The Portland daily press., 1874-12-24
The Finance BiIl.

The following is the full text of the finance
bill passed by the Senate, Tuesday:
Be it enacted &C., That the Secretary OF the
Treasury is hereby authorized and required, as
rapidly as racticable, to cause to be coined at
the mints of the United States, silver coins OF
denominations of ten, twenty-five and fifty
cents, of standard value, and 10 issue them in
redemption of an equal number and amount
of fractional currency of similar denomination;
or, at his discretion, he may issue such silver
coins through the mints, sub treasures, public
repositories, and post offices of the United
States ard upon such issue he is hereby au-
thorized and required to redeem an equal
amount of such fractional cnrrency, until the
whole amountl of currency outstanding shall
be redeemed. ...I +...,-..~
SECTION 2. That so much of section 1924 of
the Revised Statutes of the United States as
provides for charge of one-ffth of one per
centum for converting standard gold bullion in
to coin is hereby repealed, and hereafter no
charge shall be made for that service.
Sec. 8. That section 5,777 of the Revised
Statutes OF the United States, limiting the ag-
gregate amount of the circulating notes of na-
tional banking associations be and is hereby
repealed, and each existing banking assOcia-
tion may increase its circulating notes in ac-
cordance with the existing law, without re-
spect to said aggregate limit, and new banking
associations may be organized in accordance
with the existing law, without respect 10 said
aggregate limit, and the provisions of the law
for the withdrawal and redistribution Of ma
tiOnal currency among the several states and
territories are hereby repealed, and whenever
and so often as circulating notes shall be issued
to any such bank association, so increasing its
capital or circulating notes, or so newly organ
lied as aferesaid,it shall be the duty of the Sec
retary of the Treasury to redeem.the legal tender
United States notes in excess only OF $780,
100000 to the amount of eighty per centum of
the sum of national bank notes so issued to any
such banking association as aforesaid, and to
continue such redemption as such circulating
notes are issued until there shall be outstand-
ing the sum of $500, ,000,0 900 of such legal ten
der United States notes and no more. And on
and after the LIST day of January, A. ID. 1879,
the Secretary of the Treasury shall redeem in
coin the United States legal tender notes then
outstanding on their presentation for redemp-
tion at the office of the Assistant Treasurer of
the United States, in the city of New York, in
sums of not less than $50. And TO enable the
Secretary of the Treasury to prepare and pro-
vide for the redemption in this act, authorized
or required, he is authorized to use any surplus
revenues from time to time in the Treasury not
otherwise appropriated, and to issue, sell and
dispose of at not less than par in coin, either
of the description of bonds of the United
States described in the act of Congress approved
July IA, 1870, entitled "An act to authorize the
refunding of the national debt, with like quail
tiles, privileges and exemptions TO the extent
necessary to carry this act into effect, and to
use the proceeds thereof for the purposes afOre-
said.
And all provisions of law inconsistent with
the provisions of this act are hereby repealed.