The Van Buren press., 1870-01-18

duty OF the ComptrOller OF the currency
to report to the Secretary of the Treasn-
ry the amount Of circulating notes issued
to national banking associations during
the month, whereupon the Secretary of
the Treasury shall redeem and return an
amount of three per cent. temporarily
loan certificates issued under act Of March
Il, 1867, and July rs, 1868, not less than
the amount of circulating notes so report
ed, and he may, if necessary, in order to
procure presentation Of such temporary
loan certificates for redemption, give no.
notice to holders thereof by publication
or otherwise, that certain of said certif.
Gates, which shall be designated by num-
Der, date and amount and shall cease to
bear interest from and after date of such
notice, and that certificates so designated
shall no longer be available as any por-
ton of lawful money reserve in posses
sion of any national bank, and after such
notice no interest shall be paid on such
certificates and they shall not be counted
as part of reserve of any banking asso-
ciation.
SEC. 3. That upon the deposit of any
U. S. bonds bearing interest payable in
gold, with the Treasurer Of the United
States in the manner prescribed in the
10Th and Goth sections of the national
currency act, it shall be lawful for the
Comptroller Of the currency to issue to
the association making the same, circu-
lating notes Of the different denemina-
tions not less than five dollars, equal in
amount to 30 per cent. OF the gold value
OF the bonds deposited, but exceeding so
per cent. of their par value, which notes
shall bear upon their face the promise Of
the association to which they are issued
to pay them on presentation at the office
of the association, in the gold or silver
coin of the United States, and shall be
redecmable upon such presentation, in
such coin.
SEC. 4 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 % per
centum of its outstanding circulation in
the gold and silver coin Of the United
States, and shall receive at par, in pay
ment of debts, the gold notes Of every
other banking association which, at the
time Of such payment, shall be redeem
ing its circulation in the gold or silver
coin of the United States.
SEC. g. That every association organ
lied for the purpose ofissuing gold notes
as provided in the preceding sections,
shall be subject to all the requirements
and provisions of the national currency
act, except the first clause of section %,
which limits the circulation of the nation
al banking association to $500, 900, 900 ;
the first clause OF section 32, which, taken
in connection with the preceding section,
would require the national banking asso-
Citations organized in the city of San
Francisco to redeem their circulating
notes at par on the city of New York
the last clause of section AZ, which re.
quires every national banking associa.
ton to receive in payment of debts notes
Of every other national banking associa
ton at par. 1t provides that in applying
to the provisions and requirements oi
said act to the banking associations here
in provided for, the terms " "lawful mon
ey" and "lawful money Of the United
States" shall be held and construed te
mean gold and silver coin Of the United
States.
| Tho Seneto went into nxocntive Scs
sion, and shortly after adjourned
House.-After some proceedings rela.
tive to the vote Of yesterday on the Vir.
ginia case, Bingham withdrew his bill, in
tending to offer it as a substitute for that
Of the committee on reconstruction
Farnsworth thereupon, from that com
mittce, reported preamble recognizing
that the people of Virginia have adopted
q constitution. ...
WASHINGTON, Jan. H.
House-Wo presented the joint res
olution Of the New York Legislature
Withdrawing the assent heretofore given
to the ratification Of the Fifteenth amend
ment, which was laid on the table.
The House then proceeded to the con
sideration Of the bill to admit the State
of Virginia to representation in Congress
Farnsworth addressed the House in ex
planation and advocacy Of the bill
Paine followed, also in favor of the bill
Morgan opposed the bill, and favored
Bingham's substitute. Adjourned.
Senatc.--Conkling presented resolu-
tons of the Legislature of New York
withdrawing the assent Of that State to
the ratification Of the Fifteenth amend.
ment. He said he thus discharged dis.
tasteful duty, and regretted that record
so i'll advised should come from the State
Of New York.
| TENNESSEE.