Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-06-28
CURRENCY BILL.
Report Of Committee Of Conference, Be-
ported by Representative Gar
field to the House.

WASHINGTON, June 27.-RepTesen
tative Garfield to-day submitted Il
the House the report of the Commit
tee on Conference on the Currency
bill. The bill provides for the issue
forty-fiVe millions of national banE
notes TO the banks in addition to the
three hundred millions authorized By
the act Of 1S64-the amount 80 pro.
vided to be furnished by the Banking
Association to the States and Terrific.
ries having less than their apportion.
ment as contemplated in the appor.
tiOnment act of 1865. The securities
for such circulation deposited with the
Treasurer of the United States shall
be of any description of bonds of the
United States bearing coin interest.
Applications for this circulation shall
DE made within one year after
the passage of this act, and the
Comptroller shall issue it to banks
making application, giving preference
to those States and Territories hay
ing the greatest deficiency.
No bank organized under this act
shall have a circulation exceeding
half a million OF dollars.
A new account of the increased cir
culatiOn shall be made as soon as prac-
ticable, based on the census of 1870.
The Comptroller, at the end of each
month, Is required to report to the
of the Treasury the amount
Of outstanding notes issued during the
previous month; whereupon the
Secretary of the Treasury shall
redeem and cancel a like amount
of three per cent. certificates
issued under acts of March 2, 1867,
and July 25, 1868, by giving notice to
holders thereof that interest shall
cease after the day designated in said
notice, and that said certificates shall
no longer be available as banking re-
serves. Upon the deposit of any good
interest-beaFing bonds in the Treasury
of the United States in the manner
prescribed in sections l9 and 20 Of the
National Currency act, it shall be
lawful for the Comptroller to issue to
banks making such deposit circulatory
notes Of different denominations not
less than FIVE dollars, not exceeding
in amount eighty per cent. of the par
value of bonds deposited, which
notes shall bear upon their face the
promise Of the association to which
they are issued, to pay on presenta-
ton TO the association in gold coin of
the United States, and shall be re-
1eernable, on such presentation, in
such coin. The capital of any such
banking association is limited to SeAe
million dollars. Banks organized d.
Ter the preceding sections are required
10 have on hand at all times not less
han twenty-five per cent. Of their
in coin, and shall receive
1t par in payment of debts the gold
lotes of every other such bank, which
5 redeemlng notes in cola,
The limit Of circulation TO $500. .OOO,-
100 in the currency act, and the re-
Iuirement that the banks in San Fran
,isco must redeem notes at par at
NeW York, are removed.
The term lawful money in the cur
ency act, applicable to banks organ
zed on a gold basis, shall be construed
o mean gold coin Of the United
states.
The bill further provides for the
from the banking assOcia-
hat contemplated in the act of March |
I, 1865, twenty-five million dollars. |
his circulation is to be withdrawn.
with the banks having |
circulation exceeding a million dol |
ars In States ,having an excess of |
and then proceeding. pro |
alta, with other banks having a cir
ulation exceeding two hundred thou
and dollars in States having the
irgest excess Pli Pbilii5e,,' :; re- l,
ucing the cffi
4 States havinGle ~ tbs state bV tax
-on in excess, leaving undisturbed
be banks.
In States having a less proportion
han those in excess it has been
sduced to the same grade, and con-
nues to make reductions provided
)r by this act until the full amount
So, ,0OO,00 shall be withdrawn,
nd the circulation so withdrawn
9 distributed among the States
nd territories having less than
leir proportion. Provision is
iade where banks fail to return
lelF circulation and deposits or
der for sale their bonds deposited
i 'ii&slfe Treasurer for their circula-
on. No circulation is to be with
raWn until the $45, 100, 600 granted
q the first section shall have been
ken up. A bank located in the
tate having more than its proper
on of circulation, may remove to
State having less than its proper
on.