The Iola register. [volume] (Iola, Allen County, Kansas) 1875-1902, 1875-01-02
THE NEW FINANCE BILL.

We publish below the finance Dill
which has recently passed the Senate and
is now before the House of Representa-
tives. If this bill will in any way re-
store confidence between our business
men and capitalists, by all means let US
have it. There is money enough in the
country if it can only be got in circula-
ton:
Be it enacted, SC, that the Secretary
of the Treasury is hereby authorized and
required, as radidly As practicable, to
cause to Is coined at the minis Of the
United States, silver coins at the denom-
ination of ten. twenty-five and fifty
cents, of standard value, and to issue
them in redemption of an equal number
and amount of fractional currency of
similar denomination or at his discre-
ton, he may issue such coins through
the minis, Suh-treasuries, public deposit
tories, and postotfices Of the United
States, and upon such issue he is hereby
authorized and required to redeem an
equal amount of such fractional currency
until the whole amount of currency out
standing shall be redeemed.
SEC. 2. That so much of section g.
52i of the Revised Statutes of the United
States as provided for charge of one
fifth of one percentum for converting
standard gold bullion into coin is hereby
repealed, and hereafter no charge shall
be made for that service.
SEC. 3. That section 5.777 of the Re-
vised 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associations, be and is hereby repealed,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
NAV increase its circulating notes in &C.
cordance with the existing law, without
respect to said aggregate limit and new
banking associations may be organized
in accordance with the existing law,
without respect to such aggregate limit,
and the provisions of the law for the
withdrawing and redistribution of ma
tional currency among the several States
and territories are hereby repealed, and
whenever and SO often as circulating
notes shall be issued to any banking lis
ISOLATION, 50 increasing its capital or cir
culating notes, or so newly organized as
aforesaid, it shall be the duty Of the
! Secretary of the Treasury to redeem the
legal tender United States notes in excess
only of $500, 100000 to the amount OF
eighty per ceDtum Of the sum OF nation
al bank notes 50 issued to any such
banking association as aforesaid, and to
continue such redemption As such clrcula'
ting notes are issued until there shall be
outstanding the sum of $500, OO0,OUO Of
such legal tender United States and nu
more. And Oh and after the LIST day OF
January A. ID. 1879, the Secretary of the
Treasury shall redeem il coin the United
States legal tender notes then Outstand.
ing 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. Ant
to enable the Secretary of the Treasury
to prepare and provide for the redemp
ton in this act, authorized or required
he is authorized to use any surplus reve'
nues from time to time in the Treasury
not otherwise appropriated, and to ISSUE
!. sell and dispose of at not less than par il
coin either of the description of bonds o
the United States described in the act o
Congress approved July IA, 1870, emit
tied IAN act to authorize the refundin,
of the national debt" with like qualitie
privileges, and exemptions to the exten
necessary to carry this act into effect
and to use the proceeds thereof for tn
purpose aforesaid.
And all provisions of law inconsistent
with the provisions of this act are hereb
| renealed