The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1868-06-13
BY TELEGRAPH.
CONGRESS.
WASHINGTON, June IL.
SENATE.

I
luton requesting the President to in
-tercede with the Queen of Great Brit
ain to secure the speedy discharge oi
Rev. Jno. McMahan, convicted of trea-
son and felony, and now confined at
Kingston, Canada, West. Passed.
Mr.. Harlan, from the Committee OF
the District of Columbia, reported with
an amendment the bill to regulate con-
tested elections in Washington. He
urged immediate consideration.
Mr.. Hendricks objected and the bill
went over.
Mr.. Edmunds introduced a bill in
addition TO the act TO regulate the time
and manner of holding elections for
Senators in Congress.
Mr.. Hendricks, froQ the Committee
on Public Lands, reported bill to aid
the construction of a ship canal be-
tween the Mississippi river and Lake
Michigan.
Nir.Sherman's bill illsupplementary to
an act to provide national currency,
secured by pledge of U. S. bonds and
to provide for the circulation thereof,
approved June Sd, 1864. was taken up.
The question was on the amendment
by the Committee on Finance. The fret
amendment was adopted making the
Limitation restricting the liabilities of
individual companies, &C., for money
lowned of the national banking associ-
I
by such associations with private
bankers, brokers Or'banking associa-
tions not included under the national
currency act. The second amendment
provides that within 80 days after no.
tice of vote to liquidate
by the shareholders of a
national banking association it
standing notes into tho Treasury and
take up its bonds. which otherwise are
to be sold at public auction in New
York, the surplus to be paid to the
officers. The associations already in
liquidation under such act are to pay
it over in thirty days, under the same
penalty. The notes are to be then re-
deemed at the United States Treasury,
and the associations to be discharged
from liability.
1t was amended, on motion of Mr..
Howard, by making the auction ut the
Stock Exchange, and adopted.
The third amendment provides for
co ompensaiion for receivers of National
Banking Associations at three per cent.
on the first 100000, one per cent. on
large sums not exceeding 5000, 200, and
one-haIf of one per cent. on sums over
$500, 600, the Collectors to be paid out of
receipts from assets: one-half of the
commissions to be held at the Comp
trolIer's discretion until the affairs Of
the bank are closed; such receivers to
be considered as Government agents
with the right to bring suits in United
States Courts, the District Judge to fix
the fees OfsuCh receivers.
Mr.. Cameron moved to reduce the
percentage from three per cent. on
SI00, 600 to two; from one per cent, on
sums under $500, 900 to the half of one;
from one-half of one per cent. on
sums upwards ofS5O0,OO0 to One-quar-
ter.
1t was supported by Mr.. Conkling
and opposed by Messrs. Sherman, Cat
tell, Williams and Morton, and was
adopted.
Mr.. Ferry moved to amend by in
serting after the provisions authorizing
the receivers to bring suits, the words,
land may invest the assets of the bank
in their hands in bonds of the United
States while the affairs of the bank are
not in liquidation, which bonds SHALL
be deposited with the Treasurer OF the
United States, subject to the order of
the Comptroller of the Currency, and
the receivers shall also make a report
to the Comptroller of all their acts and
proceedings, and the Comptroller shall
be authorized TO sell such bonds from
time to time, in order to make the
dividends and payments provided In
the 5Oth section of the act to which this
act is supplementary" The amend
menL was agreed TO.
On the last amendment to increase
the National currency circulation by.
the sum of two hundred millions, to be
confined to those States and Territories
having q circulation of less than So for
each inhabitant, Mr.. Wilson moved to
amend by inserting after the words
"the sum of" the following: "One
hundred millions. In issuing the said
circulation notes, preference shall be
ryfNy TN hanlsinO aa1nRiptinn1 in Sfatar
and Territories OF the country not ade-
quately supplied with banking facili-
ties; but whenever the amount of Uni
ted States notes and circulating notes
of National banks combined shall be in
excess of fifty millions, the Secretary
of the Treasury is authorized and re-
quired to retire and cancel United
States notes to the extent of such ex-
cess until the whole amount of United
States notes outstanding shall be re-
duced two hundred and fifty million
dollars, and that, for the purpose of ia
cilitating the resumption of specie pay
ments, the amount received by each
aud deposited with the Treasurer of fthe
United States by such banking associ-
alton shall be held as a reserve fund
until said banking association shall re-
deem, in coin, the currency issued by
it, and the said specie reserve fund
shall be used for no other purpose than
for the redemption of said currency.
ment of Mr.. Wilson, and said New
York and Pennsylvania have more
than two-thirds of the circulation, and
he Was in favor OF free banking.
Mr.. Conkling pronounced both
sahemes to be efforts to get initiation,
and proceeded at some length.
After further debate, Mr.. Wilson
called division on his amendment,
the question being on the first part
At the suggestion of Mr., Sherman,
Mr.. Wilson Withdrew the latter part.
Mr.. Morrill,, of Vermont, moved to
amend by adding at the end Of the Sec
tion tho words, land on the issue of
any increase of the national circulation
provided for in this section, the Secre.
tary OF the Treasury is hereby author
draw an equal amount of United States
notes.n
Mr.. TrumbuIl thought this simply
another proposition to borrow money
and put of the time of the desirable re-
sumption of specie payments.
Mr.. Drake protested against the at
tempt of the New England States, al
ready gorged with circulation, to deny
an increase to the West.
Mr.. Wilson remarked that there is
now $3.50, 100000 in the country, which
is q larger proportion than before the
war, and he insisted that the banking
capital Of New England has not in
creased, but has diminished since the
beginning of the war.
AT half.past four, without further
action, the Senate went into Executive
session, and soon after adjourned.
HOUSE.