The morning news. [volume] (Savannah, Ga.) 1887-1900, 1888-03-27

THE TREASURY TO MAKE GOOD
RETIRED CIRCULATION.

Mr.. Plumb Offers an Amendment to
the Bond Purchase Bill Which is
Adopted After a Hard Struggle -
Full Text of the New Section.
WASHINGTON, March ?6-The Senate to-
day took up the House bill to provide for
the purchase of United States bonds by the
Secretary of the Treasury.
Mr.. Plumb offered an amendment in the
form of new section requiring the Secre-
tary of the Treasury whenever the circula-
ton of national bank is surrendereN to
issue Treasury notes to an equal amount.
At 2 o'clock, pending discussion of the
bond BILL the special order. being the bill
for the establishment of a bureau of animal
industry and to extirpate eplureo-pneumonia,
was laid before the Senate, but after con-
siderable objection to such a course, was
laid aside and discussion of the bond bill re-
sumed.
Mr. Sherman argued against delaying the
passage of the bill by attaching amend
ments to it, and therefore moved to lay Mr.
Plumb's amendment on the table. This was
agreed to by % yeas to % nays.
Mr. Plumb renewed the amendment modi-
fed in regard to the legal tender quality of
uu6 pTOpOSeu treasury nOOeS plOCSCdod
to argue in support of it.
After some discussion Mr.. Morrill, moved
to lay the amendment on the table. The
motion was defeated by tie vote.
The amendment was then adopted by a
vote of % yeas to q nays.
TEXT OF THE AMENDMENT.
The amendment as agreed to reads as
follows:
SEC. p That whenever the circulation Of any
national bank, or any portion thereof shall be
surrendered, and the same is not taken up by
other national banks within thirty days
thereafter the Secretary Of the Treas
ury shall thereupon issue an equivalent
amount of Treasury notes of denominations
now provided by law for national bank notes.
Said Treasury notes shall be deposited in the
Treasu and paid out as other moneys kept for
the discharge of the obligations of the govern
ment They shall be receivable for salaries and
for all dues to the government, including dues on
imports, shall be legal tender between national
banks and for oil debts due to any national
bank shall be redeemable in coin as legal ten
der notes of the United States now are, and
when received into the Treasury they shall be
reissued, and when mutiated or worn, they
shall be replaced in the same manner as
now provided by law for said
legal tender notes. The coin held in the Treas
ury at the date of the passage of this act for
the redemption of legal tender notes of the gov
ernment shall also be applicable to the redemp-
tion of Treasury notes herein provided for and
Sucn cOlU reserve may, from tiIDe TO
time, be increased by adding thereto other
suums for payments made into the treasury in
the discretion of the Secretary of the Treasury
provided, that the total amount of said coin
reserve shall never be less than rs per centum,
nor more than 80 per centum of the total
amount of the legal tender and treasury notes
outstanding-the true intent and meaning of
this section being that the volume of paper
money outstanding exclusive of gold and silver
certifcates) shall remain as now existing.
Mr.. Stewart offered an amendment
allowing deposits of gold and silver bullion
mot less than five ounces of gold, or eighty
ounces of silver and the issue of coin certl-
ficateS therefor.
Pending discussion of this amendment
the bill went over as the unfinished busi-
ness.
On motion of Mr.. Vance the Senate bill
appropriating Sl75,00 for public building
at Charlotte was passed, and after an ex-
ecutive session the Senate adjourned.