The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1875-01-02
The senate Finance BiII.

The following Is the text Of the
finance bill which recently passed the
senate
BE 1t enacted, etc., That the secreta-
ny of the treasury Is hereby authorized
and required, rs rapidly as practical, to
cause to be coined at the minis of the
United States silver coins of denomi-
nations of 10, 25 and so cents of stand
ard value, and to issue them in re-
demption of an equal number and
amount OF fractional currency of SINH.
lar denominations, or, mt his discretion,
he may issue such silver coins through
the minis, sub-treasuries, public deposit
J tories, and postoilices of the United
States, and, upon such issue, he Is here
by authorized and required to redeem
an equal amount of such fractional
currency until the whole amount of
such fractional currency outstanding
shall be redeemed. ~
Sec. 2. That so much of section
1924 of the revised statutes of the Uui-
ted States, as provided for charge of
one-siXth of one per centum for con-
verting standard gold bullion INTO coin
charge shall be made for that service.
See. 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 bank
ing associations, be and is hereby re-
pealed, and each existing banking as
ISOLATION may increase its circulating
notes in accordance 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
the aggregate limit, and the pro-
visions of the law for the withdrawal
and redistribution of national bank
currency among the several states and
territories are hereby repealed; and
whenever and so often as circulating
notes shall be issued to any such bank
ing association, so increasing its capt.
tai or circulating notes, or so newly or
ganized as aforesaid, 1t shall be the
duty of the secretary of the treasury to
redeem the legal tender United States
notes in excess only of $500, 10000 to
the amount of 50 per ceptum of the
sum OF national bank notes so issued
to any such banking association as
aforesaid, and to continue such re-
demption rs such circulating notes are
issued until there shall be outstanding
the sum of S300000,0 900 of such legal
tender United States notes and no
more. And on and after the LIST
day Of January, A. ID. 1879,
the secretary of the treasury shall re-
deem in coin the United States legal
tender notes then outstanding on their
presentation for redemption at the Of
flee OF the assistant treasurer of the
United States, in the city of New York
in sums of not less than fifty dollars.
And to enable the secretary of the
treasury to prepare and provide for the
redemption In this act authorized or
required, he is authorized to use
any surplus revenues from time to
TO time in tue treasury, not
otherwise appropriated, and to issue,
SELL and dispose of, at not less than par
in coin, either Of the description of
bonds of the United States described
in the act Of congress approved July 4,
1874, entitled "An act to authorize the
refunding of the national debit with
like privileges, and exemptions to the
extent necessary to carry this act into
effect, and to use the proceeds thereof
for The purposes aforesaid. And all
provisions Of law Inconsistent with, the
provisions Of this act are hereby re-
peaied. .ans q aaife0 siss &c