Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-03-27

4 NCuI IltC ouOoCq4Cnl dQOPtlOu VI luc
amendment of Mr.. Morrill,.
Mr.. Sherman said if the Senate would
adopt the words 'sfor circulation" as the
gentleman proposed, it could not afterwards
| strike them out.
Mr.. Morton dedied that the amendment
of Mr.. Wright had any deep meaning.
| Mr.. Morrill, said he did not offer the
amendment for the purpose of entangling
the bill, but desired to improve it.
| The question being on Mr.. Monill's
amendment, it was disagreed to-yeas 26,
nays 81. Cooper voting in the affirmative;
Brownlow not v0ting.]
MIR. Sherman moved to strike out the
words 'sfor circulation" in Mr.. Wright's
| amendment and insert before the word
amount the word maximum, so that it
would read, maximum amount of United
States notes is hereby fixed at 400 million
dollars.
Mr.. Wright modified his amendment to
read in that manner.
Mr.. SchurZ moved to strike out the word
amount. and insert limit.
Mr.. Wright said he saw no difference
between the words amount and limit.
MIR. Conkling inquired why the gentle
man insisted ON the word amount, if he
thought it meant the same as limit.
The amendment to insert the word
'limit' was lost without division.
Mr.. Wright's amendment as modified by
him was then adopted, yeas 81, nays 20.
Cooper voting in the negative; Brownlow
not voting.
MerrImon's Substitute.
Mr.. Merrimon moved, as a substitute for
the whole bill, the following section:
l. That the maximum limit of United
States notes for circulation is hereby fixed
at S4OO, 100000, at which sum it shall re-
main.
2. That S46,OOO,OOO in notes for circula-
tion, in addition to such circulation now
allowed by law, shall be issued to national
banking associations now organized, or
which may be hereafter organized, and
such increased circulation shall be dis
tributed among the several States as pro-
vided in section l of an an act entitled an
act to provide for redemption Of the three
per cent loan certificates and for an increase
OF national bank notes, approved July II,
1870.
MIR Logan moved as an amendment to
the substitute of Mr.. Merrimon, the follow
ing: That so much of the 9th section of
the national currency act and of the several
acts supplementary thereto, and such of
the provisions of the act to provide for
redemption of three per cent. temporary
loan certificates and for increase of ma
tional bank notes, approved July II, 1870,
and so much or such parts of any ether act
or acts of Congress as limit, or as may be
construed to limit or restrict, the entire
amount of notes for circulation TO be issued
under said national currency act, and the
several acts supplementary thereto, the
same are hereby repealed, and that hereaf-
ter allaSsOciatiOns organized, or that may
be organized for carrying on business of
banking under the provisions of said act,
shall be free to establish and organize ma
tiOnal banks with circulation, at any place
within the several States and Territories of
the United States on terms and conditions
and subject to all limitations and restric-
tiOnS now provided by law, except the limi-
tatiOn upon the entire amount of circula-
ton, which is hereby repealed.
?. That each national banking associa-
tiOn now organized or hereafter to be or
ganized shall keep and maintain as a part
of its reserve required by law one-half part
coin received by it as interest on bonds of
the United States deposited as security for
circulating notes for government deposits;
that hereafter only one-half of the reserve
now prescribed by law for national bank
ing associations, shall consist of balances
due to an association available for redemp-
ton of its circulating notes, from an asso
citation in cities of rede Jtion and upon
which balances no interest shall be paid.
Mr.. Morrill,, of Vermont, moved as an
to the first section of the bill
as amended by Mr.. Wright the following:
But no part of the same shall be used in
purchase of bonds of the United States at
above par, nor for current expenses of the
government.
Mr.. Buckingham gave notice that he
would offer as a substitute the bill intro
duced by him December last to provide for
free banking, to secure an elastic currency,
to appreciate national obligations, and to
reach specie payments without commercial
This provides for the re-
demption Of United States notes in coin or
bonds from and after Jan.
l, 1915. and for redemption of United States
bonds bearing interest in coin at the rate of
not less than six per cent per annum in
legal tender notes and accrued interest in
coin.
Pending discussion, the Senate, at 6
o'clock, adjourned.