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Synopsis Of The Currency Bill

Synopsis Of The Currency Bill image
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- Tlie followin'g is a synopsis of the curren cy bill which passcd tlio Senatc on Thursday, and now awaita the action of the IIousí!, whero its fate is somewhat doubtful, tbough the letter writors say that, under cauous drill, lts prospcetg are improving : It provides for the establishment of a bureau in tho ïrcasury Department whioh is to have harge of tho curreney. It provides for the appointmont of a i coraptroller, speciu'es his dutie, and I makes t'.ie necessary reajulations for tho government of his office. It creates banking associationa, to be organized as coiporata bodies, with not less than fivo persons constitutine tho associatiou in ahy case; shows how tiiey are to be organizid and governed, provides tho proper safeguards and restviotions, &c. These institutions may purohase, hold and dispose of real estáte. Before any iustitution can commence business, it must transfer to the Treasurer of the United States bonds of not less than oriethird of the capital stock paid in. On complying with these conditions the institutions will be entitled to receive from the comptroller bilis of different denomiuations in amouut equal to the capital stock already paid in. The amouut of these ci'rculating notes are not to exceed 8300,000,000, and are to be distributed throughout the States, Territories and District of Columbia ot the basis of representativo population. Tho comp' i troller, undor tho direetiou of the treas urer, is to provide platos, engravings, &c, for making these bilis or notes. - These notes are to be held at par throughout the United States. A tax of ono per cent. is to be paid by these bauks to the government, semi-anuuailv, in July and January. The bank officers are to make regular and accurate returns of their transaotious to the proper authoritics. No notes but such as are provided for in this biil will be allowed to be put into ciroulation by these banks. Tho bilí l'urther próvidos rules for thogovernn.eijt oí these institutiens ín detail, and at much length, affixing certain penalties for any violations of law, such as tho public safety demanda. The bill contuins some sixty threo scctioiis. Jy-ir An iitlverti.sernütit ia an Irïsh p;iper, settnio; lorth tho iiuiny convon(Tccea and ndyanttiKHa to l.'o derivod ÍVf)m metal window sasher", oraongolhef partió n lars enbmeratös as follows : " Thosy sashes vvill last fnrever; and afterwurd, il the owner íia.s no use for tb'èn), they might bo sold for oíd ron." S3" A soldier in one of the haspitals, who had lost ono of his nrrna, was rt-joicing over tho fuct. Said ho : A!y grandiather lost a log in tho Eevolutionary War, and our f.nnily havo been bragging over it over sinoe That story is an old one, and now I ain go ing to ba the nero of tho fainily. Í3F' The grand ussontial of huppiness" in tbls lifo is somothing to hope for aud omülhing to love. J53T" A toanród oditor rarely writes about ivoman. He dures not try to iiialce hor his subject, cinee hc is hers. L3LT A correspondent writes to ask how much the wa'íf of tinio snesiiros I


Old News
Michigan Argus