The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1874-05-07
WASHINGTON.
THE suFFERERs ny ruE ovRRF1ow,

provisions alone will cost S95, 1000 a dsy
SOUTH CAROLINA.
Mr.. Eldridge, from the Judiciary Com
mtttee today submitted minority re.
port on the condition OF the sffaiHa /,
south Carolina and It is generally CON.
CURED In by the entire minority of III,
Judiciary Committee. Report saws tha
Is impossible to turn o deaf ear 4
the supplicating wall Of three hundred
thousand oppressed and despolled citizen
OF that once prosperous and happy State
praying only that inquiry be made int
their alleged wrongs. We cannot find II
reproaches Of the conduct oil me.
morialists In the past any reason or iusti-
1cation for refusing them hearing, Thei,
fidelity to the Constitution and laws i
now unquestioned and this plea Is made
In respectful terms.
| tAERMAN's suBsTrTUTR.
Mr. Sherman reported the following
from the Senate Finance Committee To-
day as q substitute Tor the House cur.
rency bill:
30 Il enacted, Gc., An Act to provide a
National Currency secured BY pledge
OF United States bonds, and 10 provide
for the circulation and redemption
Thereof, approved June Sd, 1894, which
shall DO hereafter known as tho Ma.
ttonsl Bank Act oi 1854. ~
SKcTIoN 2. That Section 81 Of the Ma.
tlonal Bank Act Of 1854 be so amended
that the several associations therein pro-
Vided iOr shall not hereafter be rec uired
to keep on hand any amount Of money
whatever BY reason Of the amount oil their
respective circulation; but moneys re.
qutred by said section to be kept at all
times on hand shall be determined by the
amount OF deposits In all respects as pro,
vlded In SAID section, and such National
Banking Associations now organized, or
hereafter 10 be organized, shall keep and
maintain, as part oi their reserve, one.
fourth part oi the coin received by them as
interest on the bonds OF the United States
deposited as security for the circulating
notes or government deposits.
SRo. g. That sections 81 and 8 Of said
act be amended by requiring that each
Of said associations shall, within ninety
days after the passage Of this act, keep
lts lawful money reserve within It's own
vaults at the place where It's operations OF
discount and deposit are carried on, and
all the provisions Of said sections, re-.
quirlng or permitting any OF said asso.
cistions to keep any portion Of It's lawful
money reserve elsewhere than in its own
vaults, or requiring or permitting the re.
demption ol iis circulating notes else.
where than at its own counters, except as
provided for in this act, are hereby re-
pealed.
SEC. 4. That section % Of said act and
the several amendments thereto, 30 far as
they restrict the amount OF notes for cir.
cuIation under said acts, be and the same
are hereby repealed ; and the proviso in
the first section ol the act approved July
18th, 1870. entitled an act 10 provide for
the redemption oi three per cent tempo.
rsry loan certificates, and for an increase
OF National bank notes, prohibiting to
banks thereafter organized circulation
Of over $500000; and the provlso In the
third section OF said act limiting the cir.
culation of banks authorized 10 issue
notes redeemable in gold to $1,0O0,OOO
and section sixth OF said act relating TO the
redistribution Of $25O00O00 circulating
notes, be and are hereby repealed. That
every association hereafter organized shall
be subiectto and governed by rules, re.
slriciions and limitations and possess
rights and privileges and franchises now
or hereafter to be prescribed by the law
as TO national banking associations, with
the same power 10 amend, alter and re.
peal as provided by the national banking
act Of 1854 fl
SIC s. That every association organic.
ed or TO beorganized under the provisions
OF 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 sum equal 10 i've Der
cent OF its circulation, to be held and used
only for the redemption Of such circula-
ton, and when the circulating notes OF
any such organization or association shall
be presented Tor redemption In sums OF
81 GOO, or any multiple thereof 10 the
treasurer OF the United States the same
shall be redeemed In United States notes,
All notes 30 redeemed shall be
charged BY the comptroller of the
currency: to the respective associations
issuing the same, and he shall notifythem
severally on the frat day OF each month or
oltener, at his discretion, Of the amount
Of such redemptions, whereupon each As.
ISOLATION so notihed shall forthwith de.
post with the Treasurer Of the United
States, Q sum equal to the amount of Iits
circulating notes 60 redeemed, and all
notes ol National Banks marked, deIaced,
muulated, or otherwise unfit for circula-
ton shall when received bv- any Assist
ant Treasurer or at any designated de.
pository OF the United States be for.
warded tothe Treasury OF the United
States for redemption as provided herein,
and when such redemptions have
been so reimbursed the circulst.
ing notes so redeemed shall
be forwarded to the respective associa-
tons by whom they were issued, but IL
such notes are worn, mutilated, or rem
dered otherwise unfit Tor use, they shall be
forwarded "a, The Comptroller OF, the Cur,
rency and destroyed and replaced as now
PAUtIuSu W !aHi pLuVlueuI tQAL eacl Ot
said associations shall reimburse the
treasury for the charges Tor trausporta-
tlon and the cost Of asserting said notes,
and that associations hereafter organized
shall also seyerally reimburse to the treas;
ury the cost oil engraving such plates as
ehall be ordered BY each association re-
spectively, and the amount assessed upon
each association shall be In proportion
TO the circulation redeemed and be chsrg,
ed to the fund on deposit with the treas
uter' q. sHtssl a-5t:sI a.a- a.i...
Sec 9th. That any association organ.
lied under an act Of which this Is an
amendment. desiring TO Withdraw its cir.
culation Of notes In whole or in part, may
on deposit OF lawful money with the
TrooEfrpr nj the limited EkaIaa In unrns