The Evansville journal. [volume] (Evansville, Ind.) 1866-1870, 1870-01-27
CONGRESSIONAL.
.xLIst CONGRESS-. SECOND SESSION.

( s.s@E bl&nl ig'T-- T--Tl8'} u 4Hga
4 SENATE. WAsHINGToN, Jan. 20.
/ Howell took the oath.
I The President submitted O Joint
resolution of the Legislature of Kan
sas, asking a removal of the Capital
of the United States to Fort Leaven-
worth Military Reservation.
Pratt, presented petition of ZOO
citizens of New York and other
States for the amendpent of the Ma
tional Constitution, extending suf-
frage to females also, petition from
Thos. A. Hendricks and other men,
bers of the Indiana bar for an in
crease of the salaries of Judges of
the Supreme and Circuit COURTS.
Morrill,, of Me, from the COMMIT
tee on Appropriations, reported the
House Invalid Pension Appropriation
bill, with an amendment, striking out
the clause convening Navy Pension
Fund into the. Treasury sNy
Buckingham introduced a bill sup
Elementary to the Currency Act of
June 3D., 1864. It authorizes free
banking under that act and under the
following provisions: No banking as
ISOLATION shall be organized With G
its circulation exceed forty five per
cent, of the capital actually paid in:
the banks now having greater cir
culation than this proportion, are pro-
hibited from issuing or re-issuiDg any
notes received By them from the
Comptroller of Currency, until the
amount of circulating notes shall be
reduced to said limit; whenever any
bank, for the purpose Of reducing its
circulating notes, shall send them to
the Comptroller of Currency, they
shall be burned, and the bonds de-
posted for security returned; until
the Secretary of the Treasury shall
certify that the amount of United
States legal tender notes in circula-
ton is reduced to $500, 0,000,0 900, exclu-
sige of fraational currency; all seeuri-
ties deposited with the Treasurer of
the United States, for the redemption
of circulating notes, shall consist of
United States legal tender notes;
when the amount is reduced below
5000, 900, 900, and is above $100,000,-
900, not less than one-half the Sc
curities deposited shall consist of le-
gal tendeF notes, and where one-half
of the notes or bonds and the whole
amount of security may consist of
other bonds or notes, when the amount
of legal tenders outsta nding is reduc-
ed below 800. .000. 600, whenever legal
1 tender notes are deposited for securi-
/ ty, as above provided, the Treasurer
/ of the United States shall execute to
/ the banking association registered
| bonds for an equal amount, payable
in coin, IL thirty years, with interest
/ at - per cent; said bonds to re-
main with the Treasurer. on trust. as
4 security for the payment of circula-
4 ting bonds issued to banks by the
i Comptroller of Currency. The last
1 section prohibits all National Banks
/ from paying interest on deposits, ex-
4 cept IN ful6llment of existing con-
/ tracts, and from disposing of coin
! hereafter received for interest on
bonds deposited With the Treasurer,
] at any time when the amount of coin
held by the bank shall be less than
- per cent. Of its Indebtedness.
On motion of Edmonds, the Senate
/ took up the bill for the disposal of
the lands embraced in the Fort
Ridgely Reservation.
The discussion continued until the
expiration OF the morning hour, when
the bill was recommitted TO the Com
mittee on Public Lands.
The consideration of the Currency
Bill was then resumed.
Corbett spoke in support of the
bill.
Sumner opposed the bill, asserting
that the redistribution of the exist
ing currency could not be made with !
out serious consequences to the bust
ness Of the. country, and would not
materially aid financial reconstruc,
tion. This bill presented simply the
questions of enIarging National Bank
currency and creating a system Of free