The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1884-02-15
FORTY-EIGHTH CONGRESS-
SENATE.

road company, was raforrsI =. o't az
committee on public lands ~ VIC
becK called up the NJ Pher, on hin
relaIlVe TO National Bank circnIa-
tioD and spoke at some length in If it.
favor. The banks were out NJ mi
tiles now, he said, and nohoGv P o
posed them. This was a maS w
necessary for the country. AS the
United States government is onIv
expected to pay par for bonds, thera
IS no hardship in the provisions ~
the bill limiting the issue TO nsr
values. We are prosperous now
Beck said, but may not always he
30, and it would not do to base The
circulation, as had been proposed
by some amendments to the pend.
Ing bill, upon the market
value Of bonds. We might have
wars or panics which might depress
the bonds ten per cent. In a week
and currency would be contracted
Just to the extent the bonds would
fall. so the United States, when
called upon most loudly to sustain
its credit would be compelled TO con
tract the currency at q time when
we ought to be maintaining our
c. edit hjgher'than ever.
Morrill, offered the following as g
substitute: That upon the deposit
Of United States bonds as required
by law, any national banking as
ISOLATION making the same shall be
entitled to receive from the Secre-
tary Of the Treasury circulating
notes of d fferent denominations In
blank, reg stored and countersigned,
provided by Law as fol Ow-:
Oh United 5 ate 1 per cent. bonds,
deposited prior to January LIT, 1890,
an amount equal to 10 Ter cent. Of
the Gar value Ct such bonds, pro-
vlded that issues of ciFcnls ion
notes upon Ter cent. bonds ds-
posted or rs in { G fir-t year sue
ceeGing JaunsTy Is, 1890, shall act
eXce d i09 per cent. OK tie par
vaiu7 u sU.h binds. and that yhe
ISSUE n SIch per ecu. C0ud. de-
pO-ited or held in each S9ccee Ginr
year SHALL be pr ceuc I->a than IN
the Je4r pFece ing,uB!i Il The &c o.
The ISSUE Of SucJ c-rc -Istiua
ne reduced u par. an provided
farther, that on dep0-it Of any ouds
OF The Uni Ell : a.es now author Ze
~ law, except as herein 0lheSwiss
provided, circulating EOtes may be
ned 20 an amount not excea ing
the par value 0f 5uc8 bonds. en 4.
time shIll the total am uuU Of
s3ch Gote3 issusd t. any assoc alton
exceed the amount at such time
actually paid IN Of is capital stock.
Vest offered az amendment pros
V!ding that the Secretary OF the
Treasury shall have treasury notes
engraved o. various denominations,
Da5 atls On demand az the Office Ct
the assistant treasurer in the ty CT
New Ycrk,in standard gold or silver
coin, when presented IN sums not
less titan 500, and when any bonds
Of the United States GeoOme subject
to redemption AMI are deposited
with the treasurer Of the United
Sta es as security for circulating
notes in a3y national banking as
soc ation, the Secretary Ct the Treas
ury is authorized to exchange the
above described treasury notes for
such bonds at their Par value and
accrueI interest, or may exchange
such treasury notes az Their
par value for standard gold
or silver coin and redeem
the bonds Herewith ank deposit
lawful money to redeem the out
standing circulation of such bank
ing association, which may be made
in legal tender notes or notes de-
scribed or thereafter the circulating
notes of such bank shall be re-
Geemed az the treasury ofthe 6n.ted
States, and when so redeemed shsI.
be Cancelled. The treasury no.a.
referred t. ere made receivable -uc
ali due and demands 0: tn In. Tel
) ates. a. par.
aorg I asked and obtained .ea'e
10 have printed 81 amendment pc
vidiEg, among other things. tia,
when any tO1ds OF the Cu,.sG
states DEPOSITED II tee tre2SUrg uy
2 bsazigg association 10 secure Cj1-
cula,io IRE called aud paid by he
government, ca Banking a-s2cia~
Ti5n shall have The right to su5stl
t.lte in pi4ce thereof b)nts Issued
by sn7 ot the Safes, and they Shall
IS 10 heir assignment, manage
ment, coatrOl sale OF dispOsa' De
s beet ln all respects to the laws O.
tn governmeut. such bankLrg Is,
scciaItous and officers and agents o.
United Sta'es with respect 70 the
bon5s for which such State bones
a,e sub tituted, 50 far as such avs
are applicable. But said bonds o.
States shall not be received Ior
bonds OF the United Sta es % cslIsU
and paid at rate exceeding (b!2oAJ
per cent. OF their fac value, nor
Shall the bonds Of aay STATE oe re-
ceige1 en- deposit unless the iBteI5st
hare o ore accrDei IN tas saS
per o five years previous 10 soSl
dep sit shail have bse1 duly pSlU'
nor shall any such bonds De oso
ceiYed OF deposit VIII n the ZANE re- al" ~
worth le%s than par Ia I.e lining
New York The Intete- sTOt"e are
on such bonds, after the a 800
assigned and reported ID 800 o;ge s.i nv
with this act, is to De LeoS'' Statcs