The Vermont transcript. [volume] (St. Albans, Vt.) 1864-1870, 1867-12-13
Gradual Resumption or Specie
Payments.
nEFnEsENrArIyE MonnlLL's BILL.

w ASHlNdTON, NOV. ~.
Mr.. Morrill, offered the following bill
to-day:
Be At enacted, de- That on and after
the 4th day of July, 1869, the Secreta-
ry of the Treasury be and is hereby
authorized and directed to pay in coin
all United States notes not bearing in
terest, and commonly known as legal
tender notes, which may be presented
for payment at the Treasury Office in
/ Washington, DC. or such other place
as may be designated, of which public
notice shall be given by the Secretary
of the Treasury
SEC. q That hereafter, and till
January /, 1869, whenever there shall
be in the Treasury of the United
States, after paying the interest and
coupons due on the LIST day of 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-hve millions of dollars,
the Secretary of the Treasury shall be
authorized and required, within thirty
days from the 1st 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 or United
States three per cent. certificates.
SEQ g. That all national banks
having less than twenty per CEN
tum of specie on hand of their respec-
tive capital shall hereafter and after
July II, 1869, be and are required to
keep and to hold in com ali interest
received on United States bonds which
may be deposited by them according
toilaw with the Treasury of the United
States; provided, that this shall not be
so construed as to add anything to the
amount of reserve now required to be
held by the SAID banks.
SIC. 4. THAT on and after the 4th
day of July, 1869, all national banks
shall be, and hereby are, respectively
required to return and pay IN coin on
demand all their bills issued as cur.
rency of the denomination of FIVE dol
lars and under, when presented at the
counter of said banks, and all bills o.
a higher denominati ID, so issued and
presented. may and shall be paid eth
er in coin or United States legal ten
der notes.
SIC 8. That any National Bank
which shall fail to comply with the
provisions of this act, SO far as the
same may be applicable, shall be
deemed to have forfeited its charter
aud the Comptroller, upon receiving
satisfactory evidence of the same shall
proceed to close and wind up the same
us in other cases of forfeiture provides
for by law, and IN hen of any such
Bank may authorize a new National
Bank, with an equal amount of capt
tai, to be located in such States as may
have less than their due proportion OF
the whole amount now authorized by
law; provided, that this shall moi au.
thorize any increase of the present ag-
gregate amount OF circulation of the
National Banks
Mr. Morrill, stated that he should
press the bill at an early day. He was
IN favor of Congress graphing with all
these difficult questions of finance, and
he had no doubt of either the purpose
or ability of Congress to adjust the
system and to pass such necessary
measures as would in the end prove
more satisfactory than the present
state of affairs of the country. He
hoped all these matters would be re-
ferred to the Committee on Finance
The bill was laid on the table and or
Idered to be printed