those States having less than their apportionment: And provided further, That not more than thirty million dollars shall be withdrawn and redeemed as herein contemplated during the fiscal year ending June thirtieth, eighteen hundred and seventy-five.
APPROVED, June 20, 1874.
January 14, 1875
ONE result of the financial crisis which began in September, 1873, was the introduction, in the next session of Congress, of an extraordinary number of bills relating to banks and the currency. A bill providing for the redemption and reissue of United States notes, with gradual payment of the notes in coin or bonds after January 1, 1876, was reported in the Senate by Sherman, March 23, 1874, and passed that body April 6 and the House April 14, but was vetoed by President Grant. A bill to provide for the resumption of specie payments, prepared in the first instance by a committee of the Republican members of Congress, and submitted by them to the Senate Committee on Finance, was reported by Sherman December 21, and passed the Senate the next day by a vote of 32 to 14. The bill was taken up in the House January 7, 1875, and passed the same day, the vote being 136 to 98, 54 not voting. President Grant communicated his approval in a special message to the Senate, in which further legislation to make the law effective was suggested.
REFERENCES.-- Text in U.S. Statutes at Large, XVIII, 296. For the proceedings see the House and Senate Journals, 43d Cong., 2d Sess., and the Cong. Record. On resumption see Sherman, Recollections, I, chaps. 24-26; II, chaps. 30 and 36; annual reports of the Secretary of the Treasury ( Sherman) for 1877- 1879; Dewey, Financial History, chap. 15; House Misc. Doc. 48, 45th Cong., 2d Sess.
An act to provide for the resumption of specie payments.
Be it enacted. . ., That the Secretary of the Treasury is hereby authorized and required, as rapidly as practicable, to cause to be coined at the mints of the United States, silver coins of the denominations of ten, twenty-five, and fifty cents, of standard value, and to issue them in redemption of an equal number