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the bill reported from the Banking and Currency | vey, Hitchcock, Ingalls, Johnston, Lewis, Logan, Committee of the House, (H. R. 1572,) for which McCreery, Merrimon, Mitchell, Norwood, Oglesproceedings see beyond, the above bill from the by, J.J. Patterson, Pease, Pratt, Ramsey, RobertSenate, (S. 617) was taken from the Speaker's son, Spencer, Sprague, TIPTON, West, Windom, table, and passed-yeas 140, nays 102, not voting Wright-34.
Nays—Messrs. Anthony, Bayard, Boutwell, YEAS—Messrs. Albright, Arthur, Atkins, Av. Buckingham, Chandler, Conkling, Cragin, Davis, erill, Barber, Barrere, Begole, H. P. Bell, Biery, Edmunds, FENTON, Ferry of Connecticut, FlanBland, Blount, Bowen, Bradley, Bright, Brown, agan, Frelinghuysen, Gilbert, Hager, Hamilton Buckner, Bundy, Burchard, Burrows, B. F. But- of Maryland, HAMILTON of Texas, Hamlin, Howe, ler, R. R.Butler, J. H. Caldwell, Cannon, Cason, Jones, Kelly, Morrill of Vermont, Sargent, Cessna, A. Clark, J. B. Clark, Clements, C. L. Scott, Sherman, Stevenson, Stewart, Stockton, Cobb, S. A. Cobb, Coburn, Comingo, Conger, Thurman, Wadleigh-30. Cook, Corwin, Crittenden, Crossland, Crounse, Two-thirds not baving voted in the affirmaCrutchfield, Curtis, Darrall, J.J. Davis, Dobbins, tive, the bill fell. Donnan, Dunnell, Durham, Farwell, Field, Fort, C. Foster, Hagans, Harmer, H. R. Harris, J. T.
III.-The House Currency Bill. Harris, Harrison, Hatcher, Havens, J. B. Hawley, Hays, G. W. Hazelton, Hereford, Hodges, 1874-January 29.-Mr. MAYNARD, from the Houghton, Howe, Hubbell, Hunter, Hunton, Committee on Banking and Currency, reported Hurlbut, Hyde, HYNES, Jewett, Kasson, Killin- the following bill (H. R. 1572) " to amend the ger, Knapp, Lamison, B. Lewis, Loughridge, several acts providing a national currency, and Lowe, Martin, Maynard, McCrary, A. S McDill, to establish free banking, and for other purJ. W. McDill, McJunkin, McKee, McNulta, poses." As amended, on Mr. MAYNARD's moMilliken, Monroe, Morey, L. Myers, Neal, Nunn, tion, it is as follows: Orr, Orth, Packard, Packer, I. C. Parker, Pelham, Be it enacted, &c. That section thirty-one of Phillips, Pratt, Purman, Rapier, Ray, Richmond, the act entitled “An act to provide a national, Robbins, J. W. Robinson, Ross, Rusk, Sawyer, currency secured by a pledge of United States M. Sayler, Sener, Shanks, Sheats, Sheldon, I. R. bonds, and to provide for the circulation and reSherwood, L. D. Shoemaker, A. H. Smith, G. L. demption thereof,'' approved on the third day of Smith, Snyder, Southard, Sprague, Stanard, June, in the year eighteen hundred and sixtyStandeford, Stowell, C. Y. Thomas, Tyner, Vance, four, be so amended that the several associations Wallace, J. D. Ward, Wells, White, Whitehead, therein provided for shall not hereafter be reWhiteley, C. G. Williams, Williams of Indiana, quired to keep on hand any amount of money Wilshire, J. Wilson, J. M. Wilson, Woodworth, whatever by reason of the amount of their re. P. M. B. Young-140.
spective circulations, but the moneys required NAYS-Messrs. Adams, Albert, BANNING, Bar-by said section to be kept at all times on hand num, Bass, J. B. Beck, BROMBERG, Buffinton, shall be determined by the amount of deposits, Burleigh, Clayton, Clymer, Cotton, Cox, Creamer, in all respects as provided for in the said section. Crooke, Danford, Dawes, De Witt, Eames, Eden, SEC. 2. That section twenty-one of the said Eldredge, Frye, Garfield, Gooch, Gunckel, E. act, and the several amendments thereto, so far Hale, R. S. Hale, Hamilton, Hancock, B. W. as they restrict the amount of notes for circula. Harris, Hathorn, J. R. Hawley, Herndon, E. tion under said act, be, and the same are hereby, P. Hoar, G. F. Hoar, Holman, Hooper, Hoskins, repealed; and that section one of the act entiKelley, Kellogg, Kendall, Lamar, Lawson, Lof- tled "An act to provide for the redemption of land, Lowndes, Magee, Marshall, MacDougall, the three-per-centum temporary-loan certificates, McLean, Mellish, Merriam, Mills, Mitchell, w. and for an increase of national bank notes," S. Moore, W. E. Niblack, Niles, O'Neill, Page, H. approved July twelfth, eighteen hundred and W. Parker, Parsons, Pendleton, E. Perry, Phelps, seventy, be amended by repealing the second Fierce, Pike, J. H. Platt, T. C. Platt, Poland, proviso in said section contained. And the act Potter, Rainey, Randall, Read, J. B. Rice, E. H. entitled “An act to amend an act entitled · An Roberts, W. R. Roberts, J. G. Schumaker, Sco- act to provide a national currency secured by field, I. W. Scudder, Sessions, Small, Smart; H. pledge of United States bonds, and to provide B. Smith, J. Q. Smith, Speer, Stark weather, for the circulation and redemption thereof," apSt. John, Stone, Strawbridge, Swann, Tremain, proved on the 3d day of March, 1865, be, and Waldron, Wheeler, WHITEHOUSE, Whitthorne, the same is hereby, repealed ; and section 21 of Wilber, C. W. Willard, G. Willard, J. M. S. Wil the original act to which the act last aforesaid liams, Willie, E. K. Wilson, Wood, Woodford is an amendment be, and the same is hereby,
Sec. 3. That every association organized, or IN SENATE.
to be organized, under the provisions of the April 22—The bill was returned to the Senate said act, and of the several acts in amendlig the PRESIDENT, with his objections. (For the ment thereof, shall at all times keep and have message, see chapter XI.)
on deposit in the Treasury of the United States, April 27-In Senate the vote was taken on in lawful money of the United States, a sum passing the bill, notwithstanding the objections equal to five per centum of its circulation, to of the PRESIDENT, and was-yeas 34, nays 30: be held and used only for the redemption of
YEAS—Allison, Bogy, Boreman, Cameron, such circulation; and when the circulating Carpenter, Clayton, Conover, Dennis, Dorsey, notes of any such association or associations Ferry of Michigan, Goldthwaite, Gordon, Har. I shall be presented, assorted or unassorted, for
redemption, in sums of one thousand dollars, I authorized to withdraw their bonds in excess of or any multiple thereof, to the treasurer often thousand dollars. the United States, or to an assistant treasurer. SEC. 8. That the Secretary of the Treasury is of the United States, the same shall be redeemed hereby authorized and directed to issue, at the in United States notes. All notes so redeemed beginning of each and every month from and shall be charged by the Comptroller of the including July, eighteen hundred and seventyCurrency to the respective associations issuing four, two millions of United States notes not the same, and he shall notify them severally, on bearing interest, payable in gold two years after the first day of each month, or oftener, at his date, of such denominations, as he shall deem discretion, of the amount of such redemptions ; expedient, not less than ten dollars each, in exwhereupon each association so notified shall change, and as a substitute, for the same amount forth with deposit with the Treasurer of the of the United States notes now in circulation, United States a sum, in United States notes, which shall be canceled and destroyed, and not equal to the amount of its circulating notes so reissued. And any excess of gold in, or hereredeemed. And when such redemptions have after coming into the Treasury of the United been so reimbursed, the circulating notes so States, after payment of interest on the public redeemed, or, if worn, mutilated, or defaced, debt, and supplying any deficiency in the revenew notes instead, shall be forwarded to the re- nues provided to meet the current expenses of spective associations: Provided, That each of the Government, shall hereafter be retained as a said associations shall reimburse to the Treasury reserve for the redemption of such notes. the cost of redemption and of supplying new April 9.-Mr. MERRIAM moved a substitute notes in place of those redeemed. And the asso- for the bill, the first five sections of which were ciations hereafter organized shall also severally the same as of the bill, and having this addireimburse to the Treasury the costs of engrav- tional section: ing and printing their circulating notes: And SEC. 6. That any national bank desiring to provided further, That the entire amount of withdraw a portion of its circulation may, upon United States notes outstanding and in circula- | deposit of United States notes in sums of not less tion at any one time shall not exceed the sum of than $9,000 with the Treasurer of the United four hundred million dollars, now authorized by States, withdraw bonds pledged to secure a like existing law.
amount of its circulation; and the Treasurer SEC. 4. That any association organized under shall redeem, cancel, and destroy an amount of this act, or any of the acts of which this is an amend the circulating notes of such association equal to ment, desiring to withdraw its circulating notes, the amount issued upon such bonds: Provided, in whole or in part, may, upon deposit of lawful That the bonds on deposit with the Treasurer money within the meaning of said acts, in sums shall not be reduced below $50,000. of not less than ten thousand dollars, with the Mr. FARWELL moved as an additional section Treasurer of the United States, withdraw a pro- to Mr. MERRIAM's substitute the following: portionate amount of bonds deposited in pledge That so much of the fifth section of the act enfor such circulation; and he shall redeem, can- titled “An act to authorize the issue of United cel, and destroy an amount of the circulating States notes, and for the redemption or funding notes of such association equal to the amount thereof, and for funding the floating debt of the issued upon such bonds.
United States," approved February 25, 1862, as Sec. 5. That sections thirty one and thirty- relates to the purchase or payment of 1 per cent. two of the said act be amended by requiring of the entire debt of the United States annually, that each of the said associations shall keep its and the setting the same apart as a sinking fund, lawful money reserves within its own vaults at be so amended that said purchase of 1 per cent. the place where its operations of discount and as therein prescribed shall be applied solely to deposit are carried on. And all the provisions the non-interest-bearing debt of the United of the said sections requiring or permitting any States, known as United States notes, which of the said associations to keep any portion of its said notes, when purchased, shall be canceled lawful money reserves elsewhere than in its own and forever retired from circulation. The first vaults, or requiring or permitting the redemption application of said 1 per cent. to the purposes of its circulating notes elsewhere than at its own aforesaid shall be made after the 1st day of July, counter, except as provided for in this act, are 1874, and within that fiscal year. hereby repealed.
Mr. MITCHELL moved to add to section two of SEC. 6. That upon all circulating notes here- the bill, the following: after issued, or hereafter to be issued, whenever Provided, That in case any increase of national the same shall come into the Treasury, in pay- | bank note circulation beyond the present authorment or deposit for redemption or otherwise, ized limit of $354,000,000 shall take place, the there shall be printed, under such rules and reg. Secretary of the Treasury is hereby authorized ulations as the Secretary of the Treasury may and directed to retire and cancel legal-tender prescribe, the charter numbers of the associations notes to the extent of such increase until the by which they are severally issued.
outstanding and unpaid legal-tender notes shall SEC. 7. That associations without circulation be reduced to $300,000,000, and for this purpose may be organized under the provisions of the he is authorized to use any existing surplus said act, upon the deposit, with the Treasurer of revenue, or, in default of any such surplus, to the United States, of not less than ten thousand sell 5 per cent. bonds of the Government. dollars of United States registered bonds, as pro- Mr. BIERY moved to amend the bill by strikvided in section sixteen of said act; and associa- ing out its seventh and eighth sections. tions already organized without circulation are! A contest here ensued. Mr. MAYNARD called. the previous question on the bill and amend. | Mr. BIERY'S amendment, to strike out sectföng ments, but the HOUSE refused to second it-yeas | 7 and 8 of the bill, was not agreed to-yeas 68, 77, nays 124. Mr. B. F. BUTLER moved to post- nays 102. pone its further consideration till the next Tues- Mr. FARWELL'S amendment to Mr. MERRIAM'S day, stating that his intention was to have the substitute was disagreed to-geas 73, nays 162: House take up the Senate bill (S. 617) then on YEAS—Messrs. Albert, Barnum, Bass, Bradley, Speaker's table. The motion to postpone was BROMBERG, Buffinton, Burleigh, Clayton, Clymer, agreed to-yeas 133, nays 121. A motion was Cox, Creamer, Dawes, De Witt, Eames, Elliott, C. made to reconsider this vote, and the motion to Foster, Frye, Garfield, Gooch, R.S. Hale, Hamil lay on the table that motion to reconsider the ton, Hancock, B. W. Harris, Hathorn, J. R. Hawvote on postponement was yeas 126, nays 126, ley, Hendee, Herndon, E. R. Hoar, G. F. Hoar, and was lost by the casting vote of the SPEAKER. Hooper, Hoskins, Hubbell, Kellogg, Kendall, The motion to reconsider the vote on postpone- Lawson, B. Lewis, Lowndes, Luttrell, J. W. Mo ment was then agreed to-yeas 128, nays 120, Dill, MacDougall, Merriam, Mitchell, W. S. and the House then refused to postpone-yeas Moore, Niles, Page, H. W. Parker, Parsons, Peg79, nays 106. The House then proceeded to dleton, E. Perry, Phelps, Pierce, Pike, Potter, Ray, vote on the amendments.
J. B. Rice, E. H. Roberts, Sawyer, Sheldon, April 10–Mr. MITCHELL'S amendment was Smart, J. Q. Smith, Starkweather, Tremain, disagreed to--yeas 79, nays 160:
Waldron, J. D. Ward, Wheeler, WHITEHOUSE, Yeas-Messrs. Albert, Albright, Archer, Bar- Wilber, C. W. Willard, G. Willard, J. M. S. Wil num, Bass, BROMBERG, Buffinton, Burchard, Bur- liams, W. B. Williams, Wood, Woodford-73. leigh, Clayton, Clymer, Cotton, Cox, Crooke, Nays-Messrs. Adams, Albright, Archer, Ap. Dawes, De Witt, Eames, Elliott, Frye, Garfield, thur, Ashe, Atkins, Averill, BANNING, Barber, Gooch, Gunckel, E. Hale, R. S. Hale, Hamilton, Barrere, J. B. Beck, Begole, H. P. Bell, Biery, Hancock, B. W. Harris, Hathorn, J. R. Hawley, 1 Bland, Blount, Bowen, Bright, Brown, Buckner, Hendee, E. R. Hoar, G. F. Hoar, Hooper, Hos- Bundy, Burchard, Burrows, J. H. Caldwell, Car kins, Kellogg, Kendall, Lawson, B. Lewis, Lown- non, Čason, Cessna, J. B. Clark, Clements, S. A. des, Luttrell, MacDougall, Mitchell, W. S. Moore, Cobb, Coburn, Comingo, Conger, Cook, Corwin, Nesmith, Niles, Page, H. W. Parker, Pendleton, Cotton, Crittenden, Crooke, Crossland, Crounse, E. Perry, Phelps, Pierce, Pike, J. H. Platt, T. C. Crutchfield, Curtis, Danford, Darrell, J J. Davis, Platt, Potter, Read, J. B. Rice, E. H. Roberts, Dobbins, Donnan, Dunnell, Durham, Eden, EldSawyer, I. W. Scudder, L. D. Shoemaker, Smart, redge, Field, Fort, Freeman, Giddings, Gunckel, H. B Smith, J. Q. Smith, Starkweather, Stone, Hagans, E. Hale, Harmer, H. R. Harris, J. T. Tremain, Waldron, Walls, M. L. Ward, Wheeler, Harris, Harrison, Hatcher, Havens, J. B. HawWHITEHOUSE, Wilber, C. W. Willard, G. Willard, ley, Hays, G. W. Hazelton, J. W. Hazelton, J. M. S. Williams, W. B. Williams, Wood, Wood Hodges, Holman, Houghton, Hunter, Hyde, furd—79.
HYNES, Kasson, Kelley, Killinger, Knapp, Las Nays-Messrs. Adams, Arthur, Ashe, Atkins, mar, Lamison, Lansing, Leach, Lofland, LougbAverill, BANNING, Barrere, J. B. Beck, Begole, ridge, Lowe, J. R. Lynch, Marshall, Martin, H. P. Bell, Biery, Bland, Blount, Bowen, Brad. Maynard, A. S. McDill, Mchunkin, McLean, Mcley, Bright, Brown, Buckner, Bundy, Burrows, Nulta, Mellish, Milliken, Monroe, Morey, L. MyRR. Butler, Cain, J. H. Caldwell, Cannon, Cason, ers, Neal, Negley, W. E. Niblack, Nunn, O'Brien, Cessna, A. Clark, J. B. Clark, Clements, Coburn, U'Neill, Orr, Orth, Packard, Packer, I. C. PasComingo, Conger, Cook, Corwin, Creamer, Crit- ker, Phillips, T. C. Platt, Pratt, Rainey, Randall, tenden, Crossland, Crounse, Crutchfield, Curtis, / Ransier, Rapier, Read, Richmond, Robbins, J. Danford, J. J. Davis, Dobbins, Donnan, Dunnell, W. Robinson, Ross, Rusk, M. Sayler, Scofield, L Durham, Eden, Eldredge, Farwell, Field, Fort, W. Scudder, Sener, Sessions, Shanks, Sheats, I. C. Foster, Freeman, Giddings, Hagans, Harmer, R. Sherwood, L. D.Shoemaker, Sloss, A. H. Smith, H. R. Harris, J. T. Harris, Harrison, Hatcher, H. B. Smith, J. A. Smith, Snyder, Southard, Havens, J. B. Hawley, Hays, G. W. Hazelton, J. Speer, Sprague, Stanard, Standeford, St. Joba, W. Hazelton, Herndon, Holman, Houghton, Stone, Siowell, Swann, C. Y. Thomas, Tyner, Howe, Hubbell, Hunter, Hurlbut, Hyde, Kasson, Vance , Waddell, Wallace, Wells, White, WhiteKelley, Killinger, Knapp, Lamison, Lamport, I head, Whiteley, Whitthorne, C. G. Williams, Wil Lansing, Lcach, Lofland, Loughridge, Lowe, J. liams of Indiana, Willie, J. Wilson, J. M. WibR. Lynch, Marshall, Martin, Maynard, A. S. Mc- son, Woodworth, P. M. B. Young-162. Dill, J. W. McDill, McJunkin, McLean, McNulta, Mr. MERRIAM's substitute for the bill was dis Mellish, Merriam, Milliken, Monroe, Morey, L. agreed to--years 69, nays 89, by tellers, the yeas Myers, Neal, Negley, W. E. Niblack, Nunn, O'- and nays being refused. Neill, Orr, Orth, Packard, Packer, I. C. Parker, The previous question being exhaustedPhillips, Pratt, Purman, Rainey, Randall, Ran- Mr. MAYNARD moved to amend the bill by sier, Rapier, Ray, Richmond, Robbins, J. W. Rob striking out its seventh section. inkon, Ross, Rusk, M. Sayler, Scofield, Sessions, Mr. BIERY moved to amend by striking out Shanks, Sheats, Sheldon, I. R. Sherwood, Sloss, the eighth section. A. II. Smith, J. A. Smith, Snyder, Southard, Speer, The motion to strike out the seventh section Sprague, Standeford, St. John, Stowell, Straw-was agreed to-yeas 114, nays 56; the yeas and bridge, Swann, C. Y. Thomas, Tyner, Vance, nays being refused. Waddell, Wallace, J. D. Ward, Wells, White, The motion to strike out the eighth section Whitehead, Whiteley, Whitthorne, C. G. Williams, was agreed to-yeas 149, nays 95: Williams of Indiana, Willie, Wilshire, J. Wilson, YEAS_Messrs. Adams, Albright, Arthur, Ashe, J. M. Wilson, Woodworth, P. M. B. Young-160. I Atkins, Averill, BANNING, Barber, Barrere, t. B. Beck, Begole, H. P. Bell, Berry, Biery, Bland, of the United States or any assistant treasurer, Blount, Bowen, Bradley, Bright, Brown, Buck- the redemption of said bonds, it shall be the duty nier, Bundy, Burrows, B. F. Butler, R. R. Butler, of said Treasurer or assistant treasurer to pay in J. H. Caldwell, Cannon, Cason, Cessna, J. B. United States notes the principal of said bond or Clark, Clements, S. A. Cobb, Coburn, Comingo, bonds with accrued interest: Provided, That nothConger, Cook, Corwin, Crittenden, Crossland, ing in this act contained shall be construed to Crounse, Crutchfield, Curtis, Danford, J. J. Da- prevent the reissue of the notes so redeemed, or uis, Donnan, Dunnell, Durham, Eden, Eldredge, the receiving and paying out the same, from time Farwell, Field, Fort, Freeman, Gunckel, Hagans, to time, by the Government, with full benefit, Harmer, H. R. Harris, J. T. Harris, Harrison. and subject to all other provisions of law in relaHatcher, Havens, J. B. Hawley, Hays, G. W. I tion to such notes. Hazelton, J. W. Hazelton, Hodges, Holman, Mr. KELLEY moved to substitute for Mr. Nec Houghton, Hubbell, Hunter, Hurlbut, Hyde, LEY's amendment the following: HYNES, Kasson, Kelley, Killinger, Knapp, La-l “That the amount of United States notes in mar, Lamison, Lamport, Leach, Lofland, Lough- circulation be limited, except as hereinafter proridge, Lowe, Marshall, Martin, Maynard, J. W. vided, to $400,000,000; and that any holder of McDill, McJunkin, McLean, McNulta, Mellish, said notes presenting any sum not less than fifty Merriam, Milliken, Monroe, Morey, L. Myers, dollars, or some multiple thereof, to the Treasurer Neal, Negley, W. E. Niblack, Nunn, O'Neill, of the United States, or any of the assistant treas Orr, Orth, Packard, I. C. Parker, Pelham, Phil urers, shall receive in exchange therefor an equal lips, Pratt, Randall, Rapier, Ray, Richmond, amount of bonds of the United States, as may by Robbins. J. W. Robinson, Ross, Rusk, M. Sayler, said holder be desired, bearing interest at the Sener, Shanks, Sheats, Sheldon, I. R. Sherwood, rate of 3.65 per cent. per annum, which the SecA. H. Smith, J. A. Smith, Snyder, Southard, retary of the Treasury is hereby authorized to Stanard, Standeford, St. John, Strawbridge, Ty- prepare and furnish for that purpose; and that ner, Vance, Waddell, J. D. Ward, Wells, White, when any person shall demand of the Treasurer Whitehead, Whiteley, Whitthorne, C. G. Wild of the United States, or any assistant treasurer, liams, Williams of Indiana, W. B. Williams, Wil- redemption of said bonds, it shall be the duty of shire, J. Wilson, J. M. Wilson, Woodworth, J. said Treasurer or assistant treasurer to pay in D. Young, P. M.B. Young-149.
United States notes the principal of said bond or Nays-Messrs. Albert, Archer, Barnum, Bass, bonds with accrued interest, and cancel and forBROMBERG, Buffinton, Burchard, Burleigh, Cain, ward the bonds thus redeemed to the Treasurer A. Clark, Clayton, Clymer, Cotton, Cox, Creamer, of the United States forthwith, in such manner Crooke, Darrall, Dawes, De Witt, Eames, C. Fos- as the Secretary may prescribe; and that the ter, Frye, Garfield, Giddings, Gooch, E. Hale, Secretary of the Treasury shall cause to be preR. S. Hale, Hamilton, Hancock, B. W. Harris, pared United States notes of the several denomiHathorn, J. R. Hawley, Hendee, Herndon, E. nations now in use to the amount of $50,000,000, R. Hoar, G. F. Hoar, Hooper, Hoskins, Howe, which shall be held as a reserve or redemption Kellogg, Kendall, Lansing, Lawson, B. Lewis, fund for the purpose of securing prompt payment Lowndes, Luttrell, MacDougall, Mitchell, W. S. of said bonds when demanded, and the United Bloore, Nesmith, Niles, O'Brien, Packer, Page, States notes so held in reserve shall be used only H. W. Parker, Pendleton, Perry, Phelps, Pierce, when needed for the payment of said bonds on Pike, J. H. Platt, T. C. Platt, Potter, Purman, their presentation, and shall be withdrawn and Rainey, Ransier, J. B. Rice, E. H. Roberts, I placed again in reserve out of any United States Sawyer, I. W. Scudder, Sessions, L. D. Shoes notes not otherwise appropriated received by the maker, Smart, H. B. Smith, J. Q Smith, Speer, Treasury Department thereafter; and the whole Sprague, Starkweather, Stone, Stowell, Swann, amount of United States notes received by the C. Y. Thomas, Tremain, Waldron, Wallace, Treasury Department in exchange for said bonds, Walls, M. L. Ward, Wheeler, WHITEHOUSE, bearing 3.65 per cent. interest, shall be appropriWilber, C. W. Willard, G. Willard, J. M. S. Wil, ated and applied by the Secretary of the Treasliams, Willie, Woodford-95.
ury as rapidly as practicable to the purchase or Mr. NEGLEY moved to amend the bill by add redemption of any bonds of the United States ing to it the following:
outstanding at the passage of this' act, or the SEC. 7. That the amount of United States notes purchase of gold with which to redeem and canin circulation be limited, except as hereinafter cel any of said bonds called for redemption by the provided, to $400,000,000; and that any holder Treasurer; and that national banks are hereby of said notes presenting any sum not less than authorized to hold said bonds bearing 3.65 per fifty dollars, or some multiple thereof, to the cent. interest instead of the reserve of the United Treasury of the United States, or any of the sub- States notes now required by law." treasuries, shall receive in exchange therefor an Mr. KELLY's substitute for Mr. NEGLEY'S equal amount of bonds of the United States, cou- amendment was agreed to-yeas 109, nays 78, pon or registered, as may by said holder be de- on a division. sired, bearing interest at the rate of 3.65 per cent. The amendment as thus annended was disper annum, payable semi-annually, which the agreed to-yeas 120, nays 122: Secretary of the Treasury is hereby authorized | YEAS—Messrs. Albright, Arthur, Ashe, Atkins, to prepare and furnish for that purpose; said | Barber, J. B. Beck, Begole, H. P. Bell, Berry, bonds to mature as follows: One half part in Biery, Bland, Blount, Bowen, Bright, Brown, thirty years and one half part in fifty years from Buckner, Burrows, B. F. Butler, Cain, J. H. the date of the issue thereof; and that, hereafter, Caldwell, Cason, Cessna, A. Clark, J. B. Clark, when any person shall demand of the Treasurer Coburn, Comingo, Conger, Cook, Creamer, Crit
tenden, Crossland, Crounse, Crutchfield, J. J. Da- SEC. 2. That the Treasury notes authorized
Nays-Messrs. Adams, Albert, Averill, Bar- | bonds on demand at the Treasury of the United
vertible bonds authorized to be issued by section April 11.-Mr. MAYNARD renewed his demand 3 of this act. for the previous question on the bill; which was SEC. 6. That the money received in exchange seconded-yeas 105, nays 69.
for convertible bonds shall only be used in the The House refused to order the main question purchase of the bonds of the United States called yeas 113, nays 120.
five-twenties, and in keeping a reserve for the Mr. Beck moved to amend the bill by striking payment of the principal and interest of the conout all after the enacting clause and inserting. vertible bonds when demanded, which reserve the following:
shall be of such an amount as, in addition to the That the Secretary of the Treasury be, and he $50,000,000 mentioned in section 5 of this act, is hereby, authorized to issue, in manner as here- shall be sufficient, in the opinion of the Secretary inafter prescribed, on the faith and credit of the to insure their prompt redemption. Whenever Government, $400,000,000 of Treasury notes, any portion of said $50,000,000 shall have been payable on demand in United States legal-tender used in the redemption of Treasury notes or connotes, at the Treasury and at such United States vertible bonds, the Secretary of the Treasury is depositories as the Secretary of the Treasury may hereby authorized and directed to sell to the designate. Said notes shall be similar in form highest bidder, for United States legal-tender and appearance to the said legal-tender notes, notes, any of the bonds now authorized by law and may be of denominations not less than one to be issued for funding the public debt, to an dollar nor more than $10,000, and shall be re- amount sufficient to restore to the Treasury all ceivable in payment of all taxes, claims, and of said $50,000,000 that shall have been used as demands due to the United States and of all aforesaid. Such sale of bonds shall be made claims and demands against the United States, upon due notice by advertisement and upon bidto the same extent that national bank notes are dings made by sealed proposals. receivable and no further.
SEO. 7. That all further issue of national bank