Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1868-12-23
THE CHRONICLE.
Senator MOrton'S Finance Bill and
Speech.

Spetcn.
On Tuesday, 18th inst, Senator
Morton introduced the following bill
to authorize resumption of specie, and
supported il in speech of marked
ability: We append the bill and n
synopsis of his remarks:
4 bill to provide for the REDEMPTION
in coin of the United States notes
and fractional currency, and requir-
ing the national banks to redeem
their notes in coin.
Be it enacted, &c, That hereafter
there shall be no sales of gold belong
ing 10 the treasury of the United
States, and that the surplus gold now
in the treasury, 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 apart for the redemption of
the United States notes and fractional
currency.
SEC. > And he it further enacted,
That on and after the first day of
July, IS7I, the treasurer of the United
States shall pay in coin at the treas
ury of the United States at Washing
ton, in the District of Columbia. and
at such other points rs may be
designated by the secretary of the
treasury, all United States notes and
fractional currency that may be pre-
sented for redemption.
SEC. 8 Be IL further enacted, That
on and after the first day of January,
1919 FI,a r,nttnnol kouI-9 IL,
coin such of their notes as may be
presented for redemption, and shall
on and after the first day of July, 1870,
reserve and hold in their vaults all
the coin that may be received by
them, as entered on their stocks held
by the government for the redemption
of their notes.
SEC 4 And be il further enacted,
That until the first of January, 1872,
at which time they are required to
begin the redemption of their notes,
the national banks shall keep and
hold in their vaults the whole reserve
of legal tender notes, as now required
by law, and that ON and after that
time the reserve of legal tender notes,
as fast as withdrawn, shall be replaced
with coin of like amount, and said
banks shall thereafter be required to
hold a reserve in coin to q like
amount and for the same purpose rs
now required by law to be held in
legal tender 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 reserve not exceeding
twO-fifths of the amount required by
law in United States notes.
SEC. ). And be it further enacted,
That the. secretary of the treasury
may cause so many of the United
States notes, that may be redeemed
under this provision of this act, to be
cancelled as may in his judgment be
necessary TO the proper limitation of
the currency, provided further that
all fractional currency that may be
redeemed shall be cancelled.
SEC. 6 And be it further enacted,
That on and after the first day of
January, 1872, the United States notes
shall cease TO be a legal tender in
of debts, but shall be receiv-
able in payment of Government dues
as now provided by law.
SIC. : BE il further enacted, That
the secretary of the treasury shall
have the power to regulate and sell
bonds of the United States to be due
IN thirty years and redeemable by the
at its pleasure after ten
years, bearing interest at the rate of
seven per cent, the principal and
payable in gold to such an
as may be necessary to carry
into operation the provisions OF this
act.