Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-01-31
XLVUTH CONGRESS.
The Sherman Three Per Cent. Bill
Text of the Amendments OF Sem
ators Vest and HaWley.
The Consular and Diplomatic Appropri-
alton Bill Reported in the House
Bills Introduced.

WAsHINGToN, January 3O.-Seaote-Th
bill for public building at Peoria, Illinois
was reported favorably.
| Senator Edmunds from the Sudiciary Com
mittee, reported fsvorably, with an amend
ment, the Senate bill re-establishing th'
| commissioners on the Alabama claims, anC
| for the distribution of Incorporated money
OF the Geneva award. He explained that thu
committee recommended the payment o.
| Losses by what is known as the exculpateC
| cruisers and nothing else.
| Senator Hoar gave notice OF an amendment
| for the compensation of persons who paid
| war premiums.
| Senator Garland gave notice of an amend
ment TO strike out the provision in behalf o.
| exculpated cruisers, and to provide for the
| insurance companies.
The subject was disposed of by order
| directing the printing of the bill and the
| proposed amendments separately.
Bills introduced:
By Senator Ferry: Toprovide for a water
| route, to facilitate transportation between
Lake Michigan and Lake Erie.
After the extension of the morning hour
to dispose Of routine business OF no special
importance, the Senate resumed considera-
! ton of the funding bill.
Senr ator Pugh's proposed amendments were
accepted by Senator Vest as notifications of
his propos pition.
The u was upon the amendment of
senator allowing banks to retire
lher circulation in
amo' 70 per month
the act OF 1874, which
Senator Vest repeats, and
and 5160 of the Revised
lleh it re-enacts The first
flows any national bank to de-
ID States notes to the amount OF
it seeks to withdraw, and there
raw its bonds and reduce its cir
cnts and requires it to have 900 in
staad pe-third OF its capital on deposit
viii the : treasurer, irrespective of the
am cunt of its tai The sections of the
osevised Statutes revive the old law requiring
one-third of the capital of bank TO be held
by the treasury in United States bonds, pro-
hibitiug the deposit of greenbacks in lieu of
bonds, and further requiring bank seeking
to reduce its circulation to deposit its own
notes, the latter feature being one insisted
upon in the discussion as preventing a COM
bination of banks from contracting the cur
rency arbitrarily and without notice.
Before action was reached Senator Hawley
got-the floor and the Senate went into exec
utive session, and soon adjourned.
THE PENDING AMENDMENTS.
The following is the text of the pending
of Senator Vest to the funding
bill:
From and after the first day of July, 1882,
the three per centum bonds authorized by
this act shall be the only bonds receivable
as security for the national bank circulation,
or az security for the safe keeping and
prompt payment of the public money depos-
tied with such banks hereafter organized,
and banks applying hereafter for an increase
Of their capital to the extent of such in
crease; provided, the secretary of the treas |
ury shall not have issued all the bonds |
herein author zed, or SO many thereof as to |
make it impossible for him to issue the |
amount of bonds required; and |
provided further, that section of the |
act of June 20, 1874, entitled "an act fixing |
the amount Of United States notes and pro-
vidiDg for the redistribution of national |
bank currency, and for other purposes" be
and the same is hereby repealed; and sec
ions 5159 and 5160, Revised Statutes of the |
United States, be and the same is hereby re-
enacted, with the word "anyp stricken out of |
aid section 5159, and after the word Sin
crest" in said section the words "at the rate
If three per centum" added.
The amendment OF Senator Hawley to the
amendment of Senator Vest modifes the lat
er by striking out the last proviso and then
IddiDg the following: "That any national
banking association now organized, or
hereafter organized, desiring to with
lraw its circulating notes upon deposit
# lawful money with the treasurer OF the
United States. as provided in section Of the
ct of June 90 1874, entitled Gan act fixing
he amount of United States notes, providing
or the redistribution of national bank cur 4
ency and for other purposes" shall be re-
uired to give thirty days notice to the
comptroller of the currency of its intention
0 deposit lawful money and Withdraw It's
REGULATING notes, provided that not more
han $5,000,O00 of lawful money shall'bs de-
osited during the calendar month for this
urpose; and provided further, the irovis-
ons OF this section shall not apply to bonds
allied for redemption by the secretary of the
reasury.