Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-04-11

the law as establishing tine prlnclpIe on
which Congress means to act in regard
to this great question: That is all.
Mr.. Frye-Didn the gentleman then say
| he proposed to spit ON his hands and start
anew?
Mr: Butlerr-Yes.
Mr.. Cox-Th0n would not like TO have
his hands. cloud laughterp-
Alter further discussion, in the same
vein, the House commenced to vote. The
first vote was on Mr.. Buffers motion to lay
on the table the motion to reconsider the
postponement of the vote and it was de-
feated by the casting vote of the Speaker.
Amid
Great Excitement
it was announced ss yeas 1876, nays 1926
whereupon the Speaker voted "No."
On this tie.vOte the Tennessee delega-
tion stood: Ayes-Atkins, Bright and
| Harrison-3. Nays-Butler, Crutchfield,
| Lewis, Maynard, Num- and Whitthorne-
6. Thornburgh's name does not appear.
The question was then taken on recon-
| sideripg the postponement, and it was re-
considered by yeas ,12e, nays 120.. The
vote then came back on the fiiOtidn to
postpone, and it was rejected on a vote by
tellers of 70 to LOG. The bill was then
brought again before the House for action
Debate Cut on
Mr. Maynard proposed to reopen the de-
bate in order TO let Mr. Dawes speak on
the bill, but objection was made. The
previous question was moved and second
Cd ON all pending amendments, and the
House proceededto vote upon them in their
order.
The first vote was on the amendment Of
fered by Mr.. Mitchell, member Of the Bank
ing Committee, to add to section the fol-
lowingi Provided, that in case of any in
| crease OF the rate OF bank note circulation
beyond the present authorized limit of
S354, 100000 shall take place, the Secretary
or the Treasury is hereby authorized and
| directed to retire and cancel legal tender
notes to the extent Of sticfi increase, until
the outstanding and unpaid legal tender
notes shall be reduced to S300,000,000, and
for this purpose he is authorized TO use any
existing surplus revenue, or, in default of
any such surplus, TO sell five per cent bonds
of the Government. The amendment was
rejected-yeas, 70; nays. l06.
The next t0te was ON the amendment Of
fered by Mr.. Biery, to strike out sections 7
and of the bill. Rejected without yeas
and nays.
The Sinking Fund.
The next vote was on the amendment Of
fered by Mr. Farewell member ofthe Bank
| iIlg Committee TO insert the following as
an additional section to Mr.. Merriaiiis sub
stitute: That so much Of the 9Th section
of the act entitled an act to authorize Uni
ted States notes and for the redemption
and funding thereof, and for funding the
floating debt of the United States, approved
Feb. %, 1862, as relates to the purchase or
payiiient Of one per cent OF the entire debt
of the United States annually, and the set
ting the same apart as sinking fund, be so
amended that said purchase of one per cent.
as therein prescribed shall be applied solely
to the non interest bearing the debt of the
United States known as United States
notes, which notes, when purchased, shall
be cancelled and forevcr retired from cir
culation; the first application Of said one
per cent. to the purpose aforesaid. shall be
made after the first day of July, 1874, AID
within that fiscal year. The Amendment
was rejected, yeas u, nays 104.
Volunteer Contractors.
The next vote was on the substitute of
fered by Mr.. Merriam, Of the Banking Com
mittee, for the first five sections, being
identical with those Of the original bill, and
the last section being as follows:
Sec. 6. That any national bank. desiring
to withdraw a portion of its circulation
may, upon deposit of United States notes
in sums of not less than $1,000 with the
Treasurer of the United States, withdraw
the bonds pledged to secure a like amount
of the circulation, and the Treasurer shall
redeem, cancel and destroy an amount of
circulating notes of such association equal
70 the amount issued upon such bonds; pro-
yided that the bonds on deposit with the
Treasury shall not be reduced below S30;-
900.
The substitute was rejected without the
yeas and nays, the vote by tellers being 81
TO So.
40 Banks without Circulation.
Mr.. MAYNARD then moved to strike out
the seventh section Of the bill which allows
banks to be organized without circulation.
The section was struck out without the
yeas and nays.
No Gradual Redemption.
Mr.. Biery then moved to strike out the
eighth section, which provides for month
" issue Of two millions in gold notes as
substitute for that amount of legal tender
notes to be cancelled and destroyed, and not
reissued. The Sth section was struck out,
yeas 149, nays 95.
Kelley's COnyertibIes.
Mr.; NegleT then offered an additional
section limiting the amount of UHited
States notes in circulation to four hundred
millions, and providing for their eonverti-
bility into S:65 per cent bonds:
Mr.. Keller moved his 1865 proposition as
a substitute for Negley's.
PendIetonian.
Mr.. Butler, of Mass, wanted to move an
amendment, providing for legal tender
notes instead Of National Bank notes, but
Mr.. Maynard declined to allow either Of
them to be offered, and moved the previous
question on Negley's and Kelley's amend
ments.
Pending the previous question, Mr.. Kel
ley moved to lay the bill on the table
The House refused to lay the bill on the
table: yeas 81, nays 165.
The previous question was then seconded
on MeSsrs. Negley's and Kelley's amend
ments.
Mr.. Kelley's amendment was substituted
for Mr.. Segley's, and then the vote was
| taken on inserting Mr.. Kelley'S amendment
in the bill. 1t was rejected; yeas lis, nays
122. There was
Great Deal of Excitement
attending this vote, as it was very close, and
several members, at the supreme moment,
changed their votes.
A motion to adjourn over until Monday
was defeated; yeas 102, nays 123.
After good deal of time spent over the
parliamentary snarl, the House, five min
utes past six, adjourned.
The currency bill comes up, at II o'clock
tomorrow, with the seventh and eighth
sections stricken ont.