Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1874-12-25
THE FINANCE BILL.

The following is the full text Of the finance bill
passed by the Senate, Tuesday:
Be 1t enacted &C., That the Secretary. OF the
Treasury is hereby authorized and required, as
rapidly as practicable to cause to be coined at the
mints of the United States, silver coins OF deaom
in atoms of tens, twenty five, and fifty cents, OF
standard value, and to issue them in redemption
of an equal number and amount Of fractional cur
rency Of similar denomination; or at his d,scre-
ton he may issue such silver COINS through the
mnts subtreasuries, public repositories, and post
offices of the United States, and upon such issue
he is hereby authorized and required to redeem
an equal amount of such fractional currency, nm
until the whole amount of currency outstanding
shall be redeemed.
SECTION Q, That so much of section 1924 oft
Revised Statutes of the Uuited States Is provides
for q charge Of one-ffth of enc per centum for
converting standard gold bullion into coin is here
by repealed, and hereafter no charge shall be
made for that service.
SEC. g. That section KIT of:the Revised Stat
utes of the United States limiting the aggregate
amount of the circulating notes of national bank
ing associations be and is hereby repealed, and
each existing banking association may increase
its circulating notes in accordance with the exist
ing law, without respect to said aggregate limit
and new banking associations may be organized
in accordance with the existing law, without res :
pect to said aggregate limit, and the provisions OF
the law for the withdrawal and redistribution OF
national currency among the several states and
territories are ucE0Uy Tcpeuicu anu whonOsSA ~A~
so often Is circulating notes shall be issued to
any such bank association, so increasing its capi-
tai or circulating notes 50 newly organized as
aforesaid it shall be the duty Of the Secretary Of
the Treasury to redeem the legal tender Unit
cd States notes in excess only Of $500 900, to
the amount of eighty per centum Of the sum OF
national bank notes SO issued to any such bank
ing association as aforesaid and to continue such
redemption Is such circulating notes are issued
until there shall be outstanding the sum Of $780,
600 900 of such legal tender United States notes
and no more. And on and after the lst day Of
January, A. d. 1879, the Secretary Of the Treas
ury shall redeem in coin the United States leg al
tender notes then outstanding on their presenta-
ton for redemption at the office of the Assistant
Treasurer of the United States, in New York, in
sums of no less than $50. And to enable the Sec
rotary of the Treasury to prepare and provide for
the redemption:n this act, authorized or required
he is authorized to use any surplus revenues from,
time to time in the Treasury not otherwise appro-
priated and to issue. sell and dispose of at no less
than par in coin, either Of the description Of bonds
of the United States described in the act of Con-
gress approved July Is, 1870, entitled "An act to
authorize the refunding Of the national debt"
with like qualities, privileges and exemptions to
the extent necessary to carry this act into effect
and to use the proceeds thereof for the purpose
aforesaid.
And all provisions of law inconsistent with the
provisions of this act are hereby repealed.