Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-12-25
NATIONAL FINANCES.
Full Text of the New Senate Bill
Democratic and Administrator
Views Of Its Provisions " sAEt

Views Of ITS Pr0vfsions.i " sAEt
The following is the full text of the bill
as it passed tlIe SENATE: $3.50 1855
Be it enacted, etc, that the Secretary Of
the Treasury is hereby authofized and re-
quired, as RAPIDLY as practicable, 10 cause
to be coined st the minis Of the United
States. silver coins of denominations often,
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 denomination; or, at his
discretion, he may issue such silver coins
through the minis, sub-treasuries, public
repositories, and postofices Of the United
States and upon such issue he is hereby
authorized and required to redeem an equal
amount of such fractional currency, until
the whole amount Of currency outstanding
shall be redeemed.
Sec. 2. That so much Of section 1924 Of
the Revised Statutes Of the United States
as provides for charge of one-ffth Of one
per centum for converting standard gold
bullion into coin is hereby repealed, and
hereafter no charge shall be made for that
service.
Sec. 8. That section 5,777 Of the Revised
Statutes of the United States, limiting the
aggregate amount Of the circulating notes
Of national banking associations, be and is
hereby repealed, and each existing banking
association may increase its circulating
notes in accordance with the existing law,
without respect to said aggregate limit, and
new banking associations may be organized
in accordance with the existing law, with
out respect to said aggregate limit, and the
provisions Of the law for the withdrawal
and redistribution of national currency
among the several States and Territories
are hereby repealed, and whenever and so
often as circulating notes shall be issued to
any such bank association, so increasing its
capital or circulating notes, or so newly or
ganized as aforesaid, il shall be the duty Of
the Secretary of the Treasury to redeem the
legal tender United States notes in excess
only Of $500, 000, 900 tothe amount of eighty
per centum Of the sum of national bank
notes so issued to any such
banking association as aforesaid, and
to continue such redemption as such
circulating notes are issued until there
shall be outstanding the sum of $300,0O0,-
600 of such legal tender United Sntes
notes and no more. And on and after the
LIST day Of January, A. D., 1879, the Secre-
taTy Of the Treasury shall redeem IN coin
the United States legal tender notes then |
outstanding on their presentation fOi re-
demption at the office of the Assistant |
Treasurer of the United States, in thecity |
of New York, in sums of not less than $50. |
And to enable the Secretary Of the Treas
ury TO prepare and provide for the redenp- |
ton in this act authorized or required lie |
is authorized 10 use any surplus revenues |
from time TO time in the Treasury not 9TH |
erwise appropriated, and to issue, sell aud |
dispose of at not less than par in coin either |
Of the description Of bonds OF the United |
States described in the act of CONGRESS APP |
proved July IA, 1870, entitled, San act to
authorize the refunding of the national |
debt, with like qualities, privileges, and |
exemptions TO the extent necessary to carry
this act into effect, and to use the proceeds
thereof for the purposes aforesaid.
And all provisions of law inconsistent
with the provisions Of this act are hereby
repealed.
New York World
The compromise bin which has been
agreed on by the Republican members
of the Senate is rather a political ma
newer than measure of finance. Its
leading purpose was to unite and har-
monte the Republican party; and,
however successful it may prove as a
stroke of parry tactics, it is of subor-
dinate importance as a means Of reach
ing specie payments. 1t is marked by
the trimming dexterity which is so
constantly practiced by the trainers of
political platforms. 1t is scheme
contriYed to bear one Interpretation in
the East and another in the West, and
20 ,,,,eIoad Io@b -oofso,,. 90 49, ID
of 1t by the comments of local ex-
Founders instead of examing the text
of the bill. 1t has Esau's hands with
Jacobs voice, and person must be as
blind as the old patriarch, their father,
If he cannot detect the trick. The
new bill comes as near to doing moth |
ing as possible under the forms of
legislation. 1t deserves to rank no
higher than as dexterous political
dodge for giving deceptive appear
ance of unity to the Republican party
on this great question.
Chicago Tribune, administration
The bill does not appear, upon a
closer inspection, to be all that was |
promised. The bill was forced through |
the Senate IN accordance with the party |
programme. All amendments were |
rejected, and there seemed to be de- |
sire even 10 limit debate. But, for all |
that, the weak parts of the bill were |
pretty thoroughly sounded before the |
vote was taken. Mr.. Sherman was
cross-examined by Mr.. Schurz, and was
compelled to admit that the trainers Of |
the bill Intentionally left undetermined |
the question as to whether the green
backs redeemed are to be destroyed or |
reissued. This admission is astound- |
ing. The bill, it seems, proposes to |
lodge IN the Secretary of the Treasury |
the power of increasing or diminishing |
the volume of the currency as he may |
see fit. We have already had sad ex-
perience of the manner in which such |
power may be abused, and, though |
placing the fullest confidence in Secre- |
tary Bristow, are utterly opposed to 80
enormous an extension of the duties |
and powers of the Office which he hap |
pens TO hold.
A MOTHER-N-LAw in the house is a |
well-spring Of jawy.