The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1874-03-24
INCREASING THE VOLUME.
THE NEW CURRENCY Bill

THE NEW CURRENCY BILL.
The following is the bill reported by the
Senate committee of finance:
A bill to provide for the redemption and reissue
of United states notes, and for free banking.
Be il enacted, &C.. That the maximum limit of
United States notes is hereby fixed at sS2, ,rfO,
OUO at which amount il shall remain until
reduced as hereinafter provided.
Sec. z. That on the first day OF January, 1876,
the secretary of the treasury is authorised ana
required to pay on demand, at the office of the
assistant treasurer in the city of New York, to
any holder OF United States notes to The
amount OF one thousand dollars or any
an equal amount of the gold coin OF the
United States, or in lieu OF coin he may, at
his option issue i'm exchange of said notean equal
amount OF coupons or registered bonds of tine
United States in such form as he raay presc, ibe
and of denominations OF nfty dollars or sfJme
multiple of that sum, Iedeemable in coin Of the
present standard value at the pleasure of the
United State ten years from the date of issue,
coin at the rate of 1ve per centum, and the sec
| retary of the treasury may issue Cnited States
notes so received, or if they are cane eled may
| issue United States notes t0.the sam amount
either TO purchase redeezia the pub tic debt on
Vice. and the said bonds and intes est phereon
shall be exempt from The paymeT &C of all take:
or duties of The United States, well as from
/ taxation in any form, By or unde' state, muDic
ipal, or local authority; and the said bond,
shall have set fourth and exPr essed upon thei
face the above specified eHnd tions, and shall
4 with their coupons, be made payable at tn,
treasury ofthe United States r'T'' .'"
i Sec. 8. That national bsy liking association
may be organized in any sta le or territory or il
the District of Colunabia NJ u having proper
ton of a national bank ear yularion equal TO tha
of the state of New York according 10 the ap
4 lportionment m de upon The basis of population
/ and wealth by the comp oller of the currency
n until each state and ter itory, and the said dis
triot, respectively, has ran amount OF such banl
circulation equal TO nch proportion Of the note
nov outstanding in II e State OF New fork ant
j all banks organized under this section shall b
subject To- and gov erned by the rules, restric
lions, Limitations, Nld possess the rights, priv
lleges, and franehis< now or hereafter to- be pre-
seribed BY law, as to national banking associs
tionsand section six of the act entitled an act 4
provide for the redemption OF the three pc
centum tennpor ary loan certificates, and for al
increase Of thss national bank notes approved
July L. $50, bs and is hereby repealed. Low =
II Sec. 4. Thst within thirty days after TIT
|, circulating otes to the amount of one millior
dollars shap be issued to the national banking as
sociations Under the preceding section 1T shall b
the duty the secretary of the treasury to retir
: an amoult of United States notes equal to 7e pc
centum of the circulating notes so issued, which
shall be- in reduction OF the volume Of s3S20OQ,00
hxed by the preceding section. and such reduc
ton shall continue until the aggregate amour
Of United States notes outstanding shall b
100000, and for that purpose he Is authorize