New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-01-08
FINANCIAL SCHEMES.


SENATOR HOwE's BILL FOR THE WITHDRAWAL FROM
CIRCULATION OF IRREDFEMAELE NATIONAL
NOTES AND THE SUBSTITUTION OF REDEEmABLE
NATIONAL BANK HoTEs-A BILL BY REPRESENTA-
TIVE MEIIIsH TO PROVIDE TIE MONEY OF The
UNITED STATES AND REGULATE ITS VALUE.
iBY TELEGRAPH TO TIE TRIBUSEJ
WASHINGTON, Jan. 1.-The following Is the full
text of the Currency bill which Senator Howe gave
notice to-day he should soon introduce:
rnL to provide gadus wbrSsal from Circulation o ire
deemabe National The therefor Of redeenabe
National bAn notes restrictions oob tanss Of
sue end upon the aDount Of circulation,
Be enacted, dc, That any National bank which has
been may hereafter De organized III accordance with
the laws Of the United States 9nd which shall deposit
with the of tie United States National notes
In sums equal to number Of thousands, not
less than hfty," shall receive ia exchange therefor
registered bonds of the United States, equal IN amount
TO the deposited payable III 50 years from date
with semanuua interest thereon, at tie rate OF per
- roth princpal ana interest p"S"oo III
gold coin aud shall also receive National notes III the
form prescribed by law equai 70 ~ per cent OF the pr
epal OF such bonds.
sEc 1t shall be the duty Of the Treasurer to cause
to destroyed NatiOIal Notes equal IN amount to the
bank notes so az any issued less the percentage
fixed BY law to such cTcuatoD until the
volume OF National notes outstanding shall be reduced
TO millions aud thereafter 10 more National notes
shall be DESTROYED except sucb dCfaced and mutiated
notes IA may be rctuLcd the Treasury from time 10
time winch returned notes Treasurer shall redeem
In gold and silver CON.
Representative Mellsh CT New-YOTk City intro
duced bill to-day TO provide the money Of the
United States and to regulate the value thereof. 1t
provides that, beginning with the next fiscal year
every National bank may determine for itself the
amount of lawful money it VIII keep Oh hand, but
that each bank shall Oh demand, redeem its cireu-
latng notes III com, legal tenders United States
bonds as il shall eject The second section author
ICES the Secretary OF tie Treasury 20 prepare for cir
eulation standard value money certificates of various
denominations, receivable for ali debts public aud
private, except the principal and interest on the
public debt. Section third provides for the payment
of onefOurth of the customs auties dnrng one year
In Treasury notes, increasing the amount yearly
Hntil 1877, when the whole may be 70 pad. Sue
eeeding sections direct collectors and other officers
receiving public money to send 10 the Treasurer
the identical currency received, which shall be de-
stroyed as often az the amount received amounts to
$loOOOO0 each National bank to be Informed of the
amount Of its notes thus destroyed and to receive
back from the Treasury an equal amount of its
bonds left on deposit. Tie place Of the currency
destroyed is to be supplied by tie Issue OF an equal
amount Of standard value certificates until the
amount 80 issued shall reach SSOO,0OO000. After 6
per cent OF the notes Of any bank have been de-
streyed 'ts netes shall not be received in payment
oi public dues and interest on its bonds shall be
withheld until the whole amount of It's notes shall
have been destroyed.