The Portland daily press., 1867-12-13

SPECIE PAYMENTs.-The following is the
text of the bill @to raise the value of legalten-
der notes to par introduced in the Senate by
Mr.. Nor rill of Vermont. 1t differs from Mr.
Lynch's bill in providing for a complete in.
stead of partial resumption of specie pay.
ments in 1869 and in requiring the nationa
banks to prepare for redemption alsosby hold.
ing the interest. on United States bonds as
coin reserve:
Be 1t enacted &C., That on and after the
fourth day of July, ammo Domini one thou
sand eight hundred and sixty-nine, the Secre-
tary of the Treasury be, and hereby is, au-
thorized and directed to pay in coin all United
States notes not bearing interest, and COM
monty called Illegal tender" notes, which may
be presented for such payment at the treasur.
ers office in Washington, District of Columbia
or at such other places as NAV be designated
ofwhich public notice shall be given by the
Secretary of the Treasury.
SEC. 2. That hereafter, and until January
first Ammo Domini one thousand eight hun
dred and sixty-nine, whenever there shall be
in the Treasury of the United States, after
paying the interest and coupops falling due
on the first of January and July each year,
and DE- Quoting gold certificates of deposit, any
excess of coin over and above the sum of sew
enty-five millions of dollars, the Secretary of
the Treasury shall be authorized and requir-
ed, and hereby is authorized and required,
within thirty days from the first of January
and July, as aforesaid to sell the same in such
manner as in his judgment will best promote
the public interest, and may receive in pay
therefor United States notes, notes of nation
al banks of the United States, United States
compound interest notes, or United States
three per centum certificates. :ig e.
SEC. 3. That all national banks having less
than twenty per centum in specie on hand of
their respective capitals shall hereafter and
until July first, Ammo Domni eighteen hun
dred and sixty-nine, be required, and hereby
are required, to keep and to hold in coin all
interest received on United States bonds
which may be deposited by them according to
law with the Treasurer of the United States:
Provided, that this shall not be so construed as
to add anything to the amount of the reserve
now required to be held by said banks.
Sec. 4. That on and after the fourth day of
July, Ammo Domini eighteen hundred and
sixty-nine, all national banks shall be respec-
lively required, and hereby are required, to
redeem and pay in coin, on demand, all their
bills issued as currency of the denomination of
five dollars and under, when presented at the
counters of said banks, and all bills of a high
er denomination, so issued and so presented
may and shall be paid either in coin or in
United States illegal tender) notes. .r - IL.
SEC 5. 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, and the
Comptroller OF the Currency, upon receiving
satisfactory evidence of the same, shall pro-
coed to close and wind up the same as in 9th
er cases of forfeiture provided by law, and in
lieu of ally such bank may authorize new ma
tional banks, 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 nation
al banks. H -iH ltr..