The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1874-03-24
Forty Third Congress-First Session.

WASHINGTON. Mar. o.
The resolutions of the Michigan Legislature
in favor of the free circulation of newspapers
in counties where printed, was received.
Petitions were presented, including one sign
ed by 700 business men of New York city, ask
ing that the limit of legal tenders be fixed at
$400,000000 and favOring free banking.
Mr.. Conkling in presenting the petition of
the New York Cotton Exchange against an in
crease in currency and for an immediate re-
sumption of specie payment, said he had learn.
ed from tour through New York State, that
the people of all classes were unanimous in the
belief that whatever was done, should be done.
Spring trade was langushing and Congress
owed it to itself and country to close the debate
and act at once.
Mr.. Logan in presenting memorial of the
merchants of New York in favor of $400.000,
600 currency, rejoined that the contra ctionists
had caused all the delay. He exhibited rail
road tickets, butchers certificates, ETC., which
ne said were circulating as money in his Sec
ton. The Chair said all this debate was out of
order
Mr.Sherman from the Committee on Finance
reported bill to provide for the REDEEM ption
and reissue of U. S. legal tender notes and gave
notice that he would offer a substitute for the
pending bill, to equalize the distribution of the
national bank currency.
The following is the BILL
A bill to provide for the redemption and reissue
of United States notes aud for free banking.
Be 1t enacted etc., That the maximum limit
of United States notes is hereby fixed at three
hundred and eighty-two million dollars, at
which sum it shall remain until reduced as
hereinafter provided
Section 2.-That on the first day of January,
1876, the Secretrry of the Treasury is author
lied and required to pay on demand at the office
of the assistant treasurer, in the city of New
York. to any holder of the United States notes
to the amount of one thousand dollars, or any
multiple thereof in exchange for such notes, an
equal amount of the gold coin of the United
States, or in lien OF coin, he may at his option,
issue in exchange for said notes an equal
amount of coupon or registered bonds of the
United States in such form as he may prescribe
and of the denomination of fifty dollars, or
some multiple of that sum, redeemable in coin
of the present standard value, at the pleasure
of the United States after ten years from the
date of the date of their issue, and bearing in
terest payable quarterly in such coin at the rate
of five per centum per annum; and the Secre-
tary Of the Treasury may reissue the United
States notes so received, or, it they are caucel
ed, may issue United States notes to the amount
either to purchase or redeem the public debt, or
to meet the current payments of the public ser
vice; and the said bonds and the interest there
on shall be exempt from the payment of all
taxes or duties of the United States, as well as
from taxation in any form, by, or under, State,
municipal, or local authority; and the said
bonds shall have set forth and expressed upon
their face the above specified conditions, and
shall, with their coupons, be made payable at
the Treasury of the United States.
Section g. That national banking associations
may be organized in any STATE Or Territory, or
in the District of Columbia, not having pro-
portion of national bank circulation equal to
that of the State of.New York, according to the
apportionment made upon the basis of popula-
Sion and wealth by the comptroller OF the cur
rency. until each State and Territory and said
District respectively has an amount of such
bank circulation equal to such proportion of
notes now outstanding in the State of New
York; and all banks organized uuder this sys-
Iem shall be subject to and be governed by the
| rules, restrictions and limitations and possess
the rights, privileges and franchises now or
hereafter to be prescribed by law as to national
banking associations; aud section six of the act
entitled can act to provide for the redemption
of the three per centum temporary loan certifi-
Gates and for an increase of national bank
notes." approved July II, 1870, be and is here
by repealed
Section 4. That within thirty DAYS after cir
cuating notes to the amount of one million
dollars shall be issued to national banking as
sociations under the preceding section, 1t shall
be the duty of the Secretary of the Treasury to
retire an amount of United States equ, to 70
per centam of the circulating notes so issued.
which shall be in further reduction of the vol
ume of three hundred and eighty-twO millions
of dollars fixed by the preceding section, and
| such reduction shall continue until the aggre-
| gate amount of United States notes outstand-
| ing shall be three hundred millions of dollars:
and for that purpose he is authorized to issue
and sell at public sale, after ten days notice of
| the time and place of sale, a sufficient amount
of the bonds Of the United States of the charac,,
ter and description presented in the Sc ,tiou sec
| ton of this act for United States notes to be
then retired and cancelled.
| Section 5. That each national banking as
| ISOLATION now organized, or hereafter to be or
| ganized shall keep and maintain, as a part of
| its reserve required by law, one-fourth of the
coin received by it as interest on bonds of the
| United States deposited as security for circuat-
| ing notes of government deposits; and that
hereafter only one fourth of the reserve now
prescribed by law for national banking
associations shall consist of balances due TO an
association available for the redemption of its
circulating notes in cities of redemp tion, and
npon which balances no interest shall be paid.
| Section 6. That nothing in this act shall be
| construed authorize any increase in the pub
| lie debt of the United States.
| Mr. Sherman said the bill was a compromise
| measure and the result of great labor on part OF
| the committee. Some of its features were not
| approved of by all the committee and he him
| self had given his adhesion to some OF the pro-
| visions with reluctance.
| Mr. Conkling from the Judiciary Committee
| reported back a largelnumber of petitions ana
bills relating to the bankrupt law and asked
that the committee be discharged from their
| further consideration. 1t was so ordered
Mr. Morrill, of Me, called up a bill authoriz'
ing the Secretary of Treasury to issue an Amer.
lean register to the schooner "Parey' of East.
po1t, Me. Passed.
Mr.. Buckingham, from the Committee on
Indian Affairs, reported favorably a bill au-
thorizing the Secretary of the Interior to use
certain unexpended balances for the removal
aud maintenance of the Kickapoo and other
Indians from Texas to Indian Territory Pass
ed.
Mr.. Bogy from the Committee on Private
Land Claims reported substitute for bill en-
abllng claimants to lands within the territory
OF New Mexico to institute proceedings to try
the validity of their claims The substitute
makes the bill apply to Colorado and Arizona
as well and was placed on the calendar.
Mr.. BOreman from the Committee on Ter.
ritories, reported without amendment. Mr.
Ramsey's bill providing for the formation Of
Pembina Territory.
The new territory is to consist of that portion
of Dacota WHICH lies north of the 46th parable
embracing an area of about II 900 square miles
The line Of the Northern Pacific Railroad runs
through the proposed territory about midway
A bill was introduced by Mr.. West appro'
priating $4,000 for removing from Red Rivel
near Alexandria the Bailey dam constructed
under orders of Gen. N. p Banks during the
war of the rebellion. Referred to the Commit
tee on Commerce.
The Senate resumed the consideration of the
bill to equalize tie distribution of currency.
Mr.. Morton spoke at length. He regarded