Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1870-01-12
TELEGRAPHIC,
WASHINGTON.
CONGRESSIONAL.
TIE SENATE.

0Otlce OF q Dill 10 duluOTlle Tue IeIunulue
and consolidation Of the national debt, tc
extend banking facilities and to establish
specie payment
Mr.. Hoar introduced bill more effect
ually to preserve the neutral relations Of
the United States.
A bill relative to the Hot Springs reser-
walton in Arkansas was amended and
passed.
joint resolution to extend the port Of
entry of New Orleans was passed
A bill to exempt canned and preserved
fish from internal tax was passed.
Financial.
Mr.. Sherman. from the Committee on
Finance, reported as a substitute for all
propositions relating to national currency
the following bill: A bill to provide ma
tional currency of commercial notes, and
to equalize the distribution of the circu-
lating notes.
Section 1. Be it enacted, etc, That
ss45, 0OO. 900 in notes for circulation may
be issued to National Banking Associations,
ID addition to $500, 000, 600 authorized
by the second section Of an act to provide
a national currency secured by pledge of
United States bonds 10 provide for the
circulation and reduction thereof, approved
Jan. 4, 1864. and the amount Of notes as
provided shall be furnished to banking
associations organized or to be organized
in those States and territories having less
than their proportion under the apportion-
ment contemplated by the provisions Of an
act to amend an act to provide ma
tional currency, secured by pledges Of the
United States bonds, and to provide
for the circulation and redemption thereof,
approved March 81, 1865, but a new
apportionment shall be made soon as prac-
ticable, based upon the census of 1870.
Sec. =. That at the end of each month,
after the passage of this act, it shall be
the duty of the Comptroller of Currency
to report to the Secretary of the Treasury
the amount Of circulating notes
issued 10 the National Banking
Association during the month, where
upon the Secretary Of the Treasury
shall redeem and return an amount of 3
per cent temporarily loaf certificates is
sued under the acts of March 81, 1861, and
July %, 1865, and not less than the
amount of circulating notes SO re-
ported, and he may, if necessary,
IN order to procure presentation
of such temporary loan certificates
for redemption. give notice TO holders
thereof, by publication OF otherwise, that
certain of said certificates, which shall
be designated by number, date and
amount, shall cease 10 bear IN
terest from and after the date Of such
notice, and that certificates SO designated
shall no longer be available as any portion
of lawful money reserve in possession Of
any National bank, and after such notice
no interest shall be paid on such sertih-
Gates, and they shall not be counted as
part of the reserve Of any banking asso-
citation.
Sec. >. That upon the deposit of any
United States bonds bearing interest pay
able in gold with the Treasurer Of the
United States IN a manner prescribed in
the 18th and 20 sections Of the national
currency act, it shall he lawful for the
Comptrollers Of the Currency to issue 20
the Association, making the same circu-
lating notes Of different denominations not
less than five dollars, equal IN amount
to 80 per cent Of gold value Of bonds de
posted, but exceeding 50 per centum Of
their par value, which notes shall bear upon
their face the promise of the association to
which they are issued, to pay them on pre-
sentation at the Office of the association IN
gold or silver coin Of the Unitpd States
aud shall be redeemable upon such present,
alton in such coin.
Sec. 4. Be it further enacted, That every
National banking association formed under
the provisions Of section Of this act, shall
at all times keep on hand not less. than p
per cent. of its outstanding circulation IN
gold and silver coin ofthe United States, and
shall receive at par in payment of debts
the gold notes Of every other banking as
ISOLATION. which. at the time of such pay
ments. shall be redeeming its circulation
in the gold OF silver coin of the United
States.
Sec. >. And be it further enacted That
every association organized for the purpose
Of issuing gold notes, rs provided IN the
preceding section, shall be subject to all
requirements and provisions Of the ma
tional currency act, except the first
clause of section twenty-five, which
limits the circulation of the National Bank
ing Association to $500, OOO,O 900. The
first clause Of section y, when taken in
connection with the proceeding section
would require the National Banking Asso-
Citations organized IN the city of San Fran
cisco to redeem their circulating notes at
par in the city Of New York. The last
clause of section - which requires every
National Banking Association to re-
ceive. in payment Of debts, notes Of every
other National Banking Association at par /;
and provides that, in applying the PROV
sions and requirements of said act to Bank
ing Associations. herein provided for.
terms lawful money. and lawful money OF
the United States shall be held and con-
strued to mean gold or silver coin Of the
United States.
Maritime.
MIR. Pratt introduced a bill giving to
State courts coacurrCAt jurisdiction with
District Courts of tho United States IN
cases of maritime contracts and tolls upon
upon navigable rivers and waters above
the ebb and dow of tides.
Virginia.
Upon the expiration of the morning
hour the Virginia bill was again taken up;
the question being upon the motion of Mr..
Wilson to postpone 4 debate ensued be-
tween Sumner, Stewart, Trumbull and
Yates. as to the necessity Of further time
Tor consideration before taking action on
ine question.
The question being submitted, the mo
ton was not agreed tO-yeas 22, nays 20.
The pending amendment offered by Mr.
Drake to deprive the State Of representa-
ton, and remand 1t TO its previous condi-
ton in the event Of the Legislature recon-
mending the ratification of the 18th amend
ment, then came up, and a lengthy discus
sion followed
Messrs. Trumbuil. Howard and Williams
we're among those who opposed, and Mr..
Morton among those who favored the
amendment
No action was taken.
A message from the President OF the
United States was received vetoing the act
looking to the extension of the patent o
Rollins White. The message was read
laid on the table, and ssdered printed.
The Senate went into executive session
and shortly after adjourned.