The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-03-30

the senate bill and insist upon Tree banking with
| out restriction. 1t is questionable, however,
| whether such bill VIII pass the Sem
ate, or doing so, would not encounter the
executive oisapproval. 1t is at all events,
evident TO those most interested in the subject
that final disposition Of the question win not be
speedily reached. The Senate viii send TO the
House all OF Its financial propositions in one bill.
while the House has provided Tor the legal tender
and national bank question In separate bills Just
how the two bodies are TO finally agree II the ex-
listing contrarety OF views continue, Is thought by
some to be beyond the wisdom OF committee OF
con erence. The House is wild on the subject OF
Innation, and win force it's demands to the utter
most. An analysis Of the vote on the Legal
Tender bill showed that OF the II op-
ponents OF the $400, 100000 limit nearly
} all were from those sections OF the coun-
try where national banks are most nu-
merons, and represented regardless Of
politics the views oil the aplest hnanciers OF the
country. II is true That among the los members
who voted Tor the 500, 600 there were
number who did so tearing that larger amount
would be demanded, and thought 1t a good oppor-
tanity to clinch the question at this point But 1t
Is alleged that there were twelve or fifteen OF the
minority who voted against the 500, 600 600
believing that the limit should have been
tended to $3.50, GOO o0o With more than two-th.rds
OF the members OF the House in favor OF innation
the country can anticipate the wild cat scheme
that will be Endorsed by that body.
me possibility or a issue or tnconrerttDle
paper regard orah dndzeDtern ana anxiety, ana,
IN my judgment, such issue ,oould be detri-
naeaU and q shame.-CHARIEs SUMNER.
Bill to Regulate the Investments of
Banking Associations-Obligat atoms To
BE Purchased by Them Only to the
Extent OF One-T'enth OF Their Unim-
paired Capital.
The following is the full text of O bill agreed
upon by the House Banking and Currency Com
mittee, which VIII be reported by them for action
when next called upon Tor reports:-
A bill to amend the act entitled IAN act to pro.
vide national currency secured by pledge OF
United states bonds, and TO provide for the circu-
lation and redemption thereof" approved June 3
1864.
BE it enacted by the Senate and House of Repre-
sentatives OF the United States, in Congress
assembled That section 20 Of said act be so
amended that said section shall read as follows -
"Secuon 2s.-That no ASSOCIATION organized under
this act shall deposit with. loan TO III any manner,
or purchase any obligation OF any person, company,
corporation or hrn, including in the liabllities
Ol company, corporation or firm the liabilities or
the several members thereof to a greater amount
Than onetenth OF It's unlmpared capital and sur
plus; provided that this limitation snail not APP
ply TO the discount OF 6O0d ttde bills OF exchange
drawn against actually existing values, the dis
count OF commercial or business paper actually
owned by the person or persons, corporation or
f1rm negotiating the same, nor 10 deposits made
by sucn associations with other organizations
organized under the provisions OF the National
Currency act"
SECTION 2.-Tnat section So OF said &C. be so
amended That said section shall read as follows: -
'Section 53.-That II any association organized
under the provisions OF this act shall, by any Of
its officers. agents servants or directors violate
or If any such officer, agent director shall know.
lngy permit the violation OF any OF the PROVISIONS
OF this act all the rights, privileges and franchises
oil the ASSOCIATION derived from t0s act shall
be forfeited such violation shall, however,
be determined and adJudged by proper
Circuit District or Territorial court OF the United
States, In suit brought Tor that purpose by the
Comptroller OF the Currency in his own name be-
fore the association snail be declared dlssOIed;
ana in cases OF such violation every officer. agent
or director who PARTICIPATED in or assented to the
same shall be held liable IN his personal and indi
vidua capacity, for all damages which the associ.
ation. It's shareholders or any other person shall
have sustained IN consequence OF such violation;
ana any such onicer, agent or director who slall
wlliuily violate the provisions OF tnis act shall be
guilty OF msdemeauor, and upon conviction
thereof, shall be fined lii IL sum not exceeding
$1,000 and imprisoned in penltentary Tor
period not exceeding five years; and all suits ana
proceedings arising under the provisions OF tins
act shall be conducted and prosecuted IN the
United States District Court Tor the district
wherein the banking association Is located yAoss
| officer, agent or director SHALL have violated Sne
| provisions o. this act"
SEC. 3.-That when any association organized
under the said act shall have gone Into liquidation
and have been closed under the provisions OF the
iorty-second section thereof, and any creditor of
such association shall nave obtained Il Judgment
against It, and execution thereon snail have been
returned unsatlsded. it shall be the duty Of the
pllcation OF such judgment creditor, and GER
ttcate from the Clerk OF the Court IN which such
Judgment may have been rendered, setting forth
that such Judgment has been rendered, and that
execution thereon has been issued and returned
unsatshed, to appoint receiver for such associa.
ton. VINO shal proceed in the manner provided
for receivers under the Hitch section of SAID act
and who shall enforce the personal .iaoiity OF the
shareholders In the manner prescribed In said
ton 80 and IN this.
SEC 4.-That when any association organized
nnder the SAID act shall have gone into liquidation
forty second section thereof, and no receiver SHALL
have been appointed for tue term Of two years, or
when any association 30 organized shall nave been
in the hands OIL receiver lOr the same length of
time, the individual liability OF the shareholders
provided for by the twelfth section OF SAID act may
be enforced by any creditor Oh such association ny
bill in equity, IN the nature OF creditors bill,
brought by such creditor on his own beHaif anu on
behalf OF all other creditors OF the association
against the shareholders thereof IN any court OF
the United states having original jurisdiction In
equity Tor the district within which any OF the
shareholders may reside or be found or In which
such association may have been located Or estaD-
llshed
me possibility o. a neU issue OF i,conpertibe
paper Iregard ,oith amazemeat ant anriety, ana,
IN my judgment, such az issue tcouid be a detri.
nent ana a shdn,e.-CHARLEs SUMNER.
New Civil Rights Bill supplementary
to the Fourteenth MISUNDERSTANDING
diction OF the United States Over
Native md Naturalized Citizens
Abroad and at Home-Rishts of Aliens
to Hold and Transfer Real Estate.
The House Committee on Foreign Relations,
when next called upon for reports, viii recommend
the passage of the following new bill to carry into
execution the provisions OF the fourteenth amend
ment to the constitution concerning citizen
ship and to define certain rights OF citizens OF the
United States in foreign countries aud certain
duties Of diplomatic ana consular officers, and Tor
other purposes:-
Be 1t enacted, &c That for the purposes OF this
act the words ''dOmlcilen and 'reside' are to be
construed as implying fixed residence at Il par
ticular place, with direct or presumpttve proof OF
an intent TO remain indefinitely.
SEC 2.-rhat in order to assure to all persons
born or naturalized IN the United States, and SUBJ
ject to the jurisdiction thereof, the full enjoyment
of the right To be citizens OF the United States and