Bradford opinion. [volume] (Bradford, Vt.) 1874-1881, 1874-12-26
The Senate Finance Bill
Passed.

NUHlHy uiSSuSS"" 'o'""N"'
Shut of Missouri, Bayard Of Del
eware, Thurman of Ohio, and 9th
ers participated. 1t was passed by
u party vote, The vote stood 80 to
IA. AS this bill is likely to create
considerable discussion in the House
we give the full text:
BE IL enacted. etc., That the Secrc.
tary of the Treasury is hereby an
th0rized and required as rapidly as
practicable, to cause to be coined at
the mints of the United States, sill.
yer coins of denominations OF ten,
twenty-five and fifty cents of stand
ard value, and to issue them in re.
demption of an equal number and
amount of fractional currency OF
similar denominations; or, at his
discretion, hs may issue such silver
coins through the MINIS, Sub.Treas-
uries, public repositories and Post
Offices of the United States, and
upon such issue he is hereby author
lied and required to redeem an equal
amount of such fractional currency,
until the whole amount of currency
outstanding shall be redeemed.
Section 2. That so much of sec
ton 1924 of the Revised Statutes OF
the United States as provides for Il
charge of one-fitth of one per CEN
tum for converting standard gold
bullion into coin is hereby repealed,
and hereafter no charge shall be
made for that service.
Section 3. That section 5777 of
the Revised Statutes of the United
States, limiting the aggregate
amount of the circulating notes of
national banking associations be
and is hereby repealed, and each ex-
listing banking association may in
crease its circulating notes in accOr-
danes with the existing law, with
out respect to said aggregate limit,
and new banking associations may
be organized in accordance with the
existing law, without respect to said
aggregate limit, and the provisions
of the law for the withdrawal and
redistribution of National currency
among the several States and Terri
tories are hereby repealed, and when
ever and so often as circulating notes
shall be issued to any such bank as
ISOLATION, so increasing its capital
or circulating notes, or so newly Or
ganized as aforesaid, it shall be the
duty of the Secretary of the Treas.
ury to redeem the legal-tender Unit
ed States notes in excess only of
$500, 600, 900 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 un.
til there shall be outstanding the
sum of $500, 100000 of such legal
tender United States notes and no
more. And on and after the first
day of January, A. d. 1879, the
Secretary of the Treasury shall re-
deem in coin the United States le.
gal-tender then outstanding on their
presentation for redemption 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 provide for
the redemption in this act, author
lied or required, he is authorized to
use any surplus revenues, from time
to time in the Treasury, not other.
wise 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 describ-
ed in the act of Congress approved,
July IA, 1870, entitled Gan act to
authorize the refunding of the ma
tional debit" with like qualities,
privileges and exemptions to the ex-
tent necessary to carry this act into
effect,and to use the proceeds there.
of for the purposes aforesaid.
And all provisions of law incon.
sistant with the provisions of this
act are hereby repealed.