The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1874-02-05
CONGRESSIONAL.
Yesterday's Proceedings.
WEDNESDAY, February

Senate. Mr.. Fenton presented several
petitions against initiation of the currency
from business men of New York city,
which were referred. 80
THE BILL TO EQUALIZE CIRCULATION.
Mr.. Sher man called up bill reported
from the finance committee yesterday to
equalize the national bank note circulation;
which was discussed until the expiration
Of the morning hour, when it went over.
The following is the full text of the bill
as reported from the committee with
recommendation that it pass:
Be it enacted, &C., That so much of act
Of July II, 1870, as provides that no cir
culation shall be withdrawn under the
provisions of section six of said act until
after the fifty-four millions granted in sec
ton one of said act shall have been taken
up is hereby repealed; and it shall bethe
duty Of the Comptroller of the Currency,
under the direction of the Secretary of the
Treasury, to proceed forthwith to carry
into execution the provisions of section six
OF said act, and to enable him to do so he
is hereby authorized and required, from
time to time, as needed for the execu-
ton of said section, to make re-
QUESTIONS upon each of the ma
tlonal banks described in said section, or
ganized in states having an excess of circu-
Iation, to withdraw and return so much of
their circulation as. by said act, may be
apportioned to be Withdrawn from them,
or, in lieu thereof, to deposit in the treas
ury OF the United States lawful money
sufficient to redeem such circulation; and
upon the return of the circulation required,
no Of 10, f,,I
provided, proportionate amount of the
bonds held to secure the circulation of such
associations as shall make such return or
deposit shall be surrendered to it.
Sec. 2. That upon the failure of the ma
tional banks upon which requisition for
circulation shall be made, or any of them,
to return the amount required, or TO de-
post in the treasury lawful money to re.
deem the circulation required within thirty
days, the comptroller of the currency shall
at once sell, as provided in section 40 of
the national currency act OF June 8, 1854,
bonds held to secure the redemption of the
circulation of the association or associa-
tions which shall so fail to an amount suf-
tcicnt to redeem the circulation required
OF such association or associations, and
with the proceeds which shall be deposited
in the treasury of the United States so
much of the circulation of such association
or associations shall be redeemed as will
equal the amount required and not
returned; and If there be any excess of
proceeds over the amount required for
such redemption, it shall be returned to
the association or ass locations whose bonds
shall have been sold; and it shall be the
duty OF the Treasurer, assistant treasurers,
designated depositaries and national bank
depositaries of the United States,
who shall be kept informed by
the comptroller Of the currency
of such associations as shall fail to return
circulation or to deposit lawful money as
required, to assert and return to the treas
ury for redemption the notes of such as
sociations as they shall come into their
hands, until the amount required shall be
redeemed.
Sec. 3. That from and after the passage
Of this act it shall be lawful for the Comp
troller of the Currency to issue circulating
notes, in the manner and proportion now
provided by law, to associations organized
or to be organized in those states and ter
ritories having less than their proportion of
circulation, under an apportionment made
ON the basis of population and of wealth,
as shown by the returns of the census of
1870; Provided, that the whole amount
of circulation issued to such banking as
sociatons and withdrawn and redeemed
from banking associations, under the
provisions of this act, shall not exceed
twenty-five million dollars, and such cir
culation shall, from time to time, be with
drawn and redeemed only as it shall be
necessary 10 supply banks in those states
having less than their superintendent.
The bankrupt bill being the unfinished
business, was then proceeded with.
The pending question was on the amend
ment Of Mr.. 0glesby, to the effect that the
stoppage of the payment of commercial
deemed evidence of bankruptcy.
Mr. Edmunds said if such an amendment
as this was agreed TO the law would be
practical nullity.