The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1878-03-01

preliminary survey by army and civil
engineers, from Liberia eastward 2,OOG
miles into Niger Valley.
The New Financial Bill.
The Banking ard Currency Committee
have At last harmonIzed all their differ
ences, and ordered to be reported to the
House, when the committee Is next called,
a bill to retire the circulating notes OF
National banks. The bill provides that
after the passage of the act the Secretary
of the Treasury shall cause TO be prepared
an issue of treasury notes equal TO the
amount of National bank circulation on
the first of February, 1878, being the sum
of S}22,O79,Sl0, which notes shall be
certificate that the United States are in
debted TO the holders in the sum ot the
face of the notes. They shall be receivs-
bic in psyment of Gil taxes, excises, debts
and demands of every kind due the
United States, except for obligations made
PAYABLE IN coin Dy existing laws, and
Shall be received by the Secretary OF the
Treasury at par for four per cent. United
States bonds.
Section two prescribes that the Secre-
tsry OF the Treasury shall cause such
no!es to be forwarded, when ready for
circulation, to the Assistant Tressurers
At New York, Boston, Philadelphia, Bal
timore, Cincinnati, Chicago, st. Louis
and New Orleans, in amounts proper
toned 10 the receipts OF the several
officers. After receipt of these notes the
Assistant Tressurers are prohibited 10
psy cut National Bank notes then IN
their offices, or thereafter received, but
in lieu thereof are required to pay out the
Treasury notes authorized BY TINS act'
until the National Bank circulation
shall have been retired.
Section three authorizes Assistant
Tressurers to exchange Treasury bank
notes for National Bank circulation, As
slstant Tressurers are also required every
thirty DAYS to send TO the Secretary OF
the Treasury the National Bank notes
received By them, which shall be received
by the Treasurer in liquidation oi the
charges against the several Assistant
Treasurers on account OF Treasury noies.
1t is made the duty of the United States
Treasurer 20 count the notes thus re
ceived, and whenever any Association
receives So 1000, or any multiple Thereon,
the Association shall be notified, aud be
entitled to receive q like sum OF
Treasury notes, And is bonds en-
deposit for the security OF i;5 circulation
TO the amount of its notes thus recolvsd
shall be discharged from tax on its circu
lation. Any bank which fails for sixty
days after notification to make payment
n redemption of its bonds, then TO that
extent interest on IFS bonds bearing IN
terest a. the highest rate shall cease and
be forfeited to the United States during
the whole period such failure or neglect
shall continue. Any bank may, II 1t SO
elect, withdraw sll It's bonds upon pay
ment into the treasury Of legal tender
notes, or the note herein authorized, 10
the amour: of its circulating notes out
standing at tie date OF such payment.
Section four directs the Secretary OF
the Treasury, as payments are made by
National Banks on the withdrawal OF
their bonds, or Ms treasury notes may be
received in exchange fer four per cent
bonds, to expend the sum OF such re-
celpts either in treasury notes or legal
tender notes, as may be most expedient,
in the purchase of six per cent United
States bonds, or in the purchase OF gold
or silver coin with which 10 redeem such
bonds.
Section five provides that National
Bank shall be entitled to receive, IN lieu
ut its circulation, the full market value OF
its six per cent bonds Cn deposit with the
United States Treasurer, and the amount
OF accrued interest and premium thereon,
Section six, over which the Committee
had the hardest fight to agree, provides
that hereafter, in all payments o. GUS
toms duties, .wo-thirds OF the sums so
payable, shall be paid in coin OF the
United States, and one-third thereof
shall be paid in legal tender notes, or
Treasury notes authorized by this ac.;
and said Treasury notes shall be ex-
changesble at par for United States
legal tender notes. at the option OF the
holder, at the office OF the Treasurer or
any Assistant Treasurer OF the United
States.
Section seven makes it incumbent on
banks organized under this act to make
a monthly deposit in the Treasury, IN
gold com, or their own circulating notes
equsl to five per cent. of their own out
standing circulation at the date OF the
passage of this act
Section eight provides that nothing in
the act shall be construed either to AL
thorize or allow any contraction OF the
currency by reason Of Its operation.