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ris, 1lowe, Ilowell, Kellogg, NcCreery. Mc Donald, Mor authorized shall be of any description of bonds Carpenter, Casserly, Corbett, Daris, Drake, Jarlan, Har- to secure the additional circulating notes herein Ross, Sawyer. Sehurz, Scott, Sherman Spencer. Stew of the United States bearing interest in coin: art, Stock:ion, Thayer, Thurman, Tipton, Trumbull, Vick- Provided, That if applications for the circulation ers, Warner, liilley. Wilson–39.
herein authorized shall not be made within one NAY: - 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 Mr. Morrill, of Vermont, moved to insert at lawful for the Comptroller of the Currency to the end of section 3 the following:
issue such circulation to banking associations in But shall be accounted for as between the other States or Territories not in excess applyStates from which and to which any banks may ing for the same, giving the preference to such as
have the geatest deficiency: And provided furWhich was disagreed to-yeas 21, nays 36, as ther, That no banking association hereafter orfollow:
ganized shall have a circulation in excess of Yeas - Messrs. Anthony, Buckingham, Cameron, $500,000. Chandler, Conkling, Cragin, Edmunds, Fenton, Ferry,
SEC. 2. That at the end of each month after Gilbert, Ilamlin, Morrill of Maine, Morrill of Vermont, Nye, Patterson, Sherman, Stewart, Sumner, Vickers, the passage of this act it shall be the duty of Williams, Wilson-21.
the Comptroller of the Currency to report to the Nays-Messrs. Abbott,
Boreman, Brownlow, Carpen: Secretary of the Treasury the amount of circuHarris, Howard, Ilowe, Ilowell, Johnston, Kellogg, Mc lating notes issued under the provisions of the Ramsey, Rice, Robertson, Ross, Saulslury; Sawyer: tions during the previous month; whereupon Creery. NcDonald. Morton, Norton, Osborn, Pool, Pratt, preceding section to national banking associar Schurz. Scott, Slockton, Thayer, Tipton, Trumbull, War
the Secretary of the Treasury shall redeem and Mr. Howe moved to strike out the 4th, 5th, cancel an amount of the three per centum temand 6th sections; which was disagreed to--yeas porary loan certificates issued under the acts of 29, nays 29, as follow:
March 2, 1867, and July 25, 1868, not less than YEAs-Messrs. Abbott Bayard Boreman, Bucking- the annount 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, Jarris, Howe, Ilow- sentation of such temporary loan certificates for eroy, Rice, Saulstury, Scott, Spencer, Stockton, Sumner, redemption, give notice to the holders thereof, Thurman, Vichers—29.
by publication or otherwise, that certain of said Nays—nlessrs. Anthony, Brownlow, Cameron, Cor- certificates (which shall be designated by numCreery, Norrill of Maine, Morrill’of Vermont, Nye, Os ber, date, and amount) shall cease to bear inborn, Patterson, Pool, Pratt, Robertson, Ross, Sawyer, terest from and after a day to be designated in Sherman. Stewart Thayer, Tipton, Trumbull. Warner, such notice, and that the certificates so designated Willey, Williams, Wilson - 29.
shall no longer be available as any portion of The bill was then passed-yeas 39, nays 23, as the lawful money reserve in possession of any follow:
national banking association, and after the day Yeas-Messrs. Abbott, Boreman, Brownlow, Cameron, Chandler, Corbett, Davis, Drake, Gilbert,"Hamlin, designated in such notice no interest shall be Harlan, Harris, Howard, Howell, Joluiston, Kellogg, paid on such certificates, and they shall not McCreery, Norton, Nye, Osborn, Pomeroy, Pool, Pratt, thereafter be counted as a part of the reserve of man, Spencer. Stewart, Thayer, Tipton, Trumbull, any banking association. And when the whole Warner, Willey, Williams, Wilson-39.
amount of additional circulating notes issued in NAYS--Messrs. Anthony, Bayurd, Buckingham, Car- accordance with the provisions of the preceding penter, ('asserly, Cole, Conkling, Edmunds, Fenton, section of this act shall exceed the amount of Ferry, Fowler, ald, Morrill of Maine, Morrill of Vermont, Norton, the three per centum temporary loan certificates, Saulsbury, Scott, Stockton, Sumner, Thurman, Vickers—the Secretary of the Treasury shall, at the beIN HOUSE OF REPRESENTATIVES.
ginning of each month, redeem and cancel an
amount of United States notes equal to eighty 1870, June 9-Mr. Garfield, from the Committee per centum of the amount of additional circuon Banking and Currency, ofered the following lating notes issued to national banking associasubstitute for the Senate bill:
tions during the preceding month, in accordance That $95,000,000 in notes for circulation may with the provisions of this act. be issued to national banking associations, in SEC. 3. That to secure a more equitable distriaddition to the $300,000,000 authorized by the bution of the national banking currency, there 22d section of the Act to provide a national may be issued circulating notes to banking associcurrency secured by a pledge of United States atións organized in States and Territories having bonds, and to provide for the rculation and less than their proportion as herein set forth. redemption thereof,” approved June 3, 1864; and And the amount of circulation in this section authe amount of notes so provided shall be furnished thorized shall, under the direction of the Secreto banking associations organized or to be or- tary of the Treasury, as it may be required for ganized in those States and Territories having this purpose, be withdrawn, as herein provided, less than their proportion under the apportion- from banking, associations organized in States ment contemplated by the provisions of the “ Act having a circulation exceeding that provided for to amend an act to provide a national currency by the act entitled "An act to amend an act ensecured by a pledge of United States bonds, and titled 'An act to provide for a national banking to provide for the circulation and redemption currency secured by pledge of United States thereof," approved March 3, 1865, and the bonds bonds, and to provide for the circulation and redeposited with the Treasurer of the United States demption thereof,'” approved March 3, 1865;
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 amount $300,000,000 of United States notes, not Treasury, make a statement showing the amount bearing interest, of such denominations as he of circulation in each State and Territory, and may deem expedient, not less than $5 each, the amount to be retired by each banking associ- which said notes shall be lawful money and a ation in accordance with this section, and shall, legal tender for debts in like manner as provided when such redistribution of circulation is required, in the 1st section of an act entitled “An act to make a requisition for such amount upon such authorize the issue of United States notes, and banks, commencing with the banks having a cir- for the redemption or funding thereof, and for culation exceeding $1,000,000 in States having funding the floating debt of the United States," an excess of circulation, and withdrawing their passed February 25, 1862. And the provisions circulation in excess of $1,000,000, and then pro- of the 6th and 7th sections of said act are hereby ceeding pro rata with other banks having a cir- re-enacted and applied to the notes herein auculation exceeding $300,000 in States having the thorized. largest excess of circulation, and reducing the Sec. 2. That the notes issued under this act circulation of such banks in States having the shall be used only in exchange for the circulating greatest proportion in excess, leaving undisturbed notes issued to national banking associations the banks in States having a smaller proportion, under the provisions of an act of Congress apuntil those in greater excess have been reduced proved March 3, 1864, entitled "An act to proto the same grade, and continuing thus to make vide a national currency secured by a pledge of the reduction provided for by this act until the United States bonds,” &c., and for the purchase full amount of $25,000,000 herein provided for of such amounts of United States bonds as may shall be withdrawn; and the circulation so with- be necessary to carry out the true intent of this drawn shall be distributed among the States and act. 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 circulating notes as provided in the preceding its proportion of circulation may be removed to section within the thirty days therein specified, any State having less than its proportion of cir- the Secretary of the Treasury is hereby authorculation, under such rules and regulations as the ized and directed to cancel said notes, and to pay Comptroller of the Currency, with the approval said banking association in the United States of the Secretary of the Treasury, may require : notes authorized by this act the market value of Provided, That the amount of the issue of said the United States bonds deposited as security for banks shall not be deducted from the amount of said circulating notes, after deducting therefrom new issue provided for in this act.
the amount required for redeeming said national June 14-Mr. Randall offered the following bank notes, and to cancel said bonds, first fursubstitute:
nishing to said banking association a list of the That from and after the passage of this act numbers, dates, and denominations of the notes it shall be unlawful for any individual, associa- so canceled: Provided, That if it shall appear to tion, or corporation to issue as money any note the Secretary of the Treasury that any of such or bill not authorized by act of Congress; and bonds, held by him on deposit as security for said the Secretary of the Treasury is hereby authorized notes, shall have matured, then it shall be his to issue, on the credit of the United States, such I duty to take the same up at par with the notes
authorized by this act to an extent of the propor- | bank notes which have been or may be received tion of the notes to be so redeemed and bonds by the agents of the United States in payment held as security for the same.
of taxes, or otherwise, and substitute for the Sec. 5. That when the circulating notes of any same an equal amount of gold treasury notes, national banking association shall have been so and pay to the depositors of said bonds a sum at far redeemed and canceled at the Treasury that par in treasury notes equal to the difference bethe remaining notes shall not exceed three per tween the nominal value of the bonds deposited cent. of the whole amount of circulating notes and the amount of bank currency issued on them. originally issued to said banking association, the Sec. 4. That the Secretary of the Treasury is Secretary of the Treasury is hereby authorized hereby also required to forthwith give notice, by and directed to return to said bank the bonds publication, to the holders of the 5-20 bonds, so deposited as security for its circulating notes, and called, (which shall be designated by number, said banking association shall be relieved from date, and amount) of the largest denominations, its obligation to pay said notes remaining in cir- and of such issues as have matured, that the same culation, and the same shall be redeemed by the will be paid to the amount of $100,000,000, at Secretary of the Treasury, and paid, on presenta- par, in said treasury notes on presentation, and tion to the Treasury, out of any money in the that on failure to present said bonds for payment Treasury not otherwise appropriated.
within six weeks after said notice interest on the SEC. 6. That so much of any law or laws as same shall cease from that date. are inconsistent herewith shall be, and the same Sec. 5. That in order to secure a uniformn and are hereby, repealed.
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:
kind, payable to the Government of the United Yras-Messrs. Adams, Artell, Beck, Bird, Booker, Ben- States, shall be receivable in gold, silver, or treasjamin F. Butler, Calkin, Clinton L. Cobb, Cook. Covode, ury notes, at the option of the person making the son, Hambleton, Ilumil, Hay, Hays, Heflin, Holman, John- payment; and upon the redemption of the public son, Lash, Marshall, McCormick, McNeely, Milnes, Morgan, debt all outstanding treasury notes shall be reMorrissey, Mungen, Niblack, Rundall, Reeves, Rice, Ridg deemed at par, in gold or silver, in a manner to way, Rogers, Schumaker, Sherod, Stoler; Josephtes. Swaith be provided for by law. And all acts and parts Stiles, Strader, Sweeney, Trimble, Wells, Winchester, Wood
of acts inconsistent with the provisions of this Nays-Messrs. Allison, Ambler, Ames, Armstrong, act are hereby repealed. Asper, Atwood, Bailey. Banks, Barry, Beaman, Beatty, Benjamin, Bennett, Benton, Biggs, Bingham, Blair,
Which was disagreed to-yeas 37, nays 127, Boles, George M. Brooks, Buck, Buckley, Buffinton, as follow: Burchard, Burdett, Roderick R. Butler, Cessna,
YEAS—Messrs. Adams, Axtell, Beck, Biggs, Bird, Burr, Churchill, Sidney Clarke, Amasa Cobb, Coburn, con
Conner, Crebs, Dox, Gibson, Hamill, Hawkins, Ilays, llefger, Cowles, Culiom, Dawes, Degener, Dickey, Dixon, lin, Holman, Johnson, Kerr, Knott, Lewis, Marshall, McCorDonley, Duval, Ferriss, Finkelnburg, Fisher, Garfield, mick, McNeely, Morgan, MungenNiblack, Reeves, Rice, Gilfillan, Griswold, Hawley, Hoar, Hooper, Hotchkiss, Ridgway, Rogers, sherrod. Shover, Strader, Sweeney, TrimJudd, Julian, Kelley, Kellogg, Kelsey; Ketcham, Ble. Van Trump, 'Wells, Winchester-37. Knapp, Latin, Lawrence, Lewis, Logan, Mayhum, May- Nays-Messrs. Alison, Ambler, Ames, Armstrong, nard, McCarthy, MeCrary, McGrew, Mercur, Eliakim Asper, Atwood, Bailey, Banks, Barry, Beaman, Beatty, H. Moore, Jesse H. Moore, William Noore, vorphis, Benjamin, Bennett, Benton, Bingham, Blair, Boles, Daniel J. Morrell, Newsham, Orth, Packard, Paine, Booker, George M. Brooks, Buckley, Buffinton, BurchPalmer, Peck, Perce, Phelps, Platt, Poland, Pomeroy, ard, Burdett, Roderick R. Butler, Culkin, Cessna, Porter, Potter, Prosser, Sanford, Sargent, Sawyer, Churchill, William T. Clark, Amasa Cobb, Clinton L. Lionel A. Sheldon, Porter Sheldon, John A. Smith, Cobb, Coburn, Cook, Conger, Cowles, Cox, Cullom, William Smyth, Starkweather, Stokes, Stoughton, Dawes, Degener, Dickey, Dixon, onley, Duval, Ela, Strickland, Tatfe, Tanner, Taylor, Tillman, Townsend, Farnsworth, Ferriss, Ferry, Finkelnburg, Fisher, Fox, Twichell. Upson, Van Trump, Van Wyck, Ward, Cad- Garfield, Getz, Gilfillan, Griswold, Hale. Hambleton, llamwalader C. Washburn. William B. Washburn, Wheeler, ilton, Harris, Rawley, Way, IIooper, Hotchkiss, IngerWhitmore, Winans-111.
soll, Judd, Julian, Kelley, Kellogg, Kelsey. Ketcham, Mr. Morgan moved to substitute the following: Enapp, Laflin, Lash, Lawrence, Logan, Maynard, Mc
That all acts and parts of acts authorizing the Moore, Jesse 11. Moore, William Moore, Norphis, Danissue of national bank notes be, and the same are iel J. Morrell, Morrissey, Newsham, Orth, Packard, hereby, repealed.
Paine, Palmer, Peck, Perce, Phelps, Platt, Poland, Pom
eroy, Porter, Potter, Prosser, Rundull, Sanford, Sargent, SEC. 2. That in order to meet the demands of Sawyer, Lionel A. Sheldon, Porter Sheldon, John A. trade, to secure a currency in quantity and value Smith, William Smyth, Starkweather, Stiles, Stokes, corresponding to the development of the material Stoughton, Strickland, Taffe, Tanner, Taylor. Tillman, wealth and population of the United States, and Ward, Cadwalader c. Washburn, Whitmore, Willard, provide for the people a means of paying their John'r.Wilson, Winans—127. taxes, the Secretary of the Treasury is hereby re- June 15—Mr. Ingersoll moved to substitute quired to cause to be executed gold treasury notes, the following: commonly called greenbacks, of convenient de- That the Secretary of the Treasury, in addition nominations, in manner and form as already pre- to the United States legal-tender notes heretofore scribed by law, to the amount of $100,000,000. 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 $14,000,000; $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
C с C
hundred and twenty days after the passage of 'porary loan certificates, the Secretary of the this act. | Treasury shall, at the beginning of each month,
in Which was disagreed to-yeas 51, nays 103, redeem and cancel an amount of United States as follow:
notes equal to eighty per cent. of the amount of Burr, Amasa Cobb, Coburn, Cook, Conner, Crebs. Cullom banking associations during the preceding month,
YEAS-Messrs. Adams, Archer, Beatty, Beck. Bennett, additional circulating notes issued to national
Mr. Allison moved to add to the last section
of the substitute the following: Nays-Messrs. Allison, Ambler, Ames, Asper, Atwood,
And from and after the passage of this act it Bailey, Banks, Barry, Beaman, Benjamin, Benton, Bingham, Bird, Blair, Booker, George M. Brooks, Buck, shall be unlawful for any national banking Buckley,
Buitinton. Burchard, Burdett, Roderick R. association to pay interest on deposits received Butler, Cessna. Churchill, Sidney Clarke, Cleveland, Con: from and deposited by any other national bankval, Dyer, Ela, Farnsworth, Ferriss, Finkelnburg, Fish- ing association, or to pay interest on current er, Fitch, fox, Garfield, Getz, Haight, Hale, Harris, Ilaw- deposits, or to include in its reserve of lawful logs, Kelsey, Ketcham, Knapp, Latiin, Lash, Jaynard, money any deposits upon which interest is reMcCarthy, McCrary, McGrew, Mercur, William Moore, ceived or paid. Morphis, Daniel J. Morrell, Morrissey, Newsham, Pack- Which was disagreed to-yeas 69, nays 94, er, Peck, Perce, Phelps, Poland, Pomeroy, Potter. Run
as follow: dall, Sargent, Sawyer. Schenck, Schumaker, Porter Sheldon, Joseph S. Smith, William Smyth, Stark weather, Stiles,
YEAS— Messrs. Adams, Allison, Ames, Archer, Asper, Stokes. Strickland, Strong, Swann, Taffe, Tanner, Till Axtell, Barry, Berk, Biggs, Boles, Burchard, Burr, Cal la man, Twichell, Upson, Vun Aulen, Van Wyck, Ward, kin, Churchill, William T. Clark, Clereland, Cook, Con. William B. Washburn, Willard, Winans, Woolwurd—103. ger, Conner, Crebs, Degener, Dot, Dyer, Finkelnburg,
Fox, Garfield, Getz, Haight, Harris, Hawkins, Hay, HefMessrs. Ingersoll and Lynch offered amend- lin, Holman, 'Hooper, Judd, Kelley, Knott, Marshall, ments in the nature of substitutes, which were Mayhum, Maynard, McCormick, Mc Kenzie, McNeely, Hlilnes, disagreed to without a division.
Moigin, Norrissey, Mungen, Niblack, Perce, Reeves, Rice,
Rid, wry, Rogers, Schenck, Sherrod, Shofer, Joseph S. Mr. Joseph S. Smith moved to insert as an Smith. Stiles, Strader, Sweeney, 'I aylor. Trimble, Van Auken, additional section to the Senate bill:
Van Trump, Wells, Winans, Winchester, Witcher, Wood-69. B SEC. That after the 1st day of January, A, Banks, Beaman, Beatty, Benton, Bingham, Bird, Blair, A
Nays-Messrs. Ambler, Armstrong, Atwood, Bailey, le D. 1871, no interest shall be paid to any national Booker, Boyd, George M. Brooks, Buck, Buckley, Bufbanking association on the bonds deposited by it finton, Burdett, Roderick R. Butler, Cessna, šidney 1 in pursuance of law as security for its circula- Clarke, Amasa Cobb, Clinton L. Cobb, Coburn, Cowles,
Cox, Cullom, Dawes, Dickey, Dixon, Donley, Duval, H tion, except on the excess of the par value of Farnsworth, Ferriss, Fisher, Griswold, Hawley, Hays, i such bonds over and above the amount of na- Hoar, Hotchkiss, Ingersoll, Julian, Kellogg, Kelsey, G tional bank notes issued to it and not redeemed Ketcham, Knapp, Laflin, Lash, Lawrence, Lewis, MC
Carthy, McGrew, Mercur, Eliakim II. Moore, Jesse H. or canceled by the Government; and that after Moore, William 'Moore, Daniel J. Morrell, Samuel P. that date no tax shall be levied or collected on Morrill, Newsham, Orth, Packard, Packer, Paine, L the circulation of any national banking associa- Peck,Phelps, Platt, Poland, Pomeroy, Roots, Sanford,
Sargent, Sawyer, Lionel A Sheldon, Porter Sheldon, U tion.
William Smyth, Starkweather, Stokes, Stoughton, é Which was agreed to--yeas 37, nays 118, as Strickland, Strong, Taffe, Tanner, Tillman, Twichell, follow:
Tyner, Upson, Van Wyck, Ward, Cadwalader C. Wash: B
burn, William B. Wasnbirn, Wheeler, Willard, John T. B YEAS—Messrs. Adams, Beck, Bird, Burr, Calkin, Conner, Wilson, Woodward—94. Cox, Crebs, Dox, Humbleton, Holmun, Knott, Lewis, Mars shall, Mayham, McNeely, Milnes, Morgun, Morrissey. Mun.
Mr. Burchard moved to amend the substitute gen, Niblick, kundali, tieeves, bice, Ridgway, Royers, Schu- by adding the following as a new section: maker, Sherrod, Shober, Joseph S. Smith, Stiles, Sweeney, Trim le, Van Auken, Van Trump, Winchester, Wood-37
SEC. That hereafter every national bankNayslessrs. Allison, Ames, Armstrong. Asper, At- ing association shall retain and keep in coin, or wood, Bailey, Banks, Barry, Beaman, Beatty, Bennett, Treasury coin certiticates, as part of its reserve, Benton, Blair, Boles Booker, Boyd, George W. Brooks, the interest falling due upon its bonds deposited min F Butler, Roderick R. Butler, Cessna, Churchili, as security for its circulation, until the reserve William T. Clark, Cleveland, Ama a Cobb, Coburn, cook, required to be kept by such bank at its place of 8 Conger, Cowles, Degener, Dickev; Dixon, Dockery, business shall consist wholly of coin and coin Donley, Duval, Ela, Farnswor h, Ferriss, Finkelnburg, Fisher, Garfield, Gez, Haight, Hale, Hamilton, Hawkins,
certificates. Hawley, Hay, Hays, Hoar, Hooper, Hotchkiss, Inger- Which was disagreed to-yeas 33, soll, Judd, Julian. Kelley, Kelloyg. Kelsey, Keteham, counted. Knapp, Laflin, Lash, Lawrence. Logan, Maynard. Mc
fo Carthy, McCrary, McGrew, Mercur, Eliakim H. Moore,
Mr. Coburn moved to add to the substitute of Jesse H. Moore, William Moore, Morphis, Daniel J. the committee the following, as a new section: Morrell, Orth, Packard, Packer, Paine, Palmer, Peck, Sec. Phelps, Platt, Poland, Pomeroy, lotter, Sargent, Saw
That the Secretary of the Treasury i yer, Schenck. Lionel 'A. Sheldon, John A. Smith, wil be, and he is hereby, authorized to issue on the fiam Smyth, Stark weather, Stokes, Stoughton, Strader, credit of the United States the sum of $44,000,Strickland, Strong, Taffe, Tanner, Taylor, Tillman, 000 of United States notes, in addition to such Twichell, Tyner, Upson, Van Wyck, Ward, Cadwalader C. Washburn, William B. Washburn. Wheeler, Willard, as have been heretofore issued, in denominations $ John T. Wilson, Winans, Witcher, Woodward—118. of not less than $100, under the provisions of I
Mr. Judd moved to strike out the following law for issuing such notes, and shall with them i from the 2d section of the substitute:
redeem the said three per cent. temporary loan And when the whole amount of additional certificates, used as a portion of the lawful money to circulating notes, issued in accordance with the reserves by the national banks.
b provisions of the preceding section of this act, Which was disagreed to-yeas 77, nays 95, as shall exceed the amount of three per cent. tem- ' follow:
YEAs—Messrs. Adams, Allison, Ames. Archer, Beatty, I insert in lieu thereof "forty-five." Page 1, line Beck, Bennett, Boles, Booker, Boyd. Buckley, Burr, Ben- | 18, after the word "coin" insert the following: jamin F. Butler, Roderick R. Butler, Sidney Clarke, Amasa Cobb, Clinton L. Cobb, Coburn, Cook, Conner, but a new apportionment of the increased circuCrebs, Cullom, Dockery. Dox, Dyer, Eldridge: Gibson, lation herein provided for shall be made as soon Griswold, Humbleton, Hawkins, Hay, Hays, Heflin, Holman, Ingersoll, Knott, Lash, Lawrence, Lewis, Marshull,
as practicable, based upon the census of 1870." " Maynard, McCormick, McKenzie, McNeely, Eliakim H. After section add the following sections:
Moore, Jesse H. Moore, Morgan, Morphis, Morrissey, Sec.
That upon the deposit of any United
Nars-Messrs. Ambler, Armstrong, Asper, Atwood, tions of the national currency act, it shall be Axtell, Bailey, Banks, Barry, Beaman, Benjamin, Ben lawful for the Comptroller of the Currency to ton, Bingham, Bird, Blair, George M. Brooks, James issue to the association making the same circuBrooks, luck, Buffinton, Burchard, Burdett, Culkin, Churchill, William T. Clark, Cleveland, Conger, Cowles, lating notes of different denominations not less Cox, Dawes, Degener, Dickey, Dixon, Donley Duval, than five dollars, not exceeding in amount eighty Farnsworth, Ferriss, Finkelnburg, Fisher, Fox, Gar' per cent of the par value of the bonds deposited, field, Getz, Taight, Hale, Hawley, Hooper, Hotchkiss, which notes shall bear upon their face the promJudd, Julian, Kelley, Kellogg. Kelsey, Ketcham, Knapp, Latlin, Mayham, McCarthy, McGrew, Mercur ise of the association to which they are issued to William Moore, Daniel J. Morrell, Samuel P. Morrill, pay them upon presentation at the office of the Packer, Paine, Palmer, Peck, Perce, Phelps, Platt, Poland, Porter, Potter, Sanford, Sawyer, Schenck, Schu- association in gold coin of the United States, and maker, Lionel A. Sheldon, Porter Sheldon, William shall be redeemable upon such presentation in Smyth, Starkweather, Stiles, Stokes, Stoughton, Strick- such coin: Provided, That no banking associaland, Strong, Tanner, Taylor, Tillman Askichen, Vi tion organized under this section shall have a , , WardC. Washburn, William B, Washburn, Wheeler, Willard, Winans, Wood circulation in excess of $1,000,000.
SEC. That every national banking associaThe bill was then passed-yeas 98, nays 80, tion formed under the provisions of the precedas follow:
ing section of this act shall at all times keep on Yeas-Messrs. Allison, Ambler, Armstrong, Asper, hand not less than twenty-five per cent. of its Atwood, Bailey, Barry, Beaman, Beatty, Benjamin: outstanding circulation in gold or silver coin of Bennett, Bingham, Boles, Booker, Boyd, Buck, Buckley, Burchard, Burdett, 'Cessna William T. Clark. the United States, and shall receive at par in the Amasa Cobh, Clinton L. 'Cobb, Coburn, Cook, Conger, payment of debts the gold notes of every other Cowles, Cullom. Degener, Dickey, Dockery, Donley, such banking association which at the time of Duval. Dyer, Farnsworth, Finkelnburg, Garfield, Gibson, Hamilton, Harris, Lawkins, Hawley, Ilay, Hays, such payments shall be redeeming its circulating Heflin, Judd, Julian, Kelley, Kelsey, Knapp, Lash, notes in old coin of the United States. Lawrence, Logan. McCarthy, McCormick McCrary, Mc- SEC. That every association organized for Grew, McKee, McKenzie, Miercur, Milnes, Eliakiin H. Moore, Jesse H. Moore, William Moore, Niorphis. New: the purpose of issuing gold notes, as provided in
sham, Orth, Packard, Packer, Palmer, Peck. Perce, this section, shall be subject to all the require? Phelps, Platt. Pomeroy, Rogers, Roots, Schenek, Shankis, ments and provisions of the national currency
Lionel A. Sheldon, Porter Sheldon, William Smyth,
ciations to $300,000,000; the first clause of sec-
Ferriss, Fisher. Fox. Getz, Griswolu, laight, Hale, Ham7 bleton, Ilamill, Hoar, Holman, Hooper, Ingersoll, ketch- cisco to redeem their circulating notes at par in
am, Knott, Laflin, Lewis, Marshall, Mayham, Maynard, the city of New York; and the last clause of McNeely, Morgan, Daniel J. Morrell, Samuel P. Morrill, Section 32, which requires every national bankMorrissey, Mungen, Niblack, Paine, Poland, Potter, Randall, Reeves, Rice, Sanford, Sargent, Sawyer, Shober, ing association to receive in payment of debts Joseph S. Smith, Starkweather, Stiles, Strider, Strong the notes of every other national banking assoSwann, Sweenen, Tanner, Taylor, Twichell, Van Auken, ciation at par: Provided, That in applying the
Van Trump, Ward. Cadwalader C. Washburn, William - B. Washburn, Wheeler, Winchester, Wood, Woodward-provisions and requirements of said act to the
banking associations herein provided for, the Mr. Garfield moved to amend the title, so as terms “ lawful money
" and "lawful money of to read: “To provide for the redemption of the the United States ” shall be held and construed three per cent. temporary loan certificates and to mean gold or silver coin of the United States. for the increase of national bank notes."
That section 3 be amended as follows: page 4, 1 Which was agreed to.
line 3, after the word "withdrawing,"insert“one1870, June 21—The Senate refused to concur third of.” s in the House amendments and asked a committee
line 5, strike out the word “three" e of conference, which was granted.
and insert in lieu thereof the word "two." June 27- The COMMITTEE OF CONFERENCE,
IN HOUSE, June 29, 1870. } consisting of Senators Sherman, Warner, and Sprague, and Representatives Garfield, Thomas
The report of the committee of conference was L. Jones, and Lionel A. Sheldon, made the fol- disagreed to-yeas 53, nays 127, as follow: lowing report: That the Senate recede from their disagreement Blair, Boles, Bowen, Buckley, Roderick R. Butler,
YEAS-Messrs. Ames, Asper, Ayer, Bailey, Renton, to the amendments of the House to the Senate Churchill. Dickey, Ela, Ferriss. Finkelnburg, Fitch, bill, and agree to the same, with the following Garfield, Ilale, Harris, Heflin, Hill, Thomas L. Jones, amendments:
Kelsey, Knapp, Laflin, Lash, Mercur, Eliakim H. Page 1, line 1, strike out "ninety-five” and gent, Sawyer, Schenck, Scofield, Lionel A. Sheldon,
Moore, Palmer, Perce. Poland, Pomeroy, Roots, Sar