Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1874-12-25
e be New EinaECe Aesii.

Tae following is the fu.l text Of the
bill reported ~ Mr.. Sherman, from
tue Committee on Fln2uce, to provide
for the resumption OF specie pay
meLts:
/ b it cncctcd, &c Tat The Score
tarr Of the IrsaS>.fy "a hereby author
Ized and required. as RAPIDLY as prac-
ticaSt1, TO cause to be coined at the
mints OF the United States silver coins
Of the denominations OF ten, twenty
| five and fifty cents. OF standard value,
and to issue them IN redemption of an
equal number and amount of frac-
tlonai currency Of similar denOmlEa-
tons, or, at his discretion, he may
issue such silver coins through the
minis, the aub-treasuries. public de-
p0sitorieS aud postotices of tne United
I States; and, upon such issue, he Is
hereby authorized and required to
1t deem an equal amount of such fcac-
tional currency uutilthe whole amount
of fractional currency outstanding
shall be redeemed.
Sec. >. That so much Of sectiOn3, ga
of the Revised Statutes OF the United
States as provide for a charge OF one
fifth OF one per centuI for converting
standard gold bullion into coin, Is
hereby repealed, and hereafter no
charge shall be made for that service.
Sec. ). That section 5,777 of Re
vised Statutes OF the United States,
limiting the aggregate amount Of cir-
cuiating notes Of national banking as
sociations be, and is hereby, repealed,
and each existing banking association
may increase its circulating notes in
accorda1ce with existing law, without
respect to said aggregate limit, and
new banking associations ray be
organized III accordance with ex-
listing law without resi- ect to
said aggregate limit and the provis-
ions OF law for the withdrawal and re-
distribution OF national bank currency
among the several States and Terrific
ries, are hereby repealed, and when
ever AID so often as circulating notes
shall be issued to any such banking
association so increasing its capital or
circulating notes, or so newly organ
lied, as aforesaid, it shall be the duty
Of the Secretary of the Treasury to re-
deem the legal tender United States
notes in excess only of three hundred
millions of dollars to the amount of
eighty per cent. of the sum of nation
al bank notes so issued to any such
banking association as aforesaid, and
to continue such redemption, as such
circulating notes are issued, until there
shall be outstanding the sum of $780,
O0O,000 of such legal tender United
States notes, ard 10 more. And on
and ait~r the 1t day Of January, A.
D. 1879, the Secretary of the Treasury
shall redeem IN coin the United States
legal-tender notes 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 redemp.ions in this act authorized |
or required, he is authorized to use
any surplus revenues from time to
time in the Treasury not otherwise
and to issue, sell and
dispose of, at not less than par in coin,
either ii t.,- Il scr. i,l;..ii~ g.! }i0i i = sc
the Unite States described III the act
of Congress approved July IA, 1870,
entitled "An act to authorize the re-
funding of the national debt" with
like quantities. privileges and exemp-
tioEs, to the extent necessary to carry
this act into full effect, and to use the
proceeds thereof for the purposes
And all provisions OF law
with the provisions of this
act are hereby repealed.