Stockton, Thurman, Wadleigh, Windom-27. Mr. LOGAN moved to strike out the third sec tion of the bill and insert the following: National banking associations may be organized in any State or Territory, including the District of Columbia, having a less proportion of national bank circulation than the State of Pennsylvania, according to the apportionment made upon the basis of population and wealth by the annual report of the Comptroller of the Cur

1870."

March 27-Mr. MORTON moved as an amendment to the amendment, to strike out the second section of the bill.

March 30-Mr. MORTON's motion was agreed to-yeas 28, nays 23:

YEAS-Messrs. Allison, Bogy, Boreman, Carpenter, Conover, Dennis, Ferry of Michigan, Gordon, Harvey, Hitchcock, Howe, Ingalls, Johnston, Logan, McCreery, Merrimon, Mitchell, Morton, Norwood, Oglesby, J. J. Patterson, Pease, Ramsey, Robertson, Spencer, Sprague, TIPTON, Windom-28.

NAYS-Messrs. Anthony, Bayard, Chandler, Conkling, Cooper, Cragin, Davis, FENTON, Frelinghuysen, Hager, HAMILTON of Texas, Hamlin, Jones, Morrill of Maine, Morrill of Vermont, Pratt, Sargent, Saulsbury, SCHURZ, Sherman, Stewart, Thurman, Wadleigh-23.

Mr. MORTON moved to strike out the fourth section of the bill.

March 31-Mr. MORRILL of Vermont moved to amend the fourth section of the bill by inserting "90" per cent. instead of "70;" which was disagreed to— yeas 20, nays 37:

YEAS-Messrs. Anthony, Bayard, Chandler, Conkling, Cooper, Cragin, FENTON, Frelinghuysen, Hager, Hamilton of Maryland, Hamlin, Jones, Morrill of Maine, Morrill of Vermont, Sargent, Saulsbury, SCHURZ, Stewart, Stockton, Wadleigh-20.

NAYS-Messrs. Allison, Bogy, Boreman, Carpenter, Conover, Davis, Dennis, Ferry of Michigan, Goldthwaite, Gordon, HAMILTON of Texas, Harvey, Hitchcock, Howe, Ingalls, Johnston, Lewis, Logan, McCreery, Merrimon, Mitchell, Morton, Norwood, Oglesby, J. J. Patterson, Pease, Pratt, Ransom, Robertson, Scott, Sherman, Spencer, Sprague, Thurman, TIPTON, West, Windom-37.

Mr. MORTON's motion to strike out the fourth section of the bill was agreed to-yeas 29, nays

27:

and said District, respectively, has an amount of such bank circulation equal to such proportion of notes then outstanding in the State of Pennsylvania; and all banks organized under this section shall be subject to, and be governed by, the rules, restrictions, and limitations, and possess the rights, privileges, and franchises, now or hereafter to be prescribed by law as to national banking associations, with the same power to amend, alter, and repeal provided by the "national currency act," approved June 3, 1864, and section 6 of the act entitled "An act to provide for the redemption of the 3 per cent. temporary loan certificates, and for an increase of national bank notes," approved July 12, 1870, be, and is hereby, repealed.

Mr. BUCKINGHAM moved to amend Mr. LoGAN'S amendment by striking out all after the word "That" and inserting the following:

"On and after the 1st day of January, 1875, United States legal tender notes in sums of $1,000, and its multiple, shall, on demand by the holder thereof, be redeemed by the Treasurer of the United States, either with coin or with United States bonds, at par, as he shall elect. The principal of such bonds shall be payable in coin in ten years from the 1st day of January, in the year in which they may be issued, and shall bear interest, payable semiannually in coin at the rate of five per cent., and shall be free from State and municipal taxation."

Which was disagreed to-yeas 21, nays 30: YEAS-Messrs. Anthony, Bayard, Buckingham, Chandler, Conkling, Cooper, Cragin, Davis, FENTON, Frelinghuysen, Hamilton of Maryland, HAMILTON of Texas, Hamlin, Howe, Jones, Morrill of Maine, Morrill of Vermont, Sargent, SCHURZ, Sherman, Stockton-21.

Navs-Messrs. Allison, Bogy, Boreman, Conover, Dennis, Ferry of Michigan, Goldthwaite, Gordon, Harvey, Hitchcock, Ingalls, Johnston, Lewis, Logan, McCreery, Merrimon, Mitchell, Morton, Norwood, Oglesby, J. J. Patterson, Pease, Ransom, Robertson, Spencer, Sprague, Thurman, TIPTON, West, Windom-30.

April 2-Mr. MERRIMON moved to strike out the third section of the bill and insert the fol

Mr. DAVIS moved to strike out all after the word "That," in Mr. MERRIMON's amendment, and to insert the following:

66

So much of the act entitled 'An act to provide for the redemption of the 3 per cent. temporary loan certificates, and for an increase of national bank notes,' as provides that no circulation shall be withdrawn, under the provisions of section 6 of said act, until after the fifty-four millions granted in section 1 of said act, shall have been taken up, is hereby repealed; and it shall be the duty of the Comptroller of Currency, under the direction of the Secretary of the Treasury, to proceed forthwith to carry into execution the provisions of section 6 of said act, and to enable him to do so, he is hereby authorized and required, from time to time, as needed for the execution of the said section, to make requisitions upon each of the national banks described in said section, organized in States having an excess of circulation, to withdraw and return so much of their circulation as by said act may be apportioned to be withdrawn from them, or, in lieu thereof, to deposit in the Treasury of the United States lawful money sufficient to redeem such circulation, and upon the return of the circulation required, or the deposit of lawful money, as herein provided, a proportionate amount of the bonds held to secure the circulation of such association as shall make such return or deposit shall be surrendered

to it.

That upon the failure of the national banks upon which requisition for circulation shall be made, or of any of them, to return the amount required, or to deposit in the Treasury lawful money to redeem the circulation required, with in thirty days, the Comptroller of the Currency shall at once sell, as provided in section 49 of the national currency act, approved June 3, 1864, bonds held to secure the redemption of the circulation of the association or associations which shall so fail, to an amount sufficient to redeem the circulation required of such association or associations, and with the proceeds, which shall be deposited in the Treasury of the United States, so much of the circulation of such association or associations shall be redeemed as will equal the amount required and not returned; and if there be any excess of proceeds over the amount required for such redemption, it shall be returned to the association or associations whose bonds shall have been sold. And it shall be the duty of the Treasurer, Assistant Treasurers, designated depositaries, and national bank depositories of the United States, (who shall be kept informed by the Comptroller of the Currency of such associations as shall fail to return circulation or to deposit lawful money as required,) to assort and return to the Treasury for redemption the notes of such associations as they shall come into their hands until the amount required shall be redeemed.

That from and after the passage of this act it shall be lawful for the Comptroller of the Currency to issue circulating notes in the manner and proportion now provided by law, to associations organized or to be organized in those

proportion of circulation, under an apportionment made on the basis of population and of wealth, as shown by the returns of the census of 1870: Provided, That the whole amount of circulation issued to such banking associations, and withdrawn and redeemed from banking associations under the provisions of this act, shall not exceed $50,000,000, and that such circulation shall from time to time be withdrawn and redeemed only as it shall be necessary to supply banks in those States having less than their apportionment."

Which was disagreed to-yeas 20, nays 31: YEAS-Messrs. Anthony, Conkling, Cooper, Cragin, Davis, FENTON, Frelinghuysen, Hager, Hamilton of Maryland, HAMILTON of Texas, Hamlin, Jones, Kelly, Morrill of Vermont, Sargent, Saulsbury, SCHURZ, Sherman, Thurman, Wadleigh-20.

NAYS-Messrs. Allison, Bogy, Boreman, Carpenter, Clayton, Conover, Ferry of Connecticut, Ferry of Michigan, Goldthwaite, Gordon, Harvey, Hitchcock, Ingalls, Johnston, Lewis, Logan, McCreery, Merrimon, Mitchell, Morton, Norwood, Oglesby, J. J. Patterson, Pease, Pratt, Ramsey, Robertson, Spencer, TIPTON, West, Windom-31. Mr. MERRIMON's amendment was agreed toyeas 33, nays 19:

YEAS-Messrs. Allison, Bogy, Boreman, Carpenter, Clayton, Conover, Davis, Ferry of Michigan, Goldthwaite, Gordon, Harvey, Hitchcock, Ingalls, Johnston, Lewis, Logan, McCreery, Merrimon, Mitchell, Morton, Norwood, Oglesby, J. J. Patterson, Pease, Pratt, Ramsey, Robertson, Sherman, Spencer, Thurman, TIPTON, West, Windom-33.

NAYS-Messrs. Anthony, Boutwell, Chandler, Conkling, Cooper, Cragin, Ferry of Connecticut, Frelinghuysen, Hager, Hamilton of Maryland, HAMILTON of Texas, Hamlin, Jones, Kelly, Morrill of Vermont, Sargent, Saulsbury, Stewart, Stockton-19.

Mr. FRELINGHUYSEN moved to amend by adding to the first section of the bill the following: "The surplus revenues of the Government shall be used for the purpose of accumulating coin in the Treasury until the Secretary of the Treasury shall be enabled thereby to redeem United States notes in coin when presented; but this shall not prevent the Secretary of the Treasury from selling gold sufficient to meet all demands on the Treasury which are payable in currency over and above currency receipts, and to keep on hand a proper cash balance for that purpose and to maintain the sinking fund."

The amendment was disagreed to-yeas 16, nays 31:

YEAS-Messrs. Anthony, Conkling, Cragin, Ferry of Connecticut, Frelinghuysen, Hamilton of Maryland, HAMILTON of Texas, Hamlin, Howe, Jones, Kelly, Morrill of Vermont, Sargent, Sherman, Stewart, Wadleigh—16.

NAYS-Messrs. Allison, Bogy, Boreman, Boutwell, Carpenter, Clayton, Conover, FENTON, Ferry of Michigan, Goldthwaite, Gordon, Harvey, Ingalls, Johnston, Lewis, Logan, McCreery, Merrimon, Mitchell, Morton, Oglesby, J. J. Patterson, Pease, Pratt, Ramsey, Robertson, Scott, Spencer, Thurman, TIPTON, West-31.

"That from and after June 30, 1874, one twentieth of the customs duties shall be payable in United States legal-tender notes, and after June 30, 1875, one tenth, and after June 30, 1876, one fifth thereof may be so paid, whenever the same can be done without violating the pledge made by the act of February 25, 1862, for the payment of the interest on the public debt and providing for the sinking fund."

Which was disagreed to-yeas 19, nays 27: YEAS-Messrs. Bogy, Davis, FENTON, Hager, Hamilton of Maryland, HAMILTON of Texas, Hamlin, Jones, Kelly, McCreery, Merrimon, Pratt, Ramsey, Ransom, Saulsbury, Stewart, Stockton, Thurman, TIPTON-19.

NAYS—Messrs. Allison, Anthony, Boreman, Carpenter, Chandler, Clayton, Conkling, Conover, Cragin, Ferry of Connecticut, Frelinghuysen, Harvey, Hitchcock, Howe, Johnston, Lewis, Logan, Mitchell, Morrill of Maine, Morrill of Vermont, Morton, J. J. Patterson, Pease, Robertson, Scott, Sherman, Spencer-27.

April 6-The question recurring on Mr. MERRIMON'S substitute for the entire bill:

Mr. SCOTT moved to amend the substitute by adding to it the following:

"And each national banking association now organized, or hereafter to be organized, shall keep and maintain, as a part of its reserve required by law, one fourth part of the coin received by it as interest on bonds of the United States deposited as security for circulating notes or Government deposits; and that hereafter only one fourth of the reserve now prescribed by law for national banking associations shall consist of balances due to an association available for the redemption of its circulating notes from associations in cities of redemption, and upon which balances no interest shall be paid."

Mr. MERRIMON accepted it, and modified his substitute accordingly.

Mr. CONKLING moved to amend the substitute by adding to it the following section:

"That nothing in this act shall be construed to authorize any increase of the principal of the public debt of the United States.'

The amendment was disagreed to-yeas 24, nays 28:

YEAS-Messrs. Allison, Anthony, Bayard, Chandler, Conkling. Cragin, Davis, FENTON, Frelinghuysen, Hager, Hamilton of Maryland, HAMILTON of Texas, Hamlin, Howe, Kelly, Morrill of Vermont, Sargent, Saulsbury, SCHURZ, Scott, Sherman, Stewart, Thurman, Wadleigh-24.

NAYS-Messrs. Bogy, Boreman, Cameron, Carpenter, Clayton, Dorsey, Ferry of Michigan, Goldthwaite, Gordon, Harvey, Hitchcock, Ingalls, Johnston, Lewis, Logan, McCreery, Merrimon, Morton, Norwood, Oglesby, J. J. Patterson, Pease, Pratt, Ramsey, Robertson, TIPTON, West, Windom-28.

|

circulating notes so issued, which shall be in further reduction of the volume of $400,000,000 fixed by the preceding section; and such reduction shall continue until the whole $46,000,000 of circulating notes shall be issued. And for that purpose he is authorized to issue and sell at public sale, after ten days' notice of the time and place of sale, a sufficient amount of the bonds of the United States of the character and description prescribed in the second section of this act for United States notes to be then retired and canceled."

The amendment was disagreed to-yeas 25, nays 30:

YEAS-Messrs. Anthony, Bayard, Chandler, Conkling, Cooper, Cragin, Davis, FENTON, Frelinghuysen, Hager, Hamilton of Maryland, HAMILTON of Texas, Hamlin, Howe, Jones, Kelly, Morrill of Vermont, Sargent, Saulsbury, SCHURZ, Scott, Sherman, Stewart, Thurman, Wadleigh -25.

NAYS-Messrs. Allison, Bogy, Boreman, Cameron, Carpenter, Clayton, Dorsey, Ferry of Michigan, Goldthwaite, Gordon, Harvey, Hitchcock, Ingalls, Johnston, Lewis, Logan, McCreery, Merrimon, Morton, Norwood, Oglesby, J. J. Patterson, Pease, Pratt, Ramsey, Robertson, Spencer, TIPTON, West, Windom―30.

Mr. MERRIMON's substitute, as modified, was then agreed to-yeas 29, nays 24:

YEAS Messrs. Allison, Bogy, Boreman, Cameron, Carpenter, Clayton, Dorsey, Ferry of Michigan, Goldthwaite, Gordon, Harvey, Hitchcock, Ingalls, Johnston, Lewis, Logan, McCreery, Merrimon, Morton, Oglesby, J. J. Patterson, Pease, Pratt, Ramsey, Robertson, Spencer, TIPTON, West, Windom-29.

NAYS-Messrs. Anthony, Bayard, Chandler, Conkling, Cragin, Davis, FENTON, Frelinghuysen, Hager, Hamilton of Maryland, HAMILTON of Texas, Hamlin, Howe, Jones, Kelly, Morrill of Vermont, Sargent, Saulsbury, SCHURZ, Scott, Sherman, Stewart, Thurman, Wadleigh-24.

The bill was reported to the Senate as amended by the one amendment, Mr. Scorr's.

Mr. SHERMAN moved to amend by substituting for the amendment agreed to as in Committee of the Whole the following:

The maximum amount of United States notes is hereby fixed at $400,000,000, at which amount it shall remain until reduced as hereinafter provided.

SEC. 2. That on the 1st day of January, 1877, the Secretary of the Treasury is authorized and required to pay on demand, at the office of the Treasurer of the United States, and at the office of the assistant treasurer in the city of New York, to any holder of United States notes to the amount of $1,000, or any multiple thereof, in exchange for such notes, an equal amount of the gold coin of the United States; or in lieu of coin he may, at his option, issue in exchange for said notes an equal amount of coupon or registered bonds of the United States, in such form as he may prescribe, and of denominations of fifty dollars or some multiple of that sum, redeemable in coin of the present standard value, at the pleasure of the United States, after ten years from the date of their issue, and bearing interest, payable quar