The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1882-06-22
TELEGRAPHIC NEWS
THE BANK CHARTERS.

Washington, 21.-On the House bill to
extend the chAr'ers OF national banks,
the question was upon the eighth Sec
ton which provides that banks with
$l50, GOO or less capital, shsll not be re-
auired to deposite bonds in excess ofSI00.-
0O0 as security for their notes.
Allison moved the following as q sub
stitUte for this section that national banks
now organized, having capital of $780,.
600 or less, shall not be required to keep
on deposit, or deposit with the United
States treasurer United States bonds In
excess of one-third their capital stock,
on security for their circulating notes,
and such Of those banks having on de-
posit bonds in excess Of that amount are
authorized to reduce their circulation by
deposit of lawful money as provided by
law; provided that the amount Of such
circulating notes shall in no case exceed
ninety per cent. of the par value of bonds
deposited as herein provided.
A new section further provides for as
sessiDg banks with the cost of transport
ing and redeAning thei notes.
Voorhees, addressed the Senate in long
srraignmeRt of the national banking
system.
Alliton's substitute was adopted and q
motion to strike out the section as
amended WAS rejected; IL to 80.
The ninth and tenth sections, in regard
to the withdrawal and issue of circulat-
ing notes. agreed to.
The eleventh and twelfth are new
sections reported from the finance COM
mittee. The first authorizes q refunding
OF 81 per cents into IS, and the other
directs the issue Of geld certificates, and
Was adopted by yeas 81, nays 2-Butler
and Vest. Is is as follows: That the
secretary of the treasury is hereby su-
thorized to receive at the treasury any
bonds of the United States bearing 81
per centum interest and to issue in ex-
change therefor an equal amount of
registered bonds of the United States of
the denomination of fifty, one hundred,
five hundred, on e thousand and ten thou.
sand dollars. Of such form as he may
prescribe, bearing interest ct the rate OF
per eentum per annum, payable quar-
terly st the treasury ofthe United States.
Such bonds shall be exempt from all
taxation by or under State authority, and
be payable at the pleasure of the
United States; pT0Uided, that bonds
herein authorized shall not be called
in and paid so long ss any bonds Of the |
United States heretofore issued bearing q |
higher rate of interest than per cent,
and which shall be redeem8 BILE at the |
pleasure of the United States, shall be |
outstanding and uncslled. The last Of
said bonds originally issued, and their |
substitutes under this act, shall be first |
called in. This order of payment shall |
be followed until all shall have been |
paid.
The twelfth section was read. It di-
reefs the secretary Of the treasury to re-
ceive deposits of gold coin in sums not |
less than $50, and issue certificates there
foE in denominations not less than $40 |
each, corresponding with denomiu atoms
of United States notes
Coke moved an amendment directing
him to issue silver as well as gold certlf-
cates, and designed to continue the pre-.
sent silver certificates.
Sherman urged the futility of attempts
by legislation to arbitrarily maintAin two
currencies at par regardless of the money
market and appealed to his hearers to
leave the silver question severely alone at
this session. He incidentally expressed
himself as decidedly in favor of stopping
the coinage OF silver dollars. France was
reeedinR from her desire to fix the ratio
between two metals. No ether nation
was pressing the attempt and suggested
our own government should not blindly
encounter the difficulties of the failure to
make two coins circulate as of equal
value. In reply to inquiry he said it was
true that silver Certificates bad been
issued in exchange for god coin and gold
bullion and that this has been done to
the extent of about $40 600, 900.
Ransom commented upon ShermGn's
statement as showing that capitalists wei Q
willing, of their own accord, to take
$40, 000,0o Of silver certificates, payable
in silver, for $40, 200. 600 gold. coin at
par.
Pending executive session, the bill was
laid over.