, 1874-01-30

THE CURRENCY.
Mr. MAYNARD, from tho Committee Oh
Banking and Currency, reported bill to amend
tho several acts relating to tue national cur
roncyt md to establish free banking. Tho bill
Was read
After discussion as to the disposition to DO
made of the BILL the House refused to recommit
it to tho Committee on Dnnking, ~ desired by
tho Chairman Of that Committee, but It was sent
to the Committee OF the Whole, with the under
standing that It would DO called up for Discus
DIr. MAYNAND also reported q bill limiting
the amount Of United Suites notes In oircula-
ton to $500 Q000 000 and allowing their exchange
into 8.46 bonde. Referred to Committee OF the
| Whole.
The following is the text Of the bills:
Do enacted, Etc., Tint Sec. 9l Of the act entitled
pledge Of United States bons and to provide for tho
circulation and redemption thereof On the
ss:S s.
qured to keep on band any amount Of money What
es ed 81 sss e Be-
kept ut all times hsnd shall be determined by the
a,aant of deposits in all Fs'nocts AZ pry,e in said
aanS &c; e eli
Of notes for circulation under satd act be- aud the
entitied 1n at to Provide for tic roemron of tSo
creaae of National bank notes" approved on the 1ah
ct july 1870, bs amsdo1 by repeniing the second pro-
SEQ 8. rhnt every association organized to be
ganzod under the provisions Of said act and Of the
keep and have deposited In Treasury Of the united
States equal to cont Of It's circulation, to bo
ation mud when circulating notes Of any such assooIa
on stall DO presented naaorted or un9ssorted for re-
ha 5scrstary Of the Tfessury or 70 tic 1sss!snt
Treasurer II TIE Gity e New York ts sse shall no
stall Ia 's 6s a1sd 5Sf ee!ey ns e o e
Treasury to respective aBsoeatlons issuing tho sRe
md shall notify thc aevsray on the rst day Of each
uf nf ttnn 1kof
such reaemptions. Whereupon each aaeooiaton 60 no
titled shall forthwith deposit with the Treasurcr Of the
the amount Of its circulating notes redeemed, and
whom such rodonptions have been reimbursed, the
defaced, notes instead, shall be forwarded to
tho respective associations; provided, that each OF
soss coat Of radoptton and Of Supplying new notes IN
place Of those redeemed aud the nuaocations hereaf
ter organized shal also soverally reimburse to the
circulating notes snd, Provided further, that the en-
Fe amount q United 5tatea notes outstanding and II
circulation at any time shall not exceed the sum
Of $4c0 COO 0o0 now authorized BY existing laws.
sxo. i. That any asaociaton organized under this
desiring to withdraw is circulating notes IN whole OF
part may, upon deposit Of lawful money within the
with tho Treasurer Of the United sttos, withdraw :
proportionate amount Of bonds deposited In pledge for
sSy 81 II
ton equal to tho amount issued on such bonds.
SEC g. That Sections 81 aud 50 Of said act bo amend
cd by requiring that such Of said associations shall
keep is lawful within It's own vaults at
the place where ita operations Of discount and depoass
carried on, and R provisions Of eaid sections re-
any portion OF its lawful monoy-rcseryes elsewhere
of s
its own counter, are hereby repealed.
Issued or hereafter to 10 ssued, Whenever tho same
shall come Into tile Treasury in payment on epost
ae or nose or no s1
rroacrbo, tho oaror nu'nbors Of tho associations by
BEo Z. That associations without circulation may
DO organized under the provisions Of said act upon tho
deposit with tho Treasurer Of the United States Of not
eAa tan $4,000 United States registered bonds, Al
already organized without circulation authorized
sEo g. That tho secrotary Of the Treasury Is hereby
authorized aud directed to Issue. at tho beginning Of
ouch anti es0ry month"; from an including July, 1874.
00o United States notes, not bearlng intorcst
payable III gold two ycars nfter atc, Of srl dmon-
escas r md s m he
amount Of Unlteu 8tates rotea In circulation,
a be snes t aa o Ell as II
6ntcg, after payment Of interest upon the public deht,
a s.yn sny dencloncy IL TIE tsysn,,es nroyldea 1s
hereafter s retained as reserve for tue redemption
| Of such nooa.
| DAEK INVESTIGATION.
hIr. MAYNAnD nlAO reported 4 RESOLUTION
! instruoting tho Committee Oil Banking and Our
ronoy to Investigate tho afalrs Of tho ucehn ~
tional lauk, Of Now York, and Especially WHO'LL t
or Theodore Al Davis its Rocelyor, or other o. 81.
t flciais, have been guilty OF misconduct, "lth
power to send for reraons an papers anu 20 na. h~
poiut a b1ll. Committee TO take Testimony III Now
| lolk aud elsewhere. Adopted.
pOHrAL-aAylS0B HANKS.
Mr.. MAYNAIsD also reported Adversely upon
tho hill to establish md lnantainn Nat1onai s9V-
| ites Depository aB q brunch Of tho foHt.Onlce
Department. 1teferrod.
! PROPOSED CHANGE CT LOCATION.
Mr, PHELPS, from tho Banking Committee,
reDorted q bill authorizing tho Citizens Nation