Seattle daily post-intelligencer. [volume] (Seattle, W.T. [Wash.]) 1881-1888, 1884-02-15


the cnrrency, at the tine when Ne oosh,
to be maintaining our credit hiohes
! than ever.
| Morrill, offered the following ~ Q sub.
ststute: That upon the deposit of
United States bonds ~ required BY Law,
| any national banking association max
inc the same shall be entitled to receive
from the Secretary OF the Treasury cir
culatine notes Of different denomina-
tious in blank, registered and counter
signed as provided by Law, as follows:
On United States I per cent bonds de-
posted prior to January LIST. 1880, 40
amount equal to ITO per cent of the par
value Of such bonds, provided the issues
Of circulating notes on the per cent
bonds deposited or held in the hrs. year
Succeeding January lst. 1890, shall not
exceed 1863 per c Mt OF tn. par value Of
such bonds. and that the issos on such
per cent bonds deposited or held in
each succeeding year shall be per cent
less than in the year preceding until the
issue of such circulation is reduced to
par: and provided, further. that on the
deposit Of any bonds of the United
States now authorized by Law, except as
herein and otherwise provided, circa-
ating notes may be issued to an amount
not exceeding the par value Of such
bonds, and AT no time shalI the total
amount of snch notes issued Ia anv as.
ISOLATION exceed the amount At such
time actually paid in of its cauital
stock; that associations organized for
the purpose OF issuing notes payable in
gold under the provisions of Section
SIS of the Revised Statutes Of the
United States, upon deposit of any
United States bonds bearing interest
payable in gold with the Treasurer of
the United States, shall be entitled to re-
osive circulating n ties in the manner
prescribed in this act for other NATIONAL
banking associations"
Vest offered AN amendment providing
that the Secretary of the Treasury
shall have notes engraved Of various
denominations payable on demand at
the Office of the Assistant Treasurer at
the city of New York in standard gold or
silver coin when presented in sums Of
not less than 800. and whenever any
bonds of the United States bscome sub
isct to redemption and are deposited
with the Treasurer of the Uaited Stat ca
rs security for the circulating notes of
any National Banking Association. the
Secretary of the Treasury is Authorized
to exchange the above described treas
Dry notes tor such bonds at their par
value and accrued interest, or may ex-
change suoh treasury notes at par value
for standard gold or silver coin and re-
deem the bonds Herewith. A deposit
of lawful money to redeem the out
standing circulation of suoh banking
associations may be made in legal ten
der notes, or thereafter the circulating
notes of such banks shall be redeemed
at the treasury of tho United States and
when SO redeemed shall be cancelled.
Phe treasury note referred to are made
rece vable for all duties aud demands
on the Unites States at par.
Morgan asked aud obtain d leave 70
have printed an amendment, providing
among other things, that when anv
bonds Of the United States deposited in |
the Treasury by a banking association |
to secure circulation, Are called and paid |
BY the Government, sdoh banking assO- |
citation shall have the RIGHT to eubsti- |
tute in place thereof, bonds issued bv |
sny of the States, and bonds 20 depos-
tied shall. "A TO their ASSIGNMENT. man. |
aoomant control saIa NJ d;.v,oosI ~