Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1878-02-27

tender notes, or rotcs authorized by this act, to
the amount Of tte circulating notes outstanding
at the date of such payment
Section 4. The secretary 6; Inc treasury 10
are made by the national hanks on the Withdrawal
OF their bonds, or as the treasury notes may BE-
received In exchange for per cent. bonds rs au.
thorzcd In the hret section Of this act, to expend
the sum Of such receipts, either Ia treasury notes
or legal tender notes, as may be most ex-
pedient In the purchase Of per centum
bonds Of the United States, redeemablc at the
pl. azure Of the government VI IN the purchase Of
gold or silver coin. with which TO redeem and
pay such bonds.
Section 5. ANY national bank desiring to ex.
authorized by this act, upon application to the
treasurer Of the United States. and upon pay
ment into the treasury In accordance with sseh
tender notes or treaeury notes equal to its stand
ing circulation at the date of such appliCatioa,
shsl! be entitled TO receive treasury notes to the
deposit with the r. for the security Of the
circulation at the time, and In addition thereto,
the amount Of its accrued interest and premiums
ganiz.d under existing laws, with orders TO issue
circulating notes. redeemable in gold coin, shall
make monthly deposits In the treasury Of the
United States In gold coin or their own circulat.
ing notes. equal to per cent OF their circulation
outstanding on the day OF the passage ofthis act,
and when the amount equal to the outstanding
circulation OF such gold banks shall have been
own circulating notes, the bonds Of the United
States held by the treasurer, to secure the circu
ating notes OF the said gold banks, shall be re-
signed and delivered at said banks, and thereaf-
ter the circulating notes Of said banks shall be
redeemed at the treasury of the United States
Circulating notes shall be issued TO any national
banking association, alter the passage of this
act, but nothing herein contained shall be con-
strned either to authorize or allow any contract
ing of currency by reason of its operation and
should any national bank after it's passage, retire
the secretary OF the treasury is hereby directed
to issue the purchase of six per
ccntum bonds Of the United States treasury notes
authorized by the act to the full amount of
the circulation retired by such association, and
all bank notes redeemed under the several pro-
visions of this act shall be cancelled and de-
strOyed under such rules and regulations as the
secretary Of the treasury shall prescribe, and in
the monthly statement OF the condition Of the
public debt made by the secretary shall be in
cluded an exhibit of the amount Of treasury notes
herein provided for outstanding at the date of
such statement, together with the amount Df ma
tiOnal bank notes which up to the same date have
been redeemed and destroyed and held for cancel
lation. The third section of the act entitled an act
for fixing the amount of United states notes pro-
viding for the redistribution OF national bank
currency and for other purposes, approved June
Goth, 1874, requiring national banks to keep on
deposit with the treasurer Of the United States
at Washington, lawful money equal to per cent.
of their circulation to be held and used Tor re-
demption of such circulation, is hereby repealed,
and all acts and parts OF acts inconsistent with
the provisions of this act are hereby repealed.
APPROVED.
Advices from Washington under date
of Feb. 18th, says that the president has
approved the JOINT resolution declaring
a reduction of the tax Of distilled spirits
expedient.
THE SILVER BILL.
The senate silver bill will be sent to
the house tomorrow, it being already
engrossed for that purpose. 1t is I'M
derstood that the provisions
of the bill, as passed by
the senate, are generally acceptable to
majority in the house, though the
members in favor of unlimited coinage
will undoubtedly urge a modification of
the paragraph, restricting the mini
mum to $2,0O0,OO0 and the maximum
to "a 100000 monthly. The indications
ut present are that the two houses will
unite upon measure which can be
passed over veto. Friends of the bill
will probably hold caucus on the
subject tomorrow.
FEDERAL APPOINTMENTS.
Advices from Washington of the 10th
inst, state that the president has
sent the following nominations to the
senate: Bayard Taylor, envoy cxtraor-
binary and minister plenipotentiary to
Germany; John Baker, Illinois, minis
ter resident to Venezuela; VIM. G.
Goodloe, Kentucky, minister resident
to Belgium; Benz. F. Simpson, Kansas,
U. S. marshall of Kansas; VIM. A.
Howard, Michigan, governor of Dako-
ia Territory.
The president also appointed as hon.
orary commissioners to the Paris expo
sition, A. A. Spaight and w. c. Quinn
by, of Texas, and Homer d. Sanborn
and John Van Beverdon, of Oregon.
LINCOLN TERRITORY.
The senate committee on territories
decided to report favorably OH the bill
for the creation of the territory of Lin
coin, to be formed ont of portions of
the territories ofDakota and Wyoming,
so as to include all the Black Hills
country.