The Somerset press. [volume] (Somerset, Ohio) 1873-1977, 1875-01-01
NUMBER 80.
The Senate Finance Bill.
LOmcisI Text.1

Be it enacted, &C., That the Secreta-
ry of the Treasury is hereby authorized
and required, as rapidly as practicable,
to cause to be coined at the mints of the
United States silver coins of the denom-
nations 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 denominations, or, at his discre-
tion, he may issue such silver COINS
through the mints, the sub-Treasuries,
public repositories, and post-offices Of
the United States; and, upon such issue,
he is hereby authorized and required to
redeem an equal amount of such frac-
tional currency, until the whole amount
of such fractional currency outstanding
shall be redeemed.
SECTION 2. That so much of Section
1924 of the Revised Statutes of the I'm
ted States as provides for a charge Of
one-ffth Of one per cent. for converting
standard gold bullion into coin is here
by repealed, and hereafter no charge
shall be made for that service.
SEC. 3. That Section 5, 1T of the Re
vised Statutes of the United States, lin
itipg the aggregate amount of circulating
notes of National banking associations
be, and is hereby repealed; and each ex-
isting banking association may increase
its circulating notes in accordance with
existing law without respect to said ag-
gregate limit; and new banking associa-
tions may be organized in accordance
with existing law without respect to said
aggregate limit; and the provisions of
law for the Withdrawal and redistribu-
tion of National bank currency monR
the several States and Territories are
hereby repealed. And whenever and
SO often as circulating notes shall be
issued to any such banking association,
so increasing its capital or circulating
notes, or so newly organized, as afore-
said, it shall be the duty of the Secre-
tary Of the Treasury to redeem the le-
gal-tender United States notes in excess
only of $500, 100000 to fhe amount of
eighty per cent. of the sum of National
bank notes SO issued to any such bank
ing association as aforesaid, and to con-
tinue such redemption as such circula-
ting notes are issued until there shall
be outstanding the sum of $500, ,OOO, 600
or such legal-tender United States notes
and no more. And on and after the
lst day of January, A. d. 1879, the Sec
retary ofthe Treasury shall redeem in
coin the United States legal tender notes
then outstanding, on their presentation
for redemption at the office ofthe Assis-
tant Treasurer of the United States, in
the city of New York, in sums of not less
than fifty dollars. And to enable the
Secretary to prepare and provide for the
redemption in this act authorized or re-
quired, he is authorized to use any sur
plus revenues, from time to time, in the
Treasury not otherwise appropriated,
and to issue, sell and dispose of at not
less than par, in coin, either of the de-
scriptions Of bonds Of the United States
described in the act of Congress APPROX
ed July IA, 1870, entitled, "An act to au-
thorize the refunding of the National
debt" with like qualities, privileges and
exemptions, to the extent necessary to
carry this act into full effect, and to use
the proceeds thereof for the purposes
aforesaid. And all provisions of law in
consistent with the provisions of this
act are hereby repealed.