Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1874-01-30

cations to keep any portion Of its lawful
money reserves elsewhere than its own
vaults, or requiring or permitting re-
demptions of its circulating notes else
where than at its own counter, are here
by repealed.
-Section 6. That upon all circulation
notes hereafter issued, or hereafter to be
issued, whenever the same shall
ime into the treasury in payment, or
ia depoait for redemption, or other
wise, shall be printed under such rules
aud regulations as the treasurer may
prescribe for charter numbers of associ-
ations by which they are severaIly is
sued.
Section Z. That associations without
circulation may be organized under the
provisions of said act, upon deposit with
the treasurer of the United States of not
less than ten thoussnd dollars in United
States registered bonds, as provided in
section sixteen of said act; and associa-
tiOns already organized without circu-
lation are authorized to withdraw their
bonds in excess of ten thousand dollars
Section s. That the secretary of the
treasury is hereby authorized and di-
rected to issue at the beginning of each
and every month, from and including
States notes, not bearing interest, pay
able in gold two years after the date of
such denomination, as he shall deem
eXpedient, for less than ten dollars each,
in exchange for and as a substitute for
the same amount of United States notes
in circulation, which shall be Cancelled; /;
and any excess of gold in or hereafter
covering into the treasury of the United
Gfofoc offar the q xy.,, ont <,f A., -
upon the public debt, and supplying
any deficiency in the revenues provided
to meet the current expenses of the gov
eminent, shall hereafter be retained ss
reserve for the redemption of such
notes.
Mr.. Maynard also reported a resolu-
ton instrueting the committee on bank
ing and currency to investigate the af-
fairs of the Ocean national bank of New
York, and especially whether the ex-
president, Mr.. Davis, its receiver, or
other officials, have been guilty of mis-
conduct, with power to send for persons
and papers, and to appoint a sub-com-
mittee to take testimony in New York
and elsewhere. Adopted.
Mr.. Maynard also reported adversely
upon the bill to establish and maintain
a national savings depository, as a
branch of the postoffice department.
Referred.
Mr.. Nesmith, a member of the
military committee, protested against
a reduction Of the army, which
he said was gotten up in accord
ance with the views of the humbug
peace commissioners, whose idea of
managing Indians was by preaching
to them "Christ and Him crucified.n
If God Almighty had gone to preach
ing gospel in that wilderness he would
not have kept the hair on his head
twenty-four hours. Laughter. He
defended the frontiersmen against the
aspersions usually made against them,
and declared that the first effective mis-
sionary to the Indians we ever had was
Miles Standish.
Mr.. Niblack said if the house desired
q reduction of the army, it should
pass a bill to that effect, and thus
get rid of the expenses which, under
the existing law, must and would
be made; but the mere Withholding of
the money without some corresponding
law reducing that branch of the public
service was not economy, but simply
making deficiency.
Mr.. Randall cOncurred in the argu-
ment as to the necessity of protecting
the frontier against Indians, but for
that purpose troops should be withdrawn
from the south where they are now
used for the purpose of crushing out the
liberties of the people.
Mr.. Beck argued that the expendi-
lures of the government ought not to
exceed twenty-five million dollars a
year, and that the revenues were large
enough for that, if the secretary of the
treasury would only stop paying the
principal of the public debt. F