Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1867-12-04
GRADUAL RESUMPTION OF SPECIE
PAYMENTS.
-
SENATOR MORRILLs MID.
XVAqurNgToN Nov %

SENATOR MORR1LLs BILL.
WAsHINGroN, Nov. 20
Mr. Morrill, offered the following bill to-day
Be IL enacted, de- That on and after the All
day Of July, 1863, the Secretary Of the Treasury
be and is hereby authorized and directed TO pay
in coin all United States notes not bearing inter-
est, and commonly known as legal tender notes,
which may be presented for payment at the Trea-
sury Office in Washington, y. c., or such other
place as may be designated, Of which public mo-
tice shall be given oy the Secretary Of the Treas
ury.
SECTION 2 That hereafter, and till January
1, 1869, whenever there shall be in the Treasury
Of the United States, after paving the interest
and coupons due 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 seveuty-hye millions of dollars
the Secretary of the Treasury shall be authorized
and required, within thirty days from the LIST oil
January and July aforesaid, to sell the same in
such manner as in his Judgment will best promote
the public interest. lie may receive in payment
therefor United States notes notes of Nationa
banks Of the United States, United States com
pound interest notes or United States three per
cent. certificates.
SECTION 3. That all national banks having
less than twenty per centum of specie on hand o
their respective capital shall hereafter and after
July IL, 1869 be aud are required to keep and &c
hold in coin all interest received on United States
bonds which may be deposited by them according
to law with the Treasury of the United States
provided, that this shall not be construed as tC
add anything TO the amount OF reserve now re
CURED to be held by the said banks.
SECTION !, That on aud after the 18th day o
July, 1862 all national banks shall be- and hereb,
are, respectively required to return and pay il
coin on demand all their bills issued as currenc,
of the denomination of five dollars and under
when presented at the counter of said banks, an,
all bills Of higher denomination, SO issued and
presented, may and shall he paid either in coin OIL
United States legal tender notes.
SECTION s. That any National Bank which
shall fail to comply with the provisions OF this act
far as the same may be applicable, shall be
deemed to have forfeited its charter, and the
Comptroller, upon receiving satisfactory evidence
OF the same shall proceed to close and wind up
the same as in other cases of forfeiture provided
for by law, and in lieu Of any such Bank may au-
thorize a new National Bank. with an equal
amount of capital, 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 not authorize any increase Of the
present aggregate 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 pur-
pose 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 referred to the Committee
on Finance. The bill was laid on the table and
ordered to be printed.