The Portland daily press., 1870-02-03
XLIst C0NGRESS---Second Session.
SENATE.

WASHINGTON, Feb 2.-Mr Chandler denied
the published statement that he favored an in
flation of the currency. He is opposed to in
flation.
MIR. Trumbull, from the Committee on the
Judiciary, reported with amendments Mr..
Stewards bill to secure to all persons the equal
protection of the law.
The currency bill was taken up and several
amendments were Offered and rejected, aud
those previously considered voted down. The
bill was then passed by yeas 80, nays %, as
follows:
Yeas-Abbott, Foreman, Brownlow, Came.
ron, Chandler, Corbett Davis, Drake, Gilbert
Hamlin. Harlan, Harris, Howard, Howell
johnson, Kellogg McCreery, Morton, Nye,
Osborne, Pomeroy, Poole, Pratt, Ramsey,
man, Spencer, Stewart, Thayer, Upton, Trum-
bull, Warner, Wiley, Williams, Wilson-39
Nays-Antbony, Bayard, Buckingham, Car
penter, Casserley, Cole, Conkllng, Edmunds
Ferry, Fenton; Fowler, Hamilton, Howe, Nc
Donald, Morrill, of Maine, Morrill, of Vermont,
Norton, Salisbury. Scott, Stockton. Sumner,
Thurman, Vickers-23.
The first section of the bill provides that $45,-
100000 in notes for circulation, in addition to
addition to the $3O0.00O00O authorized by the
banking act of June 8, 1864, may be issued to
banking associations organized or to be organ
lied in the States and Territories having less
than their proportion contemplated by the act
of March 3, 1854; the new apportionment to
be based on the census of 1870.
The second section requires monthly report
of the amount OF circulating notes issued to be
made to the Secretary of the Treasury, who
shall redeem and retire three per cent. loan
certificates to an amount not less than the
amount of circulating notes so reported, and
may also, if necessary, by public notice, desig
nate such certificates, by number, date and
amount, and they shall no longer be available
as portion of the lawful money reserve of any
bank, nor draw further interest.
Section third provides that six months after
the passage of the bill any banking association
located in any State having more than it's pro-
portion of circulation may be removed to any
State having less than its proportion of circu-
lation, under such rules and regulations as the
Comptroller of the Currency, with theapprov
al of the Secretary of the Treasury, may re-
quire; provided that the amount of the issue
Of SAID banks shall not be deducted from the
amount of the new issue provided for in this
act.
Section fourth provides that on the deposit
OF any gold-hearing government bonds with
the U. 5. Treasurer, national bank notes may
be issued to the bank making the deposit to an
amount not exceeding so per cent of the par
value OF the notes deposited, which shall be re-
deemable by the bank in gold or silver on pre-
sentatiOn.
Section fifth requires national banks to keep
on hand 70 per cent. of their outstanding circu-
lation in gold and silver, and shall receive az
par the gold notes of every other such banking
association as shall be redeeming its circulate
ing notes in gold and silver.
The sixth section relieves the banks organ
lied as provided under the preceding section,
from the operation of the rule limiting the cir
culaton of national banks to $500, 600, 900, and
removes the obligation of the San Francisco
national banks to redeem their circulation in
New York. 1t also relieves this class of banks
from sect 30 of the national banking act, which
requires every national banking association to
receive in payment of debts notes of every 9th
er national banking association at par; prOvid-
ed that in applying the p DIVISIONS and require
ments of said act to banking associations the
terms lawful money and lawful money of the
United States shall be held and construed to
mean gold or silver coin of the United States.
Section seventh provides that within one
year the circulation shall be withdrawn from
banks in States having more than their pro-
portion, to an amount not exceeding $20,000,-
000 commencing with the banks having a Cir
cuatiOn exceeding 81 100000 in States having
| an excess of circulation, and withdrawing one
third of their circulation in excess of 81 ,000,-
| 600, and then proceeding pro rata with the
banks having circulation exceeding 500, 600
| in States having the largest excess of circula-
| ton and reducing the circulation of banks in
| States having the greatest proportion in ex-
cess, leaving undiSturbed the banks in the
| States having smaller proportion until those
| in greater excess have been reduced to the
same grade, and continuing thus to make the
| reduction until the full amount of 500 00C
| provided for shall be withdrawn, and the circu-
laton SO withdrawn shall be distributed among
| the States and Territories having less tina
their proportion so as to equalize the dstribu'
| tons.
If any bank fails for ninety days to return
the amount required of it, the Comptroller is
empowered to sell at auction an amount OF the
| bonds deposited by it as security equal to the
amount to be withdrawn and with the proceed: