New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-12-27
The New Finance Bill.

The following is the full text Of the biI1
reported to the Senate on the twenty-frss
by Mr. Sherman, from the Committee Of
Finance, to provide for the resumption Of
specie payments.
Be it enacted, ETC.. That che Secretary
required, as rapidly as practicable 20
cause to be coined at the minis of the
United States silver coins OF the denomis
nations Of ten, twenty-five and fifty CENTS
OF standard value, and to issue them in
redemption of an equal number and
amount OF fractional currency of similar
denominations; or, at his discretion he
may issue such silver coins through the
mints, sub treasures, public depositaries
and postohices of the United States; and
upon such issue he is hereby authorized
and required to redeem an equal amount
OF such fractional currency, until the
whole amount of such fractional currency
outstanding shall be redeemed.
SEC. ,. That so much of section 1924 OF
the revised Statutes of the United States
as provides tor charge of one-ftth OF ono
bullion into coin is hereby repealed, and
hereafter no charge shall be made fog shas
service.
Sec. 3. That section SIT of the Revised
Statutes of the United States limiting the
aggregate amount of the circulating notes
OF national banking associations be and ia
hereby repealed, and each existing banking
association may increase its circulating
notes in accordance with the existing law
without respect to said aggregate limit and
new banking associations may be organized
IN accordance with the existing law withou.
respect to such aggregate limit, and the
provisions of the law for the withdrawal
and redistribution of national bank cure
rency among. the several States and TER
ritories are hereby repealed, and when.
ever and SO often as circulating notes
shall be issued to any such banking
association SO increasing it's capital or cirs
culating notes or so newly organized as
aforesaid, it shall be the duty of the Secres
tary OF the Treasury to redeem the legal
tender United States notes in excess only Of
3o0OOO,0OO to the amount of eighty PEP
cent OF the sum of national bank notes so
issued to any such banking association as
and to continue such redemption
as such circulating notes are issued, units
there shall be outstanding the sum of $780,.
DoO,Oo0 OF such legal tender United States
notes and no more. And on and after the
hrst day of Janary, 1879, the Secretary OF
The Treasury shall redeem in coin cho
United States legal tender ao.es then
on their presentation for
redemption at the Office 0; the
treasurer of the United States
han $50. And to enable. the Secretary OF
he Treasury to prepare and provide for the
redemption in this act authorized and re.
Iuired, he is authorized to use any surplus
'evenues from time to time in the treasury
lot otherwise appropriated, and 20 issue,
eil and dispose of, at not less than par in
DIN, either of the description OF bonds OF
he United States described in the act OF
congress approved July IA, 1870, entitled
AN act to authorize the refund.n. Of the
lational debt with the qualities, privileges
nd exemptions to the extent necessary to
AIRY this act into effect, and to use the
roceeds thereof for the purposes aforesaid.
And all provisions Of law Inconsistent
7itn the provisions of this act are hereby
epealed.