Rensselaer Union, Volume 6, Number 34, Rensselaer, Jasper County, 14 May 1874 — The Proposed New Currency Bill. [ARTICLE]

The Proposed New Currency Bill.

The following is a summary of fee bill reported in fee Senate at Washington on the 6th hy a majority of fee Senate Finance Committee, as a substitute for fee House Currency hill: Section 2 provides that Section 21 of the National Bank act of 1854 be so amended that banking associations Bhall not be hereafter required to keep any money on hand by reason of thetr circulation, but that the amount necessary shall be determined by the sum 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 as interest on the bonds deposited as security for their circulation. . . „ Section 3 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 repeals all provisions of thelNational Bank act of 1855 conflicting therewith. Section 4 repeals Section 22 of said act so far a* it restricts the amount of notes in circulation under said act, and the proviso in the first section of the act of 1870, prohibiting to banks a circulation of over $500,000; the proviso in the third section, limiting the circulation of banks authorized to issue notes redeemable in coin to $1,000,000, and Section 6, relating to the redistribution of the $25,000,000 of circulating notes. Section 5 provides that every banking association shall have on deposit in the United States Treasury at all times a snm equal to 5 per cent, of Its circulation, to be held and used for the redemption of such circulation. . Section 6 provides for the withdrawal of circulation and the surrender of bonds to any association desiring, and prescribes the manner of so doing. Section 7 provides that the charter number of each hanking association shall be printed upon the notes issued to it. Section 8 provides that the entire amount of United States notes outstanding and in circulation at any one time shall not exceed $383,000,000, and further provides that whenever circulating notes to the amount of $1,000,000 shall be issued to bank-. ing associations It shall be tbe duty of the Secretary of the Treasury to retire an amount of United States notes equal to 50 per cent, thereof, which shall be in redaction of tbe maximum of tbe $382,000,000 fixed by this section; such reduction to continue until the maximum amount of United States notes outstanding shall be $300,000,000. Section 9 provides that on and after the Ist day -of January, 1877, any holder of United States notes to tbe amount of SI,OOO, or any multiple thereof may present them for payment at the office of the Treasurer of the United States ot at the office of tho Assistant 0 Treasurer at the city of New York, and thereupon the Secretary of the Treasury shall, in exchange for such notes, deliver to such holders an equal amount of coupon or registered bonds of tbe United States, tn such form as ho may prescribe, of the denomination of fifty 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 in coin, at the rate of 5 per cent, per annum, and the Secretary of the Treasury may Issue United States notes so received, or if they are canceled he may issne 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 bo exempt from the payment of all taxes or duties of the United States, as well aa frorataxationin any form by State, municipal, or local authority; ■aid bond* to have set forth and . expressed upon l heir face these conditions, and with thetr 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 Slates. Mr. Ferry gave notice that the report did not represent the views of the minority of the committee, and remarked that he believed the minority of tbe committee represented a majority of the Senate. An explosion of powder in a Pennsylvania mine lifted a miner into the top of a large shade tree without removing his hat or hurting him in the least. M ( « A gentleman bought a piece of land on the outskirts of Providence, R. 1., thirty years ago for S4OO. He recently refused $75,000 for the same property. —The Peabodv Trustees report their expenditures for 1873 at $195,000.