The weekly democratic statesman. [volume] (Austin, Tex.) 1871-1883, 1874-02-05

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July, 1854 so that banks shall, hereafter, be
required 70 keep on hand any amount Of
money whatever, by reason Of their respec-
tive circulations, but the money required 70
be kept on hand az al times shall be determined
by amount e dcRoei;s The second section
, repoais the second proyiso Of section twenty
one Of the law Of the twelfth OF July, 1870,
Tor redemption OF the three per cent tempo
rary law, so far as L restricts the amount OF
notes for circulation. The third section pro
vides that the national banks shall al all times
keep on deposit ia the treasury, in lawful
money, in United States currency, sums
equal 20 Eve per cent Of their circulation, 70 be
held and used FOR the redemption Of such cir
culations. The fourth section authorizes the
national banks to withdraw portions OF their
circulating notes in sums not less than $40, 600
and to withdraw q proportional amount Of
bonds deposited In pledge for such circulation.
The fifth section amends sections thirty one
and thirty-two Of the national banking law by
requiring them to keep their lawful money re-
serves in their own vaults at their places Of
business. The sixth section requires the char
tered numbers Of various banks TO be printed
on their notes whenever they shall come into
the treasury for redemption or otherwise.
The seventh section authorizes banks to be
organized without circulation, on deposidng
in the treasury not less than SIC, 900 in United
States registered bonds, and authorizes banks
already organized without circulation to with
draw their bonds in excess of $40, 600.
The eighth section directs the Secretary Of
the Treasury to issue at the beginning of each
month, from and including July, 1874, two
millions in United States notes not bearing in
terest payable in gold two years after date,
Of denominations not less that ten dollars in
exchange for, and as a substitute for, the same
amount of United States notes now in circu-
lation, which shall be cancelled and destroyed
and not re-issued, and any excess Of gold in
the Treasury shall be retained as a reserve for
the redemption Of such notes
After a discussion as to the disposition to
be made Of the bill, the House refused to re
commit it to tho Committee on Banking and
Currency as desired by its chairman, and it
was sent to the committee Of the whole, with
the understanding that 1t would be called up
for discussion in two weeks.
WASHINGTON, january 20-Sendte- Sena-
tor Chandler, from the Committee on Com
merce, reported favorably on bill to facili-
tate the execution Of and protection of certain
public works at the mouth of the Mississippi
river Senator Davis, of West Virginia, OBJ
jected to its present consideration, and the bin
went over.
WASHINGTON, January S0.-Senator Cor
don presented a memorial from the Governor
of Georgia, asking payment by the United
States for the use, etc, Of the Western and
Atlantic and East Tennessee railroads, the
property of said State. -
Senator Carpenter spoke over two hours
upon Louisiana affairs. During his speech he
stated his intention to introduce tomorrow 3
new election bill for that State. Senator
Morton followed in bitter speech he said it
was measure of blood. He will conclude
Monday. The Senate adjourned TO Mon
day.
House-A resolution was reported for a
court of inquiry on the charges against Gen
eral %. @. Howard
The House Committee on Military Affairs
to-day reported Joint resolution instructing
the President to convene military court Of
inquiry, composed Of five officers, to investi-
gate the charges against Gen. Howard. AT
ter long discussion it was passed with AN
amendment giving the accusedia right Of
change The rest Of the day was-giyen. to
private bills.
WAsHINeToN, january 31.-In the House
MIR. Hays spoke in favor Of the civil rights bill
to-day. F1-srr a-te
WASHINGTON, February -Senate-A res
Olution was introduced by Senator Wright, di-
recting the Finance Committee to inquire into
the expediency of abolishing the Internal Rev
enue Office and imposing the duties OF that
bureau on the Treasury Department. Agreed
to.
H0use.-A large number of bills were in
troduced and referred A Joint select COM
mittee was ordered to investigate the affairs of
the District of Columbia. A resolution to
pay mail contractors in the South for services
prior TO the war, was offered by Mr.. Young,
of Georgia, but failed. A resolution instruct
ing the Committee on appropriations to in
quire into the subject was offered by Mr..
Sevor, of Virginia. and adopted. Articles
of impeachment were presented by Mr..
White, of Alabama, against Judge Bustccd,
and referred to Judiciary Committee.
WASHINGTON, February 2-The Attorney
General has returned.
There were no nominationsSnor executive
session.
The Judiciary Committee will take evil
dence this week regarding Judge Busted, and
they will reach and report upon Judge Du-
rell, of Louisiana, tomorrow.
The debt statement shows decrease of one
and seYen-eighths millions; coin in Treasury,
eighty-flve and three-eighths millions /; cur
rency, four and seven-eighths millions.
In the Senate the preliminary business was
unimportant Senator Morton continued his
speech upon the Louisiana question, and upon
his conclusion the Senate voted to lay the
matter aside to take up the bankrupt bill, which
was discussed to adjournment
In the House, the bill for the trial of Gen.
Howard was passed.
WASHINGTON, February 3.-Sendte- Sena-
tor Flanagan, of Texas, presented a petition
of the colored citizens of Atlanta, Ca, deny
ing the statement Mr.. A. II. Stephens made
in his speech in the House Of Representatives
that the colored people Of that State did not
desire the passage of the civil rights bill, and
resolution of the Georgia Legislature to the
same effect. Referred to the Judiciary Com
nlittee
Senator West asked that bill for the pro-
lection and prosecution of the works at the
mouth of the Mississippi river be considered.
After some debate, it was agreed to consider
the bill tomorrow morning.
H0uSe-The House was engaged on the army
appropriation bill, but made little progress,
except to adopt an amendment restricting en-
listments beyond the point Of making the
army 25, 900 strong.
Messrs. Cox and Potter, Of New York,
protested against the use Of the army for
crushing out popular sentiments in the South,
and Mr.. Hancock, OF Texas, protested against
any reduction of the army that would leave
the Texan frontier Unprotected against the In
dams.
The Election Committee reported that MIR.
Hodges, of Arkansas, was Prfnd .ftIcie enti-
tied 10 q seat but the House adjourned with
out any action on the report
WASHINGTON, February IA brief cabi-
net session. All were present.
Jas. M. Harvey, who was elected Senator
from Kansas, is from Virginia.
Jas. A. Lee was nominated register Of the
land Office at Gainesville, La.
A bill was introduced in the House that
after October I, the bureau of military justice
shall be abolished, and the duties Of the Judge
advocate general and his assistants shall be
performed by officers detailed for such service
Neyv YORK.
NEW York, January 2s.-In report of the
committee of the Brooklyn Presbyterian
church regarding the propriety Of allowing
Rev. Sarah Smily to preach before audiences
in the Presbyterian churches claimed
that these churches violated q rule Of the
Presbytery in permitting her 70 preach. Rep
resentativos Of both churches disclaim any in
tention to violate the rules Of the Presbytery.
New YORK, January 20.-The bark Sarah,
Of Glasgow, from Pensacola for Swansea, was
abandoned; her crew are here.
NEW York, January 30-Thc police az