The evening Argus. [volume] (Rock Island, Ill.) 1861-1871, 1870-01-13
By Telegraph.
WASHINGTON.
TARIFF BILL---FINANCE MEA-
SURES---THE NATIONAL
CURRENCY.
Mr.. Sherman offers a
Substitute for all
Bills.
CIRCULATION INCREASED---s PER
CENT LOAN RETIRED, GOLD
VALUES---GOLD PAYMENT
BANKING ASs0CIA-
TI0NS LIMITED.
The Constitutional Con-
ventiOn.
Resolution offered and Adopted.
Resolution offered and Adopted.


means committee are holding semi daily ses-
sions in order to finish the tariff bill this
week.
The financial measure agreed on by the
senate finance committee, proposing to Issue
$45, 900 of bank notes, and redeem al equal
amount OF three per cent, certificates, Is In
accordance with Boutwell's report, while the
proposed free banking feature on q coin ba-
sis was secured by the PNcifc coast inttu-
ence. As the banking capital OF the west IS
less than that of the east; 1t Is maintained
that this bill will add to the voleme of the
currency in the former section and decrease
II in the latter, as there will not be the same
necessity of using so large an amount of le-
gal-tenders for the bank reserve fund, IN lieu
of the redeemed certificates.
Mr. Sherman, from the committee on
finance, reported as a substitute TOR all the
propositions relating to the national eurren-
cy, the following bill.
A bill to provide national currency of coin
notes, and to equalize the distribution Of
circulating notes.
SECTION l. Be it enacted, That S45 ,000,-
600 in notes for circulation may be issued
10 national banking associations IN addition
TO the 100000, 900 authorized by the I'D
section of the act to provide national cur
rency secured by pledge of United States
bonds, and to provide for circulation and
redemption thereof, approved June 4, 1864,
and the amount Of notes so provided shall
be furnished to banking associations organ
ized. in those states and territories having
less than their portion under the approtion-
mept contemplated by the provisions of the
act to amend an act TO provide a nstional
currency, secured By pledge of United States
bonds, and to provide for the circulation and
redemption thereof, approved March 81,
1865; but q new apporslonment shall be
made as soon as practicable, based on the
census of 1870.
SECTION 2. That at the end Of each month
after the passage of this act, 1t shah be the
duty of the comptroller of the currency 10
report to the secretary of the treasury the
the amount of circulating notes issued to
the national banking associations dunn z
each month, whereupou the secretary OF the
treasury shall redeem and retire an amount
Of ) per cent. temporary loan certificates,
issued under the acts OF March Il, sbI
and july, %, 1868, not less than the amount
of circulsting notes so reported; and he may,
if necessary in order to procure presentation
of such temporary loan certificates, for
REDEEM ptiou. give notice to holders thereof by
publication, or otherwise, that certain oil
said certificates which shall be designated
by number date and amount, shall cease to
bear interest from and after date Of seeh
uotlce: and that the certificate so designated
shall no longer be available as any portion
of the lawful money reserve in possession OF
any national bank; and after such notice no
ah,1l ho
and thew shall not be counted as a part o
the reserve of any banking association.
SEC. g. That upon the deposit Of an
| United States bonds, bearing interest paya
| bic in gold. with the treasurer of the Unlte'
| States in the manner prescribed in the 1911
and 20th sections of the national currenc,
| act, it shall be lawful for the comptroller o
| the currency to issue to the association max
| ing the same, circulating notes OF olheren
| denominations not less than s., equal Il
amount to 80 per centum of the gold valu
of the bonds deposited, but not exeeedtn
| sO ner ceptum of their par value Whlc
| ,ot.s shall bear upon their face the promis
OF the association to which they are issue
10 psy them on presentation at the othce c
the association IN gold or silver coin OF tn
United States, and shall be redeemable upo
such presentation in such coin.
SEC. 4. That every national banking al
| ,ociatiou formed under the provisions {
section 3 of this act shall at all times kee
On hand not less than IS per centum OF II
outstanding circulation ip gold or silve
coin of the United Statee, and shall receis
At par in payment Of debts the gold nots
Of every other banking association which /
the time of such payment shall be redeem
! -, L..
the United State.
\ SEC s. That every association organize
: for the purpose of issuing gold notes,
q provided 10 the preceding sections shall
subject to oil the requirements and prov
sions of the national currency act, exec
8 the fret clause of section %, which liml
20 the circulation of national banking sssocl
tions to $300,000,00; the first clause
e section 81, which, taken In connection WI
b the preceding section would require the 4
!. ,ionsl banking association organized in t
eitv of San Francisco to redeem their Giro
10 letipg notes at par in the city of New YoI
the last clause of section 81, which requir
avarv national banking association to recei
le in payment of debts, notes of every 9th
ut national banking association at par; p'
re vided that in applying the provisions a
- | requirements OF lhe sdiu oSss ~ - DAhA
- associations therein provided tor the teri
at lawful money of the United States shall
% held and construed to mean gold or SLY
coin of the United States.
SpRrNGrIELD, III, Jan. l2.-Ihe 20
H. conference last night Of the committee
a, canals, roads and internal navigation '
very interesting The resolution OF /,
is Goodhue, introduced on Saturday, prohi!
~ ing the Stete from ever selling or iess'
lis The canals and water privileges was fu
in discussed.
Tie President presented a communicat
NC from the Governor relative to pard
granted by him, and also one from the
retary of State relative to the duties OF
nR Office, in compliance with q resolution
at. this convention ordered to be present
in. The report of the Secretary shows that
salary for last year foots up six thous
" dollars, not including that appropriated
IS clerk hire, the amount paid for the s.
The being four thousand three huno
the dollars Ordered printed.
.;,v By dispatch to-day it is announced
Judge Billings is SO seriously i'll that
A'e will not be able to take his seat again in