Carpenter, Casserly, Corbett, Davis, Drake, Harlan, Har- | to secure the additional circulating notes herein ris, lowe, Howell, Kellogg, McCreery. McDonald. Mor- authorized shall be of any description of bonds ton. Osborn Pool, Pratt, Ramsey, Rice, Robertson, Ross, Sawyer, Schurz, Scott, Sherman Spencer. Stew- of the United States bearing interest in coin: art, Stockton, Thayer, Thurman, Tipton, Trumbull, Vick- Provided, That if applications for the circulation ers, Warner, Willey. Wilson-39. herein authorized shall not be made within one NAYS-Messrs. Anthony, Buckingham, Cameron, Conkling Cragin, Edmunds, Fenton, Ferry, Fowler, year after the passage of this act, by banking Howard, Morrill of Maine, Morrill of Vermont, Nye, associations organized or to be organized in States Patterson, Sumner-15. having less than their proportion, it shall be lawful for the Comptroller of the Currency to issue such circulation to banking associations in other States or Territories not in excess applying for the same, giving the preference to such as have the geatest deficiency: And provided further, That no banking association hereafter organized shall have a circulation in excess of $500,000. Mr. Morrill, of Vermont, moved to insert at the end of section 3 the following: But shall be accounted for as between the States from which and to which any banks may remove. Which was disagreed to-yeas 21, nays 36, as follow: YEAS-Messrs. Anthony, Buckingham, Cameron, Chandler, Conkling, Cragin, Edmunds, Fenton, Ferry, Gilbert, Hamlin, Morrill of Maine, Morrill of Vermont, Nye, Patterson, Sherman, Stewart, Sumner, Vickers, Williams, Wilson-21. Ramsey, Rice, Robertson, Ross, Saulsbury, Sawyer, ner-36. 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 NAYS-Messrs. Abbott, Boreman, Brownlow, Carpenter, Casserly. Corbett, Davis, Drake, Fowler, Harlan, Secretary of the Treasury the amount of circuHarris, Howard, Howe, Howell, Johnston, Kellogg, Mc-lating notes issued under the provisions of the Creery McDonald. Morton, Norton, Osborn, Pool, Pratt, preceding section to national banking associa Schurz. Scott, Stockton, Thayer, Tipton, Trumbull, War- tions 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 YEAS-Messrs. Abbott Bayard Boreman, Bucking- the amount of circulating notes so reported, and ham, Carpenter, Casserly, Conkling, Davis, Drake, Fer- may, if necessary, in order to procure the prery. Fowler, Hamilton of Maryland, Harris, Howe, How-sentation of such temporary loan certificates for ell, Johnston, Kellogg, McDonald, Morton, Norton, Pomeroy, Rice, Saulsbury, Scott, Spencer, Stockton, Sumner, Thurman, Vickers-29. Mr. Howe moved to strike out the 4th, 5th, and 6th sections; which was disagreed to-yeas 29, nays 29, as follow: redemption, give notice to the holders thereof, by publication or otherwise, that certain of said NAYS-Messrs. Anthony, Brownlow, Cameron, Cor- certificates (which shall be designated by numbett, Edmunds, Gilbert, Hamlin, Harlan, Howard, McCreery, Morrill of Maine, Morrill of Vermont, Nye, Os-ber, date, and amount) shall cease to bear inborn, Patterson, Pool, Pratt, Robertson, Ross, Sawyer, Sherman. Stewart Thayer, Tipton, Trumbull. Warner, Willey, Williams, Wilson - 29. The bill was then passed-yeas 39, nays 23, as follow: YEAS-Messrs. Abbott, Boreman, Brownlow, Came ron, Chandler, Corbett, Davis, Drake, Gilbert, Hamlin, Harlan, Harris. Howard, Howell, Johnston, Kellogg, McCreery, Norton, Nye, Osborn, Pomeroy, Pool, Pratt, Ramsey, Rice, Robertson, Ross, Sawyer, Schurz, Sherman, Spencer. Stewart, Thayer, Tipton, Trumbull, Warner, Willey, Williams, Wilson-39. NAYS-Messrs. Anthony, Bayard, Buckingham, Carpenter, Casserly, Cole, Conkling, Edmunds, Fenton, Ferry, Fowler, Hamilton of Maryland, Howe, McDonald, Morrill of Maine, Morrill of Vermont, Norton, Saulsbury, Scott, Stockton, Sumner, Thurman, Vickers 23. IN HOUSE OF REPRESENTATIVES. 1870, June 9-Mr. Garfield, from the Committee on Banking and Currency, offered the following substitute for the Senate bill: That $95,000,000 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 terest 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. And when the whole amount of additional circulating notes issued in accordance with the provisions of the preceding section of this act shall exceed the amount of the three per centum temporary loan certificates, the Secretary of the Treasury shall, at the beginning of each month, redeem and cancel an amount of United States notes equal to eighty per centum of the amount of additional circulating notes issued to national banking associations during the preceding month, in accordance with the provisions of this act. SEC. 3. 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 having 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; amount $300,000,000 of United States notes, not bearing interest, of such denominations as he may deem expedient, not less than $5 each, which said notes shall be lawful money and a legal tender for debts in like manner as provided in the 1st section of an 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,' passed February 25, 1862. And the provisions of the 6th and 7th sections of said act are hereby re-enacted and applied to the notes herein authorized. SEC. 2. That the notes issued under this act shall be used only in exchange for the circulating notes issued to national banking associations under the provisions of an act of Congress approved March 3, 1864, entitled “An act to provide a national currency secured by a pledge of United States bonds," &c., and for the purchase of such amounts of United States bonds as may be necessary to carry out the true intent of this act. but the amount so withdrawn shall not exceed | sums as may be necessary for the purposes set $25,000,000. The Comptroller of the Currency forth in this act, not exceeding in aggregate 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 SEC. 3. That all circulating notes of national as to equalize the same. And it shall be the banking associations which may hereafter be duty of the Comptroller of the Currency, under paid into the Treasury of the United States shall the direction of the Secretary of the Treasury, be retained in the treasury and not again put in forthwith to make a requisition for the amount circulation; and the Secretary of the Treasury thereof upon the banks above indicated, as herein may pay out for circulation, as the wants of the prescribed. And upon failure of such associations, Government may require, an equal amount of or any of them, to return the amount so required the United States notes hereby authorized to be within one year, it shall be the duty of the Comp-issued. And the Secretary of the Treasury may troller of the Currency to sell at public auction, exchange United States notes, issued under auhaving given twenty days' notice thereof in one thority of this act, with any person or persons daily newspaper printed in Washington, and one for a like amount of circulating notes of national in New York city, an amount of bonds deposited banking associations. And the Secretary of the by said association, as security for said circula- Treasury shall notify any banking association tion, equal to the circulation to be withdrawn of the amount of its notes so accumulated when from said association and not returned in com- such amount is not less than $900; and the said pliance with such requisition; and the Comp- banking association is hereby required, within troller of the Currency shall with the proceeds thirty days after the issuing of said notice, to redeem so many of the notes of said banking redeem said notes at the Treasury of the United association, as they come into the treasury, as States in lawful money, and to present the notes will equal the amount required and not so re- so redeemed to the Secretary of the Treasury for turned, and shall pay the balance, if any, to such cancellation. And the Secretary of the Treasury banking association: Provided, That no circula- is hereby directed to cancel the said notes and to tion shall be withdrawn under the provisions of return to the said banking association the prothis section until after the $95,000,000 granted portionate amount of United States bonds dein the 1st section shall have been taken up. posited as security for the same. SEC. 4. That after the expiration of six months SEC. 4. That in case any national banking asfrom the passage of this act any banking asso-sociation shall neglect or decline to redeem its ciation 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: 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. June 14-Mr. Randall offered the following substitute: That from and after the passage of this act it shall be unlawful for any individual, association, or corporation to issue as money any note or bill not authorized by act of Congress; and the Secretary of the Treasury is hereby authorized to issue, on the credit of the United States, such circulating notes as provided in the preceding section within the thirty days therein specified, the Secretary of the Treasury is hereby authorized and directed to cancel said notes, and to pay said banking association in the United States notes authorized by this act the market value of the United States bonds deposited as security for said circulating notes, after deducting therefrom the amount required for redeeming said national bank notes, and to cancel said bonds, first furnishing to said banking association a list of the numbers, dates, and denominations of the notes so canceled: Provided, That if it shall appear to the Secretary of the Treasury that any of such bonds, held by him on deposit as security for said notes, shall have matured, then it shall be his duty to take the same up at par with the notes authorized by this act to an extent of the proportion of the notes to be so redeemed and bonds held as security for the same. SEC. 5. That when the circulating notes of any national banking association shall have been so far redeemed and canceled at the Treasury that the remaining notes shall not exceed three per cent. of the whole amount of circulating notes originally issued to said banking association, the Secretary of the Treasury is hereby authorized and directed to return to said bank the bonds deposited as security for its circulating notes, and said banking association shall be relieved from its obligation to pay said notes remaining in circulation, and the same shall be redeemed by the Secretary of the Treasury, and paid, on presentation to the Treasury, out of any money in the Treasury not otherwise appropriated. SEC. 6. That so much of any law or laws as are inconsistent herewith shall be, and the same are hereby, repealed. bank notes which have been or may be received by the agents of the United States in payment of taxes, or otherwise, and substitute for the same an equal amount of gold treasury notes, and pay to the depositors of said bonds a sum at par in treasury notes equal to the difference between the nominal value of the bonds deposited and the amount of bank currency issued on them. SEC. 4. That the Secretary of the Treasury is hereby also required to forthwith give notice, by publication, to the holders of the 5-20 bonds, so called, (which shall be designated by number, date, and amount,) of the largest denominations, and of such issues as have matured, that the same will be paid to the amount of $100,000,000, at par, in said treasury notes on presentation, and that on failure to present said bonds for payment within six weeks after said notice interest on the same shall cease from that date. SEC. 5. That in order to secure a uniform and stable currency, from and after the passage of Which was disagreed to-yeas 51, nays 111, this act all taxes, duties, and imposts of every as follow: YEAS-Messrs. Adams, Axtell, Beck, Bird, Booker, Benjamin F. Butler, Calkin, Clinton L. Cobb, Cook. Covode, Cox, Crebs, Dockery, Dox, Eldridge, Fitch, Fox, Getz, Gibson, Hambleton, Hamill, Hay, Hays, Heflin, Holman, Johnson, Lash, Marshall, McCormick, McNeely, Milnes, Morgan, Morrissey, Mungen, Niblack, Randall, Reeves, Rice, Ridgway, Rogers, Schumaker, Sherrod, Shober, Joseph S. Smith, Stiles, Strader, Sweeney, Trimble, Wells, Winchester, Woodward-51. NAYS-Messrs. Allison, Ambler, Ames, Armstrong, Asper, Atwood, Bailey. Banks, Barry, Beaman, Beatty, Benjamin, Bennett, Benton, Biggs, Bingham, Blair, Boles, George M. Brooks, Buck, Buckley, Buffinton, Burchard, Burdett, Roderick R. Butler, Cessna, Churchill, Sidney Clarke. Amasa Cobb, Coburn, Conger, Cowles, Cullom, Dawes, Degener. Dickey, Dixon, Donley, Duval, Ferriss, Finkelnburg, Fisher, Garfield, Gilfillan, Griswold, Hawley, Hoar, Hooper, Hotchkiss, Judd, Julian, Kelley, Kellogg, Kelsey, Ketcham, Knapp, Laflin, Lawrence, Lewis, Logan, Mayham, Maynard, McCarthy, McCrary, McGrew, Mercur, Eliakim H. Moore, Jesse H. Moore, William Moore, Morphis, Daniel J. Morrell, Newsham, Orth, Packard, Paine, Palmer, Peck, Perce, Phelps, Platt, Poland, Pomeroy, Porter, Potter, Prosser, Sanford, Sargent, Sawyer, Lionel A. Sheldon, Porter Sheldon, John A. Smith, William Smyth, Starkweather, Stokes, Stoughton, Strickland, Taffe, Tanner, Taylor, Tillman, Townsend, Twichell. Upson, Van Trump, Van Wyck, Ward, Cadwalader C. Washburn, William B. Washburn, Wheeler, Whitmore, Winans-111. Mr. Morgan moved to substitute the following: That all acts and parts of acts authorizing the issue of national bank notes be, and the same are hereby, repealed. SEC. 2. That in order to meet the demands of trade, to secure a currency in quantity and value corresponding to the development of the material wealth and population of the United States, and provide for the people a means of paying their taxes, the Secretary of the Treasury is hereby required to cause to be executed gold treasury notes, commonly called greenbacks, of convenient denominations, in manner and form as already prescribed by law, to the amount of $400,000,000. kind, payable to the Government of the United States, shall be receivable in gold, silver, or treasury notes, at the option of the person making the Payment; and upon the redemption of the public debt all outstanding treasury notes shall be redeemed at par, in gold or silver, in a manner to be provided for by law. And all acts and parts of acts inconsistent with the provisions of this act are hereby repealed. Which was disagreed to-yeas 37, nays 127, as follow: Conner, Crebs, Dox, Gibson, Hamill, Hawkins, Ilays, HefYEAS-Messrs. Adams, Axtell, Beck, Biggs, Bird, Burr, lin, Holman, Johnson, Kerr, Knott, Lewis, Marshall, McCormick, McNeely, Morgan, Mungen, Niblack, Reeves, Rice, Ridgway, Rogers, Sherrod, Shober, Strader, Sweeney, Trimble. Van Trump, Wells, Winchester-37. Asper, Atwood, Bailey, Banks, Barry, Beaman, Beatty, NAYS-Messrs. Allison, Ambler, Ames, Armstrong, Benjamin, Bennett, Benton, Bingham, Blair, Boles, Booker, George M. Brooks, Buckley, Buffinton, Burchard, Burdett, Roderick R. Butler. Culkin, Cessna, Churchill, William T. Clark, Amasa Cobb, Clinton L. Cobb, Coburn, Cook, Conger, Cowles, Cox, Cullom, Dawes, Degener, Dickey, Dixon, Donley, Duval, Ela, Farnsworth, Ferriss, Ferry, Finkelnburg, Fisher, Fox, Garfield, Getz, Gilfillan, Griswold, Hale. Hambleton, Hamilton, Ilarris, Hawley, Hay, Hooper, Hotchkiss, Ingersoll, Judd, Julian, Kelley, Kellogg, Kelsey. Ketcham, Knapp, Laflin, Lash, Lawrence, Logan, Maynard, McCarthy, McCrary, McGrew, Mercur, Milnes, Eliakim II. Moore, Jesse II. Moore, William Moore, Morphis, Daniel J. Morrell, Morrissey, Newsham, Orth, Packard, Paine, Palmer, Peck, Perce, Phelps, Platt, Poland, Pomeroy, Porter, Potter, Prosser, Randall, Sanford, Sargent, Sawyer, Lionel A. Sheldon, Porter Sheldon, John A. Smith, William Smyth, Starkweather, Stiles, Stokes, Stoughton, Strickland, Taffe, Tanner, Taylor. Tillman, Townsend, Twichell, Upson, Van Horn. Van Wyck, ward, Cadwalader C. Washburn, Whitmore, Willard, John T. Wilson, Winans-127. June 15-Mr. Ingersoll moved to substitute the following: That the Secretary of the Treasury, in addition to the United States legal-tender notes heretofore issued under former acts of Congress, be, and he SEC. 3. That the Secretary of the Treasury is is hereby, authorized and directed to issue like hereby further required to cancel and destroy all notes of the denominations heretofore issued, and matured United States bonds deposited by the in such proportions as he may deem best, to the national banks as security in the Treasury of the amount of $44,000,000; $10,000,000 of said notes United States, and to redeem in said treasury to be issued within thirty days after the pasnotes the national bank notes issued on said bonds, sage of this act, and $10,000,000 within sixty and return to said banks, in redemption for their days after the passage of this act; and $10,000,notes, the non-matured bonds deposited as afore- 000 within ninety days after the passage of this said; and he shall cancel and destroy all such | act, and the remaining $14,000,000 within one hundred and twenty days after the passage of this act. Which was disagreed to-yeas 51, nays 103, as follow: YEAS-Messrs. Adams, Archer, Beatty, Beck, Bennett, Burr, Amasa Cobb, Coburn, Cook, Conner, Crebs. Cullom, Dox. Eldridge, Gibson, Hambleton, Hamill, Hamilton, Hawkins, Hay, lays, lleflin, Holman, Ingersoll, Kerr, Knott, Lawrence, Lewis, Marshall, McCormick, McKenzie, McNeely. Milnes, Morgan. Niblack, Orth, Packard, Reeves, Rice, Ridgway, Rogers, Roots, Sherrod, Strader, Trimble, Tyner, Van Trump, Wells, Winchester, Witcher, Wood 51. NAYS-Messrs. Allison, Ambler, Ames, Asper, Atwood, Bailey, Banks, Barry, Beaman, Benjamin, Benton, Bingham, Bird, Blair, Booker, George M. Brooks, Buck, Buckley, Buffinton. Burchard, Burdett, Roderick R. Butler, Cessna. Churchill, Sidney Clarke, Cleveland, Conger, Cowles, Cor, Degener, Dickey, Dixon, Donley. DuVal, Dyer, Ela, Farnsworth, Ferriss, Finkelnburg, Fisher, Fitch, For, Garfield, Getz, Haight, Hale, Harris, Ilawley Hoar, Hooper, Hotchkiss, Judd, Julian, Kelley, Kellogg, Kelsey, Ketcham, Knapp, Laflin, Lash, Maynard, McCarthy, McCrary, McGrew, Mercur, William Moore, Morphis, Daniel J. Morrell, Morrissey, Newsham, Packer. Peck, Perce, Phelps, Poland, Pomeroy, Potter, Rundall, Sargent, Sawyer. Schenck, Schumaker, Porter Sheldon, Joseph S. Smith, William Smyth, Starkweather, Stiles, Stokes. Strickland, Strong, Swann, Taffe, Tanner, Tillman, Twichell, Upson, Van Aulen, Van Wyck, Ward, William B. Washburn, Willard, Winans, Woodward-103. Messrs. Ingersoll and Lynch offered amendments in the nature of substitutes, which were disagreed to without a division. Mr. Joseph S. Smith moved to insert as an additional section to the Senate bill: SEC.. That after the 1st day of January, A. D. 1871, no interest shall be paid to any national banking association on the bonds deposited by it in pursuance of law as security for its circulation, except on the excess of the par value of such bonds over and above the amount of national bank notes issued to it and not redeemed or canceled by the Government; and that after that date no tax shall be levied or collected on the circulation of any national banking associa tion. Which was agreed to-yeas 37, nays 118, as follow: YEAS-Messrs. Adams, Beck, Bird, Burr, Calkin, Conner, Cox, Crebs, Dox, Humbleton, Holman, Knott, Lewis, Mar shall, Mayham, McNeely, Milnes, Morgan, Morrissey Mungen, Niblack, Randall, Leeres, Rie, Ridgway, Rogers, Schumaker, Sherrod, Shober, Joseph S. Smith, Stiles, Sweeney, Trim le, Van Auken, Van Trump, Winchester, Wood-37 NAYS-Messrs. Allison, Ames, Armstrong. Asper, Atwood, Bailey, Banks, Barry, Beaman, Beatty, Bennett, Benton, Blair, Boles Booker, Boyd, George M. Brooks, Buck, Buckley, Buffinton, Burchard, Burdett, Benjamin F Butler, Roderick R. Butler, Cessna, Churchill, William T. Clark, Cleveland, Ama a Cobb, Coburn, Cook, Conger, Cowles, Degener, Dickey, Dixon, Dockery, Donley, Duval, Ela, Farnsworth, Ferriss, Finkelnburg, Fisher, Garfield, Gez, Haight, Hale, Hamilton, Hawkins, Hawley, Hay, Hays, Hoar, Hooper, Hotchkiss, Ingersoll, Judd, Julian. Kelley, Kellogg, Kelsey, Ketcham, Knapp, Laflin, Lash, Lawrence. Logan, Maynard. MeCarthy, McCrary, McGrew, Mercur, Eliakim H. Moore, Jesse H. Moore, William Moore, Morphis, Daniel J. Morrell, Orth, Packard, Packer, Paine, Palmer, Peck, Phelps, Platt, Poland, Pomeroy, otter, Sargent, Sawyer, Schenck, Lionel A. Sheldon, John A. Smith, William Smyth, Starkweather, Stokes, Stoughton, Strader, Strickland, Strong, Taffe, Tanner, Taylor, Tillman, Twichell, Tyner, Upson, Van Wyck, Ward, Cadwalader C. Washburn, William B. Washburn. Wheeler, Willard, John T. Wilson, Winans, Witcher, Woodward-118. Mr. Judd moved to strike out the following from the 2d section of the substitute: And when the whole amount of additional circulating notes, issued in accordance with the provisions of the preceding section of this act, shall exceed the amount of three per cent. tem Mr. Allison moved to add to the last section! of the substitute the following: And from and after the passage of this act it 4 shall be unlawful for any national banking B association to pay interest on deposits received C from and deposited by any other national banking association, or to pay interest on current deposits, or to include in its reserve of lawful money any deposits upon which interest is received or paid. Which was disagreed to-yeas 69, as follow: S a nays 94, YEAS-Messrs. Adams, Allison, Ames, Archer, Asper, Axtell, Barry, Berk, Biggs, Boles, Burchard, Burr, Cal kin, Churchill, William T. Clark, Cleveland, Cook, Conger, Conner, Crebs, Degener, Dor, Dyer, Finkelnburg, Fox, Garfield, Getz, Haight, Harris, Hawkins, Hay, Heflin, Holman, Hooper, Judd, Kelley, Knott, Marshall, Mayham, Maynard, McCormick, McKenzie, McNeely, Milnes, Morgan, Morrissey, Mungen, Niblack, Perce, Reeves, Rice, Ridowy, Rogers, Schenck, Sherrod, Shofer, Joseph S. Smith. Stiles, Strader, Sweeney, Taylor. Trimble, Van Auken, A Van Trump, Wells, Winans, Winchester, Witcher, Wood-69. B Banks, Beaman, Beatty, Benton, Bingham, Bird, Blair, A NAYS-Messrs Ambler, Armstrong, Atwood, Bailey, le Booker, Boyd, George M. Brooks, Buck, Buckley, Buf finton, Burdett, Roderick R. Butler, Cessna, Sidney I Clarke, Amasa Cobb, Clinton L. Cobb, Coburn, Cowles, Cox, Cullom, Dawes, Dickey, Dixon, Donley, Duval, Farnsworth, Ferriss, Fisher, Griswold, Hawley, Hays, I Hoar, Hotchkiss, Ingersoll, Julian, Kellogg, Kelsey, G Ketcham, Knapp, Laflin, Lash, Lawrence, Lewis, MeCarthy, McGrew, Mercur, Eliakim II. Moore, Jesse H. S Moore, William Moore, Daniel J. Morrell, Samuel P. Morrill, Newsham, Orth, Packard, Packer, Paine, Sargent, Sawyer, Lionel A Sheldon, Porter Sheldon, William Smyth, Starkweather, Stokes, Stoughton, Strickland, Strong, Tatte, Tanner, Tillman, Twichell, Tyner, Upson, Van Wyck, Ward, Cadwalader C. Washburn, William B. Washburn, Wheeler, Willard, John T. Wilson, Woodward-94. Peck, Phelps, Platt, Poland, Pomeroy, Roots, Sanford, Mr. Burchard moved to amend the substitute by adding the following as a new section: SEC. -. That hereafter every national banking association shall retain and keep in coin, or Treasury coin certificates, as part of its reserve, the interest falling due upon its bonds deposited as security for its circulation, until the reserve required to be kept by such bank at its place of business shall consist wholly of coin and coin certificates. Which was disagreed to-yeas 33, nays not counted. Mr. Coburn moved to add to the substitute of the committee the following, as a new section: SEC. That the Secretary of the Treasury be, and he is hereby, authorized to issue on the credit of the United States the sum of $44,000,000 of United States notes, in addition to such as have been heretofore issued, in denominations of not less than $100, under the provisions of law for issuing such notes, and shall with them redeem the said three per cent temporary loan certificates, used as a portion of the lawful money t reserves by the national banks. Which was disagreed to-yeas 77, nays 95, as follow: C YEAS-Messrs. Adams, Allison, Ames. Archer, Beatty, Beck, Bennett, Boles, Booker, Boyd Buckley, Burr, Benjamin F. Butler, Roderick R. Butler, Sidney Clarke, Amasa Cobb, Clinton L. Cobb, Coburn, Cook, Conner, Crebs, Cullom, Dockery. Dox, Dyer, Eldridge, Gibson, Griswold, Hambleton, Hawkins, Hay, Hays, Heflin, Holman, Ingersoll, Knott, Lash, Lawrence, Lewis, Marshall, Maynard, McCormick, McKenzie, McNeely, Eliakim H. Moore, Jesse H. Moore, Morgan, Morphis, Morrissey, Mungen, Newsham, Niblack, Orth, Packard, Pomeroy, Randall, Reeves, Rice, Ridgway, Kogers, Roots, Sherrod, Shober, Joseph S. Smith, Strader, Taffe, Trimble, Tyner, Van Horn, Van Trump, Van Wyck, Wells, John T. Wilson, Winchester, Witcher, Wood-77. NAYS-Messrs. Ambler, Armstrong, Asper, Atwood, Axtell, Bailey, Banks, Barry. Beaman, Benjamin, Benton, Bingham, Bird, Blair, George M. Brooks, James Brooks, Luck, Buffinton, Burchard, Burdett, Culkin, Churchill, William T. Clark, Cleveland, Conger, Cowles, Cox, Dawes, Degener, Dickey, Dixon, Donley, Duval, Farnsworth, Ferriss, Finkelnburg, Fisher, Fox, Garfield, Getz, Haight, Hale, Hawley, Hooper, Hotchkiss, Judd, Julian, Kelley, Kellogg, Kelsey, Ketcham, Knapp, Laflin, Mayham, McCarthy, McGrew, Mercur, William Moore, Daniel J. Morrell, Samuel P. Morrill, Packer, Paine, Palmer, Peck, Perce, Phelps, Platt, Poland, Porter, Potter, Sanford, Sawyer, Schenck. Schumaker, Lionel A. Sheldon, Porter Sheldon, William Smyth, Starkweather, Stiles, Stokes, Stoughton, Strickland, Strong, Tanner, Taylor, Tillman. Twichell, Upson, Van Auken, Ward, Cadwalader C. Washburn, William B. Washburn, Wheeler, Willard, Winans, Wood ward-95. The bill was then passed-yeas 98, nays 80, as follow: YEAS-Messrs. Allison, Ambler, Armstrong, Asper, Atwood, Bailey, Barry, Beaman, Beatty, Benjamin, Bennett, Bingham, Boles, Booker, Boyd, Buck, Buckley, Burchard, Burdett, Cessna. William T. Clark Amasa Cobb, Clinton L. Cobb, Coburn, Cook, Conger, Cowles, Cullom. Degener, Dickey, Dockery, Donley, Duval. Dyer, Farnsworth, Finkelnburg, Garfield, Gibson, Hamilton, Harris, Hawkins, Hawley, Hay, Hays, Heflin, Judd, Julian, Kelley, Kelsey, Knapp, Lash, Lawrence, Logan. McCarthy, McCormick McCrary, MeGrew, McKee, McKenzie, Mereur, Milnes, Eliakim H. Moore, Jesse H. Moore, William Moore, Morphis. New sham, Orth, Packard, Packer, Palmer, Peck. Perce, Phelps, Platt, Pomeroy, Rogers, Roots, Schenck,Shanks, Lionel A. Sheldon, Porter Sheldon, William Smyth, Stokes, Stoughton, Strickland, Taffe. Tillman, Tyner, Upson, Van Horn. Van Wyck, Welker, Wells, Wilkinson, Willard, John T. Wilson, Winans, Witcher-98. NAYS-Messrs. Adams, Ames, Archer, Axtell, Banks, Benton, Biggs, Bird, Blair, George M. Brook's. James Brooks, Buffinton, Burr, Calkin, Churchill, Cleveland, Conner, Cox, Crebs, Dawes, Dixon, Dox, Ela. Eldridge, Ferriss, Fisher. Fox. Getz, Griswold, Haight, Hale, Hambleton, Hamill, Hoar, Holman, Hooper, Ingersoll, Ketcham, Knott, Laflin, Lewis, Marshall, Mayham, Maynard, McNeely, Morgan, Daniel J. Morrell, Samuel P. Morrill, Morrissey, Mungen, Niblack, Paine, Poland, Potter, Randall, Reeves, Rice, Sanford, Sargent, Sawyer, Shober, Joseph S. Smith, Starkweather, Stiles, Strader, Strong, Swann, Sweeney, Tanner, Taylor, Twichell, Van Auken, Van Trump, Ward. Cadwalader C. Washburn, William B. Washburn, Wheeler, Winchester, Wood, Woodward 80. Mr. Garfield moved to amend the title, so as to read: "To provide for the redemption of the three per cent. temporary loan certificates and for the increase of national bank notes." Which was agreed to. 1870, June 21-The SENATE refused to concur in the House amendments and asked a committee of conference, which was granted. June 27 The COMMITTEE OF CONFERENCE, consisting of Senators Sherman, Warner, and Sprague, and Representatives Garfield, Thomas L. Jones, and Lionel A. Sheldon, made the folElowing report: That the Senate recede from their disagreement to the amendments of the House to the Senate bill, and agree to the same, with the following = amendments: Page 1, line 1, strike out "ninety-five" and insert in lieu thereof "forty-five." Page 1, line 18, after the word "coin" insert the following: "but a new apportionment of the increased circulation herein provided for shall be made as soon as practicable, based upon the census of 1870." After section add the following sections: SEC. any States bonds, bearing interest payable in gold, That upon the deposit of United 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 five dollars, 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.. 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 coin of the United States. SEC. That every association organized for the purpose of issuing gold notes, as provided in this 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 lawful money " and "lawful money of the United States" shall be held and construed to mean gold or silver coin of the United States. That section 3 be amended as follows: page 4, line 3, after the word "withdrawing," insert "onethird of." Same page, line 5, strike out the word "three" and insert in lieu thereof the word "two." IN HOUSE, June 29, 1870. The report of the committee of conference was disagreed to-yeas 53, nays 127, as follow: Blair, Boles, Bowen, Buckley, Roderick R. Butler, YEAS-Messrs. Ames, Asper, Ayer, Bailey, Benton, Churchill. Dickey, Ela, Ferriss, Finkelnburg, Fitch, Garfield, Hale, Harris, Heflin, Hill, Thomas L. Jones, Kelsey, Knapp, Laflin, Lash, Mercur, Eliakim H. Moore, Palmer, Perce, Poland, Pomeroy, Roots, Sar gent, Sawyer, Schenck, Scofield, Lionel A. Sheldon, |