The Somerset herald. [volume] (Somerset, Pa.) 1870-1936, 1874-12-30

HERE IS the fuu text OF the new
financial bill, entitled "a bill TO pro-
vide for the restoration Of specie
payments.
Be- q cnccied, &C., That the Secretary Of the
Treasury Is hereby authorized and required a.
rapidly a. practicable 20 cause % be coined at the
mfuts OF the United States, silver coins Of the
denominations Of ten, twenty -hve, and MY
cents of standard value. and 10 issue them IN
redemption OF an equal number and amount OF
fractional currency OF similar denominations, or at
through the mlnts, sub-treasuries, public deposi.
tarieg. and post-otices OF The United States, and
uuon such issue he Is hereby authorized AMI re-
quired 70 redeem an equal amount Of such mac
uoual currency until the whole amount Of such
fractional currency outstanding shallbe redeemed.
SCI. ? That ~ much Of section 1874 OF the re
Yised statutes Of the United States as provides ioI
% charge Of one fifth OF one per oentum for con.
vertlng standard gold bullion into coin is hereby
repealed, and hereafter no charge shall DO made
for that service.
SEC 3 That section 5,577 Of the revised statutes
OF the United States limiting the aggregate
amount OF the circulating notes Of national bank.
ing associations be and IL hereby repealed, and
esch existing banking association may increase it
circulating notes IN accordance with the existing
law without respect TO said aggregate limit, ana
new banking associations may bo organized In &C.
c~ouiance with the existing law without respect TO
said aggregate limit, and the provisions Of the law
fgr the withdrawal and redistribution Of national
"N AN 49,
bank currency among the several States and Ter
ritoriCs are hereby repealed. and whenever and 80
oRen az circulating notes shall be issued 10 any
such banking association 50 increasing its capital
or circulating notes, OF 80 newly organized as
aforesaid. Il snail be the duty Of the Secretary OF
the Treasury 70 redeem the legalRender United
states notes In excess only Of three hundred mil
lion dollars, 70 the amount Of eighty per oentum
ai the sum Ct national bank notes 80 issued 10 any
such banking association, as aforesaid, and 70 con
tiuue such redemption as sach circulating notes
are ISSUED until there shall be outstanding the
sun % three hundred million dollars 81 such legal
tender United States, and no more. And on and
amer the FIRST day Of January, A. d. 1873, the Sec
Rotary OF the Treasury shall redeem IN coin the
Inited States legal tender notes 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 not less than tiny dol
lars
And 70 enable the Secretary Of the Treasury 10
prepare and provide for the redemption in this act
authorized and required. he Il authorized 10 use
any surplus revenues, frum time 70 time. in the
treasury not otherwise appropriated. and 10 issue
sell. and dispose Of AZ nor less than par in coin
either OF the descriptions Of bonds Of the United
states described Ia the act Of Congress approred
July IA ls7e, entitled ~An act 10 authorize The re-
funding OF the national debt with like qualities
principles. and exemptions 70 the extent necessary
10 carry this act into effect and 70 use the proceeds
thereof for the purposes Aforesaid.
And all provisions Of Law Inconsistent with the
provisions Of This act are hereby repealed.
This bill has passed the Senate by
the following vote: 4.
Yeas-Messrs. Allison, Anthony,