New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-02-14
A NEW FINANCIAL MEASURE.
PROVISIONS OF BILL TO SUBSTITUTE TREASURY
NOTES FOR NATIONAL BANK NoTEs-CoSTRAC-
TON OF THE CURRENCY FORBIDDEN.

PROVISIONS OF A BILL 1hEhooh'
NOTES FOR NATIONAL BANK NoTEs-CoSTRAc'
TON OF THE CURRENCY FORBIDDEN.
IBY TELEGRAPH THE TRIBUSE.l
WASHINGTON, Feb. 13.-The House Commit
Banking and Currency reported have agreed
practically to bill substitute Treasury notes for the
National Bank circulation now outstanding. The OH
provides that practicable after its passage
the Secretary of the Treasury shall issue Treasury
equal in the outstanding circulation OF
the National Banks These to be used for the
purpose Of redeeming and retiring the National Bank
circulation and to bear upon their face the follow
ing words
WASHINGTON, d. c.
The United States OF America are indebted to the
bearer In the OF dollars.
1t will be noticed that they TO bear promise OF
payment and provision for their redemption and re-
tirement Is made. These nOtes-whch the bill provide.
shall be In general appearance like the present green
backs-having been signed by the Treasurer OF the
United States and counersgDed by the Register OF the
Treasury, are to be receivable in payment OF all
taxes customs, excses debts and demands OF
every kind due to the United States, and
Of all claims and demands against the United States e1-
cept for obligations made payable in coin oelawim
money by existing laws and are TO be received ny the
Secretary Of the Treasury Mt par in pay ment for per
cent bonds When these ready for circulation
they arc to he forwarded by Of the Treas
ury to tina Acknowledgements at Ncwfork, Boston,
philadelphia Cincinnati. Chicago, 81 Louis and New,
4
disbursements of e several Offices aud are 10 be dis
bursod under specific rules.
FrSt-rIc Assistant Trcasurers required TO retain
all NaOnab ank notes received by them, and TO pay out
in their stead the Treasury notes provided Tor ny ina
bill and this Ia 10 continue as long as any National
bank notes are outstanding 49, ,
Sccoad-All National bank notes TO be transmitted
10 the Treasury Of the United States, in liquidation OF
the charges against the banks As fast as received the
redeemed notes are he counted and assorted, ana
when he amount hand belonging TO any single bank
shall reach 0OO that bank shall be entitled To receive
an equal ogaltenders. in Treasury notes. or out
OF ITS bonds deposit with the Treasurer. and to that
shall be relieved from the present tax on circua-
ton
Should any bank fail to comply with the provisions OF
this notice shall be given 10 H. and alter the cXplT-
ton Of Sky days the interest on bonds belonging
10 it and he'd 10y the United states is 10 cease. TIC
bill also authorizes the Secretary 81 the Treasury
the notes in the purchase OF per cent bonds
in the purchase Of gold silver coin with which To
redeem and pay such bonds. II also provides that
National banks may exchange their bonds FOR notes and
that The Secretary Of the Treasury may dispose of bonds
obtain gold for the payment OF interest the public
The bill also furnishes the machinery for taking
up the circulating notes and bonds OF gold banks and
FORBID, the further issue OF National bank notes. Finally
II loYbls all contraction OF the currency.