The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1870-01-12

associations organized, or 10 10 oiSeu
lied in those States and Territories
having less than their proportion, I'M
der the appointment contemplated oy
the provisions of an act to amend an
act 10 provide that the national curren.
cy be secured by the pledge OF United
States bonds, and to provide for
the circulation and redemption
thereby approved March l, 1865, but a
new appointment will be made soon as
practicable, based upon the census OF
1870.
SEC. Q. That on the end of each
month after the passage OF this act IL
shall be the duty of the Comptroller OF
the Currency to report to the Secretary
of the Treasury the amount of circnla'
ting notes issued to national banking
associations during the month, where
upon the Secretary of the Treasury
shall redeem and return an amount Oh D
per cent. The temporary loan cerbIn-
cate is read under the acts OF Marcn Il,
1867, and of July 20, 1868. No less IMAM
the amount of circulating notes 50 re-
ported, and he may, if necessary. IN or
der to procure presentation OF such
temporary loan Certificate for redemp-
ton give notice TO the holders
thereof by publication or otherwise;
that certain of the said certificates,
which shall be designated by number,
date aud amount, shall cease TO bear
interest from ard after the date of such
notice, and that the certificate so desig-
mated shall not longer be available as
any portion of the lawful money reserve
in the possession of any national bank;
after such notice no intererest shall be
paid on such certificates, and they shall
not be counted rs a part OF the reserve
of any banking association.
SEC. 3. That upon the deposit of any
United States bonds bearing interest
PAYABLE in gold with the Treasurer OF
the United States in the manner pre-
scribed in the 10Th and Goth sections OF
the currency act, it shall be lawful
for the Comptroller of the Currency to
issue to the association making tse
same circulating notes of different de-
nominations, not less than five dollars,
equal in amount to 90 per csntum OF
of the gold value of the bonds deposit
ed, but not exceeding so per centum OF
their par value, which notes shall bear
upon their face the promise of the asso-
citation to which they are issued to pay
them on presentation at the office of the
association in gold or silver coin of the
United States, and shall b5 redeemable
upon such presentation in such com.
SEC. q. >And be it further enacted,
That every National Banking Associa
ton formed under the provisions OF
section 3 of this act shall at all times
keep on hand not less than 20 per cent.
of its, Outstanding circulation. IN gold
or silver coin of the United States, and
shall be redeemable upon such present
alton in such coin.
SEC. 4. And be IL further enacted,
That every national banking association
formed under the provisions of section
three of this act shall at all times keep
on hand not less than twenty-five per
csntum of its outstanding circulation
in gold or silver coin of the United
States, and shall receive in gold or
silver coin of tue United States, and
shall receive at par in payment of debts
the gold notes of every banking associa-
ton which, at the time of such payment,
shall be redccming it's circulation In
gold OF silver coin of the United States.
SEC. 5. Ind be ii further enacted, That
every association organized Tor the pur.
pose of issaiug gold notes as provided
in the preceding sections, shall be sub
iect to all the requirements aud provls.
ions Of the national currency acts, ex-
cept tie first clause of section y, which
limits the circulation of the National
Banking Association to $500, 900.
The first clause of section % which,
taken in connection with the preceding
sections, would require the National
Blnking Association organized In the
city CT San Francisco 10 redeem their
circulating notes at par in the city OF
New York. The last clause OF section
81, which requires every National Bank
ing Association TO receive IN payment
of debts notes of every other National
Banking Association at par, provided
that in applying the provisions and re-
Guirements of said act to said assocla
tions herein provided for, the terms
"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 introduced n bill giving to
State Courts concurrent jurisdiction
with the District Courts of the United
States in cases of maritime contract
and tools upon navigable rivers and
waters above the ebb and flow of tides.
Upon the expiration of the morning
hour the VirgipiI bill was again tax ken
up, the question being upon the motion
of Mr.. Wilson to postpone.
Debate ensrei between Messis. Sum-
ner, Stewart, Trambull and Yates as to
the necessity of further time for consld
Grafton before taking action on the
question.
The question being put, the motion
was net agreed to-yeas, %; nays, 70.
GEORGIA.