Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-06-15

sOclaiiOnS not lucluU6u uuueI Tue Ia
tiODal currency act.
The second amendment provides that
| within ninety days after notice of q note
to be liquidated by the shareholders OF
l the National Banking Association, II
shall pay the amount OF its outstanding
notes into the United States Treasury
and take up its bonds; otherwise
| they are to be cold at public
auction in New York, and the surplus to
/ be paid to the officers. Associations al
ready in liquidation under such clrcum-
stances are to pay IL over in thirty days
under the same penalty, and the notes
are to be redeemed at the United States
| Treasury, and the Associations to be dis
charged from their lis bilities.
II was amended, on the motion OF
| Howard, by making the auction at the
| Stock Exchange, and adopted.
! The third amendment provides for q
| compensation TO Receivers of National
Banking Associations OF 8 per cent. on
the first Sl00, 900, per cent. on larger
sums not exceeding 100000, and one
/ half of l per cent. on sums over
| $500, 600 the Collectors to be paid
ont of the receipts from the
assets, one-half of the commissions to be
withheld, at the discretion of the Comp
/ AiDifEEs unklE kElE dLAlAS VI LAl6 bduh GI6
! closed, and such receivers are to be con-
/ sideTed Government agents, and having
| the right to bring suits in United States
courts; the District Judge fixing the fees
| for such receivers.
Cameron moved to reduce the per
centage named frOA three per cent. on
| 500 90 to two per cent from one per
cent. on sums under $500 900 to one-half
Of one per cent; and from one-half of
| one per cent. on sums exceeding $500, COO
! to one-fourth of one per cent.
1t was supported by COnkling, and OPP
posed by Sherman, Cattell, Williams and
Morton, and adopted by vote of o
10 10.
Ferry moved to amend by inserting
after the provision authorizing the Re-
ceivers 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
Comptroller of Currency, and the Re
ceiver5 shall also make a report to the
Comptrsller OF all their acts and pro
ceedings, and the Comptroller shall be
authorized to sell such bonds from time
" lllAGf III OlhGl ~ LnHAC khC
and payments provided in the 18th sec
ton of the act TO which this act is supple
mentary."
The amendment was agreed to, and
the section, as amended, also agreed to.
Ga the last amendment, to increase
the national currency circulation by the
sum OF S2O, 600, 600, To be confined to the
States and Territories having a eircula-
ton of less than s. 90 to each inhabi-
tant, Wilson moved to amend by insert.
ing the following" the sum of $780,
00O, DOC" and in issuing the said eircula-
ting nOtes, the preference shall be given
to the banking associations in the States
and sections Of the country not Sde-
quately supplied with banking faeili-
ties; hut whenever the amount OF
United States notes and circulating notes
Of the National Banks combined shall be
in excess of 1856, 0O0, 600, the Secretary of
the Treasury is authorized and required
to retire and cancel the United States
notes to the extent of such excess until
the whole amount of United States notes
outstanding shall be reduced to $780,
600 eco and that for the purpose of
facilitating the resumption of specie
payment, the interest received by
each banking Association on their
lSsnt6 w lllC OOuu5 ucpOblLGu Will
the Treasurer OF the United States by
such Banking Association, shall be held
as a reserve fund, until said Banking
Association shall redeem in coin the cur
rency issued by it, and the said specie
reserve fund shall be used for no other
purpose than for the redemption Of said
currency.
Morrill, OF Vermont, opposed it, aud
moved to add a prOvisO that the Secre-
tary OF the Treasury shall be authorized
TO withdraw an equal amount of United
States notes. A long discussion followed.
SENATE.
WASHINGTON, June I3.-Trumbull's
bill extending the time in which nom
guilty Of capital Otfenses against the
United States may be punished, was
passed.
Fowler introduced bill directing the
Treasurer of the United States to pur-
chase grounds for the erection of q Gus
tomhouse at Nashville.
Harlan called up the bill relating to
the Contested election in Washington,
and during the debate thereon, Banks
bill came up as the special order, and
was postponed until Monday.
HOUSE.
Logan gave notice that he would, on
next Monday, move to suspend the rules
to offer a resolution authorizing the ap-
pOintment of s committee to select site
for the capitol Of the United States, on
account Of the disregard of law
in the dislOyal element, which
was showing itself ia Washington in
such bitterness against the loyal people.
The House at 1920 went into q Com
- hn w q
OF the Tax bill. The Sec
ton before the committee being that re,
lating to banks and bankers. Section
1l3, as amended, imposes a tax Of J of
per cent. each month on the average
moneys of the United States a tax of
! of per cent. each month on the aver.
age amount of put lie moneys on de-
post; 8 tax of I of per cent. Der
month on the capital beyond the average |
invested in United States bonds; |
and tax of J per cent. on the average !
amount OF circulation.
Section ia, which imposes q tax on |
National and State banks Of 10 per cent. |
on their circulation, being read, Morrill, |
moved TO amend it by providing that |
this section shall not apply to banks that |
are in liquidation and have not issued |
notes for circulation for more than one /
year, which was agreed to.
Peters moved for an additional section |
imposing tax of per cent. on the gross
receipts of Safe Deposit Companies.
Agreed to.
Stewart moved to extend this tax TO |
Life Insurance Companies. Agreed to.
Section ll9, taxing Transportation |
Companies having beSn read, TwitchelI /
moved to reduce the tax on the gross re-
ceipts from q to 2per cent. After some
discussion the amendment was agreed /
TO.
COburn moved to amend by ex /
Horse r abroad Companies in
cities and towns when their gre So receipts
for the preceding year do not exceed
their gross expenses.
Trumbull moved to exempt from the /
tax, companies whose gross annual re-
ceipts do not exceed $4,000 instead of /
$4,000. Agreed to.
Section l20, taxing express and tele-
graph companies, was then considered.
On the motion of Schenck, the tax on
the gross receipts of express companies
was reduced to q per cent; the tax on
the gross receipts of sleeping cars at %
per cent, and that Of telegraph eompa-
MES at per cent.