Orleans independent standard. [volume] (Irasburgh, Vt.) 1856-1871, 1867-12-06
Gradual Assumption of Specie
Payments.
WASHINGTON, Nov. 80.


Mr.. Morrill, offered the following
bill to-day:
Be 1t enacted, DC. That on and
after the 4th day of July, 1869, the
Secretary of the Treasury be and is
hereby authorized and directed to
pay in coin all United States notes
not bearing interest, and commonly
known as legal tender notes, which
may be presented for payment at the
Treasury Office in Washington, D. c.,
or such other places as may be de-
signated, of which public notice shall
be given by the Secretary of the
Treasury.
SEC. 2. That hereafter, and till Jan.
l, 1869, whenever thera shall be in
the Treasury of the United States,
after paying the interest and coupons
due on the 1st day January and July
in each year, and deducting from the
gold certificates OF deposit any excess
Of coin over and above the sum OF
seventy-fve millions of dollars, the
Secretary Of the Treasury shall be
authorized and required, within thir-
ty days from the lst of January and
July aforesaid, to sell the same in
such manner as in his Judgment will
best promote the public interest. He
may receive in payment therefor
United States notes, notes OF national
banks of the United States, United
, States compound interest notes OF
United States three per cent. certi
6cates.
SEC 3. That all national banks
: having less than twenty per centuu
, of specie on hand of their respective
capital shall hereafter and after July
1850, be and are required to KEEP
and to hold in coin all interest receiv
: ed on United States bonds which ma,
I, be deposited by them according t.
law with the Treasury of the United
States; provided, that this shall no
be so construed as to add anything t.
{ the amount of reserve now requires
r, to be held by the said banks.
: Sec. 4. That on and after tn
fourth day of July, 1869, all nationa
E banks shall be, and hereby are, re
= spectively required to return and pa
! in coin on demand all their bills i;
q sued as currency of the denominatio
!. of five dollars and under, when pres
f ented at the counters of said bank,
, and all bills of a higher denominf
!, ton. so issued and presented, ma
- and shall be paid either in coin q
III United States or legal tender notes.
S. SEC. 5. That any national ban
Ii which shall fail to comply with til
provisions of this act, so far as tt
: same may be applicable, shall /
- deemed to have forfeited its charte
v and the comptroller, upon receivin
IN satisfactory evidence Of the sam
ID hall proceed to close and wind I
i the same as In other cases of forfei
j ure provided for by law, and lieu Q
: any such bank may authorize a ne
T. national bank, with an equal amour
I'd of capital, to be located in SUI
IF, States as may have less than the
# due proportion of the whole amour
~ now authorized by law; provide
" that this shall not authorize any
crease Of the present aggrega
ii, amount of circulation of the nation
tn banks.
to Mr.. Morrill, stated that he shou
# press the bill at an early day. I
was in favor of Congress grappli
~ with all these difficult questions
81, finance, and he had no doubt of eth
'm the purpose or the ability of Congre
ith to so adjust the system and to pa
he such necessary measures as would
a the end prove more satisfactory tn
= the present state of affairs of the col
ln- try. He hoped all these matte
Use would be referred to the commit
rs. on finance. The bill was laid on
en- table and ordered to be printed.