The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-04-15
Latest News from Washington.


LdltSl NEWS IlOll washington.
Congressional. ..rg
WAsHlNnToN, April 14.-Sendte.-The
Committee: on Finance reported back the
bill to provide for the payment Of the bonds
OF the Louisville and Portland canal. with a
recommendation that the House substitute
for the bill be adopted with certain amend
ments. Calendar. ........
Mr.. Frelinghuysen, from the Judiciary
Committee, reported back the civil.rights
bill introduced on the first day of the session
by the late Senator Sumner, with All amend.
ment and recommendation of majority Of
the committee that it be passed as amended.
Calendar. '~- ....
The Committee on District Of Columbia
reported favorably on the bill giving the ap-
proVal and sanction of Congress to the route
and termini Of the Anacosta and Potomac
River Railroad Company. Calendar.
Mr.. Scott, from the Finance Committee,
reported, with amendment, the bill amenda-
tory OF the national currency act; being the
Dill introduced by Mr.. Conklng in January
last in relation to the individual liability of
stockholders in National banks.
M. carpenter moved that the Senate pro-
ceed TO the consideration of the bill to pro-
VIDE for n new election in Louisiana.
Mr. Sherman said he hoped the bill would
not be taken up. He did not desire to pre.
vent any senator from making q speech on
the subject, and at another time he would
move to lay it on the table.
Mr. Carpenter said so far rs he was con-
cerned he meant business, and he wanted
the Senate either to pass the bill or kill il.
He did not bring it here for football.
The bill was then taken up, MIR. Freling.
huysen having the floor. He spoke Of
length in opposition to the bill.
Ho,tse.-The currency bill was passed BY
majority of Is. 1t now goes to the SEN
ate.
The bill provides that section 81 of the act
entitled can act to provide national cur.
rency secured by pledge of United States
bonds, and to provide for the circulation and
redemption thereof" approved on the Sd
day Of June, in the year 1864, be so amended
that the several associations therein provided
for shall not hereafter be required to keep
on hand any amount of money whatever by
reason Of the amount of their respective cir.
culations; but the moneys required by sale
section to be kept at all times in the origina
act, to which the act last aforesaid is ar
amendment, be, and the same is hereby, re-
enacted.
Section third provides that every associa
ton organized, or to be organized, under the
provisions OF the said act, and Of the several
acts in amendment thereof, shall at all times
keep and have on deposit in the treasury OF
the United States, in lawful money Of the
United States, a sum equal to five per centum
of its circulation, to be held and used only
for the redemption of such circula-
ton; and when the circulating notes
of any such association or aSsocia.
tions shall be presented, assorted or
unassorted, for redemption, in sums OF one
thousand dollars or any multiple thereof, to
the Treasurer or any assistant treasurer oil
the United States, the same shall be redeem
ed in United States notes. All notes so re-
deemed shall be charged by the Comptroller
of the Currency to the respective associations
Issuing the same, and he shall notify them sew.
orally on the first day of each monitor oftener
at his discretion, of the amount OF such re-
dcmptons, wbereupon each association so
notified shall forthwith deposit with the
| Treasurer of the United States sum in
United States notes equal to the amount OF
| its circulating notes so redeemed, and when
such redemptionS have been SO reimbursed
| the circulating notes so redeemed, OF
| if worn, mutiated, or deiaced, new notes
| instead shall be forwarded to the respective
| associations; provided that each ofsaid asso'
| Citations shall reimburse to the Treasury the
costs of redemption and of supplying new
! notes in place of those redeemed; and the
associations hereafter organized shall also
seyclalv reimburse to the Treasury the COSTS
of engraving and printing their circulation
and provided further that the entire amount
of United States notes outstanding and IN
circulation at any one time shall not exceed
the sum OF four hundred million dollars now
authorized by existing law.
Section 4. That any association organized
under this act, or any OF the acts OF which
this is an amendment, desiring to Withdraw
its circulating notes in whole or III part
may, upon deposit Of lawful money within
the meaning of said acts in sums OF not less
than $4,000 with the Treasurer OF the
United States, withdraw proportionate
amount OF bonds deposited in pledge Tor
such circulation, and lie shall redeem, cin-
eel, and destroy an amount OF the clrculat'
ing notes of such association equal to the
amount issued upon such bonds.
Section 5. That sections IL and 81 OF the
said act be amended requiring thlt each OF
the said associations shall keep its lawful
money reserves within its own vaults at the
place where its operations of discount and
deposits are carried on, and all the provisions
of the said sections requiring or permitting
any OF the said associations to keep any por.
ton of its lawful money reserves elsewhere
than in its own vaults, or requiring or per-
hitting the redemption of its circulating
notes elsewhere than at its own counter, eX-
cept as provided for in this act, are hereby
repealed.
Section 6. That upon all circulating notes
hereafter issued, or hereafter to be issued,
whenever the same shall come into the Urea
sury in payment or deposit for redemption
or otherwise, there shall be printed, under
such rules and regulations as the Secretary
of the Treasury may prescribe, the charter
numbers of the associations by when they
are severaIIy issued. 600
The House then passed by majority OF 90
the Senate bill rs follows:
That the maximum amount OF Onltea
States notes is fixed at $4OO, 100000.
Sec. 2. That forty-siX millions In notes
for circulation in addition to such circulation
now allowed by law shall be Issued TO- ma.
tional banking associations now ORGANIZED.
and which may be organized hereafter, ana
sucb increased circulation shall be dlstri-
bnted among the several States as provided
in section / of the act entitled An act
70 proyide for the redemption Of the three
ner centum temporary loan certificates and
for An increase of national bank notes, ),
annroyed July II, 1870, and each national
banking association now organized OF mere
after to be organized shall keep and MAN.
tnin "a q part of its reserve required
by law. one fourth part OF the coin received