Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-02-04
WAsHTNGTON.
sherman's Scheme of Slow Re
sumption. e15r
Redemption and Reissue {
Greenbacks;
Free Banking, etc.

WASHINGTON, Feb. 3.-The following
| is the full text OF the bill introduced by
Senator Sherman to-day, to provide for the
redemption and reissue of United states
legal tender and national bank notes and
for free banking:
BE it enacted, etc., that on the first day
of January, 1875, the Secrets-y of. the
Treasury be authorized and required anu
| nav ON demand at the Office of the Assistant
Treasurer, In the city of New York, to any
holder. United States notes to the amount
ef 81 zoe or any multiple thereof. in ex-
change for such notes an equal amount OF
sold coin of the United States, or Ill heti
of that, he may at his option in exchange
| for said notes ar equal amount OF coupon
or registered bonds Of the United States
in such form as he may prescribe and OF
such denominations Of f1fty dollars
or some multiple OF that sum, re-
deemable in coin of present
standard value, at the pleasure of the Uni
ted States after ten years from the date Of
their issue and bearing interest payable
quarterly Id such coin at the rate of 3 per
centum per annum; and the Secretary d
the Treasury may reissue the United States
notes so received, or if they are cancelled,
may issue United States notes 10 the same
amount either to purchase or redeem the
public debt, or TO meet current payments
| for the public service; and said bonds and
the interest thereon shall be exempt from
the payInent of all taxes or duties of the
United States as well as from taxation in
any form by or under State, municipal OF
local authority; and said bonds shall have
set forth and expressed upon their face the
above specified conditions, and shall with
their coupons be made payable at the Treas
ury of the United States.
Sec. 2. That from and after the 1st day
Of July next, the limit Of the aggregate cir
culation of the national banks now pre-
scribed by law is repealed, and all banks
hereafter organized shall adopt as security
for their circulation notes of the United
| States issued under this act or under the
act entitled stAn act to authorize the re-
funding of the DEBIT approved July Il
1870.
Sec. 3. That section 81 of said act be
amended so as to read as follows: THAT
every national bank in the country shall
| have on hand, in lawful money of the
| United States, an amount equal to at least
% per cent. of its deposits, and whenevel
the lawful money of any association shall
be below the amount of 25 per cent. of its
deposits. such association shall moi increase
| its liabilities by making any loans or dis
counts, otherwise than by the purchasing
Of bills If exchange, payable at sight, MOI
make anv dividend of profits until the re
quired proportion, between the aggregate
amount of iis deposits and its lawful
money OF The United States, shall be re
! stored; provided, that 3-5 of the said p
per centum may consist of certificates o
deposit Of the United States; provided
that clearing house certificates, or specie
or lawful money, specially deposited 70
shares by any clearinghouse association shal
be deemed to be lawful money in posses
sion of any association belonging to sue
clearing house, holding and owning sucl
certificates, and shall he considered TO be
part Of the lawful money which such aSSO
citation is required to have under the fore
! going provisions of this section; and
shall be competent for the Comptroller o
lhe Currency to notify any association
whose lawful money reserve, as aforesaid
shall be below the amount to be KEPT o
hand rs aforesaid, te make good such rt
serve. and if such association shall fail fo
thirty DAYS thereafter to make good the re
serve of lawful money, the COmptrolle
may, with the concurrence of the Secretar
of the Treasury, appoint receiver to wiz
I'D the business of such association ~ irC
vided by this act.''
Sec. t. That section 32 Of said act Il
amended so as TO read IS follows: "Tha
each national banking association shal
redeem its circulating notes at par at tn
Office of the Assistant Treasurer Of I'll
United States in the City of New Iorl
when presented in sums of one thopsan
dollars or any multiple Of that sum. I'll
shall deposit at said Office IN New or
lawful money Of tne United States sufi
cient Cox that purpose, receiving certificate
Of deposit therefor, and the AssistaI
Treasurer aforesaid shall apply such lsWfJ
money 10 the redemption Of the I.iCula
ing notes of such banks Presented as afOr
, said. If snv association shall fail to r
. deem its notes as aforesaid the ComptrO
Ter Of Currency may, upon receiving sati'
factory evidence, appoint a receiver in Il
r manner provided for in this act to wind u
, its affairs, or he may cause the bonds of I'll
j United States belonging 70 such associ
tiOn. sufficient TO redeem said note
: to he sold as in other case
and the proceeds thereof to be appiieG
: the redemption of the notes; provided Oh.
1 nothing in this section shall relieve al
7 association from its liability to redeem
5 circulation at It's own counter at par
? | lawful money on demand, and prOvid,
; further, that every association formed
: existing under the provisions OF this a
! shall take and receive at par for interest
the liability of the association any and q
notes or bills issued by any association e
isting under or by virtue of this act.
Sec. ). That section of an act entitlt
ian act to provide for the redemption
the ) per cent temporary loan cerificat
5 and for an increaseof National Banknotes
5 approved July y, 1870, is hereby repeale
Mrs. Gaines versus Caleb Cushing.
l To-day a bill was filed for Mrs. My
: Clark Gaines in the Equity Court for &
injunction against Hon. Caleb Cushing {
which Judge Wylie granted a restraint
: | order returnable the 18th inst. Mr.
, Gaines charges that she conveyed to Gus
ing certain lands in Louisiana, numberiI
! | GO.00O acres and received from him
counter deed acknowledging the trust, al
] ! afterwards in his own name he obtained
: confirmation Of the title to said lant
denying her right to any interest in theI
She now asks an injunction TO prevent 7
spondent from receiving patents and certi
Gates for said lands from the interior d
t partment.
EquaIizing BOunties.
The Senate Military Committee h
agreed to report bill to be hereafter fOT
ed for the equalization of bounties. II W
be on the basis of the bill introduced
l Senator Caldwell last year, which propoS'
10 give a uniform bounty Of eight and on
2 third dollars per month to each and eve
> officer and private who served at any tim
D either in the regular or volunteer serviC
: between April 10, SCI, and April -, lSe
the bounty payments already made to
deducted, and the benefits of the above pI
vision to be extended also to the widows
other heirs of deceased soldiers.
The Committee on Ways and Means
day agreed to report in favor of admitti
sugar and beet seed free Of duty for lii