportion of circulation may be removed to any State having less than its proportion of circulation, under such rules and regulations as the Comptroller of the Currency, with the approval of the Secretary of the Treasury, may require.

Mr. Abbott moved to amend this amendment by adding the following:

Provided, That the amount to be issued by said banks shall not be deducted from the amount of new issue provided for in this act. Which was agreed to.

Mr. Warner moved to insert at the beginning of the section the words, "after the expiration of six months from the passage of this act;" which was agreed to.

The amendment as amended was then agreed to-yeas 43, nays 12, as follow:

YEAS-Messrs. Abbott, Bayard, Brownlow, Cameron, Carpenter, Cusserly, Chandler, Corbett, Davis, Drake, Gilbert, Harlan, Harris, Howe, Howell, Johnston, Kellogg, Lewis, McCreery, Morton, Osborn, Pomeroy, Pool, Pra, Ramsey, Rice, Robertson, Ross, Sau'sbury, Sawyer, Schurz, Scott, Sherman, Spencer, Stewart, Stockton, Thayer, Tipton, Trumbull, Vickers, Warner, Willey,

Williams-43.

NAYS-Messrs. Anthony, Buckingham, Conkling, Ed

pre-munds, Fenton, Ferry, McDonald, Morrill of Vermont, Norton, Nye, Sumner, Wilson-12.

February 1-Mr. Morton moved to amend the first section by striking out, in the first line, the words "forty-five," and inserting the words

SEC. 4. That every national banking association formed under the provisions of section three of this act shall at all times keep on hand not less than twenty-five per centum of its outstand-"fifty-two." ing circulation in gold or silver coin of the United States, and shall receive at par in the payment of debts the gold notes of every other banking association which at the time of such payment shall be redeeming its circulating notes in gold or silver

coin of the United States.

SEC. 5. That every association organized for the purpose of issuing gold notes, as provided in the preceding section, shall be subject to all the requirements and provisions of the national currency act, except the first clause of section 22, which limits the circulation of national banking associations to $300,000,000; the first clause of section 32, which, taken in connection with the preceding section, would require national banking associations organized in the city of San Francisco to redeem their circulating notes at par in the city of New York; and the last clause of section 32, which requires every national banking association to receive in payment of debts the notes of every other national banking association at par: Provided, That in applying the provisions and requirements of said act to the banking associations herein provided for, the terms “ ful money" and lawful money of the United States" shall be held and construed to mean gold or silver coin of the United States.

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Which was agreed to-yeas 39, nays 21, as follow:

YEAS-Messrs. Abbott. Bayard. Boreman, Brownlow, Cameron, Carpenter, Davis, Drake, Fowler, Gilbert, Hamilton of Maryland, Harlan, Harris, Howard, Howe,

Howell, Johnston, Kellogg, McCreery, Mc Donald, Morrill of Maine, Morton, Norton, Osborn, Pomeroy. Pool, Pratt, Ramsey, Rice, Robertson, Ross, Schurz, Scott, Spencer, Thayer, Thurman, Tipton, Vickers, Warner

39.

NAYS-Messrs. Anthony. Buckingham. Casserly.Chandler, Conkling, Corbett, Cragin, Edmunds, Fenton, Hamlin, Morrill of Vermont. Patterson, S ulsbury, Sherman, Stewart, Stockton, Sumner, Trumbull, Willey, Williams, Wilson-21.

Mr. Conkling moved to amend by inserting after the word "apportionment," where it last occurs in the first section, the words "of the fifty-two million dollars of circulating notes hereby authorized."

Which was disagreed to-yeas 23, nays 38, as follow:

YEAS-Messrs. Anthony, Boreman, Buckingham, Cameron, Chandler, Cole, Conkling, Corbett, Cragin, Edmunds. Fenton, Ferry, Hamlin, Morrill of Maine, Morrill of Vermont, Osborn, Patterson, Pomeroy, Rice, Scott, Stewart, Sumner, Wilson-23.

NAYS-Messrs. Abbott, Bayard, Brownlow, Carpenter,

Casserly, Davis, Drake, Fowler, Hamilton of Maryland, Creery, McDonald, Morton. Norton, Pool, Pratt, Ramsey, Harlan, Harris, Howe, Howell, Johnston. Kellogg, McRobertson, Ross, Suulsbury, Sawyer, Schurz, Sherman,

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Spencer. Stockton, Thayer. Thurman, Tipton, Trumbull, | rata with banks having a circulation exceeding Vickers, Warner, Willey, Williams 38.

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Mr. Conkling further moved to strike out the last part of the first section, as follows: but a new apportionment shall be made as soon as practicable, based upon the census of 1870." Which was disagreed to-yeas 16, nays 44, as

follow:

YEAS-Messrs. Anthony, Boreman, Buckingham, Cole, Conkling Cragin, Edmunds, Fenton, Ferry, Hamlin, Howe, Morrill of Vermont, Patterson, Scott, Sumner, Wilson-16.

$100,000 in States having the largest excess of circulation, and reducing the circulation of banks in States having the greatest proportion in excess, leaving undisturbed the banks in States having a smaller proportion, until those in greater excess have been reduced to the same grade, and continuing thus to make the reduction provided for by this act until the full amount of $13,000,000 herein provided for shall be withdrawn; and the circulation so withdrawn shall NAYS-Messrs. Abbott, Bayard, Brownlow, Cameron, be distributed among the States and Territories Carpenter, Casserly, Corbett, Davis, Drake, Fowler, Ham- having less than their proportion, and so as to ilton of Maryland, Harlan, Harris, Howard, Howell, Johnston, McCreery, McDonald, Morrill of Maine, Mor- equalize the distribution of such circulation ton, Norton, Osborn, Pomeroy, Pool, Pratt, Ramsey, among such States and Territories upon the basis Rice, Robertson, Ross, Saulsbury, Sawyer, Schurz, Sher- provided by law. And upon failure of such man, Spencer, Stewart, Stockton, Thayer, Thurman, Tip-bank to return the amount so required within ton, Trumbull, Vickers, Warner, Willey, Williams-44. Mr. Sumner offered an amendment, which was disagreed to without a division. Mr. Saulsbury moved to add to the end of the bill the following:

SEC.

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ninety days after said requisition, it shall be the duty of the Comptroller of the Currency to sell at public auction, having given twenty days' notice in a newspaper published in Washington ap-city and New York city, an amount of bonds deposited by said bank as security for its circulation equal to the circulation to be withdrawn from such bank, and with the proceeds to redeem so many of the notes of such bank, as they come into the treasury, as will equal the amount required from it, and shall pay the balance to such bank: Provided, That no circulation shall after the $52,000,000 granted in the first section be withdrawn from States having an excess until

That the sixth section of the act proved March 3, 1865, entitled "Act to amend an act entitled 'An act to provide internal revenue to support the Government, to pay the interest on the public debt, and for other purposes,' approved June 30, 1864," be, and the same is hereby, repealed.

(The section referred to imposed a tax of ten per cent. on State bank circulation;) which was disagreed to-yeas 18, nays 42, as follow:

YEAS-Messrs. Bayard, Cameron, Casserly, Cragin, Davis, Ferry, Hamilton of Maryland, Johnston, McCreery, Norton, Pool, Robertson, Saulsbury, Spencer, Stockton, Thurman, Vickers, Wilson-18.

NAYS-Messrs. Abbott, Anthony, Boreman, Brownlow, Carpenter, Chandler, Cole, Conkling, Corbett, Drake, Edmunds, Fenton, Hamlin, Harlan, Harris,

Howard, Howe, Howell, Kellogg, McDonald, Morrill

of Maine, Morrill of Vermont, Morton, Osborn, Patterson, Pomeroy, Pratt, Ramsey, Rice, Ross, Sawyer, Schurz, Scott, Sherman, Stewart, Sumner, Thayer, Tipton, Trumbull, Warner, Willey, Williams-42.

Mr. Morton moved to add the following to the bill:

SEC. That to secure a better distribution of the national banking currency, there may be issued circulation notes to banking associations organized in States and Territories having a less banking circulation than their pro rata share, as herein set forth. And the circulation in this sec

have been taken up.

Mr. Davis moved to strike out the word "thirteen," wherever it occurs in the amendment, and insert the words "twenty-five;" which was disagreed to.

The amendment of Mr. Morton was then agreed to-yeas 34, nays 27, as follow:

YEAS-Messrs. Abbott, Bayard, Brownlow, Carpenter, Casserly, Cole, Davis, Fowler, Hamilton of Maryland, Harlan, Harris, Howe, Howell, Johnston, Kellogg, McRamsey, Rice, Robertson, Saulsbury, Sawyer, Spencer, Creery, McDonald, Morton, Norton, Osborn, Pool, Pratt, Stockton, Thayer, Thurman, Tipton, Vickers, Wilson-34. NAYS-Messrs. Anthony, Boreman, Buckingham, Cameron, Chandler, Conkling. Corbett, Cragin, Drake, Edmunds, Fenton, Ferry, Gilbert, Ilamlin, Howard, Morrill of Maine, Morrill of Vermont, Patterson, Pomeroy, Scott, Sherman, Stewart, Sumner, Trumbull, Warner, Willey, Williams-27.

Mr. Kellogg moved to amend by striking out the 4th, 5th, and 6th sections, which was disagreed to-yeas 24, nays 33, as follow:

NAYS-Messrs. Abbott, Anthony, Brownlow, Cameron,

Chandler, Cole, Corbett, Cragin, Davis, Drake, Edmunds, Fenton, Ferry, Harlan, Howard, McCreery, Morrill of Maine, Morrill of Vermont, Osborn, Patterson, Stewart, Tipton, Trumbull, Warner, Willey, Williams, Pomeroy, Pool, Pratt, Robertson, Sawyer, Sherman, Wilson-33.

tion authorized shall within one year, if required, be withdrawn, as herein provided, from banks organized in States having a circulation exceedYEAS-Messrs. Bauard, Boreman, Buckingham, Carpenter, Casserly, Conkling, Fowler, Hamilton of Marying that provided for by the act entitled "Anland, Harris, Howe. Howell, Kellogg, McDonald, Moract to amend an act entitled 'An act to provide ton, Norton, Rice, Saulsbury, Scott, Spencer, Stockton, for a national banking currency secured by Sumner, Thayer, Thurman, Vickers-24. pledge of United States bonds, and to provide for the circulation and redemption thereof,' approved March 3, 1865;" but the amount to be so withdrawn shall not exceed $13,000,000. The Comptroller of the Currency shall, under the direction of the Secretary of the Treasury, make a statement showing the amount of circulation in each State and the amount to be retired by each bank in accordance with this section, and shall, when circulation is required, make a requisition for such amount upon such banks, commencing with the banks having a circulation exceeding $1,000,000 in States having an excess of circulation, and withdrawing one-third of their circulation in excess of $1,000,000, and then proceeding pro

Mr. Chandler moved to strike out the 1st section; which was disagreed to.

Mr. Vickers moved to insert at the end of section 4 the following:

Provided, That the aggregate amount of banking capital to be furnished under this section shall not exceed $50,000,000.

Which was disagreed to.

Mr. Sherman moved to insert in the 1st section, after the word "apportionment,” where it

last occurs, the words "of the circulation herein | culation and redemption thereof, approved June provided for." 3, 1864, shall in any case charge or receive upon any loan or discount a higher rate of interest than seven per cent. per annum.

Which was agreed to.

Mr. Casserly moved to strike out in section 5 the words "at all times keep on hand not less than twenty-five per centum of its outstanding circulation in gold or silver coin of the United States," and insert in lieu thereof:

Before the issue to it of any circulating notes, have a paid-up cash capital of not less than $400,000, which shall not thereafter be diminished. It shall at all times have on hand, in gold and silver coin of the United States, not less than thirty-three and one-third per cent. of its outstanding circulation, and two-thirds in specie funds, in bills, notes, and other securities. If at any time the gold and silver coin shall fall below the proportion above specified, such banking association shall not make any loan, discount, or issue of circulating notes until such proportion shall be restored; and a violation of this provision shall be an act of insolvency, and dievery rector participating in such violation shall become individually liable for all debts and obligations of such banking association.

Which was disagreed to-yeas 11, nays 47, as follow:

YEAS-Messrs. Bayard, Casserly, Davis, Fowler, Hamilton of Maryland, McCreery, Saulsbury, Spencer, Stock

ton, Thurman, Vickers-11.

NAYS-Messrs. Abbott, Anthony, Boreman, Brownlow, Buckingham, Cameron, Carpenter, Chandler, Cole, Conkling, Corbett, Cragin, Drake, Edmunds, Fenton, Ferry, Hamlin, Harlan, Harris. Howard, Howe, McDonald, Morrill of Maine, Morrill of Vermont, Morton, Osborn, Patterson, Pomeroy, Pool, Pratt, Ramsey, Rice, Robertson, Ross, Sawyer, Schurz, Scott, Sherman, Stewart, Sumner, Thayer, Tipton, Trumbull, Warner, Willey, Williams, Wilson-47.

Mr. Casserly further moved to amend the bill by inserting at the end thereof the following as an additional section:

SEC.. That bonds of the United States de

posited by any bank or banking association under the provisions of this act shall cease to bear interest while they are so deposited, and the franchise of banking hereby granted shall be deemed to be payment and discharge of all interest accrued during the period of such deposit.

Which was disagreed to-yeas 9, nays 46, as follow:

YEAS-Messrs. Bayard, Casserly, Davis, Fowler, Hamil ton of Maryland, McCreery, Norton, Thurman, Vickers-9. NAYS-Messrs. Abbott, Anthony, Boreman, Brownlow, Buckingham, Cameron, Carpenter, Chandler, Conkling, Corbett, Cragin, Drake. Edmunds, Fenton, Ferry, Hamlin, Harlan, Harris, Howard, Howell, Johnston, McDonald, Morrill of Vermont, Morton, Osborn, Patterson, Pomeroy, Pool, Ramsey, Rice, Robertson, Ross, Saulsbury, Sawyer, Schurz, Scott, Sherman, Stewart, Summer, Thayer, Tipton, Trumbull, Warner, Willey, Williams, Wilson-46.

Mr. Ross moved to amend section 1 by adding thereto the following:

Provided, That nothing in this section shall be construed to prevent the immediate distribution of $25,000,000 of the above sum under the provisions of this act.

Which was disagreed to.

Mr. Wilson moved to add to the bill the following:

SEC. That no banking association organized, or to be organized, under the act to provide a national currency secured by a pledge of United States bonds, and to provide for the cir

Which, being modified, on motion of Mr. Thurman, by adding the following:

And any contract upon which more than seven per cent. shall be reserved or received shall be void,

Was disagreed to—yeas 13, nays 48, as follow: YEAS-Messrs. Bayard, Cameron, Carpenter, Conkling, Cragin, Edmunds, Patterson, Pratt, Rice, Ross, Spencer, Thurman. Wilson-13.

NAYS-Messrs. Abbott, Anthony, Boreman, Brownlow, Buckingham, Chandler, Cole, Corbett, Davts, Drake, Fenton, Ferry, Fowler, Gilbert, Hamilton of Maryland. Hamlin, Harlan, Harris, Howard, Howe, Howell, Johnston, Kellogg, McCreery, McDonald, Morrill of Maine, Morrill of Vermont, Norton. Osborn, Pomeroy, Pool, Ramsey, Robertson, Saulsbury, Sawyer, Thayer, Tipton, Trumbull, Vickers, Warner, Willey, Schurz, Scott, Sherman, Stewart, Stockton, Sumner, williams-48.

February 2.-The bill having been reported to the Senate with the amendments, the first question being on concurring in the first amendment offered by Mr. Morton and adopted, it was disagreed to.

The second amendment, being that offered by Mr. Sherman as section 3, was agreed to-yeas 43, nays 20, as follow:

YEAS-Messrs. Abbott, Bayard, Boreman, Brownlow, Carpenter, Casse ly, Chandler, Corbett, Drake, Gilbert, Harlan, Harris, Howard, Howe, Howell, Johnston, Kellogg, Lewis, Morrill of Maine, Morton, Osborn, Pomeroy, Pool, Pratt, Ramsey, Ricé, Robertson, Ross, Sawyer, Schurz, Scott, Sherman, Spencer. Stewart, Stockton, Thayer, Thurman, Tipton, Trumbull, Vickers, Warner, Willey, Williams-43

NAYS-Messrs. Anthony, Buckingham, Cameron, Conkling, Cragin, Davis, Edmunds, Fenton, Ferry, Hamilton of Maryland, Hamlin, McCreery, McDonald, Morrill of Vermont, Norton, Nye, Patterson, Suulsbury, Sumner, Wilson-20.

The first amendment offered by Mr. Sherman was then agreed to-yeas 44, nays 12, as follow: low, Buckingham, Cameron, Chandler, Cole, Conkling, YEAS-Messrs. Abbott, Anthony, Boreman, BrownCorbett, Edmunds, Fenton, Ferry, Gilbert, Hamlin farlan, Harris, Howard, Howell, Kellogg, Morrill of Maine, Morrill of Vermont, Nye, Osborn, Patterson, Pomeroy, Pratt, Rainsey, Rice, Robertson, Sawyer, Schurz, Scott, Sherman, Spencer, Stewart, Sumner, Thayer, Tipton, Trumbull, Warner, Willey, Williams,

Wilson-44

NAYS-Messrs. Bayard, Carpenter, Casserly, Davis, H milton of Maryland, Howe, McDonald, Norton, Saulsbury, Stockton, Thurmun, Vickers—12.

Mr. Morton moved to amend the amendment offered by him and adopted, by striking out the word "thirteen" wherever it occurs therein and inserting the word "twenty," and by striking out the word "fifty-two" and inserting the word 'forty-five;" which was agreed to-yeas 43, nays 15, as follow:

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YEAS-Messrs. Abbott, Bayard. Boreman, Brownlow, Carpenter, Casserly, Cole, Corbett, Davis, Drake, Fowler, Gilbert, Hamilton of Maryland, Harlan. Harris, Howe, Howell, Johnston, Kellogg, McCreery, Mc Donald, Morton, Norton, Osborn, Pratt, Rice, Robertson, Ross, Saulsbury, Sawyer, Schurz, Scott, Sherman, Spencer, Stewart, Stockton, Thayer, Thurman, Tipton, Trumbull, Vickers, Warner, Wilson-43.

Chandler, Conkling, Cragin, Edmunds, Fenton, Ferry, NAYS-Messrs. Anthony, Buckingham, Cameron, Howard, Morrill of Maine, Morrill of Vermont, Patterson, Sumner, Willey-15.

The amendment of Mr. Morton as thus amended was then agreed to-yeas 39, nays 15, as follow: YEAS-Messrs. Abbott, Bayard, Boreman, Brownlow,

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