The Evansville journal. [volume] (Evansville, Ind.) 1866-1870, 1870-06-28

which thew shall make. The retire.
ment Of the 3 per cents, the redistri-
button of So, 100000 of existing ma
tional bank currency, and free bank
ing on a gold basis are the leading
features of the report.
[Second Dispatch.i
WASHINGTON, June 27.-The Brit
ish Minister having announced to
the Secretary of State, this morning.
the death of the Earl of Clarendon.
the President directed that a message
of sympathy and regret be transmit
ted. The following is the dispatch
sent:
DEPARTMENT OF STATE.
WASHINGTON, June q, 1870.
To Mr.. Motley, Minister, London:
The death of the Earl of Clarendon
removes a statesman whose fame be-
longs to the world, and whose loss
will be felt by other nations than that
in whose behalf he labored for the
advancement of civilization. and in
the interest Of peace. The President
tenders the sympathy of the United
States to Her Majesty and to the
Britisk people. aud condolences to
those to whom the loss brings person
al grief III. Fish.
The Superintendent of the census
asks for an appropriation of 81. 1885,
900.
Representative Garfield to day sub
mitted to the House the report of the
Committee on Conference on the cur
rency bill.
The bill provides for the issue of
$40, 900. 600 National Bank notes to
the banks in addition to $500. .000, 600,
authorized by the act of 1864, the
amount so provided to be furnished
banking associations in the States
and Territories having less than their
apportiOnment, as contemplated in
the apportionment act of 1865. The
securities for such circulation deposit
ted with the Treasurer of the United
States shall be of any description of
bonds of the United States bearing
coin interest.
Applications for this circulation
shall be made within one year after
| the passage of this act, and the Comp
troller shall issue it to banks making
| application, giving preference to those
| States and Territories having the
greatest deficiency No bank, organ
| lied under this act, shall have a cir
culation exceeding half a million dol
lars. A new account of increased cir
culation shall be made as soon as
practicable. based on the census Of
1870. The Comptroller, at the end of
each month, is required to report to
the Secretary Of the Treasury the
amount Of circulating notes issued
| during the previous month; whereup-
on the Secretary of the Treasury shall
redeem and cancel like amount of
| three per cent. certificates, issued
under the acts of March I'd,
1867, and July 25th. 1868, by
giving notice to the holders thereof,
that the interest shall cease after the
| day designated in the notice. and that
said certificates shall no longer be
available as banking reserves. Upon
the deposit of any gold interest bear
ing bonds in the Treasury of the
United States, 10 the manner prescrib-
ed in the 10Th and 10th Sections, of the
National Currency Act, that it shall
be lawful FIR the Comptroller to iss ue
to any bank making a deposit. circu-
lating notes of different denomina
tions, not less than five dollars, and
not exceeding in amount eighty per
cent. of the par value of the bonds
deposited, which notes shall bear up
on their face the promise of the assO
citation to which they are issued. to
pay on the presentation of the asso-
citation, in gold coin of the United
/ States, and shall be redeemable on
such presentation in such coin. The
capital of any such banking associa-
tion is limited to one million dollars
Banks organized under the preceding
sections, are required to keep on
hand at all times not less than TWEEN
five per cent. of their circulation in
coin, and shall receive at par, in pay
ment of debts, the gold notes of every
other such bank which is at the time
redeeming notes in coin. The limit
of circulation to $500, 900 900, in the
Currency Act, and the requirement
that the banks in San Francisco must
redeem notes at par at New York, are
removed.
The term lawful money" in the
currency act, as applicable to banks
organized on a gold basis. shall be
construed to mean gold coin OF the
United States.
The bill further provides for the
withdrawal from banking associations
having q circulation exceeding that
. D.
1865, $25, 100000 This circulation is
to be withdrawn, commencing with
banks having a circulation exceeding
81 100000, in the States having an
excess of circulation, and then pro-
ceoding, pro rata, with other banks
having a circulation exceeding $780,
600 in the States having the largest
excess of circulation, and reducing
the circulation of such banks in the
States having the greatest proportion
in excess, leaving undisturbed the
banks in States having a smaller pro-
portion, until those in greater excess
have been reduced to the same grade,
. and continuing thus to make reduc-
tions provided by this act, until the
full amount of 100000 shall be
withdrawn; and the circulation so
withdrawn shall be distributed among
the States and Territories having less
than their proportion.
Provision is made where banks fail
to return their circulation required
within one year, for the sale of their
!, bonds deposited with the Treasurer
of the United States for their circu-
lation. No circulation is to be with
drawn until the $45, 10000 granted
in the first section shall be taken up.
A bank located in a State having
more than its proportion of circula-
ton, may remove to a State having
} less than its proportion.
/ The President has Withdrawn the
; nomination of Alonzo B. Cornell as
Assistant Treasurer at New York.
, Executive session was refused In
} the Senate to day.