Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1868-06-13
CONGRESSIONAL.

linn M The morning hour and on the
motion OF Sherman, the bill supple,
mentary 10 an act 10 provide national
| currency, secured by a pledge OF uniteo
States bonds, and 10 provide Tor the Cur
culation thereof approved June D. 1865
was taken up.
The question was on the smcnamen.
by the Finance Committee, Tue. hrst
amendment was adopted, making the
Limitation restricting the Liabilities Of
;pdividuals. companies, etc, Tor money
borrowed OF the National Banking AS
sociation, applicable TO deposits made ey
socb' associations not included under the
National Currency act. The second
Amendment provides that within ninety
DAVIS after A notice OF note 10 be liqni-
dated by the share holders OF the Ma
tional Bankin Associations, II shall pay
the amounts of its outstanding notes into
the United States Treasury and take mp
its bonds, otherwise they are TO De solo
at public auction in New York, ana the
surplus TO be paid TO the officers Of ASSOC
Citations already ia liquidation under
such circumstances, and TO pay y over IN
thirty days, under the same penalty; ana
the notes are to be redeemed at the United
States Treasury, aud the associations 10
be discharged from their liabilities.
II was amended, on the motion OF Mr..
Howard, by making the auction at the
Stock Exchange, and adopted.
The third amendment PROVIDES ior
COMPENSATION TO receivers OF National
Banking "A ssociations Of three per cent
on the FIRST 100000; one per cent on
larger sums, not exceeding $oOO'0oo' ana
one-half of one per cent. on sums over
$500, OOO The collectors to be paid out
of the receipts from the assets, one halt
of the commissions 10 be withheld, at the
discretion of the controller, until the
affairs of the bank are closed; and such
receivers are to be considered Govern
ment agents and having the right TO
hiring suits in United States courts, the
district judge fixing the fee for such
receivers.
8 Mr.. Cameron moved to reduce the per
centape named from three per cent. on
500, 600 10 two per cent. from one per
cent. on sums under 100000 to one
half of one per cent, and from one-naif
of one per cent on sums exceeding
$500 600 to one quarter of one per cent
IL was supported by Mr.. Conklng, aud
opposed by Messrs. Sherman, Cattell,
Williams and Morton, aud adopted by
twenty three to nineteen.
Mr.. Ferry moved to amend by insert
ing after the provision authorizing the
receivers to bring suits, the words
" And 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
Controller ofCurrency, and the receivers
shall also make areport to the Controller
of all their acts and proceedings, and the
Controller shall be authorized. to sell
such bonds, from time to time, IN order
to make the dividends and payments pro-
vided in the fifteenth section OF the act
to which this act is supplementary.
The amendment was agreed to, and
the section as amended also agreed to-.
On the last amendment to increase the
national currency circulation by the
sum of 10000, 900, to be confined to the
States and territories having a circula-
ton Of less than S. for each inhabitant,
Mr.. Wilson moved to amend by ia
serting after the words the following:
The sum Of 500, 600, 600, and 10 issuing
the said circulative notes the preference
shall be given to the Banking Associa-
tons in the States and sections OF the
country not adequately supplied with
banking facilities, but whenever the
amount of United States notes and cir
culating notes of the national banks
combined shall be in excess Of $780,
900, 900, the Secretary of the Treasury
is authorized and required to retire and
cancel the United States notes to the ex-
tent of such excess, until the whole
amount of United States notes out
standing shall be reduced to $3.50, 600, 900;
and that for the purpose of facilitating
the resumption of specie payment, the |
interest received by each banking ASSOC
citation on the issues of the bonds de-
posted with the Treasurer Of the United |
States by such banking associations,
sball he held az a reserved fund until |
III ..,.a;o,;. - IN .aJao,,
oaiu oenn"s
IN coin, tne currency issued oy H. any
tue saiu specle FESTIVE iuuu snai pe useu
Tor no other purpose tnan Tor the re-
demptlon OF said currency. -.
mr. NORTH, OF vermont, opposeu ~,
ana moved 70 aoD proVlso ins1 lne
Secretary oil the treasury shaii De auc
thQrized to withdraw an equai amount OF
United States notes. a long discussion
followed. !,
In the House, Mr. Bingham from tne
Reconstrnetlon Committee, reported
back the Senate amendments 10 the act
to admit certain States to representation
in Congress, with Recommendation
that the amendments be concurred In,
Mr.: Bingham said he desired q speedy
decision of the House on the bill, and
he Would therefore move the previous |