The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-05-27
Democratic Denunoiation of
Treasury Management.
Rumors of Secretary Rich
ardson's Removal.
CONGRESSMAN MELLIsHs FUNERAL
Passage OF the Deficiency and
Centennial Bills.

The Substitute for tho House Currency
Eli.
The following Is the House substitute for the
Senate Currency bill. On Saturday 1t was re
ported from the Committee on Banking and Cur
rency by Mr.. Farwell, OF Illinois,
Be 1t enacted by the Senate and House OF Rep
resent atlves OF the United States OF America IN
Congress assembled,
That the act entitled IAN act to provide ma.
uonai currency secured by pledge Of United
ana redemption thereof" approved June g. 1854,
shall be hereafter known as 'the National Bank
SECTION 2.-!That section 81 OF "the National
Bank act" be 50 amended that the several asso-
required to keep on hand any amount OF money
whatever by reason OF the amount OF their respec-
section 10 be Kept at all times on hand shall be
determined 10y the amount of deposits. In all re-
spects as provided Tor in the said section.
SEC. 3-That section % OF the said act and the
several amendments thereto, 80 far as they re-
strict the amount OF notes Tor circulation under
said acts be and the same are hereby repealed,
and the provlso in the first section OF the act ap-
proved July IL 1870 entitled IAN act to provide
rary loan certificates and Tor an Increase OF ma.
ttonal bank notes. prohibiting TO banks hereafter
organized circulation over $500 600, and the pro-
Vs0 III the third section OF said act, limiting the
circulation OF banks authorized TO issue notes re.
deemabe IN gold coin 10 81 200, 900; and section
$4,000, 900 OF circulating notes. be and the same are
hereby repealed; that every ASSOCIATION hereafter
organized snail De SUBJECT 10 ana be governed by
The rules. restrictions and lmita lions possess
the rights privileges ana franchises now or here
after to be prescribed BY law as to national bank
alter and repeal provided by "the National Bank
-s5EC. 4--Thet every association organized or to
be organized under the provisions or the said act
and OF the several acts In amendment thereof shall
At all times keep and have on deposit in the Treas.
ury OF the United states, III lawful money OF
the United States, sum equal to five per
centum Gifts circulation, to be held and used for the
Tndn ~ olnl ion and han fta
cuating notes OF any such association, assorted
unassorted, shall be presented Tor redemption in
Thereof, to the Treasurer OF the United States
the same Shall be redeemed in United States
notes: All notes SO redeemed shall be charged
by the treasurer OF the United states to
The respective associations issuing the same, and
he shall notify them severally on the first day Of
each month, or oltener. at his discretion, Of the
amount OF such redemptons; whereupon each
association so notified shall forthwith deposit with
t in II Treasurer Of the United states sum IN
al sEsg'Ds na Ssai .sSss ' se9 as ass
when received by any assistant treasurer or at
any designated depository OF the United States,
for redemption as provided herein. And when
such redcMptious have been 80 reimbursed the
circulating notes SO redeemed shall be forwarded
TO the respective associations by whom they were
issued; but II such notes are worn, mutilated de.
faced or rendered otherwise unit for use they
shall be forwarded to the Comptroller OF the Cur.
rency and destroyed, and replaced as now pro.
ylded by law.
Provided. That each Of said associations shall
reimburse to the Treasury the charges Tor trans
p0rtation and the costs Tor asserting such notes; ;
and the associations hereafter organized shall also
severally reimburse TO the Treasury the cost of
engraving such plates as shall be ordered by each
association respectively; and the amount assessed
upon each association shall be IN proportion to the
circulation redeemed, and be charged TO the fund
on deposit With the Treasurer.
SEC. 5.-That any association organized under
This act or any OF the acts OF which this is an
amendment, desiring to withdraw Its circulating
notes, In whole or IN part, may, upon the deposit
Of lawful money with the Treasurer or the United
States in sums Of not less than $4,000, take up the
bonds which said association has on deposit with
notes, which bonds shall be assigned to the bank
In the manner specified in the nineteenth section
OF the National Bank act. and the outstanding
notes OF said association, to an amount equal to
the legal tender notes deposited shall be redeemed
at the Treasury OF the United States and de-
~ the 0 r
shall not be reduced below $4,000.
SEC. 6.-That the Comptroller Of the Currency
SHALL under such rules and regulations as the Sec
Rotary OF the Treasury may prescribe, cause the
charter numbers OF the association to be printed
upon all national bank notes which may be here
alter issued by him.
SEC THAT the entire amount OF United States
notes outstanding and in circulation at any one
time shall not exceed the sum OF $751;, 100000; and
within thirty days alter circulating notes 70 the
amount OF 100000 shall from time to time be
issued to national banking associations under this
net IN excess OF the highest outstanding volume
thereof at any time prior to such issue, it shall be
an amount OF United States notes equal to forty
per cent OF the circulating notes so issued,
which sa a os doo dn red o. s
and such reduction shall continue until the maxi
mum amount OF the United states notes outstand-
ing shall be s3oo,ooo,oO0, and the United States
notes so retired shall be cancelled and carried to
the account OF the sinking fund provided Tor by the
Se @ az q ned act
authorize the issue OF United states notes and for
the redemption and funding thereof and for fund.
fnr Ann tinrr oh IF 40 I'M tnd tor nc 0nh
shall constitute portion OF said sinking fund.
SEC. S-That on and after the 1st day OF july
1878, any holder OF United States notes to the
amount Of $50 or any multiple thereof may pre-
sent them for payment at the ONCE of the Treas
urer OF the United States, or at the office OF the
Assistant Treasurer ut the city OF New York, and
thereupon he shall be entitled to receive at his OPP
tion from the Secretary of the Treasury In ex-
change OF said notes, an equal amount OF either
class OF the coupon or registered bonds OF the
United States, provided for in the first section of
the act approved on the 14th day OF July, 1870
national debt" and the act amendatory thereof,
approved the Goth day OF January, 1871.
Treasury, IN lieu of such bonds may redeem said
notes in the gold coin OF the United States And
United i0 states notes so received, or, they are
cancelled, shall issue United States notes to the
same amount, either to purchase or redeem the
payments for the public service.
SEC. 9-That nothing in this act shall be con.
strued to authorize any increase Of the principal
or interest OF the public debt OF the United States.
DoinUs In tho senate and House-Pas-
sage of the Deficiency and Centennial
TX Bills.
= The Deficiency Appropriation bill was passed BY
the Senate to-day, involving about 100000
Then the Centennial bill was also passed, shorn.
however or its extravagant features and per-
lecty innocent measure. message was re.
ceiveu from the President, transmitting, In
accordance with the resolutions Of the Sen
/, ate, the correspondence OF the State De-
-partment in regard to the claim on Brazil
concerning the ship Caroline and the report OF
the commissioners appointed to inquire into the
depredations the frontier Of Texas. The old
diplomatic difficulty, 1t thus appears, Is again to
be raked over.
In the House the business OF the day was Of
greater Importance The Sanborn report OF the