Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1874-05-14
The Proposed New Currency Bill.

The following is summary of the bill
reported in the Senate at Washington on
the 9th by majority of the Senate
Finance Committee, as substitute ior
the House Currency bill:
Section provides that Section 81 Of the Ma.
tiona Bank act of 1864 be so amended that bank.
ing associations snail not be hereafter required to
keep any money on hand by reason of their cir.
cuaton, bur that the amount necessary ehall be
determined by the sum of their deposits. and that
as reserve they shall be required 10 keep in their
vaults one fourth Of the coin received from the
United States as interest on the bonds deposited
security for their circulation.
Section provides that each National Bank shall.
within ninety days after the passage Of the act,
keepts lawful money reserve in It's own vaults at
III place Of business and repeats all provisions of
the National Bank act of 1864 conflicting there
with
Section repeats Section - Of said act 90 far as
II restricts the amount Of notes in crcuaon under
said act, and the provisions of the first section Of
the act of 1870 prohibiting to banks circulation
Of over So 00t0; the proviso in the third section
limiting the circulation Of banks authorized to is
sue notes redcemablc in coin to 100000, and
Section relating to the redistribution Of the S25,
OOO,L0O of circulating notes.
Section provides that every banking associa-
ton shall have on deposit in the United States
Treasury ar all times sum equal to 8 per cent Of
its circulation, to be held and used for the re-
dempton of such circulation
Section provides for the withdrawal of circula-
ton and the surrender of bonds to any association
desiring, and prescribes the manner Of so doing.
Section provides that the charter number OF
each banking association shall be printed upon the
notes issued to it,
Section provides that the entire amount of
United States notes outstanding aud in circulation
al any time shall not exceed $685., 600 GOO and
further provides that whenever circulating notes
to the amount Of $l0000O0 shall be issued to bank
ing associations it shall be the duty Of the Secre-
tafy OF the Treasury to retire amount OF United
States notes canal 10 30 cent. thereof which
shall be in reduction of the maximum of the
$3.50 900 fixed by this section; such reduction
10 continue until the maximum amount of United
States notes outstanding shall be $500 coo, 600.
Section provides that on and after the 1st day
of January, 1877, any holder of United States notes
to the amount Of $1,000, or auy multiple thereof,
may present them for payment at the office Of the
Treasurer of the United States ut the office Of
the Assistant Treasurer Mt the city of New York,
and thereupon the Secretary of the Treasury shall
in exchange for said notes, deliver to such holders
an equal amount OF coupon or registered bonds Of
the United States, in such form as he may
prescribe of the denomination Of fifty dol
lars or some multiple of that sum, rcdCemablc in
coin OF the present standard value at the pleasure
Of the United States after ten years from the date
of their issue, and bearing interest payable quar-
terly In coin, at the rate OF per cent. per anuum
and the Secretary of the Treasury may issue United
States notes received, or if they are Cancelled,
he may issue notes TO the same amount. either to
purchase bonds or redeem the public debt, at par
in coin, to meet the current payment for public
scrNlce' the sald pouds ana interest 10 be exempt
from the payment of all taxes or duties of the
United States well from taxation in any
form by State, municipal, or local authority; said
bonds To have set forth and expressed upon their
face these conditions, and with their coupons be
made payable at the Treasury OF the United States
the Secretary of the Treasury in lieu Of said bonds
may redeem said notes in gold coin of the United
States
Section 10 provides that nothing contained in
the act shall be construed 10 authorize the in
crease of the public debt of the United States.
Mr.. Ferry gave notice that the report
d d not represent the views of the minor
ity of the committee, and remarked that
he believed the minority of the commit
tee represented a majority of the Senate.