New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1870-06-28
THE AMENDED CURRENCY BILL.

WASHINGTON, June 2I.-Representatl'e Var~
field to-day submitted the House the report OF the
Committee OF Conference the Currency bill. ~ was
ordered to be printed He will call for action upon it to-
morrow The bill provides for issue OF 100000 or
National bank notes banks, In addition TO the SoooH
notes so provided to be furnished banking associaton
organized to be organized in States and Ierrltoes
having less than their apportionment contemplated
such circus ton deposited with the Treasurer of th
S SSltia of t the United States bearing coin
terest. Applications for this circulation a.. shall
S ws e conToeT shall issue to to the banks making
pcation, giving the preference TO those states ana Ter
rtories having greatest deficiency. No bank organized
under the act shall have circulation exceeding half n
million dollars. account Of the increased eircut
the census Of 1870 The Controller at the end Of ese
month required to report TO the Secretary Of the Treas
previous month whereupOn the Secretary Of the Treas
ury shall redeem and cancel like amount OF three per-
cent certificates issued under the acts OF March 49,
and July a. 1863, by giving notice 70 the ho'dsrs
thereof that the interest shan cease alta tne GAY
designated in the notice. and that said cerncstes ana
longer Ike available as banking reserves upon thS
deposit Of any gold bonds OF tne Treas
ury of the United States In the manner prescribed IN t
18th and 10th sections Of the National Currency act
shall be lawful for the Controller to Issue TO the BANK
making deposit circulating notes OF Inherent denoH
nations less than So not exceeding In amount 20 per-
Of the par value Of the bonds deposited which noes
shall bear upon their face the promise OF the
TO which they are issued to pay them upon prssen
of the United states and shall be redeeabe upon SUCH
presentation in such COIN The capital OF such bank
ing ASSOCIATION Ia nDJtu 10 DAMS
under the preceding sections required 10 keep oa
hand at all times not less than IS per cent Of their ec
atiOn I'm coin and shall receive at par, IN payment or
debts gold notes of every other such bank which ~
at the time redeemng its notes in c0n The limit Of cir
cuation 10 100000 in the Currency act, and the re-
qurenent banks in San Francisco must redee
their notes at par the City OF New York removed
The term lawful money in the Currency act, appl7
cable to banks then organized gold basis, shall boz
construed to mean gold coin Of the United states
The bill further provides for the Withdrawal from bank
ing associations having circulation exceeding thst e0
tempated in the act Of March 3, 1885 of SO Thst
circulation IL to be withdrawn commencing with the
banks having circulation exceeding 100000 In thes
having Of circulation and In excess ot
and then proceeding pro rata with other bank
having circulation exceeding s20000O In States having
the largest OF circulation and reducing the circu
ton OF such states having the greatest proportion in
excess, leaving undisturbed the banks in the States
having a smaller proportion until those In greater
have reduced IN the grade and contin
ung thus to reduction provided for by this acH
until the full of s26Ooo00o shall be Withdrawn,
and the circulation withdrawn shall be dstHbuted
among States and Territories having less shan their
proportion 30 as to egualise the same PROVISION ~
made where banks fail To return the circulation required
within year for the sale OF their bonds deposited With
the Of the United states for their circulatons
No circulation is ~ be withdrawn until the t50O0.oT
granted in the first section shall be taken bank
located I'm State having than its proportion OF cir-
cuation may State having less than its pro-
nortin