The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1874-12-31
THE SENATE FINANCE BILL.

The following is the text of the Finance
Bill which recently passed the United States
Senate:
BeHenacted, ETC., That the Secretary of the
Treasury is hereby authorized and required,
as rapidly as practicable, to cause TO be coined
at the minis Of the United States silver coins
OF denominations of 10, 25 and so cents Of
standard value, and to issue them in redemp-
ton of an equal number and amount of frac-
tional currency of similar denominations, or
at his discretion, he may issue such silver
coins through the minis, sub-treasuries, pub
lie repositories, and post offices OF the United
States, and, upon issue, he is hereby author
lied and required to redeem an equal amount
of such fractional currency, until the whole
amount of such fractional currency outstand-
ing shall be redeemed.
Sec. 9. That so much of Sec. 1924 Of the
Revised Statutes of the United States as pro-
vides for charge of one-sixth of l per CEN
.tum for converting standard gold bullion into
coin is hereby repealed, and hereafter no
charge shall be made for that service.
Sec. 3. That Sec. 5777. Of the Revised
Statutes Of the United States, limiting the
aggregate amount Of the circulating notes Of
the national banking associations, be and is
hereby repealed, and each existing banking
association may increase its circulating notes
in accordance with the existing law, without
respect to said aggregate limit and new
banking associations may be organized in ac-
,cordance with the existing law, without
respect to the aggregate limit and the pro-
visions of the law for the withdrawal and re-
distribution of national bank currency among
the several States and Territories are hereby
repealed; and whenever and so often as clrcu-
latiDg notes shall be issued to any such
banking association, so increasing Its capital
- -. CO. OrOan1ZRd
aforesaid, it Shall be the duty of the Secretary
of the Treasury to redeem the legal tender
United States notes in excess only OF $780,
1000, 900 to the amount Of so 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 cir
.culating notes are issued until there shall be
outstanding the sum of $500, OOO,OOO OF SUCH
legal tender United States notes and no more.
And on and after the LIST day OF January, A. u.
1879. tie Secretary of theTreasury shall redeem
in coin heUnited 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. ii sums of not less than fifty dollars.
And to enable the Secretary of the Treasury
to prepSre and provide for the redemption in
this actauthorized or required, he is author
lied to Use any surplus revenues from time
to time IN the treasury, not otherwise appro-
priated, and to issue, sell and dispose Of at
not lessthan par in coin, either Of the de-
.scriptio, of bonds of the United States de-
scribed N the act of Congress approved July
4. 1870 entitled "An act to authorize the re-
funding crr4he national debt, with like pri-
vileges,r assumptions to the extent neces-
sary to PuAs act into effect, and to use
the proc.eaa ytof for the purposes afore-
said. AID a. rovisions of law inconsistent
with theprovisSbns Of this act are hereby re-
Dealed