Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-01-12
THE xLIst CONGRESS-.

MASHINGTO&, January ll.--Oe1tnte.-
Mr.. Sumner gave notice Of bill to au-
thorize the refunding and consolidation OF
the national debt, to extend banking fa-
cilities, and to establish specie payments.
Mr.. Howe introduced a bill TO more
effectually preserve the neutral relations
of the United States.
A bill relative to the Hot Springs reser-
walton in Arkansas was amended and
passed.
The Joint resolution to extend the limits
of the port of entry of New Orleans was
passed.
A. bill to exempt canned and preserved
fish from internal tax was passed.
Mr.. Sherman, from the Committee on
Finance, reported as a substitute for all
propositions relating to the national cur
rency the following bill:
A bill to provide national currency Of
coin notess
SEcTloN1 /. Be It snaeIed, etc., That for
| ty-fye millions in notes for circulation
may be Issued to the National Banking
! Association in addition TO the three hun
/ dred millions authorized by the ID section
| Of the act TO provide national currency
/ secured by pledge of United States
/ bonds, and to provide for the circulation
! and redemption thereof, approved June
T. 1864, and the amount of notes as pro-
/ vided shall be furnished to Banking Asso-
/ Citations organized, or to be organized in
than their proportion under the appor-
| tionment, shall be made as soon as pTscti-
/ cable, based upon the census Of 1870.
| Sec. 2. At the end of each month, after
the passage of this act, 1t shall be the duty
of the Comptroller Of the Currency TO re-
port to the Secretary of the Treasury the
amount of circulating notes issued TO the
National Banking Associations during
the month, whereupon the Secretary OF
the Treasury shall redeem and return an
amount of three per cent. of the tempo
rary loan certificates, issued under the
acts Of March q, 1867, and July %, 1858,
not less than the amount of circulating
notes so reported; and he may, If neees-
s2ry, in order to procure presentation of
such temporary loan, issue certificates
for the redemption and givenotice to hold
eTs thereof by publication or otherwise.
That certain Of said certificates, which
shall be designated by number, date and
amount, and shall cease TO bear interest
from and after the date of such notice, I
and that certificates so designated shall
no longer be available as any portion of
lawful money reserved in possession of
any National bank, and after such notice |
no interest shall be paid on such certih- |
Gates, and they shall not be counted az |
part Of the reserve of any banking ssso- |
citation.
Sec. 3. Upon the deposit of any United |
States DOHUS BcdEluS lnISI6Sb pdydpl6 IN l
gold with the Treasurer of the United |
States in the manner prescribed in the |
10Th and Goth sections OF the National /
Currency act, it snail be lawful for the /
ComptrOllers of Currency to issue to the /
associations making the circulating notes /
of the different denominations of not less |
than i've dollars equaiin amount to ninety
per cent. of gold value of bonds deposited, I
but not exceeding eighty per eentum of /
their value, which notes shall bear upon /
their face the promise of the association to
which they are issued, and to pay them |
on nTaSentation az tha nffiaa nf r.: 5sS0 :
citation in gold or silver coin Of the United 4
States. and shall be redeemabls upon such /
presentation in such coin,
Sec. 4. Every National Banking AssO-
citation formed under the provisions of /
section 3 of this act, shall at all times
keep on hand not less than five per CEN
tum of its outstanding circulation in gold \
or silver coin OF the United States. and |
shall receive at par in payment Of debts,
the gold notes OF every other banking as
socistiOn, which at the time of such pay
meHt, shail De redesmiRg its circulation
in gold or silver coin OF the United States. |
Sec. 5. Every association organized for
the purpose Of issuing gold notes, as pro-
Yided in the preceding sections, shall be
subject to all the requirements of the ma
tioRal currency act, except the first
clause of section -, which limits the cir
eulation of the national banking associa-
tiOn to 1905, 100000, the first clause of sec
ton 81, which taken In connection with
the preceding section, would require the
National Banking Association organized
in the city of san Francisco, to redeem
their circulating notes al par in the city
of New York.
The last clause of section 50, which re-
quires' eXery National banking associa-
tion to receive in payment of debts the
notes of every other National banking
association at par, provides that IN ap-
plying the provisions and requirements Of
said act to the banking associations herein
provided for loans of lawful money, and
lawful money OF the United States shall be
held and construed to mean gold or silver
coin of the United States.
Mr.. Pratt, of Indiana, introduced a bill
giving to the State Courts concurrent jur-
with the District Courts of the
United States in cases of maritime cor
tracts and tolls upon nayigabIe rivers and
waters above ebb and flow of tide.
Upon the expi@ion Of the morning
hour the Virginia bill was again taken up,
the question being upon the motion of
Mr.. Wilson to postpone.
a debate eTsued between Messrs. Sum-
uer, Stewart, Trpmbull and Yates, as to
the necessity of further time for consider
alton before taking action on the ques-
ton.
The question being put, the motion was
not agreed to; yeas Is, nays 26.