Mr. HOTCHKISS. I move the following amendment, to come in before the paragraph just read: Strike out “ 3 ” in line 3 of section 20 t“wAon.dapnrdoinnisdeeriltf"urffohurrr:, " and inscrt at endofscctiou: That thcsaid riotes additional to the tbrcc 100millions authorizedto boissued under the notentitled An actto providen national currency seciired by a pledgeof U.S.bonds and to provide for the circulation and redemption thereof, shall only be issued upon the returnto the Treasuryto becanceledof U.S. notes hearing the same pro portion to said notesfor circulation as the capital of the bank presenting said U.S.notes shall bear to thocirculation to which it may be entitled under said not and the spveralacts amendatory thereof and for which U.S. notessoreturnedto the Treasury to be canceled the SecyTreasury shall issue at par ban of the U.S.in the form now authorised by law)cllu)’rlli nlgpltan)orat tneioorfoi nttleiarnestwtneontteyxycecaedrsimfr:ofimvedpaeterc. aenndt. in gold and thereuponsuch U.S. notes so returned shall be canceledby the SecyTreasury: PI'OUUI/"L/(If'flef That an existing bank or banking association orgnnized“fit or the laws of any Statewhich shall apply for authority to become anational bank under the act hereby amendedbe fore the 1stday of October.1866, and shall comply with all the r ulremonts of said act. as hereby amended shall f such bank befound by thoCcmp troller of the Currency to be in goodstandingand credit reccive authority to become ir national bank, and banks of unimpaired ca ital in States which havg heretofore received the cast r atableamount of circu sling notesunder the provmonsof said nct shall have preferencein receiving such authority: nd promded further.That the entireamountof circulating notes to be delivered to ban thqs convcrted from State banks to national associations shall not oxccod 830.000.00a0n.d in the organisation of ncw associations preferences shall be given to up p locutions for associationin such Statesand Terrilo rics ashave heretofore failed to secure their rutablo proportion of circulating uotesunder the provisions of said actsoas to equal iso the apportionment of the whole 400 millions of circulating notes." I will state that I offer this on behalf of the chairman of the ComBanking&Currency, Mr. Pouaaor, ] who was obliged to leave. e was unable to confer with any member of the committee who held the same views on this question, but he left this umendment with me with a request that I would offer it. The substance of the amendment is, that it substitutes 90 millions of national currency for the same amount of greenbacks. It enables the State institutions iiow in existence to change to national institutions and have sufficient circulation to prosecute their business. It was an ested by the Gentfrom Massachusetts Mr. HOOPER] yesterday that the theory of his bill was, that for all time to come we should have only 300 millions of paper currency in circulation in this country.