Year: 1874

THE following is summary OF the bill
reported In the Senate at Washington on
the 9th by majority of the Senate FL
nance Committee, as substitute for the
House Currency bill:


Section provides that Section 81 of the Ma
tional Bank act of 1864 be so amended that bank
ing associations shall not be hereafter required to
keep any money on hand by reason of their clrcu-
latiOn but that the amount necessary shall be de-
termined by the of their deposits, and that as
a reserve they shall be required to keep in their
vaults One-fourth of the coin received from the
United States interest the bonds deposited as
security for their circulation.


Section provides that each National Bank shall
within ninety days after the passage OF the act
keep its lawful money reserve in its own vaults at
its place of business, and repeas all provisions OF
thelNational Bank act of 1855 conflicting there
with.


Section 4repeals Section % of said act so far as
it restricts the amount of notes in circulation un-
der said act and the provso in the first section OF
the act of 1870, prohibiting to banks clrculauon
of over $5O0,0OO; the provlso In the third secuon,
limiting the circulation of banks authorized TO
issue notes redeemable in coin to 81 1,0O0O0O, ana
Section g. relating to the redistribution OF the S5
100000 of circulating notes.


Section provides that every banking ASSOCIATION
shall have on deposit in the United States !reasu
ry at all times sum equal to per cent OF us cir
culation, to be held and used for the redemption OF


Section provides for the withdrawal of circu1a-
tion and the surrender of bonds to any associauon
desiring, and prescribes the manner of so doing.


Section provides that the charter number OF
each banking association shall be printed upon
the notes issued to it. .
United States notes outstanding and in circulation
at any time shall not exceed $685., ,OO0OOO, and
further provides that whenever circulating % notGs
ing associations it shall be the duty OF the Secre,
tary of the Treasury to retire an amount OF United
States notes equal to so per cent. thereof, which
shall be in reduction of the maximum Of the 1882,
600, 600 fixed by this section; such reduction to
continue until the maximum amount OF United
States notes outstanding shall be $500, 600


Section provides that on and after the lst Gay
of January 1871 any holder of United States notes
to the amount of $1,000, or any multiple thereon
may present them for payment at the office OF the
Treasurer of the United States or at the Office OF
the Assistant Treasurer at the city OF
New York, and thereupon the Secretary
of the Treasury shall, in exchange for
equal amount of coupon or registered bonds of
the United States, in such form as he
may prescribe, of the denomination OF hfty dollars
or some multiple of that sum, redeemable IN coin
of the present standard value, at the pleasure of
the United States after ten years from the date OF
their issue, and bearing interest payable quarterly
the Secretary of the Treasury may issue United
States notes SO received if they are Cancelled he
may issue notes to the same amount, either TO
purchase bonds or redeem the public debt, at par
in coin, to meet the current payments for public
service; the said bonds and interest to be exempt
from the payment of all taxes or duties OF
the United States, as well as from taxatlon III
any form by State, municipal, or local authority;
said bonds to have set forth and expressed upon
their face these conditions and with their coupons
be made payable at the Treasury of the United
States the Secretary of the Treasury, In lieu OF
said bonds, may redeem said notes in gold coin OF
the United States.


Section 10 provides that nothing contained in
the act shall be construed to authorize the increase
of the public debt of the United States.


Mr.. Ferry gave notice that the report
did NOT renTesent the views of the minor
ity of the committee, and remarked that
he believed the minority of the committee
represented majority of the Senate.


She is the most discontented, unhap-
py little monkey that ever lived. She
finds something to cry about twenty times
day. Yesterday I saw her sitting on a
box in the back yard, a small monument
Z III q n 7, q lAIu