Port Tobacco times, and Charles County advertiser. (Port Tobacco, Md.) 1845-1898, 1874-12-25
The New Finance Bill.

In the United States Senate on Monday,
Mr.. Sherman, from the Committee on FL
nance, reported an important bill provid-
ing for the resumption Of specie payments.
The following is the full text of the bill ::
BE ii en0cted &C., That the Secretary of the
Treasury is hereby authorized and required as
rapidly us practicable to cause to be coined at
the minis Of the United States, silver coins of
the denominations of ten, twenty-five and fifty
cents. of standard value, and to issue them in
redemption OF an equal number and amount Of
fractional currency of similar denominations :;
or, at his discreiiDn he may issue such silver
coins through the minis, the sub-treasures,
public repositories and postoffices of the Uni
ed States; and, upon such issue, he is hereby
authorized and required to redeem an equal
amount OF such fractional currency until the
Standing shall be redeemed
Section =. That SO much of section 1924 of
he Revised Statutes Of the United States as
provides for charge of one-fitth of one per
cent. for converting standard gold bullion into
'oin, is hereby repealed, and hereafter no
rharge shall he made for that service.
Section 3 That section 5l77 of the Revised
Statutes OF the United States, limiting the
I,mount of circulating notes ofnational banking
each existing banking association may increase
its circulating notes in accordance with exist
ling law, without respect to said aggregate
limit and new banking associations may be
|organiZed in accordance with existing law.
without respect to SAID aggregate limit and
the provisions of law for the redistribution OF
national bank currency among the several
Estates and Territories are hereby repealed. and
whenever and 50 often as circulating notes
shall be issued to any such banking aSsocia-
ion so increasing its capital or circulating
notes, or SO newly organized rs aforesaid, II
Shall be the duty of the Secretary OF the Treas
ury to redeem the legal tender United States
notes in excess only of three hundred millions
pf dollars TO :hc amount of eighty per cent. OF
he sum of national bank notes so ISSUED TO
kny such banking association a aforesaid, ana
o continue such redemption as such clrculat-
ng notes are issued, until there shall be out
Handing the sum OF three hundred million
iolldrS OF such legal tender / nited States notes,
md no more. And on and after the first day
Jf January. \. ID. 1879, the Secretary of the
Treasury shall redeem in coin the nIied States
cgal tender notes then outstanding on their pre-
entation for redemption at the Office OF the \ :
is,ant Treasurer OF the United States in the
! lty OF New York, in sums of not less than fifty
$lolars. And TO enable the Secretary of the
Treasury TO prepare and provide for the re-
Riemptlon III this act authorized as required. he
authorized 10 use any surplus revenues from
me to time in the Treasury not otherwise APP
propriated and TO issue, sell and dispose OF al
pot less than par in coin either of the descrip-
ions of bonds OF the nited States described in
he act o.: Congress. approved July II, 1870,
rntled IAN act Ia authorize the retunding oi
e national debt" with like qualities, privi-
seS and exemptions to the extent necessary
carry this act into full effect, and to use the
oceeds thereof tor the purposes Aforesaid
nd all provisions Of law inconsistent with
e provisions OF this act are hereby repealed