Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-02-03


.rceive at par in payment Of debts the
old notes OF every other such bank
ITrg association which at the time oi
such payment shall be redeeming il
circulating notes in gold or silver coin
of the United States.
Sec. 8. That every Association or
ganiZed for the purpose Of issuing gold
notes, as prescribed for in the preced-
ing section, shall be subject 20 all the
requirements ana provisions OF the
National Currency act, except the first
clause of section -, which limits the
circulation OF the National Banking
Associations TO $500, 100000. The first
clause of section b, which latter
in connection with the pre-
ceding section, would require
the National Banking Associations
organize in the city OF san Francisco
to redeem their circulating notes at
par in the city of New York, and the
last clause Of section 81, which re-
quires every National Banking Asso-
ciation to receive in payment OF debts
the notes of every other National
Banking Association at par: Pro-
vided, that in applying the provisions
to the requirements OF SAID act To the
Banking Associations herein pro-
vided for, the terms - lawful money "
ana "lawful money OF the United
States shall be held and construed to
mean gold or silver coin OF the United
States.
Sec. I. That to secure a better circu-
lation of the National banking cur
rency there may be issued circulating
notes to banking associations organ
lied in the States and Territories hav-
ing less banking circulation than their
pro rata as above herein set forth, and
the circulation so authorized shall
within one year, if required, be with
drawn as herein provided for, from
the banks organized in the States haV-
ing a circulation exceeding that pro-
vided for by the act entitled ian act
70 amend an act entitled an act to pro-
vide for a National banking currency,
secured by a pledge Of United States
bonds, and to provide for the cirCula-
ton and redemption thereof" a." apprOv-
ed March Sd, 1860, but the amount to be
withdrawn shall not exceed s., 900, 900.
The Comptroller of the Currency
shall, under the decision Of the Secre-
tary Of the Treasury, make a state
ment showing the amount in ciFcuia-
ton in each State, and 10 be retired
by each bank, in accordance with this
section, and shall, when the circuia-
ton is required, make q requisiJiOn
upon the bank, commencing with the
bank having circulation exceeding
8, ,OUU, 600 in the State having an eX-
cess Of circulation, withdrawing one
third of the circulation in excess OF
81, l,OOO, 900, and then proceeding pro
ruia with the banks having a
circulation exceeding 81, GOO, 600 in the
States having the largest excess Oi
circulation, and reducing the circula-
ton of the banks in the States having
the greatest proportion in excess,
leaving undisturbed the banks in the
States having a smaller proportion,
until the banks having the excess
have been reduced to the same grade,
and continuing thus to make the re-
ductiOu provided for by this act until
the fall amount OF s., 0OO,u0 herein
provided for shall be distributed
among the States and Territories hav-
ing less than their proportion, so as to
eQualiZe the distribution Of such cir
culaIiOu among such States and Terri
tories upon the basis provided for by
this act, and upon the failure OF such
bank to return the amount so re-
quired, within ninety days after said
requisitiOn, it shall be the duty of the
Comptroller OF the currency to sell at
public aUctiOn-haviBg given twenty
DAYS notice, in a newspaper, pub
lished In Washington City, and in
New York City, Of the amount OF
bonds deposited by said bank as secur-
itv for its circulation, equal to the cir
culatiOn to be withdrawn from such
bank, and with the proceeds to redeem
50 many Of the notes of such bank as
they come into the Treasury, as will
equal the amount required from it,
and shall pay the balance 70 such
banks, provided that nG circulation
shall be withdrawn from the States
having an excess, until after the S4j.-
900 900 granted in the first section
shall have been issued.
The census bill was then taken uI
and laid over, IH order that the bill t.
authorize the SecretaTyo of the Eary t.
transfer 10 the Bureau Of CONSTRUCTION
and Repairs, and of Steam Engineer
ing, certain unapprOpriated bal
ances to the credit OF other Bureaus
but air. Trumbull objected and SPOKE
against such transfers, dad the bill
was laid aside.
Mr.. Howe Con leave) addressed Tho
Senate in support Of the bill recently
introduced Ey him, "Nore eiiectuallS
to preserve the neutral relations OF tn,
United States"
The bill Fepeal5 certain sections O
the act Of 1915, which forbids hiring
an American citizen to enlist in for
eign army, or his going abroad fUI
that purpose; and prohibits American
ship builders from being concerned il
building, fitting out Or equipping YES
sels designed t. cruise against an!
foreign power with whom we are a
peace.
Mr.. Conkiing desired 20 cali up th'
census bin, and considerable dis
cussiOn followed, upon the pr0pe
course Of procedure, cat without com
ing to an understanding on the sub
ject,
The Senate, at 5:l5 pm, adjourned