The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1874-04-15

cOmmeuuuglOu VI-tn0 maJOrlty OF the
committee, that it be passed as amend
ed. A bill to authorize the Secretary of
the Treasury to deliver to J. B. Bnt,z,
Receiver OF the State Bank, Charleston,
6 O., certain bonds issued by. the State
@ }outh Carolina, aud now in the Trea-
sr.y Of the United States, passed.
Scott, from the Finance Committee, re-
ported, with amendment, bill amenda.
tory of the National Currency Act,
being the bill introduced by Conkling,
in January last, in relation to the indi-
vidual liability Of the stockholders in
NATIONAL banks. Carpenter moved that
the Senate proceed to consider ut once
tue bill to provide for q new election in
Louisiana. Sherman said he hoped the
bill would not be taken up. He did de-
sire to prevent any Senator from MAX
ing speech on tho subject, and at the
proper time he would move to lay it on
tie table. Carpenter said, So far ns ne
was concerned, he meant business, aud
he wanted the Senate to pass the bill or
kill it. He did not bring it here for IL
football, that speeches might DO made,
but for action. Tho bill was then taken
up. Frelinghuysen. Of New Jersey,
made legal argument MS to the power
of the President, under tho Constitu.
tion, aud contended that the appeal
nada to him TO Interfere in Lonislanu
Was one which he wns compelled to
heed, being sworn to execute The laws.
The procedure contemplated here was
without precedent in tho history of the
General Government, aud if the Fedc-
raj Government, il the exercise of an
arbitrary power, was to set aside lcgisa-
lures and State governments, then there
would ho an end to a!l States rights.
Congress had better far let the State SUI
Ter for its own misdeeds; even let the
in ocent suffer with the guilty. The
Federal Government had guaranteed the
Louisiana Government when its troops
were sent thore. If there had been
frauds in the elections and usurputions
OF Office. let the remedy be found in the
courts OF tue States. In conclusion, he
argued that there could be no possible
propriety in Congress ordering Il new
election. AS to the Legislature of the
State. he would say nothing, as nn cleo
tion would soon be held in harmony
with oil the laws thereof.
The House, by n majority of thirteen,
passed the currency bill. This goes TO
the Senate:
That Section 81 of the Act entitled
IAN Act to provide national currency,
secured by pledge of United States
bonds, and to provide for the circula-
tion and redemption thereof" approved
on the Sd day Of June, in the year 1864,
be 50 amended, that the several associa-
tions therein provided for shall not
hereafter be- required to keep on hand
any amount of money whatever, by rea-
son OF the amount of their respective
circulation; but the money required by
said section to be kept at all times in
original Act, to which the Act last
aforesaid is an amendment, be and the
same is hereby re-enacted.
SECTION 3. That every association,
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 de-
posit, in the treasury of tho United
States, IN lawful money of tue United
States, sum equal to five per centum
OF its circulation, to bo held und used
only for the redemption of such circu-
laton; and when the circulatir notes
Of any such association or associations
shall be presented, assorted or unassort-
cd, for redemption, in sums of $1,000,
or any multiple thereof, to the Trea-
snrer, or any assistant Treasurer of the
United States, tho same shall be re-
deemed in United States notes. All
notes 80 redeemed shall be charged BIZ
the Comptroller of the Currency TO the
respective associations issuing tho same !;
and he shall notify them s-veruiy, OF
the first day OF each mouth, OF oftcnor,
Mt his discretion, OF The amount OF such
redc,nptions; whercupon each associn-
tion 50 notified shall forthwith deposit
with the Treasurer OF the United Stntcs
a sum in United States notes equal 10
the amount Of lis circulating notes So
redeemed; and when such rcdcmptious
have been SO reimbursed, tho circulat-
ing hotc5 SO redeemed, or ii worn, nm
lila: ed or dclaccd, new notes instead,
shall be forwarded to tho respective az.
sociations: ProrH!c,i. That cnch Of said
associations shall re imburse. tD the
treasury TIE costs Of redemption and Of
supplying Lew notes in place Of those
redeemed; ana the associations hereafter
organized shall also soverally reimburse
to the treasury tho costs OF engraving
and printing their circulating notes
hM prori0cH (uriler, That the entire
amonnt Of United States notes out
standing and in circulation at any one
time shall not exceed tho sum ot S il00,-
0OO, 1000, now authorized By existing law :.