Fayette County herald. [volume] (Washington [Washington Court House], Fayette County, O. [Ohio]) 1860-1???, 1874-12-31
Washington City--The Financial
QuestiOn--FulI Text of the Sem
ate Bill.
SENATE BILL.


The following is the full text of the
bill as it passed the Senate, every Re-
publican but one voting for it, and
every Democrat but one voting against
it:
A BILL to Provide for the Resump-
ton Of Specie Payments.
Be 1T enacted, etc. That the Secre-
tary of the Treasury is hereby au.
thorized and required, as rapidly as
practicable, to cause to he coined at
the mints of the United States, silver
coins of denominations of ten, TWEEN
ty-fiye and fifty cents, of standard
value, and to issue them in the re-
demption of an equal number and
amount of fractional currency of sim
liar denominations, or, at his discre-
ton, he may issue such silver coins
through the mints, sub treasures, pub
lie repositories, and postoffiees of the
United States, and upon such issue he
is hereby authorized and required to
redeem an equal amount of fractional
currency until the whole amount of
such fractional currency outstanding
shall be redeemed.
Sec. 2. That so much of section
1924 of the Revised Statues of the
United States as provides for charge
of one sixth of one per centum for
converting standard gold bullion into
coin is hereby repealed, and hereafter
no charge shall be made for that SER
vice
Sec. g. That section 5,777 of the
Revised Statutes of the United States,
imiling the aggregate amount of the
circ culating 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associations, be and is hereby repealed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, with
out respect to said aggregate limit,
and new banking associations may be
organized in accordance with the ex-
isting laws, without respect to said
aggregate limit, and the provisions of
the law for the withdrawal and redis-
tribution of national bank currency
among the several States and Terri
tories are hereby repealed, and when
ever and so often as circulating notes
shall be issued to any such bank asso-
citation, SO increasing its capital or
circulating notes, or so newly organ
lied as aforesaid, it shall be the duty
of the Secretary of the Treasury to
redeem the legal tender United States
notes in excess only of $30O,00O,000
to the amount of 80 per centum of the
sum of national bank notes so issued
to any such banking association, as
aforesaid, and to continue such re-
demption as such circulating notes are
issued until there shall be outstanding
the sum of $3OO,OOO,OO0 of such legal
tender United States notes and no
more. And oD and after the first day
of January, A. D. 1879, the Secretary
of the Treasury shall redeem in coin
the United States legal tender notes
then outstanding, on their presenta
ton for redemption at the Office of
the Assistant Treasurer of the United
States in the city of New York in
sums not less than fifty dollars. And
to enable the Secretary of the Treasu-
ry to prepare and provide for the re-
demption in this act authorized and
required, he. is authorized to use any
| surplus revenues from time to time in
the Treasury, not otherwise appropri-
ated, and to issue, sell and dispose of
at no t less than par in coin, either o.
the descriptions of bonds of the Uni
ted States described in the act of Con
gress approved July IA, 1870, entitled
Gan act to authorize the refunding o1
the national debt" with like qualities
privileges, and exemptions, to the ex
tent necessary to carry this act into
effect, ane to use the proceeds thereof
for the purposes aforesaid. And all
provisions of law inconsistent with
the provisions of this act are hereby
replealed.