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

Important Disc a sions--yThe New Fina nee
Measuro-Passnxe Of the Geneva Award
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 bin :And each
national banking association now organized or
hereafter to be organized shall keep and main tain
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 circulate
ing notes or government deposits and to insert
in lieu 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 1875 be de-
livered to them by the Secretary OF 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 snch associa ton or to any
shall be retained by the Secretary Of the Treasury
and the whole amount OF gold thus received shall
the six per cent hve-twenty 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.
Mr. ss the dealings O. this
should be marked by strict fairness and every
effort should. be made to carry out the spirit OF
n and vnn1in nS fhA
United States was such that 1t might be expected
this country would remain neutral in the great
terest to carry ont the spirit OF that tribunal and
carefully guard against any vague notions or
national losses or national indemnity. II such
precedent should be established as the bill pro.
posed 1t might be troublesome to US II we should
ever as neutral Power become involved in
similar difficulty.
Mr.. CoNKLINS, (rep.) Of N. Y, said the bill de-
served much more consideration than 1t was re-
but matters beyond mere money considerations
were involved In 1t. The distribution OF the
Geneva award concerned the dignity, the reputa-
ton and the discretion OF the American nation.
The affair had become memorable throughout the
world J, ne dd not consider the pending bin as
essary TO create special court IN this matter To
invent laws or it's own, but II would be far better
to go through the regular judicial process with the
right of appeal. To consider the details or the bill
he thought that the same rule that APP
all others. IT. as claimed, the money belonged to
the Treasury, no one had any claim upon it-un.
uerWrlLcrS OF any one else. LII cOulO DC apDlle0 10
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 tho 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 sunk by the Shenandoah
prior to her departure from Melbourne. The gov
eminent presented the claims Of these insurance
companies at Geneva when it presented and
vouched for Its case. Could THIS fifteen and q half
millions OF money have ever been recovered
without these claimsY
Mr. FRELINGHUYsEN, trep.) OF N. j., said as 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 q material One The la
billty was to this government on account OF the
English government having violated the neutrality
laws. Alter quoting from various legal decisions
IN support OF his argument, he said In the dstri-
button OF this relief fund the money should 60 to
indemnify those who lost by the war.
xr. STOCKTON, tdem-l of ~ T.. gave notice that