The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1874-04-17
The Currency Bill.

w AsHINdT0N, April l4.-The house,
by n majority of thirteen, passed the
currency bill, MS follows. This goes to
the senate:
That section thirty-one of an act en-
titled an act TO provide a national cur
rency, secured by q pledge Of United
States bonds and to provide for the
circulation and redemption thereof APP
proved on the third day Of June in
1854 be 50 amended that the several
associations therein provided for shall
not hereafter be required to keep on
hand any of the amount of their re-
spective circulation. Any other mon
eys required by said section to be kept
at all times by the original act, of
which the act last aforesaid is an
amendment, being the same, is hereby
reenacted.
Section thirty says that every asso-
citation organized or going to be or
ganized under the provisions of said
act, and in the several acts in the
amendment thereof, shall at all times
keep and have on deposit, in the
treasury of the Unite States, u sum
equal to five per cent of its circulation,
to be held and used only for the re-
demption of such circulation, and
when the circulating notes of any such
association or associations shall be
presented, associated or unassocated,
for redemption, in sums Of one thou
sand dollars, or any multiple thereof,
to the treausurer or any assistant
treasurer Of the United State, the same
shall be redeemed in United States
notes. All notes so redeemed shall be
charged by the comptroller of the cur
rency to the respective associations is
suing the same, and he shall notify
them severally, on the first day Of
each month, or oftener at his
discretion, of the amount of such
redemptions. Whereupon, each
association so notified shall forthwith
deposit with the treasurer Of the Uni
ted States a sum in United States notes
equal to the amount Of its circulating
notes so redeemed; and when such re-
demptions have been so reimbursed if
circulating notes so redeemed be worn
out or defaced, new notes instead shall
he forwarded to the respective associa,
tions; provided, that each of said as
sociations shall reimburse to the
treasury the cost of redemption, and of
supplying new notes in place of those
redeemed and the associations here
after organized shall also severally re-
imburso to the treasury the costs OF en-,
craving and printing their circulating
notes. and provided, further, that the
entire amount of United States notes
outstanding and in circulation at any
one time, shall not exceed the sum of
four hundred million dollars, now au-
thorized by existing laws.
Section l. That any association OF
ganized under this act, or any of the
acts OF which this is an amendment
desiring to withdraw its circulating
notes in whole or part, may, upon de-
post Of lawful money within the
meaning of said net, in sums of not
less than ten thousanddo with the
treasurer of the United States, with
draw proportionate amount of bonds
deposited in pledge for such circula-
ton, and he shall redeem, cancel and
destroy in amount of the circulating
notes of such association equal to the
amount issued upon such bonds.
The status of the currency bill now is
this: The house bill has to await the
action of the senate, which may or
may not be favorable, or may be de-
layed indefinitely; whereas the senate
bill goes directly to the president for
his signature. 1t is currently reported
that it will not receive his approval.
10 sign or not to sign-thatis the ques-
ton.