The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1882-06-22

| in the treasury for the redemption of U. S.
notes fell below 800, ,0o0, 600.
Allison remarked that the provision was
one for the protection of the reserve pro
vided for the retention of lawful money.
A rambling debate followed in which
Bayard suggested that the redemption
fund would receive a more specific legal
definition than it now had. 1t was now
nominally one hundred million dollars, but
it really amounted to probably one humid
red and twenty eight millions and it fluctu-
ated to such an extent that the exact figure
was not known.
| In the senate Allison observed that the
pending section had been construed as
holding but a judgement to the holder
of greenbacks to take it to the treasury
words, greenbacks would gradually be
converted into gold certificates. He was
not apprehensive of any such
result because greenback is better
| than gold so long as the holder knows he
can exchange it for gold coin on demand
The pending motion finally prevailed as
amended at the instan ce of ingalls,, so as
to absolutely prohibit the certificates be-
ing issued in the contingency named.
Coke offered an amendment requiring
silver certificates to be accepted in settle
ment of clearing heuse balances. He
maintained its propriety in view of the
supervision which he claimed the govern
ment was entitled TO exercise over the
national banks as fiscal agents of the gov.
eminent, and because the operations of
the clearing houses have been inimical to
silver.
Sherman denied the power of congress
to make silver certificates legal tender in
payment of debts as between individuals
or between banks, other than national
banks and it wonld be necessary to assert
this power as all these parties were con-
cerned in the clearing house association.
| Allison, coinciding, said some members
of the clearing house association
did not accept certificates ordinarily, and
it was competent for congress 60 compel
acceptance on their part; therefore, the
amendment would be impractible. He re-
lied npon the power of public opinion rath-
er than to resort to any compulsory pro-
cess.
Upon suggestion of Pugh the amend
ment was modified that no national banks
shall become members of any clearing
house in which silver certificates shall not
be receivable in settlement of clearing
house balances.
Beck offered and advocated a provision
requiring national banks to receive and
pay out silver dollars and silver certificates
upon the same terms as gold, Rejected, 20
| to 30.
Beck offered and advocated a provision
forbidding the practice of certifying checks
when the dealer has no equal amount of
funds on deposit. This provision was
somewhat modified and adopted in the
following form: Section 13. That any Off
Ger, clerk or agent of any national banking
association who shall wilfully violate the
provisions of the act entitled IAN act in
reference to certifying checks by national
banks" approved March 3D., 1859, being
Sec. 52O8, revised statutes of the United
States, or who shall resort to any device
or receive any fictitious obligation, direct
| or collateral, in order to evade the provis-
| ions thereof, or who shall certify checks
before the amount thereof shall have been
regularly entered to the credit of the deal
er upon the books of the banking associa-
ton, shall be deemed guilty of misdemean-
or, and shall on conviction thereof in any
circuit or district court of the United
States, be fined not more than $4,000, or
shall be imprisoned not more than five
wears, or both in the discretion of the
court
The extension of the 18th section which
was materially amended to-day now reads
as follows:
Section 12. That the secretary of the
treasury if authorized and directed to re-
ceive deposits of gold coin with the treas
urer or assistant treasurer of the United
States in sums of not less than twenty dol
lars and to issue certificates therefor in
denominations not less than twenty dollars
SdC0 corresponding Will dChOAAihdeoA OA
United States coin deposited for or repre-
senting certificates. Deposit shall be Ie.s
tanned in the treasury for payment 81 the
same on demand. Said certificates shall be
receivable for customs, taxes, and all pub
lie dues, and when so received may be re-
issued and such certificates, as also silver
certificates, when held by any national
banking association, shall be count
ed as part of its lawful re-
source, and no national banking
association shall be member of any
clearing house in which such certificates
shall not be receivable in settlement of
clearing house balances provided that the
secretary of the treasury shall suspend the
issue of such gold certificates whenever
the amount of gold coin and gold bullion
in the treasury reserved for United States
notes, falls below one hundred millions.
The provisions of 5270 revised statutes
shall be applicable to certificates herein
authorized and directed to be issued.
Allison asked and obtained unanimous
consent to an agreement by which the de-
hate will close at 5 o'clock tomorrow, and