The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-05-13
SENATE.
Important Discussions-The New Fina nee
Measure-Passnxe OF the Geneva Award
Bill-Action Asked I'm Reference to Ar
kansas.


Bill-Action Asked I'm Reference to Ar
kansas.
WASHINGTON, May IL, 1874.
THE BANKING AND CURRENCY BILL.
Mr.. SCOTT, (rep) OF Pa, from the Committee on
Finance, reported an amendment to the Finance
Dill which proposes to strike out the following
words in the second section OF the bill :-And each
national banking association now organized or
hereafter to be organized shall keep and main lain
as part Of its reserve one.iourth part OF the coin
received by 1t as interest on the bonds OF the
United States deposited as security for circulat-
ing notes or government deposits and to insert
in lien thereof the iolowing:-"And each OF said
associations shall keep and maintain as part OF
its lawful money reserve one.third OF the
coin received by it as interest on bonds OF
the United States deposited as security for
circulating notes or government deposits, unless
such associations shall elect to exchange such pro-
portion of coin for bonds of the United States OF
the character herein provided for, which shall
thereIrom until the LIST day OF January 1873 be de-
livered to them by the Secretary oil the Treasury,
and which may afterwards be held by such asso-
citation and considered as part OF It's reserve
Three per cent only OF the interest upon which
bonds shall be paid to such association or to any
HOLDER thereof, and the remaining two per cent
shall be retained by the Secretary Of the Treasury
and the whole amount OF gold thus received shall
he applied by HIM exclusively to the payment OF
the six per cent hvetwenty bonds Of the United
States'
Ordered that the amendment lie on the table and
be printed.
THE GENEVA AWARD BILL
The Senate then resumed consideration OF the
the amendment Of Mr.. Thurman to strike out the
clauses excluding claims OF insurance companies.
with the money derived from the Geneva wa tribunal
should be marked by strict fairness, and every
EFFORT should. be made to carry out the spirit OF
that tribunal. The situation and policy OF the
United States was such that 1t might be expected
tins country would remain neutral in the great
conflicts OF the world, and 1t would be to IN
terest to carry out the spirit OF that tribunal and
carefully guard against any vague notions OF
national losses or national indemnity. II such
precedent should be established as the bin pro.
posed ii might be troublesome to US If we should
ever as neutral Power become involved in
similar difficulty.
Mr.. CoNKLING, (rep) OF N. Y, said the bill de.
served much more consideration than it was re-
but matters beyond mere money Considerations
were involved In 1t. The distribution OF the
ton and the discretion of the American nation
The affair had become memorable throughout the
world He did not consider the pending bill AS
wise rs n might have been made. 1t was not nee
essary to create special court In this matter TO
invent laws or its own, but it would be far better
to go through the regular judicial process with the
right of appeal. To consider the details OF the bill
he thought that the same rule that APP
piled TO insurance companies should be applied TO
all others. II, as claimed, the money belonged to
the Treasury. no one had any claim upon fun.
derwrters or any one else. 1t could be applied to
building lighthouses to the relief of the widows or
orphans OF the late war; or to any purpose which
suited Congress. II the use Of the money was not
to follow the line marked by the arbitration then
Congress ought to listen to the claim OF him whose
vessel was burned or sunk by the Shenandoah
prior to her departure from Melbourne. The gov
eminent presented the claims Of these insurance
companies at Geneva when 1t presented and
vouched for Its case Could this fifteen and half
millions OF money have ever been recovered
without these claimsY
Mr. fRELINGHUysEN, trep.) OF N. j., said az he
had voted Tor the bill In committee he esteemed 1t
proper TO state hts reasons now for so doing. He
regarded this claim as material one. The la
6ility was to this governments on account OF the
laws. Alter quoting from various legal decisions
IN support OF his argument, he said In the disri-
button OF this relief fund the money should go TO
indemnify those who lost by the war.
NJ. STOCKTON. tden.l of n. IT, gave notice that