The New Orleans crescent. [volume] (New Orleans, La.) 1866-1869, 1868-12-17

The following is the bill introduced by Senator

The following is the bill introduced By Senator
Morgan on the 18th:
bill TO provide for the redemption Of the United
States notes and fractional currency.
SECTION l. BE Il enacted, etc., That hereafter
there shall be no sales OF gold belong TO the
trt ury and that which may hereafter accrue.
over and above the amount required TO pay the
interest of the public debt and for other specific
uses, specified by Law. shall be reserved and set
for the redemption OF United States notes and
fractional currency.
FEC. q BE ii further enacted, That on and
after the first day Of July, 1871, the treasurer Of
the United States shall paw in coin OF the treasury
Of the United States, at Washington. In the Dis
trict OF Columbia and at such other points as
msy be designated BY the secretary OF the treas
ury, all notes and fractional currency that may be
presented for redemption.
SIC. 3. BE il further enacted, That on aud
after the first of January lSI3, the national banks
shall pay in coin such OF their notes as may be
presented for redemption and shall, on aud after
the first day Of July, 1870, reserve and hold in
their vaults all coin that may be received by them
as interest on their stocks, held by the govern
ment, for the redemption Of their stocks.
SIC. 4. Be II further enacted, That until the
LIST of January, 1872, at which time they are re.
quired to begin the redemption OF their notes,
the national banks shall keep and hold in their
vaults the whole reserve Of legal tender notes.
ss now required by law; and and after that
time the reserve OF legal tender notes, fast as
Withdrawn, shall be replaced with coin and like
amount; and said banks shall thereafter be re-
quired 10 hold q reserve in coin to the like
amount and for the same purpose as now re-
quiIed by law, to be held in legal tender notes,
provided that the controller OF the currency may,
with the consent Of the secretary VI the treasury
allow said banks to hold @ portion Of said re-
serve, not exceeding two ifths of the amount re-
qured by law in United States notes. ~
SEC. 5. And be IL further eaucted, That the Sec
reiary Of the treasury may cause 30 many of the
United States notes, that may be redeemed under
the provisions Of this act, to be Cancelled, as may
In his Judgment be necessary to the proper lmita-
tion of the currency; Prorided further That all
fractional currency that may be redeemed shall be
redeemed.C) 90 u.Ii1 BOZ II
SIC. 6. And be IL further enacted. That on and
after the lst day Of January, 1872, the United
States notes shall cease to be Q legal tender in
payment Of debts. but shall be receivable in pay
Inent of government dues, % now provided By
law. .ss u -. I'D 80 q
SEC. T. Be Il further enacted, That the sec.
retary CT the treasury shall have the power to ne.
gotisis end eel bonds Of the United States, to
be cue n thirty yesrs, and redeenable By the
govt rnnent at IL pleasure after ten years, and
bearing interest o. 10 rate Of seven per cent.
the principal and ntsfeet payable 10 gold to such
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