The New York herald., 1870-02-02
new HERALD WEDNESDAY FEBRUARY s7orRlPLE SHEET

the States and Territories having iess tnan their
share the demand 70 be made first upon those banks
having more than 81 ,00O, 600 capital.
Mr.. DAVIS. fdem.) OF KY, moved to amend the
amendment by increasing tine amount to $2o o0o,ooos
The amendment OF MIR. Morton was then adopted
yeas "a, nays ~.
Mr. KELLOGG, (rep) Of La, moved to strike out
ganlzaton OF banks upon coin basis. SO that the
simple proposition to extend needed banking faci-
ties 70 the South and West might not be emDar-
Mr. CHANDLER, rep.) OF Mich, moved TO amend
the amendment BY slrlking out all the previous sec
Mr.. kellogg's amendment was then rejected
yeas ~ nays SO.
mont that the aggregate amount OF capital TO be
furnished TO the banks 70 DC organized on com
oa SIS shall not exceed $50 900. Not agreed TO-
Mr. SHERMAN said that upon consultation lnI0r-
maly with members Of the Finance Committee he
had been convinced Of ths propriety Of an amend.
York (r Conking) 10 maze more explicit the require
ments that IN equahzing the national bank clrcula-
81 o. s sas sr ls sasa ~
nes0ta, Nevada and others would receive much
larger snare OF the oircuiaton In view Of their m
therefore, moved TO amend 80 a. TO provide for an
app0rtlonment simply Of the amount authorized by
sne D!n, upon basis OF the census OF 1870. The
amendment was agreed To.
Mr.. CAssERLY, (dein,l OF CAL, moved 10 amend
section i've SO ~ 10 require that all banks author
1zed Dy the Dill SHALL before ssulDg circulating
notes. have paid up cash capital or no, less than
four hundred thousand dollars, which shall not
have ON hand, In gold and silver coin Of the United
States, not less than thlrty.three and third per
centum OF lts outstanding circulation and twothrds
OF Is specie funds bills notes and securities.
violation OF tAls prov shall be an act OF ins0l-
vency, ana every person particpatng therein shall
become individually liable Tor all debts and oDiga-
tlons OF such bank.
The amendment was voted down by yeas II, nays
u.
MIR. CAssERLY then offered the following as new
section:--
That bonds Of the United States deposited BY any bank
while Deposited the franchises
OF Ssnag hereby granted shall be deemed 70 be IN
deposlI
The amendment was not agreed to-yeas 0, nays
40.
Mr.. RICE, (rep) OF Ark. offered an amendment.
which was agreed TO to provide for the immediate
distribution or 100000 OF the $b2 600 author
lZed by the bill.
Mr.. WILSON, rep, Of Mass, moved to insert the
following as new section:-
That banking association organized to be organized
june lsea shall IN charge receive upon
loan discount higher OF than
per annum.
Mr. CAMERON, rep) OF Pa, indicated a fursher
amendment TO give such banks the right TO cnarge
Mr. SHERMAN forwarded to the Clerks desk and
had read the law upon the subject authorizing "A
or Territory IN which the bank was located.
Mr.. Camer0n's amendment was voted down.
Mr. THURMAN, tdem.l Of Onto: suggested an amend
ment which was accepted by MIR. Wilson as modi-
hcaton of his own, as fOlOws:-
And evsry upon which seven per cent
shall be reserved received snail be void.
The amendment as modified was then rejected
yeas Is, nays ~.
Mr.. MORRILL,, rep.) OF Vt, offered an amendment
wncn 0ccasl0ned general merrimen5 10 provide
further chat II, after the census OF 1870 any State
should be found to have excess OF property above
the average OF all the States II shall be distributed
ut the discretion OF the Comptroller OF the Currency
among such States as have less tnan the average.
and TINS distribution shall take place after every
succeeding census.
Mr.. DRAKE, rep.J Of No., remarked that the amend
ment might operate very benefclally Tor the state
represented by the Senator from Vermont
The amendment was then rejected.
The hi was then reported to the Senate from the
Committee OF the Whole, and, the question being
upon agreeing to the amendments,
Mr. SHERMAN sald he desired to nave n separate
vote upon the amendment Of Mr.. Morton withdraw
Ing thirteen millions from the present circulation OF
the states In excess lie desired TO make state.
ment on the SUB ject.
Upon she suggestion OF Mr.. CAMERON the final
disposition OF the bill was deferred until Lo-mor-
row, In order that the bill as amended might be
printed
The senate then. at twenty minutes 70 six O'CLOCK
adjourned.