The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1873-01-17

IredeemAble IN coin the banking system
ceases to be limited In numbers, and the
distribution OF the banks will stand like
all other business purSults, open to all
who will give the requisite surety for
their notes and will obey the general law,
Mr.. Sherman reported from the Com
mittee on Finance the following subSti.
tute for the Buckingham bill:
De II enacted, Gc., That on the first
day OF January, 1874, the Secretary OF
the Treasury be authorized and required
to pay on demand, at the Office Ol the
Assistant Treasurer, in the city Of New
York, TO any holder Of United States notes
to the amount oI 81 900 or any multiple
thereof, in exchange for such notes an
equal amount Of the gold coin Of the
United States, or In lieu of coin he may,
at his option, issue in exchange for such
notes an equal amount Of coupon or reg.
istered bonds OF the United States, In
such form as he may prescribe. Demon
nations ol fifty dollars, or sum multiple
of that sum, redeemable in coin at present
standard value at the pleasure OF tho
United States ten years from tho date OF
their issue, and bearing interest payable
in such coin at the rate Of five. per Centum
per annum. And the Secretary Of the
Treasury may reissue United States notes
so received, or II they arc Cancelled may
issue United States notes 10 the same
amount, either to purchase or redeem the
public debt or meet current payments for
public services. And said bonds and in.
terest thereon shall be exempt from
payment OF all taxes or duties ol
the United States as well as from
taxation In any form by or under tho
State, municipal or local authorities, and
said bonds shall have set forth and eX-
pressed upon their face the above speci-
fled conditions, and shall with their
coupons be made payable OF the Treasury
of the United States.
SEC. 2. That from and after the 1st day
OF July next, the limit OF the aggregate
circulation OF National Banks, now pre-.
scribed by law, Is repealed and all banks
thereafter organized shall deposit as sc.
curity for their circulating notes, bonds oi
the United States issued under this act or
under the act entitled an act TO authorize
the refunding oI the National debt, ap.
proved July 4, 1870.
SEQ. 8. That all banking associations
which shall, on and after July /, 1874,
redeem their circulating notes at such
localities as are now or may be hereafter
designated by law, either in coin or in
United States legal tender notes, hall be
exempt from tho requirement under the
existing law as to holding a re.
serve Of the lawful money Of the United
States, provided that nothing herein
contained shall authorize any national
gold bank established under IN act en-
titled "Au act to provide for the redcmp.
tion o! the 8 per cent temporary loan Ger.
titicates, and for the increase oil ma.
tional bank notes." approved July 70,
1870, to redeem the then circulating notes
in anything but the gold coin of the Uni.
ted States.
SEQ. d. That the section OF the act en-.
titled ian act Is provide for the redemp-
tion Of the 8 per cent temporary loan Ger.
tifcates, and for an increase Of the Ma
tional Bank notes, approved July l9, 1870,
be and Is hereby repealed.
SEC. 6. That banks without circulation
may be organized under the provisions Of
the act to provide national currency Be-
cured by pledge in U. s. bonds and to
provide TOR tho circulation and redemp-
tion thereof Approved June 8, 1884
Upon deposit with the Treasury OF the
q. s. not less than $4,000 of U. s. regis.
terd bonds as provided In section 10 Of
that act.
SEQ, @. That 1t shall be the duty of the
Comptroller of Currency TO cause TO be
examined each year the plates, dies and
other material from which the National
bank circulation Is printed, in whole or In
part, and fle in his office annually q cor.
rect list Of the same and such mrterial as
shall have been used In the printing Of
the notes OF National banks which
are In liquidation or have been at the
close of business shall be destroyed under
such regulations as shall be prescribed by
the Comptroller Of the Currency and ap.
proved BY the Secretary Of the Ire" Try,
and the expense Of such examination and
destruction shall be paid out Of any ap.
preparation made by Congress for thespe-
cisl examination Of national banks and
bank plates.
Loomis Aerial Telegraph Company was
passed.
Mr.. Morton offered a resolution in-
sEructiug the Committee on Privileges
and Elections to inquire whether there Is
a legal State government in Louisiana,
and ii so, by whom constituted. He said
he was authorized by majority Of the
Committeeto offer the resolution, and
stated that the design OF 1t was TO give
the Committee authority TO go into the
whole subject matter Of the investigation
already committed to them.
Mr.. Salisbury offered an amendment
directing the Committee, If It found no
legal government In Louisiana, to inquire
when It ceased to exist, and whether any
Federal officer, executive or judicial, had
anything to do with overthroWing It
Mr.. Morton's resolution was then
adopted.
On motion of Mr.. CssSerly the Secreta.
ry OF the Treasury was requested TO In
form the Senate whether the Union Pa
ciic and the Central Pacific Railroad
Companies had complied with the act Of
July 6, 1909, requiring that Rfter the com.
plcIion OF their roads, per cent Of their
earnings shall be applied to the payment
ofinteFest and the redemption Of the priu.
ciple OF their bonds, aud in case Of their
non compliance, the reasons therefor.
The Committee on Postoflces and Post
Roads, was discharged from the further
consideration OF the memorials asking
that newspapers pass free through the
mail.
Mr.. Carpenter from the Committee on
the Judiciary, reported a bill fixing tho
second Monday in October for the open
ing OF the annual session Of the U. s.