The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1874-05-07
The Finances.

discussions on various features IF the 6nan-
cial question. AS yet, the several members
of the Committee have touched the subject
gingeriy, lest scne Ct the pent-up displeas-
are of few OF thsm RAJ find an outlet, the
effect of which would be en- acrimonious
discussion within the Committee, resulting
in personal ill-feeling and the widening Of
the breach to such IN extent as to make
CONCESSIONS or agreements on any material
question impossible, aud also, probably,
make necessary the appointment of a new
Committee at least a few changes in
the composisiaa OF tic exis ting ons-
Mr.. DAWES nILL
to authorize the issue of United States
bonds in exchange for legal tender. notes,
and for other purposes, is as follows:
De it enacted, ETC., That the Secretary
of tho Treasury is hereby authorized 70 is
sue in exchange for lesaLtender notes of
the United Statss, in such form as lie may
prescribe, and Of denornlnatians Of $50. or
some multiple of that sum, redeemable in
coin of the present standard at the pleas
g1e Of the United States, after so years
from the date of their issue, anl bearing
interest, payable quarterly, in such celn, at
The rate Of 4 l-2 per cent per annuU,, and
the Secretary of tie Treasury may reissue
the United states notes so received, or, if
the7 ere Cancelled, nlay issue new United
States notes to tbs same amount, either to
purchase or redeem the public debt, or to
meet the current Payments for the public
service, and the sad boads and the interest
thereupon shall be exempt from The pay
mens of taxes or duties of the Ua;ted
States, as well as from taxation in any
form by CT under State, municipal, or local
authority, AID tie said bonds shall have
set forth and expressed on their face the
above specified conditions, and shall, with
their coupons, be made payable at the
Treasury Of tie United States.
SEC. That Sec. of the "act TO provide
a national currency secured by pledge OF
United States bonds, and to provide for
the circulation and redemption thereof"
be and the same is hereby amended so that
the amount required to be kept on hard at
all times by every banking association, as
therein provided and specified, SHOULD be an
average equal 90 said amount for and daring
any one fiscal year.
SEC. 3 That the act entitled "An act to
provide National currency secured by Il
pledge of Unl:ed States bonds. and to
prq?.de 70. the circulation ara reda1 tio,.
thereof approved June 8, 1864, be and
is hereby declared to be open and free for
banking, and any and all persons are at
liberty to organize banking associations at
such places as they nay Judge proper, ii
ACCORDANCE, with the provisions of said ac.
and of qt''er ncts lsatins to National Bank
ing A>socations.
SEC. t. This act shall take efso. after
the lst day of January, 1878.
Mk. BuTLEB's BILL
to provide for free banking and better se-
curlty to depos'sors, prevent susury, give
elasticity to the currency, pres ervc is value
to the people, and to prevent financial
panics by locking up currency, provides in
the first section for free banking, limited
to SlO per capita, according 90 the census
nj a1 III Ill
equal amount of such circulation. The
eecond section directs the Secretary to draw
in the legal tenders to 25 per cent CT the
amount Of the inerease in the National
Bank notes each month, Inti: the outstan
ding legal tenders a-e reduced to 1886 co.,,
OOO, such notes not to be again issued ex
cept as Il reserve tc meet any emergency OF
the public service, to be declared by the
pruclarlati0n Of the Presdeat. Sec 3 re-
qulres Nationa, Banks to hold the coin re.
ceived for interest or their beads deposited
with tue Treasurer as portion Of their re
serve until the SUN equlls the reserve re.
qui: ed to be held by them Sec / requires
the banks to hold their reserves in tieiI
own vaults, and repeals the law requiring
or permitting the redemI ton Of their notes
elsewhere than at their own bauk. Sc. 5
limits the amount of interest CHARGED by
| AatIqnai BaEks 10 lG per csi;t per AN.
num- under penalties tor u,ury. Zee. {
forbids The payment o, ln.eresE u Llni.,
tor deposits under the penalty oi discon
tinuanco Ci the banks. Stc. ! m Aes il the
duy Ct thy Comptroller q. the Currency t.
| place "a Receiver in am iank detected in
certifying checss good when the drawer
! has not dcposited sufficient amount t.
rieet it, and To proceed to wind up the
bank Secs. s, 9. ond 10 relate Ia the des
| tsucIiqn oi Worn aad m,.iilatssi nutes aul
4, lhe issue Ct new oacs ip ti,eir stead. See.
II lr"vl'ies that NJ pubic or private r,r
! p"r"iion, ether iha. barking eorpor ti,.r
authari9ei u law, n" finn ~ imdl,rlu.l
/ Stall make ar ls~@r any unt@ H. l.r, tii>,. 6,
| pay To be used .s circai.'irg u.sdium
| The penairy f"r 50 doing is u fine not cx
sreii"g 5 900 ar inr rlsannens nor rxceu,l
! III. cue year, or both ut The d>cr,tin- o.
| thc Gourt, Sec. r. Ii. and ! 4 ,rpEii- tu,
he Issue of 2O5 fnrty-rsar g,,ll bond 81
the de""gnirarions of Si0o and upwards
Interchangeable for legal tenders 3, Ii,
Treasury md Scb reeasuriss pfthe Jni.e,
S'.t's. Sc. Is prnvid;s lar the j. u o.
Gal-t"nsier~ temporarily upon any gol,
h"o'i> u tie United States hen presented
Tar that purpose IN sums ot $4,000 at III.
SUI Treasures in New York, New Oslesi.i.S
San Francisco, or >ush other cities as tb.
5 eretpry may direct. To be returned ..r,;n
!e>s interest. ~ sresearalion of the sam.
"mount in legal ssga-rs. Sec. l6 cselnrt
the hogd. iesEei anuey this act iron. taxa
ton, either Stat, municipal, or local. =
1nz ArsR"E ria T1pN aILLs
WAsElssTes, 2, [. Ny 4-Tfa gaus
Committee On appropriations aas fn;il
acsed on elevsa ii the general appropriation