The New York herald., 1874-05-07
WASHING ON.
Senate Substitute for the House
Finance Bill.
SOUTH CARoLINns NEGLECTED SUFFERING.
White Citizens in the Cruel Power of
an Inimical Race.

Xn0 senate SuOst1tutc 1Or the House
Finance Observation-Disclosures OF Reserves
for the Security OF observation-disclosures
alton of Gold and Silver.
Mr.. Sherman. OF Ohio, reported the following
from the Senate Finance Committee to-day as o
substitute ior the House Currency bill:-
Be 1t enacted, &C, That the act to provide ma
tlona currency secured by pledge OF United
and redemption thereof approved June g. 1864,
shah be hereafter known as the National Bank act
SECTION 2-That section 81 Of the National Bank
act Of 1854 be 30 amended that the several assocla
tions therein provided Tor shall not hereafter be
required to keep on hand any amount OF money
whatever by reason OF the amount or their re-
spective circulatlons, but the moneys required by
be determined BY the amount Of deposits il sAi ali
respects as provided in the said section, and any
snch national banking association now organized
or hereafter to be organized shall keep and main-
tain as part OF Its reserve oneourth part OF the
coin received oy u as interest on bonds OF the
United states deposited as security for circulating
notes or government deposits.
SEC. a-That sections 81 and SO Of the said act be
Citations SHAH within nnety days alter the passage
Of this act keep It's lawful money reserves within
Its own vaults at the place where It's operations
OF discount and deposit are carried on, and all the
provisions OF the said sections requiring or per-
mltting any OF the said associations TO keep any
portion OF Its lawful money reserves elsewhere
than in It's own vaults or requiring or permitting
the redemption Of Its circulating notes elsewhere
than at its own counter except as provided for In
this act, are hereby repealed.
SEC. 4.-That section ~ OF the said act and the
several amendments thereto. SO far as they
strict the amount oil notes for circulation under
said acts, be and the same are hereby repealed,
and the provso In the lrst section OF the act APP
the redemption Of the three per cent temporary
loan certificates, and Tor an increase OF national
Organized a circulation Or over $500, 600. and the
provlso In the third section OF said act limiting
the circulation OF banks authorized TO issue notes
redeemable in gold coin to $1,000 900. and section
OF said act, relating TO the redistribution OF
s25,O0o,oOo Of circulating notes. be and the
tion hereafter organized shall be subject to and be
governed by the rules, restrictions and limitations
pr I BE- Sy % a. e
national banking associations, with the same
power 70 amend. alter and repeal provided by the
SEQ 5.-fhat every association organized or to be
organized under the provisions OF the said act aud
all times keep and have on deposit IN the Treasury
OF the United states In lawful money OF the United
states Q sum egual 70 nve per cent OF It's circua-
OF such circulatlon; and when the circulating notes
OF any such organization or association SHAH be
multiple thereof to the Treasurer OF tue United
States, the same shall be redeemed in United
States notes. All notes so redeemed shall be
charged by the Comptroller OF the Currency TO the
respective associations issuing the same, and he
shall notify them severally on the first day Of each
month, or Oftener at his discretion, OF the amount
OF such redemptons; whereupon each association
SO notified shall forthwith deposit with the Treas
amount OF its circulating notes SO redeemed; aud
all notes OF national banks worn, deiaced, mu-
shall. shall when received by BY an any Assistant staGa
Treasurer or at any designated depository
0i the united states states. be forwarded 70 the
provided herein, and when such redemptlons have
peen SO reimbursed the circulating notes so re-
Citations by which they were issued; but II such
notes are worn, mntilated, deaced or rendered
otherwise unfit for use they shall be forwarded 10
the Comptroller Of the Currency and destroy ed and
replaced as now provided by law; provided that
each OF said associations shall reimburse to the
Treasury the charges for transportation and the
cost OF asserting said notes, and the associations
hereafter organized shall also severally reimburse
as shall be ordered by each association respec.
lively, and the amount assessed upon each associa
ton shall be IN proportion to the circulation re-
deemed and be charged 10 the fund on deposit with
the Treasurer.
SEC. 6-That any association organized under
the act OF which this is an amendment desiring to
withdraw its circulating notes in whole or IN part
may, upon the deposit OF lawful money with the
Treasurer OF the United states, In sums OF not less
than $4,000, take up the bonds which said associa-
tion has on deposit with tue Treasurer Tor the
security OF circulating notes, winch bonds shall
be assigned to the bank In the manner specified
in the nineteenth section OF the act OF 1854 the
outstanding notes OF said association, TO an amount
equal to the legal tender notes deposited, shall be
redeemed at the Treasury OF the United states and
DESTROYED as now provided BY law; provided that
shall not be reduced below $4,000.
SEC THE Comptroller or the Currency shall,
uLlUeT SUCH TCkuhtlUuS db Juc CeCTctury Vi LD6
Treasury may prescribe cause the cnarter num-
Der OF the association to be printed upon all
national bank notes which may hereafter De issued
by him.
SEC. s.-That the entire amount Of United States
notes outstanding and In circulation at any one
within thirty days after circulating notes to tue
amount OF s1,00O,OOO shall. from time TO time, be
issued to national banking associations Under
this act it shall be the duty the Secretary OF the
Treasury to retire an amount OF United States
notes equal to fifty per cent OF the circulating
mi pp Iu IA IN 1T, ufnff III
maximum amount OF $3S2 600, 600 fixed by this sec.
tion, and such reduction shall commune until the
maximum amount OF United States notes outstand-
ing shall be $780, 000 and for that purpose he
authorized to issue and sell at public sale, after
days notice OF tne time ana place of sale sum
character and description prescribed in this act
SEQ. 0.-1hat on and after the lst day OF Janu-
airy, 1871 any holder OF United states notes to the
amount OF $1,000 or any multiple thereon may pre-.
sent them tor payment at the Ofilce OF the Treas
Assistant Treasurer, at the city OF New York, and
thereupon the Secretary OF the Treasury snail in
exchange Tor said notes deliver to sucn holder an
equal amount OF coupon or registered bonds OF
the United States, IN such form as he may pre-
scribe, OF denominations OF $50 or some multiple
standard value, at the pleasure or the United
States, alter ten years from the date OF their
ISSUE and bearing interest, payable quarterly In
and the secretary OF the Treasury may issue the
United States notes 80 received, Or Il they are
amount, either to purchase bonds or redeem
the public debt ut par In CON or TO meet the
rent payments for the public service, and the said
bonds and the interest thereon shall be exempt
from the payment or all taxes or duties OF the
United states, as well as from taxation In any
form, by or under state municipal or local au-
thority. And the said bonds shall have set forth
and expressed upon their lace the above specified
conditions, and snail, with their coupons, De
made payable at the Treasury OF the United States;
provided, however, that the Secretary OF the
Treasury, In lieu Of such bonds, may redeem said
notes IN the gold coin OF the United states.
SEC. l0.-Ihat nothing In this act shall be con-
strued to authorize any increase OF the principal OF
the public debt OF the United States
Minority Report ON the south Carolina
Observation-Disclosures Of the Dominant
Party Denying Justice to the OPP
pressed.
To-day, Mr.. Eldridge, from the minority of the
Judiciary Committee OF the House, submitted q