, 1874-05-15

Oarronter, Johnstun, Gpcncor.
0Iaytal, 1:olan. Iptou,
DennB, Me.rInlon Wtmdom,
Dorsey. Mitchell, Wfight-52
Ferry {M'ch.h Morton.
NA1a.
Bayard, IIaRer. Salisbury
Chandler, Hamilton {hld.t gchurz.
CoukIing, Hamilton fIo1as),Scott,
Cooper, Ilam1in, thrrnar,
ES:s':ss' S:s':s H:::|i' ::: v Sv: @::;s::s,.
FA1REp.
Mornrs. 1Louis, Drowulow, ingalls,. Norwood.
Ka,!hom, spraguo, and Peaso, WHO would have
Roiy stooslon y nsut*o tp aa Wsdaieaa'sSn Wsdsiah who
would ,ql lT hayc .N19 yo5e9 d., n the the negative
! tcrtay that. II tho amendment Just adopted
i should be agreed to, In would move to lay tho
1ill on the table. He Hnw no uBa in WASTING
ti.ne now, and therefore mado that motion. Re-
jco!od-yeas, 10; nays, 81.
Mr: WRIGHT moved to amend by inserting In
tho sixth line OF tho eighth section tho words
"in oxccBs Of tho highest outstanding volume
thereof at my timo prior to such issue," so TINT
the clause would read: "And within thirty
Sl,o00 600 shall from tin.o to ttmo DO issuod to
National Banking associations under this act, lit
oxcose Of the highest outstanding volume there
of. at auy time prior to such issuo 1t sha1l be the
duty Of the Sccre,ary Of tho Troasury to retire
au amount Of United States bonds equal to 25
per cant Of tho circulating notca 40 issued" etc.
Agreed to-yeaa, so mara, %.
| Mr. WRIGHT moved to amend By ntriking
| out per cent as tho rnte Of interrBt which tue
bonds issued to redeem tho present United
Stnscs notes after January, 1877, should bear,
and Insert IN lieu thereof ~ por cont. Agreed
| to--yea3. 50; nays. ii.
| 11e no1t moved to strike out fftoon years AZ
tho tlmc when such bonds should be redeemed In
GUN, and insert In lieu thoroof ten years. Agreoa
to--Yeas. u nays. 16.
He NEXT mored to strike out Ian. /. 1877. n.
| tho tina Whon United Suites notes may ba re-
deemed in tho bonds above mentioned, mud in
bert In lou thereof July !, 1878. Agreed to
without division.
Mr. coNKLING moved to strike out at after
tho bill reported by tho Finance Committee on
| ene 3l OF February last providing TOR the with
draNM OF National Bank currency from those
States having IN oxcess to the extent Of
namod in that bil and tho redistribution OF that
amount to those States having loss than thoir
| proportion. He aaid that under this bill large
amount would DO taken from New York, but he
| would rather hare it go than ace imitation. Ho
hoped this subnt,tuto would be adopted, and tho
/ financial trouble bo settled.
hlr. MERN1alON submitted on amendment in
the nature Of a substitute providing for the re-
tiremont md cancellation OF oil National Bank
"otcs aiter July l, 1875, and directing the aoc-
resarY Of the Treasury 10 issue in place Of overv
| 300 Of National Banlt notes no Cancelled Sl00
| in greenbaoks, Which shall bo used either for
the redemption Of ths public dcbt or the pay
ment oi tho current expenses Of tic Goverr,-
| ment, repcaltng all lnwa imposing d tax on State
banks creator than thut now Imposed on Ma
rionRl Banks; providing chat hereafter 80 per
| cent Of the duties on Imports may be paid in
United statea notes. aud that aftcr Jan. t, 1877.
| United States notes may bo exchanged for
ten.year e pe,r q, cSnt q gold honda; aud tbat the
lima n~utn1S7F hat nj fnrx kt.,~
United States notes shall be redeemed in coiu,
and for that purpose 925,000,O00 in guild and sill
yer coin shall bo annually reserved from tho
surplus revenues Of tho United Htatos, to pre-
revenues are not sufficient to allow this amount
to te reserved, the Secretary may, Ia order to
supply the deficiency nell any part Of eI00 600
OF 5 per ceut bonds, and that aftor the day
Of ----, ID year -, tho fractional currency Of
tho United States shall be redeemed IN silver
coin and DESTROYED.
Iii. CONKL1NG inquired il that amendment
| was in order.
rule recently ndootod, although it was AL amend-
ment in the third dogree.
Mr.. MORRILL, (Yt.) raised q point Of order
againat tho substitute Of Mr.. Merri:non, zhat it
ta1 on bonds, and also provided for tho payment
! OF 50 per ceAt OF the cuhtonB duties in United
States notes, and therefore could not first be
considered bv the Sonate.
| 1ue lE1A1N OFRIflltu tuc pOtnt OF QIQ6r.
At the request OF 01r. EDMUNDs, Mr. CoNK-
LING Withdrew his amendment to permit him
to offer one requiring National Banks to keep
GU hand II punl equal to one-half their circuIa-
ton, to be hclu and used only for the redemption
Mr. CONkLING then removed his amend
mant. With slight change in the pAraseosogy
but the Chair ruled it out Of order now, aud,
alter a lengthy debate upon tho doe.slon Of tho
Chair and points Of ordor, Mr.. EDMUNDS with
dlew bis an1oudmout, md that Of Mr.. Coukl!ng
then being III order. it was re1octed-ycas, a !
,fhe questiou then being on Mr. Merrimon's
substitute, it wns rejeeted-yoas, 8; navs. l.
slosslH. Alcotn, Cooper, Denns, Gorauu. Ilaml-
ton (Aid.). bicCreory, AIerrimon, and Kunsom,
voting in tho affirmative.
Mr.; WRIGHT tLen moved to insert tue word
Tho United states u0tes redeemed arter Jnly l..
1878, us provided In the ninth sectiou. Agreed
to-yenb. Is; nays. "A.
Mr, MURIt1LL w. moved to strike out tho
oauaa in the nlnth section just amended, ~ fol-
lows Aud tho Secretary Of the Treasury
shal! reissue United States notes 10 received,
or il tlloy are cancelled gl4a issue United StateB
uotes to The sasne amount either to purchase
or redeem tue public debt ut par iu coin, or to
meet tho current payments fur the public aor-
vice." This amendment WAS rejected without Il
division.
1or tAo hltaula"al VI V4uuUooUu lFo1A laoSo
States having Oh o1cosB OF Eational Bank crou-
lation and redistribution thereof to those States
having less than slcsr proportion. This Was re-
joctod by Is yeas to 81 nays, as follows:
! TfAB.
Anthony, Ednurds, Sargent,
Boutwell,, Fcutop, Scku.z,
buckingham, Hamilton t1d.), ReUtk
Coukling, Hamlin, Sherman,
C1oPer, JoAcs, TAurman,
Davis, Morrill, {Vt.}, HasAburn-18.
! NAYS.
| Alcorn, Howe, Pratt,
ALLISON, Johnston, 1la1nGcy,
! BDuY.