Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1886-12-21


national banks.
Section 9. On the surrender by the ma.
tipnRl bank of any sum oi ito circulating
notes by the required deposit Of h~ful
money with the Treasurer Of the United
States for fheir redemption, the cni!ie liza
biliiy Of said fank for H. said sur
/ rendered notes shall utterly cease aud
| they shall ~ redeemed by the said Treasurer
for account OF the United states, and de-
siroyed as now provided by Law, and TIT.
act shall be construed 10 determine the lie.
| hility OF the national banks which have
heretofore thus lswiully surrendered any
! or all OF their circulating poies; hut no
/ national hanks shall be required or sdebicd
| the night 10 appoint au agent, al it, OWE
/ expense, 10 witness and attest the desiruc.
/ ton Of IT'S redeemed and cancelled notes.
Section 2. In lieu of the fund Of Ia Efui
/ money heretofore set apart Tor the redemp-
| ton Of surrendered notes Of national
1 hanks, amounting to the entire sun uure.
/ DC, med OF saId surrendered notes, the
/ Treasurer 81 the United States, under the
/ advice and direction 81 the Secretary Of
/ tie Treasury, shall establish reserve fund
/ 81 lswful money In m amount not less than
I , DER cent. nor more than 20 per
/ cent. Of the entire sum unredeemed OF sand
rlrTeuueIfu IOtf>.
Ry Mr.. Warner, Of Ohio: To provide
( for the investment Of the lawful money de-
/ posted In the Treasury 10y the nation NJ
| tanks for the redemption OF their circulating
| notes. The following Is the text VI The
I lir:
section /. That the Secretary Of the Urea.
/ suTy be and he IS hereby authorized and
required 10 invest 10 per cent. OF tue lawful
money deposited with the Treasurer Of the
| uiicd states az the date Of the passage OF
this act, ana 30 per cent. OF all such money
hereafter deposited for the redemption OF
the circulating notes Of the national banks,
as provided 10y section OF the act OF June
20, 1874. and toe amendments heretofore. IN
United States bonds, not subject 10 call, NJ
tie lowest market rates. The bonds -
purchased shall he held in the Treasury ia
lieu o. snCh lawful money o. secure the re-
demp,ion Of the circulating notes OF the
national banks.
section 2. That interest on the bonds
purchased a. required IN this act az the
same accrues hall be covered into the
Treasury, and whenever the bonds at their
par value exceed the amount OF the out
standing circulating notes OF the national
banks, for the redemption of which lawful
money has been deposited, the excess OF
bonds over such outstanding circulating
notes shall be cancelled and destroyed.
Section 3. That the circulating notes Of
the national banks. for the redemption OF
which lawful money has been deposited,
NAV be redeemed out Of any money IN The
Treasury not otherwise appropriated; and
whenever in the judgment OF the secre-
tary Of the Treasury such circulating notes
cannot be redeemed out Of money in the
Treasury without mpairing it, general
efficiency be NAV OrOer the sale OF ~ many
Of the bonds purchased and held. a pro.
yided IN ibls act a. may be Necessary TO
redeem the circulating notes n the IA
iiOnai banks A. the same are presented for
redemption. but not 10 accumulate at any
time Il redemption fund exceeding 10 per
cent. Of such outstanding notes.
section 4 That no national bank shall
be required hereafter to deposit or keep an
deposit TO secure circulating notes United
STATES bonds 10 an amount exceeding one
twentieth OF It's capital stock, and IN no
case more than s20. 900. and hereafter all
national bank shall be entitled 10 receive
circulating notes for such bonds at their
lar value equal to The par value OF the bOnd-
80 deposited.
BY Mr. Johnston, of North Carolina i
resolution iDstrucling the Committee on
Ways and Means 10 report bill repeating
The internal revenue laws.
Mr.. Morrison introduced q resolution for
a holiday recess ron December 22t 70
January 4th. Referred 10 Ways and Means
Committee.
Dir. HiscOck called up his notion Ia su--
pCrG the rules and pass the bill relating 10
the duties on tobacco The bill amends the
statutes relating TO the duties on leaf to-
bacco a follows Leaf tobacco in anv bale, |
box, package, or bulk, any part % which !
j. suitable for wrappers, II not stcmmed, 1
- cents per pound; il stemmed, 81 per I
pound upon the whole contents OF sucn 4
bale, box, package, or buls.
section 2 That this &C; shall take effect /
on and after it. passage.
Mr. Morrison opposed the bill. Since
The introduction Of thi, measure, and only 4
q. late a. last saturday, the House. with the /
concurrence Of the gentleman from New
orb MIR. HiscOC6 had decided not 10 have
any revenue legislation, neither 10 increase
nor diminish the revenue. and, indeed. not
20 consider the question. He had been m
hopes that. ohcdICut 10 the VIII OF the
House, The gentleman would have With
drawn thu proposition 10 increase tx
already Enormously hch.
Nj. Ili,cocA', motion was lost-yea>. 80:
nay, To-.
The following Democrats voted with the
body Of Republican, IN The affirmative.
Nt>srs. Anderson 81 Ohio. Boyle. Curtin.
Efmentroui. Findiay, FOrIH, Lore, >ey-
mour, >wopc. and Wa'ord.
The following Republican, cast negative
volts: Mc,srS. Adams OF Illinois. Anderson
~ Kansas. Brown 81 ONO. Buiterwortb,
Durham, Fuller, Henderson Of Iowa.
II Dimes. Hopkins, Johnston oi Indiana,
Landt-, Lyman, owens, Pag>ou. Perkins,
sOWcl. RYAN. ~irsit, >t-ubit. >winburnt,
Z. Taylor OF Tennessee, Thoml, o. IllI-
lo,s. Van >chaick. Wakefield, White oi
and Woodhuru.
hr. Furncv. oi Alabama, on behalf OF
he Committee on Militia, moved to ,u>-
1eud the rules and pas senate bill amend
Nc III, statute, making an annual apprO-
IIiati0n 20 provide arms aud equipment,
or the militia. with an amendment pro
20, el by the House committee making the
uuual appropriation 100000. Agreed |
l-les o. -.
MI ToWnsbcnd, Of Illinois. on behalf 81
he Committee Oh Patents, moved u SUI
lend TIE rules and pas the bill limiting /
he jurisdiction Of United state, counts IN I
ai,ni cases. and 10 protect persons who /
liLNAI lNAIt alf ftftIf- tf tlA+ii tIti U.s.
,uI cbas Is, ycnders. ana user> OF patented |
riicles.
The hin limits The jurisdiction o. niiei |
taics courts ia patent case, 10 eases where
O thf amount m controversy docs not cX-
ecd S200 sgainst one person or citizen.
section provides That the purchaser, OF
uy palCut-liShi for actual use shall not be-
.ahie 10 damages, 10 royalty. or Tor The
aluC Of the same, or for infringing toe
ame 10 any manner, who VI the date Of
uch purchase had no knowledge OF thc .
lalms Of any third person, OF that the IN
enter of the same has au interest therein ,
diverse 90 the seller Thereof; that no
tr>on who shall 10 good iai.h
urchasc, USE, manufacture, or sell {
IibOut the previous knowledge OF .
be- existence Ot any uatcBt therefor 7
rs article. machine, machinery. or other
Inc for the exclusive use, sale. or manu-
ciure Of which any patent has been or
Ia;tcT may be granted 10 any person,
ersous, or corporation Whatever snail De-
sble IL damsge or otherwise for an IN ]
g raf. ]