The New Orleans crescent. [volume] (New Orleans, La.) 1866-1869, 1868-12-18
The BIZ to Provide for the Kesum lotion OF
Spetie Payments.

The following is the text Of the bill introduced
TO the Senate by Mr.. Sumner, to provide for the
resumption Of specie payments on the attn OF
July, 1863:
a dersngement of the currency, aggravated by
doubts cast upon the public faith, injurious TO the
national credit, and without excuse, amidst the
overlooking resources OF the country, now relieved
from the exigencies Of the war therefore In order
to secure a sound currency, ffee from Gil uncer-
taiuty as the interests of business require,
Be IL resolued by 1ie Senate and House Of Re-
presentdtires Of tie United States Of America IN
Congress assembled, That the faith of.the United
STATES is solemnly pledged to the payment in coin
or it's equivalent Of all the national obligations
now outstanding, except where the law authoriz.
ing any such obligation has expressly provided
that it may be paid in wha; Is termed lawful
money.
SEC. 2. And be il ftu-tse. enacted That any con
tract providing specifically for payment in coin
shall be legal and valid, and may be enforced &C.
cordDg to its terms but this provision shall not
apply to the renewal or extension OF contract
already made.
SEC. 8. And be G further enacted. That the sec
rotary Of the treasury is hereby authorized to
| issue coupons or registered bonds of the United
States, in such form as he may prescribe, and In
| denominations of one hundred dollars, or any
multiple of that sum, pay BILE in coin at the plea
| sure of the United States after thirty or forty
years, respectively, and having interest payable
| semi-snnually in cciu, as follows: The bonds
falling due in thirty years at four and half per
| cent year, ana the bonds falling due in forty
years at four per cent. year, Which bonds and
| the interest thereon shall be exempt from all
taxes or duties to the United States. other than
such income tax as may be assessed on all in-
| comes as well as from taxation in any form under
| Safe. municipal or local authority; and these
| bonds and the proceeds thereof shall be exclu'
sivey used in the discharge of the outstanding OBJ
legations of the United States, by purchase, ex'
change or otherwise, In such manner and on sucn
| treasury NAV deem most conducive to the inter
ests of the government, and may be issued to ar
amount, in the aggregate. sufficient to cover the
principal Of all such outstanding obligations.
| SEC. 4. And be IL further enacted, That all acts
| and parts of acts making anything but gold and
silver lawful money and legal tender in payment
of debts, public and private, are hereby repealed
this section to take effect from and after the fourth
day of July eighteen hundred and sixty.nin
Prouided, hO1cerer, That any currency now re
cogDized as lawful money and a legal tender shal
continue for one year thereafter, receivable il
| payment of tsxes. debts and demands Of every
kind due to the United States including duties or
| imports.
SEC. 5. And be IL further enacted. That in
order TO promote the objects specially contem
plated BY this act and for the purpose of meeting
any exigencies arising under its provisions fol
which the powers already granted are insufficient
the secretary of the treasury is hereby authorized
in his discretion, to borrow money on the credi
of the United States, in such manner and upoI
such terms as be may deem best, the SAM
TO be applied exclusively to promote the re
sumption Of specie payments, and 70 no othe
SEC. 6. And be IL further enacted. That thi
act except ss herein other wise provided, shal
take effect from its passage. ---'