"An act to provide a national currency secured | designated depositary of the United States, be by a pledge of United States bonds, and to pro- forwarded to the Treasurer of the United States vide for the circulation and redemption thereof," for redemption as provided herein. And when approved June third, eighteen hundred and sixty- such redemptions have been so reimbursed, the four, shall be hereafter known as "the national circulating notes so redeemed shall be forwarded bank act." to the respective associations by which they were issued; but if any of such notes are worn, muti

use, they shall be forwarded to the Comptroller of the Currency and destroyed and replaced as now provided by law: Provided, That each of said associations shall reimburse to the Treasury the charges for transportation, and the costs for assorting such notes; and the associations hereafter organized shall also severally reimburse to the Treasury the cost of engraving such plates as shall be ordered by each association respectively; and the amount assessed upon each association shall be in proportion to the circulation redeemed, and be charged to the fund on deposit with the Treasurer: And provided further, That so mnch of section thirty-two of said national bank act requiring or permitting the redemption of its circulating notes elsewhere than at its own counter, except as provided for in this section, is hereby repealed.

SEC. 2. That section thirty-one of the "national bank act" be so amended that the several asso-lated, defaced, or rendered otherwise unfit for ciations therein provided for shall not hereafter be required to keep on hand any amount of money whatever by reason of the amount of their respective circulations; but the moneys required by said section to be kept at all times on hand shall be determined by the amount of deposits in all respects, as provided for in the said section. SEC. 3. That section twenty-two of the said act, and the several amendments thereto, so far as they restrict the amount of notes for circulation under said acts, be, and the same are hereby, repealed; and the proviso in the first section of the act approved July twelfth, eighteen hundred and seventy, entitled "An act to provide for the redemption of the three per centum temporary loan certificates, and for an increase of national bank notes," prohibiting the banks hereafter organized a circulation over five hundred thousand dollars; and the proviso in the third section of SEC. 5. That any association organized under said act limiting the circulation of banks author- this act, or any of the acts of which this is an ized to issue notes redeemable in gold coin to one amendment, desiring to withdraw its circulating million dollars; and section six of said act, re-notes, in whole or in part, may, upon the deposit lating to the redistribution of twenty-five millions of circulating notes, be, and the same are hereby repealed; that every association hereafter organized 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 bank act."

of lawful money with the Treasurer of the United States in sums of not less than nine thousand dollars, take up the bonds which said association has on deposit with the Treasurer for the security of such circulating notes; which bonds shall be assigned to the bank in the manner specified in the nineteenth section of the national bank act; and the outstanding notes of said association, to an amount equal to the legal tender notes deposited, shall be redeemed at the Treasury of the United States, and destroyed as now provided by law: Provided, That the amount of the bonds on deposit for circulation shall not be reduced below fifty thousand dollars.

SEC. 4. That every association organized, or to be organized, under the provisions of the said act, and of the several acts amendatory thereof, shall at all times keep and have on deposit in the Treasury of the United States, in SEC. 6. That the Comptroller of the Currency lawful money of the United States, a sum equal shall, under such rules and regulations as the to five per centum of its circulation, to be held Secretary of the Treasury may prescribe, cause and used for the redemption of such circulation; the charter numbers of the association to be which sum shall be counted as a part of its law-printed upon all national bank notes which may ful reserve, as provided in section two of this be hereafter issued by him. act; and when the circulating notes of any such associations, assorted or unassorted, shall be presented for redemption, in sums of one thousand dollars, or any multiple thereof, to the Treasurer of the United States, the same shall be redeemed in United States notes. All notes so redeemed shall be charged by the Treasurer of the United to the respective associations issuing the same, and he shall notify them severally, on the first day of each month, or oftener, at his discretion, of the amount of such redemptions; and when ever such redemptions for any association shall amount to the sum of five hundred dollars, such association so notified shall forthwith deposit with the Treasurer of the United States a sum in United States notes equal to the amount of its circulating notes so redeemed. And all notes of national banks worn, defaced, mutilated, or otherwise unfit for circulation shall, when received by any assistant treasurer or at any

SEC. 7. That the entire amount of United States notes outstanding and in circulation at any one time shall not exceed the sum of three hundred and eighty-two million dollars, which shall be retired and reduced in the following manner only, to wit: within thirty days after circulating notes to the amount of one million dollars shall, from time to time, be issued to national banking associations under this act, in excess of the highest outstanding volume thereof at any time prior to such issue, it shall be the duty of the Secretary of the Treasury to retire an amount of United States notes equal to threeeighths of the circulating notes so issued, which shall be in reduction of the maximum amount of three hundred and eighty-two million dollars fixed by this section; and such reduction shall continue until the maximum amount of United States notes outstanding shall be three hundred million dollars; and the United States notes so

retired shall be canceled and carried to the | SCHURZ, Stevenson, Stewart, Stockton, Thurman, account of the sinking fund provided for by the Washburne-23. second clause of section five of the act approved on the twenty-fifth of February, eighteen hundred and sixty-two, entitled "An act to authorize the issue of United States notes, and for the redemption and funding thereof, and for funding the floating debt of the United States," and shall constitute a portion of said sinking fund. And the interest thereon, computed at the rate of five per centum, shall be added annually to said sinking fund. But if the surplus revenue be not sufficient for this purpose, the Secretary of the Treasury is hereby 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 this act for United States notes to be then retired and canceled.

Mr. DAWES moved that the House ask a further conference with the Senate on the disagreeing votes of the two Houses; which was agreed to yeas 197, nays 48, and the SPEAKER appointed Messrs. DAWES, MCCRARY, and MARSHALL as conferees on the part of the House; and in the Senate, the PRESIDENT pro tempore appointed Messrs. WRIGHT, FERRY of Michigan, and STEVENSON as the conferees on the part of the Senate.

Holman, Houghton, Hubbell, Killinger, Mac-urer of the United States for redemption, as Dougall, McJunkin, Mitchell, Robbins, W. R. provided herein. And when such redemptions Roberts, Sheldon, Sloss, W. A. Smith, A. H. Ste- have been so reimbursed, the circulating notes phens, St. John, Taylor, W. Townsend, Waddell, so redeemed shall be forwarded to the respective Wilber, J. M. S. Williams, E. K. Wilson, J. M. associations by which they were issued; but if Wilson, P. M. B. Young-35. any of such notes are worn, mutilated, defaced, or rendered otherwise unfit for use, they shall be forwarded to the Comptroller of the Currency and destroyed and replaced, as now provided by law: Provided, That each of said associations shall reimburse to the Treasury the charges for transportation and the costs for assorting such notes; and the associations hereafter organized shall also severally reimburse to the Treasury the cost of engraving such plates as shall be ordered by each association respectively; and the amount assessed upon each association shall be in proportion to the circulation redeemed, and be charged to the fund on deposit with the Treasurer: And provided further, That so much of section thirty-two of said national bank act requiring or permitting the redemption of its circulating notes elsewhere than at its own counter, except as provided for in this section, is hereby repealed.

SECOND CONFERENCE REPORT.

Being the bill as finally passed. June 18-Mr. WRIGHT submitted a report from the committee of conference, in which they unanimously recommend that the bill pass as follows: SEC. 1. Be it enacted, &c., That the act entitled "An act to provide a national currency secured by a pledge of United States bonds, and to pro. vide for the circulation and redemption thereof," approved June 3, 1864, shall be hereafter known as "the national bank act."

SEC. 2. That section thirty-one of "the national bank act" be so amended that the several associations therein provided for shall not hereafter be required to keep on hand any amount of money whatever, by reason of the amount of their respective circulations; but the moneys required by said section to be kept at all times on hand shall be determined by the amount of deposits in all respects, as provided for in the said sec

tion.

SEC. 3. That every association organized, or to be organized, under the provisions of the said act, and of the several acts amendatory thereof, shall at all times keep and have on deposit in the Treasury of the United States, in lawful money of the United States, a sum equal to five per cent. of its circulation, to he held and used for the redemption of such circulation; which sum shall be counted as a part of its lawful reserve, as provided in section two of this act; and when the circulating notes of any such associations, assorted or unassorted, shall be presented for redemption in sums of one thousand dollars, or any multiple thereof, to the Treasurer of the United States, the same shall be redeemed in United States notes. All notes so redeemed shall be charged by the Treasurer of the United States to the respective associations issuing the same, and he shall notify them severally on the first day of each month, or oftener, at his discretion, of the amount of such redemptions; and whenever such redemptions for any association shall amount to the sum of five hundred dollars, such association so notified shall forthwith deposit with the Treasurer of the United States a sum in United States notes equal to the amount of its circulating notes so redeemed. And all notes of national banks, worn, defaced, mutilated, or otherwise unfit for circulation, shall, when received by any Assist ant Treasurer or at any designated depository of the United States, be forwarded to the Treas

SEC. 4. That any association organized under this act or of any of the acts of which this is an amendment, desiring to withdraw its circulating notes in whole or in part, may, upon the deposit of lawful money with the Treasurer of the United States, in sums of not less than nine thousand dollars, take up the bonds which said association has on deposit with the Treasurer for the security of such circulating notes, which bonds shall be assigned to the bank in the manner specified in the nineteenth section of the national bank act; and the outstanding notes of said association, to an amount equal to the legal tender notes deposited, shall be redeemed at the Treasury of the United States, and destroyed as now provided by law: Provided, That the amount of the bonds on deposit for circulation shall not be reduced below fifty thousand dollars.

SEC. 5. That the Comptroller of the Currency shall, under such rules and regulations as the Secretary of the Treasury may prescribe, cause the charter numbers of the association to be printed upon all national bank notes which may be hereafter issued by him.

SEC. 6. That the amount of United States notes outstanding and to be used as a part of the circulating medium shall not exceed the sum of three hundred and eighty-two million dollars, which said sum shall appear in each monthly statement of the public debt; and no part thereof shall be held or used as a reserve.

SEC. 7. That so much of the act entitled "An

act to provide for the redemption of the three 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 six of said act, until after the fifty-four millions granted in section one of said act shall have been taken up, is hereby repealed; and it shall be the duty of the Comptroller of the Currency, under the direction of the Secretary of the Treasury, to proceed forthwith, and he is hereby authorized and required, from time to time, as applications shall be duly made therefor, and until the full amount of fifty

from banks transacting business shall not exceed fifty-five million dollars, and that such circulation shall be withdrawn and redeemed as it shall be necessary to supply the circulation previously issued to the banks in those States having less than their apportionment: And provided further, That not more than thirty million dollars shall be withdrawn and redeemed, as contemplated, during the fiscal year ending June 30, 1875.

five million dollars shall be withdrawn, to make | amount of circulation withdrawn and redeemed requisition upon each of the national banks described in said section, and in the manner therein provided, organized in States having an excess of circulation, to withdraw and return so much of their circulation as by said act may be appor tioned 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.

June 19-After debate the report of the conference committee was concurred in-yeas 43, nays 19, not voting 11:

YEAS-Messrs. Alcorn, Allison, Bogy, Boreman, Carpenter, Chandler, Clayton, Conover, Cooper, Cragin, Davis, Dennis, Ferry of Michigan, Gilbert, Goldthwaite, Gordon, Harvey, Hitchcock, Ingalls, Johnston, Kelly, McCreery, Merrimon, Mitchell, Morton, Norwood, Oglesby, J. J. Patterson, Pease, Pratt, Ramsey, Ransom, Robertson, Scott, Sherman, Sprague, Stevenson, Thurman, TIPTON, Wadleigh, West, Windom, Wright-43.

NAYS-Messrs. Anthony, Bayard, Boutwell, Buckingham, Edmunds, FENTON, Flanagan, Frelinghuysen, Hager, Hamilton of Maryland, HAMILTON of Texas, Hamlin, Jones, Morrill of Maine, Morrill of Vermont, Sargent, Stewart, Stockton, Washburn-19.

SEC. 8. That upon the failure of the national banks upon which requisition for circulation shall be made, or any of them, to return the amount required, or to deposit in the Treasury lawful money to redeem the circulation required, within thirty days, the Comptroller of the Currency shall at once sell, as provided in section forty-nine of the national currency act, approved June 3, 1864, bonds held to secure the redemption of the circulation of the association or asso ciations 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 ABSENT-Messrs. Brownlow, Cameron, Conkassociation or associations shall be redeemed as ling, Dorsey, Ferry of Connecticut, Howe, Lewis, will equal the amount required and not returned; | Logan, Saulsbury, SCHURZ, Spencer-11. 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 depositaries of the United States, who shall be kept informed by the Comptroller of the Currency of such associations as shall fail to return circulation as required, to assort and return to the Treasury, for redemption, the notes of such associations as shall come into their hands, until the amount required shall be redeemed, and in like manner to assort and return to the Treasury, for redemption, the notes of such national banks as have failed or gone into voluntary liquidation for the purpose of winding up their affairs, and of such as shall hereafter so fail or go into liquida

tion.

IN HOUSE.

June 20-Mr. DAWES submitted the report of the committee as above; which was agreed toyeas 221, nays 40, not voting 28.

YEAS-Messrs. Adams, Albert, Albright, Arthur, Ashe, Atkins, Averill, BANNING, Barber, Barrere, Barry, J. B. Beck, Begole, H. P. Bell, Berry, Biery, Bland, Blount, Bowen, Bradley, Bright, Brown, Buckner, Bundy, Burchard, Burleigh, Burrows, B. F. Butler, R. R. Butler, J. H. Caldwell, Cannon, Cason, Cessna, A. Clark, J. B. Clark, F. Clarke, Clements, Clymer, C. L. Cobb, S. A. Cobb, Coburn, Comingo, Conger, Cook, Corwin, Cotton, Creamer, Crittenden, Crossland, Crounse, Crutchfield, Curtis, Danford, Darrall, J. J. Davis, Dawes, Dobbins, Donnan, Duell, Dunnell, Durham, Eldredge, Field, Fort, C. FosSEC. 9. That from and after the passage of this ter, Frye, Garfield, Glover, Gooch, Gunckel, Gunact it shall be lawful for the Comptroller of the ter, Hagans, E. Hale, Hancock, B. W. Harris, Currency, and he is hereby required, to issue H. R. Harris, J. T. Harris, Harrison, Hatcher, circulating notes, without delay, as applications Hathorn, Havens, J. B. Hawley, Hays, G. W. therefor are made, not to exceed the sum of Hazelton, J. W. Hazelton, Hereford, Hodges, fifty-five million dollars, to associations organ- Holman, Hoskins, Houghton, Howe, Hubbell, ized or to be organized in those States and Ter-Hunter, Hunton, Hurlbut, Hyde, HYNES, Jewett, ritories having less than their proportion of circulation, under an apportionment made on the basis of population and of wealth, as shown by the returns of the census of eighteen hundred and seventy; and every association hereafter organized 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 bank act;" Provided, That the whole

Kasson, Kelley, Knapp, Lamar, Lamison, Lamport, Lansing, Lawrence, Leach, B. Lewis, Lofland, Loughridge, Lowe, Lowndes, J. R. Lynch, Marshall, Martin, Maynard, McCrary, J. W. McDill, MacDougall, McJunkin, McKee, Merriam, Milliken, Mills, Monroe, W. S. Moore, Morey, Morrison, Neal, Negley, W. E. Niblack, Niles, O'Neill, Orr, Orth, Packard, Packer, I. C. Parker, Parsons, Pelham, E. Perry, Phillips, Pike, J. H. Platt, T. C. Platt, Pratt, Rainey, Randall, Ransier, Rapier, Ray, Read, J. B. Rice, Richmond, Robbins, E. H. Roberts, J. C. Robinson,

Mr. DAWES' amendment was disagreed toyeas 70, nays 171:

J. W. Robinson, Ross, Rusk, Sawyer, H. B. Say- | "So far amended that hereafter the total ler, M. Sayler, I. W. Scudder, Sener, Sessions, amount of United States notes in circulation, at Shanks, Sheats, Sheldon, I. R. Sherwood, Sloan, any one time, shall not exceed $356,000,000; Sloss, Small, A. H. Smith, G. L. Smith, H. B. and the Secretary of the Treasury is hereby Smith, J. A. Smith, J. Q. Smith, Snyder, South-directed to withdraw from circulation and to ard, Speer, Sprague, Stanard, Standeford, Stark- cancel whatever amount of such notes are now weather, St. John, Stone, Stowell, Strait, Straw-in circulation beyond that sum, as soon as the bridge, Sypher, C. R. Thomas, C. Y. Thomas, same can be done consistently with the exigenThornburgh, Todd, Tremain, Tyner, Vance, Wal- cies of the Treasury." dron, Wallace, J. D. Ward, M. L. Ward, Wells, Wheeler, White, Whitehead, Whiteley, Whitthorne, Wilber, G. Willard, C. G. Williams, J. M. S. Williams, Williams of Indiana, W. B. Williams, Willie, J. Wilson, J. M. Wilson, Wolfe, Woodworth, J. D. Young, P. M. B. Young-221. NAYS-Messrs. Archer, Barnum, Bass, BROмBERG, Buffinton, Cox, Crooke, Eames, Giddings, Hamilton, J. R. Hawley, Hendee, Herndon, E. R. Hoar, G. F. Hoar, Hooper, Kellogg, Kendall, Lawson, Luttrell, Magee, McLean, Nesmith, O'Brien, Page, H. W. Parker, Pendleton, Phelps, Pierce, Potter, J. G. Schumaker, Scofield, H. J. Scudder, Smart, Storm, Swann, W. Townsend, WHITEHOUSE, C. W. Willard, Woodford-40.

NOT VOTING-Messrs. Cain, Clayton, Crocker, De Witt, Eden, Elliott, Farwell, Freeman, R. S. Hale, Harmer, Hersey, Killinger, A. S. McDill, McNulta, Mitchell, L. Myers, Nunn, Poland, Purman, W. R. Roberts, L. D. Shoemaker, W. A. Smith, A. H. Stephens, Taylor, Waddell, Walls, E. K. Wilson, Wood-28.

June 22-A message from the PRESIDENT announced that he had approved and signed the above bill.

YEAS-Messrs. Albert, Archer, Barnum, Bass, BROMBERG, Buffinton, Burleigh, Clayton, Clymer, Cox, Crooke, Dawes, De Witt, Eames, Frye, Garfield, Gooch, E. Hale, R. S. Hale, Hamilton, Hancock, B. W. Harris, J. R. Hawley, Hendee; Herndon, E. R. Hoar, G. F. Hoar, Hooper, Hoskins, Kellogg, Kendall, Lawson, Lowndes, Luttrell, Magee, MacDougall, Mellish, Mitchell, Nesmith, O'Brien, Page, H. W. Parker, Parsons, Pendleton, E. Perry, Phelps, Pierce, Pike, J. H. Platt, Poland, Potter, Randall, Read, J. B. Rice, E. H. Roberts, Sawyer, J. G. Schumaker, H. J. Scudder, Smart, Starkweather, Stone, Storm, W. Townsend, Tremain, Waldron, Wheeler, WHITEHOUSE, C. W. Willard, G. Willard, Woodford70.

NAYS-Messrs. Adams, Arthur, Ashe, Atkins, Averill, BANNING, Barber, Barry, J. B. Beck, Begole, H. P. Bell, Bland, Blount, Bowen, Bradley, Bright, Buckner, Bundy, Burchard, B. F. Butler, J. H. Caldwell, Cannon, Cason, Cessna, A. Clark, J. B. Clark, Clements, S. A. Cobb, Coburn, Conger, Cook, Corwin, Cotton, Crossland, Crounse, Crutchfield, Curtis, Danford, Dar

Separate House Action-Volume of rall, J. J. Davis, Dobbins, Donnan, Duell, Dun

Legal-Tender Notes.

1874, January 22-Mr. DAWES, instructed by the Committee on Ways and Means, reported the following bill:

Whereas the existing uncertainty as to whether the amount of legal-tender notes now authorized by law to be kept in general circulation is three hundred and fifty-six million dollars or four hundred million dollars is calculated to derange the business of the country and unsettle values: Therefore,

Be it enacted, &c., That the provisions of law existing prior to the passage of the act approved April twelfth, eighteen hundred and sixty-six, entitled "An act to amend an act to provide ways and means to support the Government, approved March third, eighteen hundred and sixty-five," be, and the same are hereby, declared to be in force so as to authorize tho amount of legal-tender notes of the United States to the amount of four hundred million dollars to be kept in general circulation; and the total amount of United States notes issued, or to be issued, shall never exceed four hundred million dollars.

Mr. E. H. ROBERTS moved to strike out all after declared to be in force," and insert "to the extent that the total amount of legal tender notes of the United States issued, or to be issued, shall be, and shall never exceed $382,000,000.

Mr. DAWES moved to amend the amendment by striking out of the bill all after the words "be and the same are hereby," and inserting in lieu thereof the words:

nell, Durham, Eden, Eldredge, Farwell, Field,
Fort, C. Foster, Freeman, Giddings, Glover, Gunc-
kel, Hagans, Harmer, H. R. Harris, J. T. Harris,
Harrison, Hatcher, Hathorn, Havens, J. B. Haw-
ley, Hays, G. W. Hazelton, Hereford, Hodges,
Holman, Houghton, Howe, Hubbell, Hunter,
Hunton, Hurlbut, Hyde, Kasson, Kelley, Kil-
linger, Knapp, Lamar, Lamport, Lansing, Law-
rence, Leach, B. Lewis, Loughridge, Lowe, J. R.
Lynch, Marshall, Martin, Maynard, McCrary,
A. S. McDill, J. W. McDill, McKee, McNulta,
Merriam, Milliken, Monroe, L. Myers, Neal,
Negley, W. E. Niblack, O'Neil, Orr, Orth, Pack-
ard, Packer, I. C. Parker, Pelham, Phillips,
T. C. Platt, Pratt, Purman, Rainey, Ransier,
Rapier, Rawls, Ray, Richmond, Robbins, W. R.
Roberts, J. C. Robinson, J. W. Robinson, Ross,
Rusk, H. B. Sayler, M. Sayler, I. W. Scudder,
Sener, Sessions, Shanks, Sheats, Sheldon, I. R.
Sherwood, L. D. Shoemaker, Sloss, A. H. Smith,
H. B. Smith, J. A. Smith, J. Q. Smith, Snyder,
Southard, Speer, Sprague, Standeford, Strait,
Strawbridge, Taylor, Thornburgh, Todd, Tyner,
Vance, Wallace, Walls, J. D. Ward, M. L. Ward,
Wells, Whitehead, Whitthorne, C. G. Williams,
Williams of Indiana, W. B. Williams, J. Wilson,
J. M. Wilson, Wolfe, Wood, Woodworth, J. D.
Young, P. M. B. Young-171.

Mr. E. H. ROBERTS' amendment was disagreed to-yeas 74, nays 173:

YEAS-Messrs. Albert, Bass, BROMBERG, Buffinton, Burchard, Burleigh, Clymer, Cotton, Cox, Crooke, Darrell, Dawes, Eames, Frye, Garfield, Gooch, E. Hale, R. S. Hale, Hamilton, Hancock,