The Plymouth weekly Democrat. (Plymouth, Ind.) 1860-1869, 1868-12-24
RESUMPION OF SPECIE PA y
NEWT.

u
NEWT.
In the United States senate, on the
l4th, Mr.. Morton, of Indiana, intro
duced bill, which was referred, pro-
viding for the redemption in coin of
the United States notes and fractional
currency, and requiring the national
banks to redeem their notes in coin.
The bill provides:
1. That hereafter there shall be no
sales Of gold belonging to the treasury
of tho United States. and the surplus
gold now In the treasury. and that may
hereafter accrue, over and above tn,
amount required to pay the interest on
she public debt, and fol other specific
uses, specified by law, shall be reserv-
and set apart for the redempt ion of
notes and fractional currency.
2. That On and after the LIST day of
July, 1871, the treasurer of the United
States shall pay in coin, at the treasury
Of the United States, at Washington,
and at such other points as may be de-
siguated by the secretary of the treas
ury, ell United States notes and frac-
ti0nal currency that may be presented
for redemption.
8. That on and after the LIST day of
January, 1872, the national banks shall
pay in coin such of their notes as may
be presented for redemption. and shall,
on and after the LIST of July, 1870, re-
serve and hold in their vaults ali the
coin which may be received by them as
interest on their stock held by the gov
eminent for the redemption of their
notes.
4. That until the 1st of January,
1S72.at the time which they are required
to begin the redemption eftheir notes,
the national banks shall keep and hold
in their vaults the full reserve of legal
tender notes as now required by law,
and that CD aud after that time the re-
serve of legal-tender notes, as fast as
Withdrawn, shall be replaced with coin
to like amount; and the said banks
shall hereafter be required to hold
their revenue in coin to like amount.
and for the same purposes as is now
required by law to be held in legaLtend-
or notes provided. that the comptroller
Of the currency may, with the assent OF
the secretary of the treasury, allow
said banks to hold portion OF said re-
serve, not exceeding two 6fths of said
amount required by law 10 United
States notes.
5. That the secretary Of the Trea
sury may cause SO many Of the United
States notes that may be redeemed un-
der the provisions of this act to be can.
celed as may, in his judgment, be nee.
essary to the proper limitation of the
currency; and that all fractional cur
rsncy that nay be redeemed shall be
cancelled.
6. That on and after January, 1872
United States notes shall cease to be q
legaLtender in payment Of debts, but
shall be receivable in payment of gov
eminent dues, as now provided by law
7. That the secretary Of the Treas
ury shall have power to negotiate and
sell the bonds of the United States to
be due in thirty years, and redeemablt
by the government. at is pleasure. after
ten years, bearing interest payable il
gold, to such an amount as may be ne
cessary to carry into operation the pro
vision Of the second section Of this act
The foregoing foreshadows the Fl
nancial policy of the incoming admins
tration. Morton will be made secreta
~ of the Treasury-hence the intro
duction Of bill giving that officer tn
power to negotiate and sell bonds o
the United States, &c. Morton ha
basely betrayed the people of Indian
on the greenback question.