The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1878-02-19
THE NExr FINANCIAL MEASURE.

There are indications that the qUes.
tion Of substituting ereenbacks Tor ns-
tional bank notes, will be q direc! issue
in Congress and with the people before
long. The House Committee on Bank
ing and Currency has agreed on bill,
we are informed from Washington, sub
stituting Treasury notes for the National
bank circulation now outstanding. The
bill provides that as soon IS practicable
after its passage, the Secretary of the
Treasury shall issue Treasury notes
equal III amount TO the outstanding cir
culstion of the National banks. These
notes are TO be used for the purpose of
redeeming and retiring the National
bank circulation, and sre 10 bear upon
their face the following words:
WAsHINGToE, ID. Z. --.
The United States of America are in
detted to the bearer in the sum of -
dollars.
1t will be noticed that they are to
bear no promise of payment, and no
provision for their redemption and re-
tirement is made. These notes-which |
the bill provides, shall be in general ap-
pesrsnce like the present greenbacks-
having been signed by the Treasurer of |
the United States and countersigned by |
the Register Of the Treasury, are to be
receivable in payment OF sll taxes,
customs, excuses, debts and de-
mands of every kind due
TO the United States, and of al claims
and demands agains! the United States,
except tor obligations made payable in
coin or lawful money by existing laws,
and are TO be received by the Secretary
of the Treasury st par in payment for
per cent bonds. When these notes are
ready for circulation they are 70 be for.
warded by the Secretary OF the Treasury
to the Assistant TroAsurers al New lo rk,
Boston, Philadelphia, Cincinnati, Chics-
20, St. Louis and New Orleans, in
amounts proportioned to the receipts and
disbursements OF the several offices, and
are to be discussed under these specific
rules:
FI~St-The Assistsnt-Tressurer are
90 All oil han |
notes received by them, and to pay out
in their stead the Treasury notes provid-
cd for by this BILL aud this is TO continue
rs long as any National bank notes are
outstanding.
&cond-All National bank notes are
to be transmitted to the Secretary o: the
Treasury of the United States, in liquids.
tion o: the charges against the banks. AS
fast rs received, the redeemed Kotes sre
to be counted and assorted, and when the
amount in hand belonging to any single
bank shall reach $1,000 that bank shall
be entitled to receive An equal sum in
lis bonds on deposit with the Treasurer,
and to that extent shall be relieved from
the present tax on circulation.
Should any bank fail to comply with
the provisions OF the set notice shall be
given to it, and after the expiration o.
sixty days the interest on bonds belong
ing to it and held by the United States
is to cesse. The bill also authorizes the
Secretary OF the Treasury to use the
new notes IN the purchase OF gold
or silver coin with which 10 redeem
and pay such bonds. 1t also
provides that the National banks may
exchange their bonds for notes, and that
the Secretary of the Treasury may dis
pose of bonds 10 obtain gold for the pay
ment of interest on the public debt The
bill also furnishes the machinery for
taking up the circulating notes and
bonds of gold banks and forbids the
further issue of National bank notes.
Finally 1t forbids all contraction OF the
currency.