The daily intelligencer. [volume] (Seattle, Wash. Territory [i.e. Wash.]) 1876-1881, 1878-03-16

gal standard In order to facilitate the
exchange or demand of these bonds,
the ten millions Treasury notes, made
a special fund by joint resolution of
the frs. session of the 44th Congress,
are to be replaced by like amou mt OF
new issue. and made q special fund to
secure prompt exchange for these
bonds of $4,000, 900 Of this amohnt
$25. 900, 900 10 to be the maximum to be
withheld from circulation so long ss
there are bonds payable OF subject to
call, bearing a higher rate of interest
than per cent. per annum. The bonds
herein directed to be issued shall state
upon their face that they are payable
upon demand with secured inferred
in any legal paper money issued
by tho Z. 8. Treasury. The Secretary
of the Treasury is required to cease a
further reduction of the Treasury notes
below the sum of $780, 900, and to
replace old worn notes. bearing simply
the legend. that they are fundable
into bonds herein authorized
at the option of the holder, and receiv-
able for all public and private dues.
ALI United States notes received into
the treasury under this Act, except
such as are required to keep the bond
redemption fund up to $4,000, 600.
shall be applied exclusively to the pay.
ment of any United States bonds. re-
deemable at pleasure, or to the pur-
chase of coin or bullion, to be applied
exclusively to the payment of such
bonds, but new notes shall be substitu-
ted for those of previous issue when the
latter come into the treasury. The coin
in the treasury shall be held for the
sole purpose of paying coin interest
upon the public debt, and if it shall sp-
pear to the Secretary of the Treasury
that the present supply OF coin is in
sufficient to meet the coin interest
which may become due before the paper
money herein authorized becomes ex-
chsngssble with coin at par, he shall
dispose of such bonds as may be issued
under the Acts of Congress at such
time, for coin in Europe, or elsewhere
if it eau be done to greater advantage,
in quantities sufficient to meet such de-
mand for coin from year to year. Ma
tional banks may hold the bonds
herein authorized, and q new issue of
greenbacks for their legal reserves in
place of all present reserves, except
coin. and after the passage of this Act
no tax shall be levied upon deposits in
national banks.
WASHINGTON, March 1.-THE Navy
Appropriation bill recently introduced
in the House by Representative ely
mer appropriates the totol SUN of $14,-
04S,6S4. Throughout the bill the spe-
eifc objects Of the appropriation are
stated. Only 81 100000 are appropri-
ated for the preservation of vessels on
the stocks. and in ordinary purchase OF
material and stores of all kinds, labor
in navy yard and in foreign stations,
preservation of materials, purchase OF
tools. wear and tear and repair of yes.
sells afoat, and for the general care and
protection of the navy in line, on con-
struction and repair, and incidental ex-
penscs. namely, advertising and foreign
postage.
The Senate Subcommittee in charge
Of the vsrious bills concerning trans.
continental railway communication on
or nesr the 32d parallel, reported favor
able on the Texas project, and submit
ted to the full committee a copy of the
bill agreed upon by the House Pacific
Railroad Committee. The full commit.
tee began the discussion of the mea-
sure, and adjourned until Tuesday next,
when final action is expected.