The Evansville journal. [volume] (Evansville, Ind.) 1866-1870, 1870-01-12
CONGRESSIONAL.
xLIst CoS8BEss-sECOSD SESSION.

thorize the re-fundjng AID consolida-
ton Of the national debt. to extend
! banking facilities and TO establish
specie payments.
Howe introduced a bill more effect
ually to preserve the neutral relations
of the United States.
a bill relative to the Hot Springs
Reservation IN Arkansas was amend
ed aud passed.
A Joint resolution to extend the
limits of the port Of entry Of New Or
leans, was passed.
A bill to exempt canned and pre-.
served fish from internal tax was
passed.
Sherman, from the Committee on
Finance. reported as a substitute for
all propositions relating to national
currency, the following bill:
A bill to provide national currency
of coin notes, and to equaliZe the
distribution of circulating notes.
SEC. L. Be it enacted, &c, That
| the $40 900 600 in notes for ciFcula-
| ton may be issued to National Bank
/ ing Associations ii addition TO the
$500, ,000,0 600 authorized by the second
| section of the act to provide a na-
/ tional currency secured by the pledge
! of United States bonds, and to pro-
/ vide for the circulation aud redemption
thereof, approved June 4 1864, and the
| amount OF notes as provided shall be
| furnished to banking assO Citations or
ganiZed or to be organized in those
| States and Territories having less
| than their proportion, Under The ap-
/ frv, 1f-afa hvy n
provisions eff the act to amend an act
to provide national currency, secured
! by the pledge Of United States bonds,
and to provide for the circulation and
redemption thereof. approved March
| 31st, 1860, but a new app0rtionment
shall be made as soon as practicable.
| based upon the census of 1870.
SEC. 2 That at the end Of each
mouth, after the passage Of this act,
it shall be the duty of the Comp
troller Of Currency to report to the
Secretary of the Treasury the amount
of circulating notes issued to National
| Banking Associations during the
month, whereupon the Secretary of
the Treasury shall redeem and retire
an amount of three per cent. tempo
rary loan certificates, issued under
the acts of March 21, 1867, ana July
| %, 1868, not less than the amount of
circulating notes not reported; and
he may, if necessary, In order TO pro-
cure the presentation of such tempo
rary loan certificates for redemption,
give notice to holders thereof by pub
licafion or otherwise; that certain of
said certificates, which shall be desig-
mated by number, date and amount,
| shall cease to bear interest from and
after the date OF such notice; aud
that certificates so designated shgll no
longer be available as any portion OF
| the lawful moGey reserve in possess
sion Of any National Bank and after
| such notice no interest shall be paid
on such certificates. and they shall
not be counted as a part of the re
serve of any banking association.
Sec. ,. That upOn the depC sit Of
any United States bonds bearing in
tcrest payable in gold with the 1'Tca
surer of the United States, in the
manner prescribed Ia the nineteenth
and twentieth sections of the Nation
| al Currency Act. 1t shall be lawful
| for the Comptroller of the Currency
| 10 issue to the association making the
/ same circulating notes of different
| denominations not less than five dol
/ lars, equal in amount to ninety per
centum Of the gold value of bonds
| deposited, but not to exceed eighty
| per cent. of their par value, which
notes shall bear upon their face the
promise of the association 20 which
| they are Issued 10 pay them a pre-
sentation at the off ;e of the associa-
| ton Ia gold or silver coin of the
| United States. and shall be redeem
| able upon such prese utat:On IN such
| coin.
SEC. i. Be if further enacted, That
every National Banking Association
| formed under the provisions of section
three of this act shall, at all times, keep
on hand not less than % ps~ cent. of
its outstanding circulation in gold or
silver coin OF the United States, and
shall rec i've at par, Ia payment of
| debts, the gold notes Of every other
| Banking Association which at the
time ofsuch payment shall be redeem-
ing its circulation in gold or silver
! coin of the United States.
SEC. ). And be it further enacted.
That every association organized for
the purpose of issuing gold notes, as
provided 10 the preceding section,
shall be subject to all the require
ments aud provisions of the national
currency act, except the first clause
of Section p, which limits the
circulation of National Banking Asso-
Citations to $500, 900, 600 The first
clause of Section 81, which, taken
in connection with the preceding
section would require the National
Banking Associations organized in the
city Of San Francisco, to redeem their
| circulating notes at par in the City Of
| New ork, and the last clause Of
Section 81, which requires every
National Banking Association to re-
celve, in payment Of debts, notes of
every other National Banking Asso-
cIatlon at par, provides that In apply
ing the provisions and requirements
OF said act to Banking Associations,
herein provided; for the terms lawful
money OF the United States shall be
held and construed 10 mean gold or
silver of the United States.
Pratt introduced a bill giving to
the State Courts concurrent iurisdic-
ton with the District Courts of the
United States, in cases of maritime
contracts and tolls upon navigable
rivers ind waters above the ebb and
flow Of the tides.
Upon the expiration of the morn
ing hour, the Virginia bill vas again
taken up, the question being upon the
motion Of Wilson to postpone.
4 debate ensued between Sumner,
Stewart, TrUmbull and Yates, as 10
the necessity of further time for con
sideratioD before taking action on the
question.
The question was put aud the mo-
ton was not agreed to-yels %
nays 26.