The Lake County star. [volume] (Chase, Mich.) 1873-current, 1874-07-02
Tue tlllaNre Act.

'e''c" INV signature ~ the l'rcSl
lent, and became law. The vol
in the House Was 22l for to 4
againsrthc Proposition, or, consid
erIbly more <han n Two thirds ma
'riiy. NJ better evidence coul
have been nitr,lct than tina
demonstrated by the past actio
ui'oh the question ot finances, tina
public sentiment is the ruling ,.owc
in this country. Those in authority
1@ner or later, find tlsenselve
compelled Ia follow its directions
A few days ag', and those vii,
favored immediate or early re-
sumption of specie payments were
als'asertly quite conf lent If theiu
ability t" have things all their owl
way. The President had vetoed
the only currency bill which Con-
gress had succreded in passing,
after weeks of Olsen sion, and an
non'.ced his determination to veto
like measures in the future, should
Congress pass them. We do not
question the honesty of his views.
"A few more days pass. The acl
-! Congress, the Presidents veto,
the needs of the hour, were more
full y and freely discussed by the
people; Conventions were held in
two 1t the leading States in tie
West! What was the cry from the
masses! Was it for a further con-
traction Of the currency, re-
dnc'i"n Of the price Of labor, etc
n" Tie univcsal cry was for the
enactment of a law which would
provide for enough currency to
carry on the business Of the country.
When this cry reached The ears OF
Congress, what WAS done! A bill.
nearly, if not qnito as badly Gin
Hated as the first one passed and
vetoed, went through both branch
es by overwhelming maiori;ies; and
The President, with very little hest
ta,ion, signs it. The vo CO # the
people had spoken, aud those in
authority did wisely to Iced it.
Willie it may not he claimed that
The bill is all that the interests OF
the people demanded, yet, it cannot
bat prove of great benefit to The
West and South.
The law provides iha, hereafter
banking associations shall not I've
II qnired to keep on hand any
amount of their respective circula-
ti"rs. Each association elall at all
times keep . deposit in The Treasury
Of the United States, equal to live
per cent. OF its circulation, to be
held and used for tho redemption
ri such circulation, which SUN shall
be counted as part of its lawful
reserve. The notes arc redeemable
by tho Treasurer Of the Unired
State; and whenever The amount
REACHES the cum OF $500, the asso-
ciation whose bills have been 10
deemed, shall deposit within thirty
lays, United States notes 10 the
amount S" redeemed. When the
pills have been worn out, and rem
iercd unfit for use, they shall he
forwarded to The Controller OF Cur
rency, at Washington, destroyed
and replaced as now provided by
aw.
Tho amount OF United S ates
notes outstanding as a circulating
Medium, shall at no time exceed
$685., 900, 900.
But the main feature If the bill
5 in providing for Withdrawing
rom banks in States having an
Excess of circulation, $55.O)O,0OO
II currency, and transferring it to
States where the supply now falls
Yellow the proper proportion. On
Y $50, Gc0,OO 1T the above amount
an he withdrawn during the fl cal
ear ending Juno 30ih, 1875.
should any Of the associations fail
% return the amount of circulation
eqWred of,hem by the Controller
# currency, within thirty davs,
OF the bonds of said associ
'tions deposited in the Treasury to
Genre redcn. ption Of their ci,cula
ion) will he sold to redeem the
mount Of circulation required OF
hem. To make tho matter more
lain = $50, 900, 900 is to be with
'rawn from States having an
xccss of circulation, and distributed
m"ng the new banking associations
Which will spring up in other
states.