The Pulaski citizen. [volume] (Pulaski, Tenn.) 1866-current, 1875-01-07
The Senate Financs Ri11-

The following is the text of the
finance bill which recently passed the
senate:
BE 1t enacted, etc., That the secretary
OF the treasury is hereby authorized
and required, as rapidly as practical. to
cause to be coined at the mints of the
United States silver coins of denomina-
tions Of 10, 25, and so cents of stand-
ard value, and to issue them in redemp-
ton OF an equal number and amount
OF fractional currency of similar demon
nations, or, at his discretion, he NAV
Issue such silver coins through the
mints, sub-treasuries, public deposito-
ries. and post-offices of the United
States, and, upon such issue, he is
hereby authorized and required to re-
deem an equal amount of such frac-
tional currency, until the whole amount
OF such fractional currency outstanding
shall be redeemed.
SEC. 2. That so much Of Sec. 8. .524 of
the revised statutes of the United States
as provides for n charge of one-sixth Of
per centum for converting standard
gold bullion into coin is hereby repealed
and hereafter no charge shall be made
for that service.
SEQ 3. That Sec 8, TIT of the revised
llLllLlDR
the aggregate amount of the circulating
notes of the national banking assoeia-
tions, be and is hereby repealed, and
each existing banking association may
increase its circulating notes in accord
ance with the existing law, without
respect to said aggregate limit and
new banking associations may be or
ganized In accordance with the existing
law, without respect to the aggregate
limit; and the provisions of the law for
withdrawal and redistribution of ma
tional- bank currency among the several
states and territories are hereby re.
pealed and whenever and so often as
circulating notes shall be issued to apy
such banking association, so increasing
It's capital or circulating notes, or SO
newly organized as aforesaid, it shall be
the duty of the secretary of the treasury
20 redeem the legal tender United
States notes in excess only of $500 OOO.-
600 TO the amount of so per centum of
the sum of national-ba notes so is
sued to any such banking association as
aforesaid, and to continue such redemp-
tion as such circulating notes are issued
until there shall be outstanding the
sum of 100000 Of such legal-tender
United States notes and no more. And
on aud after tho 1st day of January, A.
ID. 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 fifty dollars.
And to enable the secretary of the treas
ury TO prepare and provide for the re-
demption 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-
scription of bonds of the United States
described in the act of congress ap-
proved July 4, 1870, entitled "An act
TO authorize the refunding of the ma
tional debt" with like privileges, and
exemptions TO the extent necessary to
carry this act into effect, and to use the
proceeds thereof for the purposes afore-
said. And all provisions of law incon-
sistent with the provisions of this act
are hereby repealed.