Sunbury American. [volume] (Sunbury, Pa.) 1848-1879, 1875-01-15


Of the finance bill having been
passed in the House of Representatives, by /
the decided vote Of 1876 to 90, having pre- |
viouslv passed the Senate. 1t is hoped /
that It will give general satisfaction TO the /
and afford the relief it is intended.
1t will undoubtedly add to the stability OF
our currency in view Of the steady approach
of the period of complete specie payments.
We give below The Act to provide for the
resumption Of specie payments:
''Be Il enacted By The Senate and House Of
Representatives Of The Upated Statescf AHae-
ric,, IA Congress assembled, That the Secre-
tary of the Treasury is hereby authorized
and required. rs rapidly as practicable, to
cause 10 be coined, at the mints OF the
United States. silver coins Of the denOmi-
nations of ten, twenty-five, and fifty cents,
of standard. value, and TO issue them in re-
dcmption Of an equal number and amount
of fractional currency of similar denomi.
nations, or, at his discretion, he may issue
such silver coins through the mints, the
subtreasuries, and post-ollices Of the United
States; and, upon such issue, he is hereby
authorized aud required to redeem an equal
amount of such fractional currency, until
the whole amount of such fractional cur
reucy outstanding shall be redeemed.
SEC. ,. That so much 0i section three
thousand five hundred and twenty-iour of
the Revised Statutes OF the United States
as provides for a charge of onc-fith of one
per cunium for converting standard gold
bullion into coin is hereby repealed and
hereafter no charge shal! be made for that
service.
SEC. 3. That section five thousand one
hundred and seveniy-seyen of the Revised
Statutes OF the United States, limiting the
aggregate amount OF circulating notes of
national banking associations, be, and is
hereby, repealed and each existing bank
ing-associaLiOn may increase its circulating
notes in accordance with existing law
without respect 10 said aggregate limit
and new banking associations may be or
ganized in accordance with existing law
without respect to said aggregate limit
and The provisions of law for the withdrawal
and redistribution of national-bank cur
rency among the several States and Terri
tcries are hereby repealed. And whenever,
and so often, as circulating shall br
issued TO any such hanking-association 50
increasing IFS capital or circulating notes.
or SO newly organized as aforesaid, il shall
be the duty Of the Secretary of the Trea-
sury To redeem the lcgal-tcnder United
States notes in excess only of three hundred
million Of dollars, to the amount of eighty
per centum Of the sum of national bank
notes 50 issued to any such banking aSso
ciaiion as AFORESAID, and to continue sucl
redemption as such cIrculatng-notes are
issued until there shall be outstanding tho
sum of three hundred million dollars o
such legal-tendcr United States notes, ant
no more. And on and after the first da,
of January, Ammo Domini eighteen hundred
ard seycniy-D;ne, the Secretary of The
Treasury shall redeem, in coin, the United
States legal-tender notes then Outstandin!
on their presentation for redemption, a
the Office Of the assistant treasurer Of th,
United States in the city Of New York, il
sums Of not .esS thau fifty dollars. AnC
TO enable the Secretary Of the Treasury t,
prepare and provide for the redemption il
this act authorized or required, he is au
thorizcd TO use any surplus revenues, tron
q time 10 time, in the Treasury not otherwis,
appropriated, and 10 issue, sell, and dispoSt
of, at not less than par. in coin, either q
the descriptions Of bonds OF the United
NSlates described i'll the act of Congress ap
proved Juiy fourteenth, eighteen hundre,
and seventy, entitled An nc; to authoriz
the refundnG Of :hc national debt, = will
like qualities, privileges, and exemptions
60 the extent necessary to carry this &C
into full effect, aud TO usc the proceed
thereof for the purpose aforesaid. And al
provisions of law inconsistent with the pro
visions of this act are hereby repealed.
Passed the Senate December -. 1874.
Attest: GEo. c. GoRuAM, Secr'y.
by II. J. MCDONALD, c. Cl'k