hundred and twenty days after the passage of this act. Which was disagreed to-yeas 51, nays 103, as follow: YEAS-Messrs. Adams, Archer, Beatty, Beck, Bennett, Burr, Amasa Cobb, Coburn, Cook, Conner, Crebs. Cullom, Dox, Eldridge, Gibson, Hambleton, Hamill, Hamilton, Hawkins, Hay, Hays, Heflin, Holman, Ingersoll, Kerr, Knott, Lawrence, Lewis, Marshall, McCormick, McKenzie, McNeely. Milnes, Morgan. Niblack, Orth, Packard, Reeves, Rice, Ridgway, Rogers, Roots, Sherrod, Strader, Trimble, Tyner, Van Trump, Wells, Winchester, Witcher, Wood 51. porary loan certificates, the Secretary of the Treasury shall, at the beginning of each month, redeem and cancel an amount of United States notes equal to eighty per cent. of the amount of additional circulating notes issued to national banking associations during the preceding month, in accordance with the provisions of this act. Which was agreed to, upon a division—ayes 72, noes 44. Mr. Allison moved to add to the last section of the substitute the following: NAYS-Messrs. Allison, Ambler, Ames, Asper, Atwood, And from and after the passage of this act it Bailey, Banks, Barry, Beaman, Benjamin, Benton, Bingham, Bird, Blair, Booker, George M. Brooks, Buck, shall be unlawful for any national banking Buckley, Buffinton, Burchard, Burdett, Roderick R. association to pay interest on deposits received Butler, Cessna. Churchill, Sidney Clarke, Cleveland, Con- from and deposited by any other national bankger, Cowles, Cox, Degener, Dickey, Dixon, Donley, DuVal, Dyer, Ela, Farnsworth, Ferriss, Finkelnburg, Fish- ing association, or to pay interest on current er, Fitch, Fox, Garfield, Getz, Haight, Hale, Harris, Haw- deposits, or to include in its reserve of lawful ley.Hoar, Hooper, Hotchkiss, Judd, Julian, Kelley, Kellogg, Kelsey, Ketcham, Knapp, Laflin, Lash, Maynard, money any deposits upon which interest is reMcCarthy, McCrary, McGrew, Mercur, William Moore, ceived or paid. Morphis, Daniel J. Morrell, Morrissey, Newsham, Packer, Peck, Perce, Phelps, Poland, Pomeroy, Potter, Randall, Sargent, Sawyer, Schenck, Schumaker, Porter Sheldon, Joseph S. Smith, William Smyth, Starkweather, Stiles, Stokes, Strickland, Strong, Swann, Taffe, Tanner, Tillman, Twichell, Upson, Van Auken, Van Wyck, Ward, William B. Washburn, Willard, Winans, Woodward-103. Messrs. Ingersoll and Lynch offered amendments in the nature of substitutes, which were disagreed to without a division. Which was agreed to—yeas 37, nays 118, as follow: YEAS-Messrs. Adams, Beck, Bird, Burr, Calkin, Conner, Cox, Crebs, Dox, Humble/om, Holman, Knott, Lewis, Marshall, Mayham, McNeely, Milnes, Morgan, Morrissey, Mungen, Niblack, Randall, Reeves, Rice, Ridgway, Rogers, Schumaker, Sherrod, Shober, Joseph S. Smith, Stiles, Sweeney, Trimble, Van Auken, Van Trump, Winchester, Wood-37. NAYS-Messrs. Allison, Ames, Armstrong. Asper, Atwood, Bailey, Banks, Barry, Beaman, Beatty, Bennett, Benton, Blair, Boles. Booker, Boyd, George M. Brooks, Buck, Buckley, Buffinton, Burchard, Burdett, Benjamin F Butler, Roderick R. Butler, Cessna, Churchill, William T. Clark, Cleveland, Amasa Cobb, Coburn, Cook, Conger, Cowles, Degener, Dickey, Dixon, Dockery, Donley, Duval, Ela, Farnsworth, Ferriss, Finkelnburg, Fisher, Garfield, Getz, Haight, Hale, Hamilton, Hawkins, Hawley, Hay, Hays, Hoar, Hooper, Hotchkiss, Ingersoll, Judd, Julian, Kelley, Kellogg, Kelsey, Ketcham, Knapp, Laflin, Lash, Lawrence, Logan, Maynard. MeCarthy, McCrary, McGrew, Mercur, Eliakim H. Moore, Jesse H. Moore, William Moore, Morphis, Daniel J. Morrell, Orth, Packard, Packer, Paine, Palmer, Peck, Phelps, Platt, Poland, Pomeroy, Fotter, Sargent, Sawyer, Schenck. Lionel A. Sheldon, John A. Smith, William Smyth, Starkweather, Stokes, Stoughton, Strader, Strickland, Strong, Taffe, Tanner, Taylor, Tillman, Twichell, Tyner. Upson, Van Wyck, Ward, Cadwalader C. Washburn, William B. Washburn. Wheeler, Willard, John T. Wilson, Winans, Witcher, Woodward-118. Mr. Judd moved to strike out the following from the 2d section of the substitute: And when the whole amount of additional circulating notes, issued in accordance with the provisions of the preceding section of this act, shall exceed the amount of three per cent. tem Which was disagreed to-yeas 69, nays 94, as follow: YEAS-Messrs. Adams, Allison, Ames, Archer, Asper, Axtell, Barry, Beck, Biggs, Boles, Burchard, Burr, Cal kin, Churchill, William T. Clark, Cleveland, Cook, Conger, Conner, Crebs, Degener, Dox, Dyer, Finkelnburg, Fox, Garfield, Getz, Haight, Harris, Hawkins, Hay, Heflin, Holman, Hooper, Judd, Kelley, Knott, Marshall, Mayhum, Maynard, McCormick, McKenzie, McNeely, Milnes, Morg in, Morrissey, Mungen, Niblack, Perce, Reeves, Rice, Ridgway, Rogers, Schenck. Sherrod, Shober, Joseph S Smith. Stiles, Strader, Sweeney, Taylor. Trimble, Van Auken, Van Trump, Wells, Winans, Winchester, Witcher, Wood-69. NAYS-Messrs Ambler, Armstrong, Atwood, Bailey, Banks, Beaman, Beatty, Benton, Bingham, Bird, Blair, Booker, Boyd, George M. Brooks, Buck, Buckley, Buf finton, Burdett, Roderick R. Butler, Cessna, Sidney Clarke, Amasa Cobb, Clinton L. Cobb, Coburn, Cowles, Cox, Cullom, Dawes, Dickey, Dixon, Donley, Duval, Farnsworth, Ferriss, Fisher, Griswold, Hawley, Hays, Hoar, Hotchkiss, Ingersoll, Julian, Kellogg, Kelsey, Ketcham, Knapp, Laflin, Lash, Lawrence, Lewis, McCarthy, McGrew, Mercur, Eliakim II. Moore, Jesse H. Moore, William Moore, Daniel J. Morrell, Samuel P. Morrill, Newsham, Orth, Packard, Packer, Paine, Peck, Phelps, Platt, Poland, Pomeroy, Roots, Sanford, Sargent, Sawyer, Lionel A. Sheldon, Porter Sheldon, William Smyth, Starkweather, Stokes, Stoughton, Strickland, Strong, Taffe, Tanner, Tillman, Twichell, Tyner, Upson, Van Wyek, Ward, Cadwalader C. Washburn, William B. Washburn, Wheeler, Willard, John T. Wilson, Woodward-94. Mr. Burchard moved to amend the substitute by adding the following as a new section: SEC. -. That hereafter every national banking association shall retain and keep in coin, or Treasury coin certificates, as part of its reserve, the interest falling due upon its bonds deposited as security for its circulation, until the reserve required to be kept by such bank at its place of business shall consist wholly of coin and coin certificates. Which was disagreed to-yeas 33, nays not counted. Mr. Coburn moved to add to the substitute of the committee the following, as a new section: SEC. That the Secretary of the Treasury be, and he is hereby, authorized to issue on the credit of the United States the sum of $44,000,000 of United States notes, in addition to such as have been heretofore issued, in denominations of not less than $100, under the provisions of law for issuing such notes, and shall with them redeem the said three per cent. temporary loan certificates, used as a portion of the lawful money reserves by the national banks. Which was disagreed to-yeas 77, nays 95, as follow: Winchester, Witcher. Wood-77. YEAS-Messrs. Adams, Allison, Ames. Archer, Beatty, Beck, Bennett, Boles. Booker, Boyd Buckley, Burr, Benjamin F. Butler, Roderick R Butler. Sidney Clarke, Amasa Cobb, Clinton L. Cobb, Coburn. Cook, Conner, Crebs, Cullom, Dockery. Dex, Dyer, Eldridge, Gibson, Griswold, Hambleton, Hawkins, Hay, Hays, Heflin, Holman, Ingersoll, Knott, Lash, Lawrence, Lewis, Marshall, Maynard, Mcormick, McKenzie, McNeely. Eliakim H. Moore, Jesse H. Moore, Morgan, Morphis, Morrissey, Mungen, Newsham, Nib'ack, Orth, Packard, Pomeroy, Randall, Reeves, Rice, Ridgway, Logers, Roots, Sherrod, Shober, Joseph S. Smith. Strader, Taffe, Trimble, Tyner, Van Horn, Van Trump, Van Wyck, Wells, John T. Wilson, NAYS-Messrs. Ambler, Armstrong, Asper. Atwood, Axtell, Bailey, Banks, Barry. Leaman, Benjamin, Benton, Bingham, Bird, Blair, George M. Brooks, James Brooks, buck, Buffinton, Burchard, Burdett, Culkin, Churchill, William T. Clark, Cleveland, Conger, Cowles, Cox, Dawes, Degener, Dickey, Dixon, Donley, Duval, Farnsworth, Ferriss, Finkelnburg, Fisher, Fox, Garfield, Getz, Haight, Hale, Hawley, Hooper, Hotchkiss, Judd, Julian, Kelley, Kellogg, Kelsey, Ketcham, Knapp, Laflin, Mayham, McCarthy, McGrew, Mercur, William Moore, Daniel J. Morrell, Samuel P. Morrill, Packer. Paine, Palmer, Peck, Perce, Phelps, Platt, Poland, Porter, Potter, Sanford, Sawyer. Schenck, Schumaker, Lionel A. Sheldon, Porter Sheldon, William Smyth, Starkweather, Stiles, Stokes, Stoughton, Strickland, Strong, Tanner, Taylor, Tillman. Twichell, Upson, Van Auken, Ward, Cadwalader C. Washburn, William B. Washburn, Wheeler, Willard, Winans, Wood ward-95. The bill was then passed-yeas 98, nays 80, as follow: insert in lieu thereof "forty-five." Page 1, line 18, after the word "coin" insert the following: but a new apportionment of the increased circulation herein provided for shall be made as soon as practicable, based upon the census of 1870." After section add the following sections: States bonds, bearing interest payable in gold, SEC. That upon the deposit of any United with the Treasurer of the United States, in the manner prescribed in the 19th and 20th sections of the national currency act, it shall be lawful for the Comptroller of the Currency to issue to the association making the same circulating notes of different denominations not less than five dollars, not exceeding in amount eighty per cent. of the par value of the bonds deposited, which notes shall bear upon their face the promise of the association to which they are issued to pay them upon presentation at the office of the association in gold coin of the United States, and shall be redeemable upon such presentation in such coin: Provided, That no banking association organized under this section shall have a circulation in excess of $1,000,000. SEC. That every national banking association formed under the provisions of the preceding section of this act shall at all times keep on hand not less than twenty-five per cent. of its outstanding circulation in gold or silver coin of the United States, and shall receive at par in the payment of debts the gold notes of every other such banking association which at the time of such payments shall be redeeming its circulating notes in gold coin of the United States. YEAS-Messrs. Allison, Ambler, Armstrong, Asper, Atwood, Bailey, Barry, Beaman, Beatty, Benjamin, Bennett, Bingham, Boles, Booker, Boyd, Buck, Buck ley, Burchard. Burdett, Cessna. William T. Clark. Amasa Cobb, Clinton L. Cobb, Coburn, Cook, Conger, Cowles, Cullom. Degener, Dickey, Dockery. Donley, Duval. Dyer, Farnsworth, Finkelnburg, Garfield, Gibson, Hamilton, Harris, Hawkins, Hawley, Hay, Hays, Heflin, Judd, Julian, Kelley, Kelsey, Knapp, Lash, Lawrence, Logan. McCarthy, McCormick McCrary, MeGrew, McKee, McKenzie, Mercur, Milnes, Eliakim II. Moore, Jesse H. Moore, William Moore, Morphis, Newsham, Orth, Packard, Packer, Palmer, Peck. Perce, Phelps, Platt. Pomeroy, Rogers, Roots, Schenck,Shanks, Lionel A. Sheldon, Porter Sheldon, William Smyth, Stokes, Stoughton, Strickland, Taffe, Tillman, Tyner, Upson, Van Horn. Van Wyck, Welker, Wells, Wilkinson, Willard, John T. Wilson, Winans, Witcher-98. NAYS-Messrs. Adams, Ames, Archer, Axtell, Banks, Benton, Biggs, Bird, Blair, George M. Brooks. Jumes Brooks, Buffinton, Burr, Calkin, Churchill, Cleveland, Conner, Cox, Crebs, Dawes, Dixon, Dox, Ela. Eldridge, Ferriss, Fisher. Fox. Getz, Griswold, Haight, Hale, Hambleton, Hamill, Hoar, Holman, Hooper, Ingersoll, Ketcham, Knott, Laflin, Lewis, Marshall, Mayham, Maynard, McNeely, Morgan, Daniel J. Morrell. Samuel P. Morrill, Morrissey. Mungen, Niblack, Paine, Poland, Potter, Randall, Reeves. Rice, Sanford, Sargent, Sawyer, Shober, Joseph S. Smith, Starkweather, Stiles, Strader, Strong, Swann, Sweeney, Tanner, Taylor, Twichell, Van Auken, Van Trump, Ward. Cadwalader C. Washburn, William B. Washburn, Wheeler, Winchester, Wood, Woodward-provisions and requirements of said act to the banking associations herein provided for, the terms "lawful money and "lawful money of the United States " shall be held and construed to mean gold or silver coin of the United States. 80. Mr. Garfield moved to amend the title, so as to read: "To provide for the redemption of the three per cent. temporary loan certificates and for the increase of national bank notes." Which was agreed to. 1870, June 21-The SENATE refused to concur in the House amendments and asked a committee of conference, which was granted. June 27-The COMMITTEE OF CONFERENCE, consisting of Senators Sherman, Warner, and Sprague, and Representatives Garfield, Thomas L. Jones, and Lionel A. Sheldon, made the following report: That the Senate recede from their disagreement to the amendments of the House to the Senate bill, and agree to the same, with the following amendments: Page 1, line 1, strike out "ninety-five" and SEC. That every association organized for the purpose of issuing gold notes, as provided in this section, shall be subject to all the requirements and provisions of the national currency act, except the first clause of section 22, which limits the circulation of national banking associations to $300,000,000; the first clause of section 32, which, taken in connection with the preceding section, would require national banking associations organized in the city of San Francisco to redeem their circulating notes at par in the city of New York; and the last clause of section 32, which requires every national banking association to receive in payment of debts the notes of every other national banking association at par: Provided, That in applying the That section 3 be amended as follows: page 4, line 3, after the word "withdrawing," insert "onethird of." Same page, line 5, strike out the word "three" and insert in lieu thereof the word "two." IN HOUSE, June 29, 1870. The report of the committee of conference was disagreed to-yeas 53, nays 127, as follow: Blair, Boles, Bowen, Buckley, Roderick R. Butler, gent, Sawyer, Schenck, Scofield, Lionel A. Sheldon, Porter Sheldon, Shober, John A. Smith, Worthington C. Smith, William Smyth, Stevens, Stokes, Tanner, Taylor, Tillman, Upson, Wallace, Ward, Willard, Winans-53. NAYS-Messrs. Adams, Allison, Ambler, Armstrong, Atwood, Banks, Barnum. Beatty, Beck, Benjamin, Ben nett, Biggs, Bingham, Bird, George M. Brooks, James Brooks, Buffinton. Burchard, Burr, Benjamin F. Butler, Calkin, Cessna. William T. Clark, Sidney Clarke. Cleveland, Amasa Cobb, Clinton L. Cobb, Coburn, Conger, Cook, Cox, Crebs, Cullom, Davis, Dawes, Degener, Dick inson, Dixon, Dockery, Dox. Dyer, Eldridge, Farnsworth, Ferry, Fisher, Getz, Griswold, Hambleton, Hamill, Hawkins, Hawley, Hay, Hoar, Holman, Hooper, Ingersoll, Johnson, Judd, Kelley, Kellogg, Kerr, Ketcham, Knott. Lawrence, Lewis, Loughridge, Marshall. May nard, McCarthy, McCormick, McGrew, McKee, McNeely, Milnes, Jesse H. Moore, William Moore, Morgan, Morphis, Daniel J. Morrell, Mungen, Myers, Negley, Niblack, O'Neill, Orth, Packer. Paine, Peck, Phelps. Porter, Prosser, Reeves. Rice, Rogers, Sanford. Schumaker, Shanks, Slocum, Joseph S. Smith, Stark weather, Steven son, Stiles. Stone, Stoughton, Strader, Strickland. Strong, Swann, Sweeney, Taffe, Townsend, Twichell. Tyner, Van Auken, Van Horn, Van Wyck. Welker, Wells. Wheeler, Whitmore, Wilkinson, Williams, Eugene M. Wilson, John T. Wilson, Winchester, Wood, Woodward-127. A second committee of conference, consisting of Senators Williams, Morton, and Bayard, and Representatives Judd, Packer, and Knott, agreed upon a report. being the bill as finally passed, and printed at the beginning of this chapter. The following, it is understood, will be the apportionment of the additional circulation given in this act: Wis Virginia, $4,915,985; West Virginia, $457,770; Illinois, $1,079,592; Michigan, $786,776; consin, $2,117,939; Iowa, $681,363; Kansas, $174,712; Missouri, $3,000,412; Kentucky, $4,651,349; Tennessee, $4,331,759; Louisiana, $5,425,193; Mississippi, $2,980,470; Nebraska, $6,576; Georgia, $4,681,728; North Carolina, $4,098,628; South Carolina, $4,216,838; Alabama, $4,081,212; Oregon, $161,273; Texas, $2,032,194; Arkansas, $1,455,519; Utah, $58,332; California, $1,717,388; Florida, $546,442; Dakota, $15,441; New Mexico, $277,939; Washington Territory, $47,180. Total, $54,000,000. The following is the apportionment of the existing circulation: Maine, $5,415,000; New Hampshire, $3,312,000; Vermont, $2,989,500; Massachusetts, $21,795,000; Rhode Island, $4,794,000; Connecticut, $7,222,500; New York, $53,473,500; New Jersey, $6,690,000; Pennsylvania, $26,527,500; Maryland, $7,137,000; Delaware, $1,090,500; District of Columbia, $658,500; Virginia, $10,731,000; West Virginia, $2,788,500; Ohio, $17,623,500; Indiana, $9,615,000; Illinois, $11,838,000; Michigan, $5,200,500; Wisconsin, $6,211,500; Iowa, $4,408,500; Minnesota, $1,050,000; Kansas, $646,500; Missouri, $9,411,000; Kentucky, $10,500,000; Tennessee, $8,766,000; Louisiana, $10,581,000; Mississippi, $5,265,000; Nebraska, $181,500; Colorado, $193,500; Georgia, $9,420,500; North Carolina, $7,546,500; South Carolina, $7,566,000; Alabama, $7,425,000; Nevada, $48,000; Oregon, $370,500; Texas, $3,961,000; Arkansas, $2,724,000; Utah, $237,000; California, $3,003,000; Florida, $955,500; Dakota, $27,000; New Mexico, $486,000; Washington Territory, $82,500. Total, $299,968,500. IN HOUSE, December 11, 1869. Mr. Ingersoll introduced a "bill authorizing an additional issue of legal-tender notes to the amount of $44,000,000, and for other purposes;" which was referred to the Committee on Banking and Currency. Pending question of reference, Mr. Scofield moved to lay the bill on the table; which was disagreed to-yeas 65, nays 88, as follow: YEAS-Messrs. Ambler, Ames. Asper, Bailey, Beaman, Benjamin, Biggs. Bird, Blair, Boyd, George M. Brooks, Duval, Ferriss, Finkelnburg. Fisher, Garfield, Getz, HalBuck, Buckley, Buffinton, Cox. Dawes, Dixon. Donley, deman, Hoar, Hooper, Jenckes, Kelley, Kellogg, Kelsey, Kerr, Ketcham, Knapp, Laflin, Lash, McGrew, Mercur, William Moore, Samuel P. Morrill, Mungen, Myers, O'Neill, Poland, Randall, Reading, Reeves Scofield, Porter Sheldon, Joha A. Smith, Worthington C Smith, Stark. weather, Stevens. Stoughton, Strickland, Strong.Townsend. Twichell, Ward, Cadwalader C. Washburn. William B. Washburn, Wheeler, Willard, Winans, Woodward-65. Bennett, Boles, Burchard, Burdett, Burr, Benjamin F. NAYS-Messrs. Allison, Armstrong, Arnell, Beatty, Butler, Roderick R. Butler, Calkin, Cessna, Amasa Cobb, Coburn, Cook, Cowles, Crebs, Cullom. Davis. Deweese, Dickinson. Dockery, Dox, Dyer, Eldridge, Farns Hawkins Hawley, Hay, Heaton Heflin, Hoag. Solomon worth, Ferry, Fitch, Gilfillan, Griswold, Hamilton, L. Hoge. Holman. Ingersoll, Johnson, Alexander H. Jones, Judd, Julian, Kott. Lawrence, Loughridge, Mayham, Maynard, McCarthy, McCormick, McCrary, Morgan, Negley, Niblack, Orth. Packard, Paine, Peters, Pomeroy, Prosser, Rice. Rogers. Sargent, Lionel A. Sheldon, Joseph S. Smith, William J. Smith, William Smyth, Stevenson, Stokes, Stone, Strader, Sweeney, Taffe, Tanner, Tillman, Tyner, Upson, Van Trump, Welker, Wells, B. F. Whittemore, Wilkinson, Williams, Eugene M. Wilson, Witcher, Wood-88. 1870, January 17—Mr. McNeely moved to suspend the rules to offer, and the House to adopt, the following resolution, viz: Resolved, That the Committee on Banking and Currency be, and they are hereby, instructed to report at an early day a bill providing for withdrawing from circulation the national bank currency, and for issuing, instead of such currency, treasury notes, usually known as "greenbacks." Which was disagreed to-yeas 56, nays 114, as follow: YEAS-Messrs. Adams, Archer, Axtell, Beck, Biggs, Bird, James Brooks, Burr, Roderick R. Butler, Calkin, Cox, Griswold, Haight, Haldeman, Hambleton, Hamill, Haw Crebs, Dickinson, Dox, Eldridge, Getz, Golladay, Greene, kins, Hay, Holman, Johnson, Thomas L. Jones, Kerr, Knott, Marshall, Mayham, McCormick, McNeely, Morgan, maker, Sherrod, Joseph S. Smith, Stiles, Strader, Swann, Mungen, Niblack, Randall, Reading, Reeves, Rogers, Schu Trimble, Van Auken, Van Trump, Voorhees, Wells, Eugene M. Wilson, Winchester, Wood, Woodward-56. ley, Banks, Barnum, Beaman, Beatty, Benjamin, BenNAYS-Messrs. Ambler, Ames, Armstrong, Asper, Baiton, Bingham, Blair, Boles, Bowen, Boyd. G. M. Brooks, Buck, Buckley, Buffinton, Burchard, Burdett, Cake, Cessna, Sidney Clarke, Amasa Cobb, Clinton L. Cobb, Coburn, Cook, Conger, Cowles, Dawes, Deweese, Dickey, Dixon, Donley, Duval, Dyer, Ferriss, Finkelnburg, Fisher, Garfield, Gilfillan, Hale, Hamilton, Hawley, Heaton, Heflin, Hill, Hoar, Hooper, Jenckes, Judd, Julian, Kelley, Kellogg, Kelsey, Ketcham, Knapp, Lash, Lawrence, Logan, Lynch, McCarthy, McCrary, McGrew, Mercur, Eliakim H. Moore, Jesse H. Moore, William Moore, Daniel J. Morrell, Myers, Negley, O'Neill, Orth, Packard, Packer, Paine, Palmer, Peters, Phelps, Poland, Pomeroy, Fotter, Prosser, Roots, Sargent, Sawyer, Scofield, Lionel A. Sheldon, Porter Sheldon, John A. Smith, William J. Smith, Worthington C. Smith, Starkweather, Stevens, Stokes, Stoughton, Strong, Taffe, Tanner, Tillman, Townsend. Twichell, Tyner, Upson, Cadwalader C. Washburn, William B. Washburn, Welker, Wheeler, Wilkinson, Willard, Williams, John T. Wilson-114. LVIII. THE FUNDING ACT. Be it enacted, &c., That the Secretary of the Treasury is hereby authorized to issue, in a sum or sums not exceeding in the aggregate $200,000,000, coupon or registered bonds of the United States, in such form as he may prescribe, and of denominations of fifty dollars, or some multiple of that sum, redeemable in coin of the present standard value, at the pleasure of the United States, after ten years from the date of their issue, and bearing interest, payable semi-annually in such coin, at the rate of five per cent. per annum; also a sum or sums not exceeding in the aggregate $300,000,000 of like bonds, the same in all respects, but payable at the pleasure of the United States, after fifteen years from the date of their issue, and bearing interest at the rate of four and a half per cent. per annum; also a sum or sums not exceeding in the aggregate $1,000,000,000 of like bonds, the same in all respects, but payable at the pleasure of the United States, after thirty years from the date of their issue, and bearing interest at the rate of four per cent. per annum; all of which said several classes of bonds, and the interest thereon, shall be exempt from the payment of all taxes or duties of the United States, as well as from taxation in any form by or under State, municipal, or local authority; and the said bonds shall have set forth and expressed upon their face the above specified conditions, and shall, with their coupons, be made payable at the Treasury of the United States. But nothing in this act, or in any other law now in force, shall be construed to authorize any increase whatever of the bonded debt of the United States. SEC. 2. That the Secretary of the Treasury is hereby authorized to sell and dispose of any of the bonds issued under this act at not less than their par value for coin, and to apply the proceeds thereof to the redemption of any of the bonds of the United States outstanding and known as 5-20 bonds at their par value; or he may exchange the same for such 5-20 bonds, par for par; but the bonds hereby authorized shall be used for no other purpose whatsoever. And a sum not exceeding one-half of one per cent. of the bonds herein authorized is hereby appropriated to pay the expense of preparing, issuing, advertising, and disposing of the same. SEC. 3. That the payment of any of the bonds hereby authorized after the expiration of the said several terms of ten, fifteen, and thirty years shall be made in amounts to be determined from time to time by the Secretary of the Treasury at his discretion, the bonds so to be paid to be distinguished and described by the dates and numbers, beginning for each successive payment with the bonds of each class last dated and numbered, of the time of which intended payment or redemp tion the Secretary of the Treasury shall give public notice; and the interest on the particular bonds so selected at any time to be paid shall cease at the expiration of three months from the date of such notice. SEC. 4. That the Secretary of the Treasury is hereby authorized, with any coin in the Treasury of the United States which he may lawfully apply to such purpose, or which may be derived from the sale of any of the bonds the issue of which is provided for in this act, to pay at par and cancel any six per cent. bonds of the United States of the kind known as 5 20 bonds which have become or shall hereafter become redeemable by the terms of their issue. But the particular bonds so to be paid and canceled shall in all cases be indicated and specified by class, date, and number, in order of their numbers and issue, beginning with the first numbered and issued, in public notice, to be given by the Secretary of the Treasury, and in three months after the date of such public notice the interest on the bonds so selected and advertised to be paid shall cease. SEC. 5. That the Secretary of the Treasury is hereby authorized, at any time within two years from the passage of this act, to receive gold coin of the United States on deposit for not less than thirty days, in sums of not less than $100, with the Treasurer, or any assistant treasurer of the United States authorized by the Secretary of the Treasury to receive the same, who shall issue therefor certificates of deposit, made in such form as the Secretary of the Treasury shall prescribe, and said certificates of deposit shall bear interest at a rate not exceeding two and a half per cent. per annum; and any amount of gold coin so deposited may be withdrawn from deposit at any time after thirty days from the date of deposit, and after ten days' notice and on the return of said certificates: Provided, That the interest on all such deposits shall cease and determine at the pleasure of the Secretary of the Treasury. And not less than twenty-five per cent. of the coin deposited for or represented by said certificates of deposits shall be retained in the Treasury for the payment of said certificates; and the excess beyond twenty-five per cent may be applied, at the discretion of the Secretary of the Treasury, to the payment or redemption of such outstanding bonds of the United States heretofore issued and known as the 5-20 bonds, as he may designate under the provisions of the 4th section of this act; and any certificates of deposit issued as aforesaid may be received at par, with the interest accrued thereon, in payment for any bonds authorized to be issued by this act. SEC. 6. That the United States bonds purchased and now held in the Treasury in accordance with the provisions relating to a sinking fund, of section 5 of the act entitled "An act to authorize the issue of United States notes, and for the re demption or funding thereof, and for funding the Final Votes. IN SENATE, July 13, 1870. The bill, being the report of the committee of conference last appointed, was agreed to without a division. IN HOUSE, July 13, 1870. NAYS-Messrs. Adams, Archer, Axtell, Barnum, Beatty, Beck, Liggs, Bird, James Brooks. Burr, Calkin, Cleveland, Cox. Crebs, Dickins n. Eldridge, Fox, Getz, Griswold, Haight, Hambleton, Hamill, Hay, Holman, Johnson, Thomas L. Jones, K rr. Knott, Lewis, Marshall, Mayhem. McCormick. Me Kenzie, Morgan, Polter, Randall, Reeves. Rice, Schumaker, Sherrod, Slocum, Joseph S. Smith, Stiles, Stone, Swann, Sweeny, Trimble, Van Trump, Voorhees, Wells, Eu gene M. Wilson, Winchester, Wood, Woodward-54. Previous Votes. IN SENATE. 1870, February 7-Mr. Sherman, from the Committee on Finance, reported the following bill: Be it enacted, &c., That for the purpose of funding the debt of the United States and reducing the interest thereon, the Secretary of the Treasury be, and he is hereby, authorized to issue, on the credit of the United States, coupon or registered bonds of such denominations, not less than $50, as he may think proper, to an amount not exceeding $400,000,000, redeemable in coin at the pleasure of the Government at any time after ten years, and payable in coin at twenty years from date, and bearing interest at the rate of five per centum per annum, payable semiannually in coin; and the bonds thus authorized may be disposed of, at the discretion of the Secretary, under such regulations as he shall prescribe, either in the United States or elsewhere, at not less than their par value for coin, or they may be exchanged for any of the outstanding bonds of an equal aggregate par value heretofore issued and known as the five-twenty bonds, and for no other purpose; and the proceeds of so much thereof as may be disposed of for coin shall be placed in the Treasury, to be used for the redemption of such six per centum bonds at par as may not be offered in exchange, or to replace such amount of coin as may have been used for that purpose. SEC. 2. That the Secretary of the Treasury be, and he is hereby, authorized to issue on the credit of the United States, coupon or registered bonds to the amount of $400,000,000, of such denominations, not less than $50, as he may think proper, redeemable in coin at the pleasure of the Government at any time after fifteen years, and payable in coin at thirty years from date, and bearing interest not exceeding four and one-half centum per annum, payable semi-ansection may be disposed of under such regulations nually in coin; and the bonds authorized by this as the Secretary shall prescribe, in the United States or elsewhere, at not less than par for coin; or they may be exchanged at par for any of the outstanding obligations of the Government bearing a higher rate of interest in coin; and the proceeds of such bonds as may be sold for coin shall be deposited in the Treasury, to be used for the redemption of such obligations bearing interest in coin as by the terms of issue are or may become redeemable or payable, or to replace such coin as may have been used for that purpose. SEC. 3. That the Secretary of the Treasury be, and he is hereby, authorized to issue, on the credit of the United States, from time to time, coupon or registered bonds of such denominations, not less than $50, as he think may proper, to the amount of $400,000,000, redeemable in coin at the pleasure of the Government at any time after twenty years, and payable in coin at forty years from date, and bearing interest at the rate of four per centum per annum, payable semi-annually in coin; and such bonds may be disposed of, either in the United States or elsewhere, at not less than their par value, for coin, or, at the discretion of the Secretary, for United States notes; or may be exchanged at not less than par for any of the obligations of the United States outstanding at the date of the issue of such bonds; and if in the opinion of the Secre tary of the Treasury it is thought advisable to |