The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1868-06-13
coNGRESSIoN AL.
ryLAA AlTTnAG
WASHINGTON, June IL.
SENATE.

and felony, and now confined at Kings
ton, Canada West. Passed.
Mr.. Harlan, frem the committee on
the District of Columbia, reported with
amendment the bill to regulate the con-
tested elections in Washington. He
urged immediate consideration.
Mr.. Hendricks objected and the bill
went over.
Mr.. Edmunds introduced a bill in ad-
.dition to the act, to regulate the time
and manner of holding elections fer
Senator's in Congress.
Mr.. Hendricks, from the committee
on Public Lands, reported bill to aid
in the construction of ship canal be-
tween the Mississippi river and Lake
Michigan.
Mr.. Sherman's bill supplementary to
Gan Act to provide national currency
secured by pledge of United States
bonds. and provide for the circulation
thereof" approved June Sd, 1861, vas
taken up. The question was OH the
amendment by the committee on FL
nance. The first amendment was
adopted, making the limitation restrict
ing the liabilities of individual COmpa.
mics, &c, for money borrowed of the
national banking associations, applica-
| BILE to deposits made by such associa-
lions with private bankers, brokers or
banking associations not included un-
der the national currency act.
The second amendment provides that
within ninety days after notice of q
vote to liquidatc by the shareholders OF
national banking association, it shall
nay the amount of it's outstanding notes
into the Treasury and take up its bonds,
which, otherwise, are to be sold by pub
lie auction in New York, the surplus to
be paid To the officers. Associations al
ready IN liquidation under such act are
to pay it over in thirty days, under the
same penalty, the notes to be then re-
deemed at the United States Treasury
and the associations to be discharged
from liability.
1t was amended, on motion of MIR.
Howard, by making the auction at the
Stock Exchange, and adopted.
The third amendment provides for
the compensation to receivers of ma
tiOnal banking issues at three per cent
on the first 500, 900; one per cent. upon
large sums not exceeding 500, 700, and
one half of one per cent. on sums over
100000, the collectors to be paid out
of the receipts from assets of one-half OF
the commissions to be withheld on the
Comptroller's discretion until the affairs
of the bank are closed, such receivers
| to be considered as the Government
agents, with the right to bring suits in
the United States Courts; the District
Judge to fix the fees of such receivers
: Mr.. Cameron moved to reduce the pei
ceutage, namely: From three per cent.
on 100000 to two per cent; from one
per cent. on sums under $500 900 to one
half of one per cent; from one-half per
cent. on sums upwards OF S5OO,OUO to
one-quarter per cent.
1t was supported by Mr.. Conkling
and opposed by MesSrs. Sherman, Cat
tell, Williams and Morton, and adopted
Mr.. Ferry moved to amend by insert
ing after the provisions authorizing the
receivers to bring suits, the words "and
may invest the assets Of the bank III
| 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 receiver 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 divi-
dends and payments provided in the
tifticth section Of this act, to which
this act is supplementary"
The amendments WAS agreed tie, and
the section as amended agreed to
On the last amendment to increase
the national currency circulation by
the sum Of S?U, 100000, to he confined to
States and Territories having circula-
ton of less than s. for each inhabitaut,
Mr.. Wilson moved to amend it by in
sertiug afterwards the following: $780,
O00, 900, and in issuing the said circula-
ton, notes in preference shall be given
to banking issues in the States and
sections of the country not adequately
supplied with banking facilities, but
whenever the amount OF United States
notes and circulating notes of national
banks combined shall be in excess of
$3.50, 900, 900, the Secretary of the Treas
ury is authorized and required to retire
and cancel United States notes to
tho extent Of Such excess until the
whole amount OF United States notes
outstanding shall he reduced S250,00O,-
900, and that for the purpose OF facili.
tating the resumption of specie pay
ments, the interest received by each
banking association upon the bonds
owned and deposited with the Treas
urcr of the United States by such bank.
ing association shall be held as IA reserve
fund until slid banking association
shall redeem in coin the currency is.
sued by it. and the said specie reserve
fund shall he used for no other pur.
POSES than for the redemption of said
currency.
Mr.. Sherman opposed tho amendment
Mr. Wilson said New York and Penn
sylvania have more than two-thirds
of the circulation, and he was in
favor of free banking
Mr.. Conkling pronounced both
schemes to be efforts to get imitation and
proceeded at some length.
| After further debate Mr.. Wilson ask.
ed division on his amendment, and
! lHC uuGSIlOu btllIS VII Iuc HISG paEl
thereof it was lost without division
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
! section the words, "and on the issue OF
any increase of the national circulation
provided for in this section, the Secre.
tary of the Treasury is hereby author.
lied and required to permanently with.
draw an equal amount of United States
notes"
Mr.. Trumbull thought this simply
another proposition to borrow money
and put Oft the time desirable for the
resumption of specie payment.
Mr. Drake protested against the at,
tempt of the New England States, al
ready overgorged with circulation, to
deny an increase to the West.
| Mr.. Wilson remarked there is now
S60O, OO0, 600 i'll the country, which is a
larger proportion than before the war,
and he insisted that the banking CAPT
tai ofNew England has not Increased
but has diminished since the beginning
of the war.
At half past four o'clock, without
] IL. ~.