The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1875-01-22
Text of the Finance Bill.

The following is the full text OF the
Finance and Currency bill passed by
Congress. 1t has received the approval
of President Grant, and Is now the law
of the land
Re IL enacted, etc. That the Secretary OF the
Treasury is hereby authorized and required,
as RAPIDLY as practicable, to cause 10 be coinedat
the Mints of the United States, silver com or
the denominations of ten, twenty-five and nifty
cents, of standard value and TO issue them IN
redemption of al equal number and amount
of fractional currency OF similar denomina-
ton or, at his discretion, he may lssue such
silver coins through the Mints, Sub Treas
uries, Public Repositories and Postofhces OF
the United States, and upon such issue ne ID
hereby authorized and required 10 redeem an
equal amount of such fractional currency,
until the whole amount of currency outstand--
ing shall be redeemed.
SEC 9 That 30 much OF section 5,524 OF
the Revised Statutes OF the United States as
provides for charge Of one-hfth OF one per
centum 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into coin is hereby repealed, and hereafter no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 Revised
Statutes of the United States, limiting the
aggregate amount Of the circulating notes OF
national banking associations, be and IL here
by repealed, and each existing banking aeso-
citation may increase its circulating notes IN
accordance with the existing law, without
respect to said aggregate limit and new bank
ing associations nay be organized In accord
ance with the existing law without respect to
said aggregate limit, and the provisions OF the
law for the withdrawal and redistribution or
national currency among the several States
and Territories are hereby repealed, and when
ever and 30 often as circulating notes shall be
Issued to any such bank association, so in
creasng it's capital or circulating notes or 80
newly organized as aforesaid, it shall be the
duty Of the Secretary OF the Treasury to re-
deem the logal-tender United States notes in
excess only of $500, 900, 900 to the amount OF
eighty per centum of the sum OF national
bank notes so issued to any such banking as
ISOLATION as aforesaid and to continue such
redemption as such circulating notes are is
sued until there shall be outstan ling the sum
of $500, 000 900 of such legal-tender United
States and no more. And on and after the
1st day of January, A. ID. 1879, the Secretary
of the Treasury shall redeem i'll coin the
United States legal-tender notes then
outstanding on their presentation for re-
demption at the Office of the Assistant Treas
urer of the United States, in the city of New
York, in Gums of not less than $50. And to
enable the Secretary Of the Treasury to pre-
pare and provide for the redemption in this
act. authorized or required, he is authorized
to use any surplus 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 description of
bonds of the United States described in the
act OF Congress approved July IA, 1870, en-
titled IAN act to authorize the refunding of
the national debt" with like qualities, priv
ileges, and exemptions to the extent neces-
sary to carry this act into effect, and to use
the proceeds thereof for the purposes afore-
said.
And all provisions of law inconsistent with
the provisions Of this act are hereby repealed.