Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1866-12-18

100000 was held in gold certificates. The
Washington correspondent of the Cincin-
nati Gazette telegraphs that paper on the
l4th inst, as follows:
The Ways and Means Committee had a session
to-day. Mr.. Boutwell, occupied an hour in ex-
planning his views in regard to the sale Of sur
plus gold as provided for IN his bill. No decision
was reached, the committee being of opinion that
the passage of the bill must depend entirely up
on the financial policy adopted By Congress. II
any steps toward redemption should be taken,
then tho gold in the Treasury must be held. If
no steps be taken in this direction then it will
be better TO provide for sales that will take the
control Of so so much Money out of the hands iOf
the Treasurer The statement already tele-
graphed that the committee is pretty closely di-
yided on the subject of further contraction may
be regarded rs confirmed. The feeling is de-
eidedly against any increase Of the National
general opinion, does not increase the volume of
this currency, but only calls from the North and
redistributes to the South. Even those who IA
yor Mr.. MeCullOch's policy of contraction, are
in favor of preventing him from constituting
himself regulator of prices, and there will be
a strong opposition to giving the Secretary the
control Of @ueh idle money.
Mr.. HOorer, from the Committee on
Banking and Currency, in the House of
Representatives, reported on the l2thinst., a
bill to amend theact entitled "Anact to pro-
vide national currency" ETC., approved
June 90, 1864. The amendments reported
we're reconmitted to the committee, from
which we suppose that the bill is not COM
pleted, and that it may undergo modifca-
tien before it shall be brought before the
House for consideration. The amendments
are substantially the same with the project
reported at the last session, which failed to
be passed. The restrictions upon the ma
tional banks are, however, rendered more
stringent. Provision is made for the re-
demption of the national bank issues at
some central point, New York, Philadel-
phia, or Boston. Heavy penalties and re-
strictions are provided for the purpose of
securing the interests of the government
and the public in the national banks. The
following is the provision regarding the
rates of interest which the banks may
charge:
That every association may take. receive, re-
serve and charge, on any loan or discount made,
or upon any note bill Of exchange, or other eYi-
dences Of debt. interest at the rate allowed by
laws of the State or territory where the bank is
located, and no more; and when no rate IS fixed
by the laws of the State or territory, the bank
may take, receive, reserve, or charge q rate not
exceeding seven per centum, and such interest
may be taken in advance, reckoning the days for
which the note, bill or other evidence of debt
has to run. And the knowingly taking. receiv-
ing reseTviRg or charging q rate Of interest
greater than as aforesaid shall be held and adj
judged a forfeiture of the entire debt. And here
after, in a greater rate Of interest has been
paid, the person or persons paying the same, or
their legal representatives, may recover back
the amount of the entire debt or so much there
of as may have been paid from the association
taking or receiving the same. Preceded, That
such action IS cOmmenced within one year FROM
the time the UsuriOus transaction matuFed; but
the purchase, discount, or sale OF bona fide bill
of exchange. payable at another place than the
place Of such purchase. discount or sale, at not
more than the current rate of exchange for sight
drafts, in addition 20 the interest, shall not be
considered as taking or receiving greater rate
Of interest.
1t is provided " that compound interest
notes shall not be included in the lawful
money of the United States required in any
association Thus the banks must redeem
their nctes at their own counters, and also
at a bank in the city of New York, to be
designated and approved. As to taxation,
the bin provides as follows
That nothing in this act shall be construed to
prevent all the shares in any Of the said assoeia-
tiOns, held by any person or body corporate, from
being included in the valuation of the personal
property of such person or corporation IN the as
sessmem Of taxes imposed by or under the State
authority, at the place where such bank is To-
Gated, and not elsewhere, but not at a greater
rate than is assessed upon other mOneyed capital
a l. -
and that the tax so imposed under the laws Of
any State upon the shares of any of the aSsOeia-
tons authorized by this act shall not exceed the
rate imposed upon the shares IN any OF the banks
organized under authority Of the State where
such association is located; Provided further,
That nothing in this act shall exempt the real
estate of associations from either State. county
or municipal taxes to the same extent, accord
ing TO its value, as other real etsate Is taxed"
No national bank is to be selected as
depository of public money in any city or
place where there is located the Treasurer
or an Assistant Treasurer Of the United
States.
The bill proposes the allotment Of fifteen
MILLIONS Of dollars, to be Withdrawn from
banks now in existence, for new banks in
those places where their is deficiency in
banking capital and currency. The follow
ing is the provision
And any existing bank or banking assoeia-
ton organized under the lava Of any State, not
having its pTopOrtiOnate share Of banking CAPT
tai, which shall have applied for authority to
become national bank under the aet to which
this section IS an amendment or being Organized
in such State, shah have applied for increase Of
capital before the FIRST day OF July. eighieen
hundred and sixty IN conformity with pro-
visions OF the forty fourth section, and all other
requirements II said act, shall If such bank be
/ found by the Comptroller ofthe Currency to be
in good standing and credit receive authority 10
| become a national bank. And new associations
| may be organized under the provisions Of said
! act in the states and territories which have
I of circulating notes: Preceded That the entire
I banks thus converted from State banks 10 ma
1 tiOnAl associations. or to banks whose capital
shah be increased IS aforesaid. shall not exceed
fifteen millions Of dollars, and that the total
amount Of circulating notes to be delivered &
the new associations so organized shall not ex
coed fifteen millions Of dollars until after the
6rst day al January, eighteen hundred ard sixty
eight. when, If any portion Of the fifteen million.
ofcifculatlnF notes allOtted for the couyefsion d
existing State banks shall remain unHFpFOpri-
ate1. the amount 90 remafng may be used for thl
3 organization of new associations under this SEE
ton, or for the increase a the circulation q
banks now organised. Aad pr0Uided f,irfksr
That the aggregate circulation Of national bank
shall nOtat any time exceed he sum Of thr &c
/ hundred millions Of dollars.