The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1867-12-11

IL
SPECIE PATMENTs.-The following bill TO
provide for the gradual resumption of specie
payments was introduced in the House of
Representatives Monday, by Mr., Lynch Of
tAis District, 1t is substantially the, bill
which was offered by Mr.. Lynch at the last
session, and lie that is accompanied by bill
toprevent undue expansions and contractions
Of the currency; .,s,,. s.- r,-,.,, area:= ,n
Be it enacted, &c., That from and alter the
first day OF March, 1868, the United States
notes now outstanding shall, when received in
the course of ordinary transactions at the
Treasury of the United States, be destroyed
under tie direction OF the Secretary Of the
Treasury, and in lieu thereof the Secretary
of the Treasury is hereby authorized and di-
recled to issue new United States notes of the
same denomination as those in lieu OF which
they are issued, payable in coin on demand at
the Treasury ofthe United States at and after
one year from date. The whole amount of
new notes authorized by this section shall not
exceed the amount Of United States notes now
outstanding, exclusive Of fractional currency
Section g., That notes authorized by this act
shall be legal tender before maturity Tor ali
purposes except for the payment.of duties on
imports end OF the interest O tie public debt
which interest aforesaid now or hersaiter NAV
De; ccreing to law, payable in coin; and by
and to all parties except the United States, at
ter thslr maturity; or any time in payment of
such other notes as have already inatured land
in,case of theifeceipt attha Treasury before or
after maturity Of any ott the notes authorized
by this act the Secretary Of the Treasury is
hereby authorized and directed to reissue the
notes so received or redeemed or notes paval
able as herein before provided, on demand, at
aud after oqa year from date, except as pro-
vlded for in section 3 of this act,
Sector 8. That the Secretary is hereby au-
tborlZed, after the payment in specie herein
provided Tor shall nave actually commenced at
his discretion to Issue the notes hereby author
3zed for periods of less than one year, but not
less than three months. He Shall also issue
new notes of like denominations in lieu of any
notes herein authorized. which snail have been,
redeemed, and he is also authorized to plr-
chase, at any time, coin requisite to enable him
TO redeem such notes, and in payment there
f)r ne may al his discretion issue, to an
amount not exceeding $50 600, 600, bonds of the
Uaited States, in such form az be may pre-
scribe, ct denominations not less than $50, paw
abie az any period not more than forty Years
IRON d2te OF issue, .redeenable at the pleasure
OF the GoVernInent at or after five years from
such date, And the interest on such bonds
snail De payable semi-annually in coin, or in
other lawful money, at the rate, If In coin of
n2t exceeding SIX per centum per annum; it
IN otner lawful money, not exceeding seven
anu threeleishths per centum per annum; and
tas character of interest shall be expressed on
all such bonds; provided that no such bonds
Snail pc issued at less than Par in lawful mon
ey or the nlted States.
Section A. That an accurate account shall be
kept by the Treasures OF the United States of
the amount and denominations of all the e mir
led States notes received into the treasury of
the United States and destroyed, and be shalt
also keep an accurate account of the amount
and denomination Of notes issued under this
act. The. United States notes authorized by
this act shall be in such form as the Secretary
of the Treasury may direct, and shall bear the
written orengraved signatures of the Treasur-
er OF the United States, and the Register of the
Treasury, and also, as evidence of lawful issue,
the Imprint copy of the seal of the Treasury
Department., which imprint shall be msde un-
der the direction of the Secretary after said.
notes snail be received from the engravers and
before they are issued