New-York tribune., 1874-05-07


tionabe features of the bill will be more than com
pensated for by the provision fixing the maximum
amount Of gTeenbacks at SSS2, 100000
Besides the two extreme classes in the Senate
there are a few who hold kind of middle ground
They see the absurdity of the initiation sophstres
aud yet are somewhat influenced by what is sup
posed to be the popular demand in the West and
South, and they would probably be best satisfied If
Congress would leave the currency of the country
as 1t is now 1t is probable that they wlll constitute
the successful party in the Senate and that after
more time is spent in debate this question. Con
gress will adjourn aud leave the whole subject just
where 1t now is.
THE PROPOSED SUBSTITUTE FOR TIE HOUSE CUR
RENCY BILL
lGESERAL PRESS DIsPATCHl
WASHINGTON, May 6.-The following is a
copy OF the bill reported by the Finance Committee OF
thc Senate to-day, substitute for the House Currency
bill:
BE enacted. de- That the act "to provide National
currency secured nv pledge OF United states notds
thereof approved June 1864" stall be hereafter known
SEC q That section 81 Of the National Bank act of
1894 be amended that the several associations therein
provided for shall not hereafter be required 10 keep on
hand dnY amount OF money Whatever py reason oI tue
amount OF their respective circuatons but the moneys
required by said section be kept at all times on hand
snail be determined by the amount OF deposits III an re-
spects provided Ia the said section, and sucA national
organized, shall keep and maintain as part Of its re-
Oueoufth part of The coin received by 1t inter
Tor circulating notes or Government deposits.
SIC. 3. That Sections 81 aud - OF the said act he
amended requiring that each or the said association
shall within so ddys after the passage OF TINS act Keep
lawful money within it's own vaults 1t the
place where its operations of discount and deposit are
carried and all the provisions OF the said sections
reaurng or permitting any the said associations 20
keen anv port ion OF ITS lawful money reserves elsewhere
than in its own vaults or requiring or perhttng 'e ne
counters, except as provided Tor in tAls ac are
That Section % Of the said act and the several
amendments thereto far they restrict the amount
of notes circulation under said acts, be- and the same
hereby repealed and me poVlso IN Tue hIs seooh
the act approved July r. lSO entitled an act 70 pro
loan certificates and for of National bank
notes prohibiting to banks thereafter organized circu
atOn OF over $5vO0 ana the prOyso OF the thrd sec
tion OF said act limiting the circulation Of banks author
Ized 10 issue notes redeemabe IN gold coin TO Sl00O
s2jOO.OO Of circulating notes be and the same are
hereby repealed; that every association hereafter or
restrictions and limitations and possess the rights PRIV
1eges ana franchises now or hereafter TO b. prescribed
by law to National Banking Associations, with the
same power 70 amend aer and repeal PROVIDED by the
National Banking act OF 1854.
SEC. g. That every association organized or 10 ne
organized under the provisions OF the sdd act ana OF
the several acts ii amendment thereof shall at all times
States. in lawful money OF the United states, SUN
used cnl for the redemption Of such circulation aud
when the circulating notes OF any such organization or
association shall De presented FOR redemption In sums Of
COO multiple thereof 10 the Treasurer OF the
United States, the same shall be redeemed in United
States All notes redeemed shall be charged by
the Controller of the Currency the respective associa
issuing the same. an lie shall notify them sever
ally the first day of each month, otener at his dis
cretou OF the amount OF such redempuons whereupon
each association notified shall forthwith deposit with
the Treasurer OF the United states sum equal TO the
amount OF It's circulating notes so redeemed and all notes
OF national banks worn defaced, mutated or otherwise
unnt for crcudoh SNAIL when received py any assst
ant at any designated depository of the
United states, he forwarded TO the Treasury or the
United States for redemption as provided herein ana
when suCh redemptiOns have been SO reimbursed, the
circulating notes redeemed shall be forwarded 10 the
respective associations by whom they were issued but
If such notes are worn, muated deaced or rendered
otherwise unn for Use they shall be forwarded 10 the
Controller Of the Currency and destroyed ana replaced
provided by law Provided that each OF said as
for transportation and the cost OF asserting said notes
and the associations hereafter organized snail also sew
orally reimburse 10 the Treasury the cost OF engraving
such plates shall DO ordered by each association re
spectvey and the amount assessed upon each assOcia
ton shall be Ia proportion 10 the circulation redeemed
and lie charged " the fund on deposit with the Treas
slC g. That any association organized under the act
OF which this is amendment desiring 10 withdraw It's
circulating notes iu whole or IN part may, upon the
United States. in of not less than 5000 take up
the bonds which said association has deposit with
for the security of such circulating notes
which bonds shall be assigned 10 the bank Ia the man
ner snecifed I'm The 10Th section of the act OF 1864
aud the outstanding notes OF said association 10 an
equal 10 the legal tender notes deposited shs
be redeemed at the Treasury Of the United States, and
destroyed as now provided by law; provided the
amount of the bonds ON deposit Tor circulation sha mol
SIC The Controller Of the Currency shall under
ouch regulations the Secretary Treasury
prescribe the charter number OF the association
10 be printed upon all national bank notes which may
hereafter he issued by him.
SEC That the entire amount Of United States
outstanding and IN circulation at any time shall
exceed OF SS52OO0OO and. within 80 days afte
circulating notes 10 the amount OF $0000O shall from
time be issued by National banking associations
under this act IL shall be the duty OF the Secretary
Treasury retire amount OF United States uOte
equal to OF the circulating notes issued
which shall be IN reduction OF the maximum
t2 fixed by TINS section and such reduction shall
continue until the maximum amount OF United state
notes outstanding shall he $500 O0 aud for that pur
pose he is authorized TO issue and sell al pubic sale
after ten days notice OF the time ana place OF sale,
OF the bonds OF the united states VI ID
character and description prescribed In THIS act.
sEC That and after the 1st day or January 1871
any holder OF United States notes the amount o
any multiple thereof may present them lor paymen
at the Office the Treasurer OF the United states or
Office OF Assistant Treasurer at the CITY OF new
thereupOu the Secretary OF the Treasury bDa
equal amount OF coupon registered bonds OF tn
United States In such form as he may prescribe OF oe
nominations OF 80, some multiple OF thht sum- ie
deenabe In coin OF the present standard value at tb
pleasure Of the United States after ten year
IRON the date OF their ISSUE ard bearing IL
terest payable quarterly such coin at tue rate OF
per cent per aanum; and the Secretary OF TN
treasury may Issue the United States notes so reserved
or tAey are Cancelled he may issue notes 10 the sam
amount either " purchase bonds redeem The puDn
aeDt a par ia cOn or 10 meet the current ments IO
the pubc service, and the said bonds the interes
tbeieOn shai De exempt from the payment or all tax
OF duties OF lhe United States well from tax aoi
III any form by or under State, municipal local au
thorty. And the SAID bonds snail have set forth snt
expressed upon their face the above specified cOndi
tons and shall, with their coupons, be made payable
Vie Treasury CT the United States, provided however
teat bhs Secretary Of the Treasury lieu VI sueE bonds