New-York tribune., 1878-02-20
THE TERMS OF THE BILL.


THE TERMS OF THE BILL.
THE PLAN FOR ISSUING A PURELY IRREDEEMABLK
1pGAI-TsypER CURRENCY IN PLACE or NATION
4, p,vr vorrs
NN DA-'n 1'"ih''
lBT TELEGRAPH TO THE TRIBUNE'l
WASHINGTON Feb l0.-The House Committee on
Banking and Currency agreed to-day 10 report INC
following substitute for the bill introduced by Mr.
Tnllps ., ,
"To retire the circulating notes OF National banks ana
for other purposcs~
y. p.v.nn.,,d %. srcrros I Tint "a soon as may he
DC " e""oe"' eo' 0hNii'' - - =
practicable after the passage Of this act the Secretary of
the Treasury shall cause to be prepared an issue
of Treasury notes equal to the volume of the cir
cuatiOn OF the National BANKING ASSOCIATIONS OH tho
at do Of February Ammo Dolnin 1875 which shall be
hi9t uay u nd Do,traoan r. ,no 1o1 horo
used IN the reueuption anu o.i''"'" !" 'io "' "0i'
matter provided of the circulating notes OF the National
honts which Treasury notes shall be in the following
80.
Washington. d. c. - -. The United States OF
America are indebted to the bearer in the sum of
doIars
uoi'"I' 1870. ,c-.. -. A., rr,,oa
States and counersgned by the Register OF the Treasu
~ - -, -. -. -, o., =, -, oo,,,ir
~ or helr names Dc 'hereto ehsraNeu anu sh" oo'"
such devices and sperscrpons the Secretary of the
Treasury shall direct: and the denominations of such
ots od t,o o,,nerol tbereof shall con form
hotes ana the gener"i si"'uue 'l'eIeo' s"aii oo IA "
nearly may be to those OF the United states commonly
"O" 90 - 50 =, - -. oiaoa 1t,s a,1 do
III payment VI All '"Aos Vus'oin'' o''' 49, a.
all claims and demands against the United States except
naveIa in cain nv existtnr laws
Tor obngauohs haue pdSapie Ill oo'n W oN.'"e '"''
and shall be received by the secretary OF he treasury at
par for the per oentum bonds Of the United States
me rcfnndnr OF The National debt" approved
III II $50
Sc Immediately after the treasury notes pro-
vided for in lie preceding section shall be ready for cir
cu3uoh Ine S Vi 'i i,,t % s,rTs ~ tbe
IT,,eoa Siotcs ~ Nev.YorL Roson Pbiladelph9 EaI-
Hore more Cinc,nnot 81 Ionis and NeE-Ofeans in
i1,cd to lie rcceins and d,sburscncnts
~ their several Offices with regulations and nstruc-
tops TO the following tenor TO wit: 1st That the
Assis,ant Treasirers shall Immediately after the re-
cent of srcb treasury notes cease TO pay In dsburse
meni of the public funds upon any account whatever,
he circnlof1n nos of the National banks then In their
several offices or thereafter received into them but
shall pay ont in the place and stead Of such
National hank notes and in substitution there
tor ;be treasury notes therein authorized until
te whole of the circulating notes Of the National banks
III hoo oen tired and The Assistant Trea-urcrs
a a, % ony lime tssue sch treasury notes in exchange
may ~ !, tI 80, the ainiicatio1 Of any nerson or
honI tbat the Assistant Treasurers shall every thirty
davs after file process OF retiring the National bank
noies shall have been begun above directed or
transmit 10 the Treasurer Of The United STATES at Wash
noton all the National bank notes received by them up
10 tne date of such transmission, which said notes SHAH
charges against the several Assistant On ac
S IT, be the dnty of tbe Treasurer a. rauidly
~, 0ocs ~ fbe National hanks are received into his.
"a tne be 20 Gssstn TTcasircr 10 canse them 10 be
oiCe , ~ srtd ni tc notes of each association
corefnIlv asccrtaiued: and whenever those Of any
caoluy 6o hn ascorojned to The amount OF - 600
@ o,'t nrit1ne ~ ~ 600 such association shall be
Dn,ded thereof and shall be entitled to receive upon
SooneG Sd VA 5'vnent of the Ike sum in iegaender
uo OH" th ,rsasnrv notes autborized by mis- act or
g., % certidc Of deunsit of the Assistant
any uIaIls VI 49, Sa,,iinai harLs os ,av
IreasuTers or r. o. o. snC 9 the rnaarv for that
DC "a y? on denosi, WITH ne TreSs,irrr for
PURPOSE rs ponis y" "a ~, a,,,pt "a i notes so a.
secuIi! "a % ind and to thst eYtcnt sha he dis
cSItiiTg @ t " ,1 an Is ciycnafion Ana If any Ma.
@ ~. shou sau or uegIect fnr the nerod Of sxfy
dr the Totitcation above directed to make pay
'rt m ,efauntinn OF us bonds I'm accordance there
LII, ten 10 fiat exent interest on lis bonds bearing
,. a., lie biybest r9e shsu cease and be forfeited
.. ' -, amin, ,hn ,voe Ncrin1 urb tail
90 'av oiect s continne Ana any ian ling associa-
W. -, az 10 40 may witLIraT ALI ifs boDds on
cent mo fbc TTeasury of IegaIender notes or the
~! v tbts acf Ia me smount of m, clrcl-
i,t ,,os tstsndn0 at tre date of such payment
iaSms e secTeisrv of tbe treasury rs hereby re-
ST. ShO a. 14o 80, ~ n;. a. navwenfs arc mad. by the
anst M" tbe withdrawal OF their bonds or as
tna,,ry ntes may he received i'm cxchace for per
ceotum bonds as authorized i'm the first section this
ct aynend the sum OF such receipts either treasury
Tos or In laI-truder notes as may be most eNpedIcnl.
H. ~ the g per ceutum bonds OF United
III IL y, f6a ,,iessnre 81 tbe Covetu,nput
STATES ItuccuI"p'V ~ tiO - III,
VI VI ~, "a m tio o ~ Iei ',. 10 en- n, 10nds '
icGecu anu I'5 ,I % %a,t desiri,y IN excbance its
b b,T cen & c",1 % o tle Tr,a.nret Of the Tinted
. .l. o' & i t,i ,net ma te Iressnry i'm acrorI-
@ nth % s5rb Ut ~ TpI@s IS the secreary snail establish tho
49,. enJer notes or treasury notes e3ual 10 its out
,, rir1Iatio at the date of elch aiplcsti0n shall
h eutted 10 Iece We Treasury notes To the ul narAet
yiIe nf ia n .cr ceptum bonds ON deposit with The
TTearcr for security OF circulation al the time
ddtnn thereto the amount Of is accrued interest and
80 p,Hti,o ossocintinus orgaDizpd under existing
laws win pow er TO circulating notes rcdeemabe
IN sold CON saali make noy a G,pT1 m b, III o eyS & Ti
iaiiug notes equal ye per cenmm Of Their circulation
W am itupt M eqn 10 the outstanding circuaiion Of
treasurer IN goa aod fyp O." u etie 6e6 bv tae To.reP
to secure circulating notes Of said banks shall be Re- Re-