Daily Davenport Democrat. [volume] (Davenport, Iowa) 1864-1874, 1868-06-13
runTasTrl CONGRESS-.

WAsgiNGroN, June i2.-SENATE.- Sen.
ator Morton from the Committee on Foreign
Affairs, reported joint resolution request
ing the President to intercede with the
Queen of Great Britain 20 secure speedy
discharge Of Rev. John Mcmahon, cor
vc,cd Of treason and felony, and now con.
fined 81 Kingston, Canada West. which
was passed.
Mr. Hendricks. from the Committee ON
Public Lands, reported q bill TO aid the con-
struction Of ship canal between the Mis-.
sissippi and Lake Michigan.
At the expiration OF the morning hour
and on motion. Mr.. 6herman's bill supple
mentary to an act TO provide national cur.
bonds, and to provide for the circulation
thereof, approved June 3, 1854, wac taken
up The question was ON amendments by
the Commute on Finance, the first amend.
ment defning the liabilities. &C.. Of those
borrowing money Of the National Banking
Association. was passed. The second amend
ment regulating the method of liquidation
was slightly amended and adopted. The
third amendment, providing for the COM
pcnsation Of receivers, was amended so rs
to reduce the per centage named, from three
per cent. on 100000, to two per cent. and
from one per cent. on sums under $500, 900
to one-half per cent, and from one-half per
cent. on sums upwards Of 5000 to one
quarter per cent. Also, the amendment 10
define the authority Of receivers.
The section as amended was agreed To-.
On the last amendment to increase the
national currency circulation by the sum OF
$4,000, 900, to be confined to the States an Il
Territories having circulation Of less
than five dollars for each inhabi,ant,
Mr.. Wilson moved to amend BY inserting
after the words THE sum OF" the follow
Ing: "s1CO, O0O.0 900. and issuing the said cir.
culation in notes, and preference shall be
given TO banking associations in States and
sections OF country not leQuately supplied
with banking facilities but whenever the
amount Of United States notes and circu-
lating notes of national banks combined
shall be in excess Of $3.50 ,000, 600. the Secre.
tary of Treasury is authoriz, I'd and REQUIRED
to retain 3nd cancel United States notes "a
the extent OF such excess until the whole
amount OF Unisa STATES notes outstanding
shall be reduced t25O, 900 900, and that for
the purpose Of facilitating resumption OF
specie payments. the interest received by
each banking ass ocistion upon bonds OF the
United States BY such banking association
shall be held as . reserve fund until said
banking association shall redeem In coin the
currency Issued By il, and the aid specie re-
serve funds stall b ed ioe 10 other pur.
pose than for redemption Of eaid currency.
MI. Sherman opposed the amendment 90
opening up the whole currency question.
which the committee he'd thought il wise to
avoid in the present heated state Of politics,
The committee had offered this amendment
TO afford eight relief. ON account of the
gross inequality in the circulation complain.
| Gu 81 IN the southern States.
;, Aiier further debate, Mr.. Wilson asked a
Msis,on of his amendment, and the oucs
tion pSihs on the first part thereof. il " as
los; without division.
Az the suggestion Of Mr. Sherman Mr..
Wilson withdrew the latter parf.
Mr.. Morrill,, OF Vermont. moved IL .,rer 4
by adding at the end of the section III :
words land on the issue of anv incrs. On
of national circulation. provided for = ,h;s
section, the Secretary Of tie Treasnrv Il
hereby authorized and required IN ner,, ;.
nently withdraw IN equal amount Of Uni.
ted States notes.
Mr.. Trumbull thought this seeming IN.
other proposition TO borrow money and M
off the time of the desirable resumption Of
specie pay nents-
NJ. Drake protested against the attempt
Of the New England States already gosged
With circulation. TO deny an increase 10 SAe
Wet
Witheut further aceaea u ssu1ln = ~
20 I we.t Into execsGss tsalp 80
Ifcuss-fhs spssAsr ~ y = -.