The Union and journal. [volume] (Biddeford, Me.) 1858-1882, 1868-12-18
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Cougres win take recess nom Dec. 2l'to
Jan. Z. q Mr.. McCulioch win mot have the ss-
Inmates for the next fiscal year ready TIL siser
the holidays. ANT 81 & III. = .
Each branch Il busy introducing bills OF
which, - they arc all referred, and have not
vet been reported, mention need not 30 made
In. following, however. 10 d. Importance -
allowing the idea Of leading hnancer. It was
introduced by Senator Morton,
b,,l n provide for tho redemption In coin Of
The limited States notes and fractional currency,
and recurring the national banks to redeem
their notes In coin. ta--r
Sec. /, Be II enacted, &C., That hereafter
there shah be no sales Of gold belonging to the
Treasury Of the United States, and that the sur
plus gold now In the Treasury and that which
may hereafter accrue over and above the amount
required TO pay the interest Of tho public debt
and for other specific uses specified by law, shall
b reserved and sct apart for the redemption oil
United States notes and fractional currency.
Sect, 2. And be Il further enacted, That on
aud aiser the LIST day Of fully, 1871, the Treas
ury of the United States shall pay In coin ut the
Treasury Of the United States, at Washington,
In the District Of Columbia, and ut such other
points As may be designated by the Secretary Of
the Treasury, all United States notes and frae-
tional currency that may be presented for re-
demption.
Sect 3. Be Il further enacted. That on and
after the LIST day Of January, 1872, the national
banks shall pay In coin such Of their notes rs
NAV be presented for redemption, and shall, on
and after the LIST day Of July, 1870, reserve and
hold in their vaults all the coin that may DO re-
ceiyed BY them Us interest on their stocks held
by the government, for the redemption Of their
stocks.
Sect. 4. And be Il further enacted, That I'M
iii the first Of January, 1872, at which time
thew 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 ten
der notes rs fast as Withdrawn shall be replaced
with coin to like amount, and the said banks
shall thereafter be required to hold reserve In
coin to the like amount and for the same pur-
pose as now required ~ law to be held in legal
tender notes, provided, that the Comptroller Of
the currency may. with the assent Of the Secre-
tary Of the Treasury, allow said banks to hold q
portion Of said notes In reserve not exceeding
two-thiris Of the amount required by law In the
United States notes.
Sec. 6. BE II further enacted, That the Sec
rotary Of the Treasury may cause 30 many Of
the United States notes that may DO redeemed
under the provisions Of this act to be cancelled
as may in his judgement be necessary to the
proper limitation Of the currency, provided fur
Their, that all fractional currency that may be
redeemed shall be cancelled.
Sect. @. BE it further enacted, That on and
after the LIST day Of January, 1872. the United
States notes shall, cease to be legal tender In
payment Of debts. but shall be receivable In pay
ment Of government dues as now provided by
Law.
Sect. Z. De Il further enacted, That the Sec
rotary Of the Treasury shall have power to ne
gotiate and sell bonds Of the United States to be
due In twenty years, and redeemable by the
government at It's pleasure after ten years, bear
Ing interest at the rate Of blank per cent, the
principal and interest payable in gold to such
an amount as may he necessary to carry into
operation the provisions Of the second section Of
this act.
The house by q vote Of l6i to 6 have rcpudi-
ated the reputation Of Ahdrew Johnson's Mes
sage. BY vote Of ls4to 35 (strist party) the
House voted to appoint committee to investi-
gate the New York election frauds. The bill re-
ported by Mr.. Lynch at the last session ON
Banking and Currency for the gradual resump-
ton Of specie payment, was made thespecial or
der for Jan. 9th.
Estimates for expenses Of government for the
.e1t FISCAL year were sent to the House Commit
tee on Appropriations Saturday. The total
amount Is s3OO.OOO. 900. Included in the esti-
mate Ia sl29. 900 900 for interest on the public
debt; So, 10000 for expenses Of the army;
$40. 0O0. 900 to carry on the navy; s2S, 100000
for pensions. and $4,000, 900 for civil and
miscellaneous expenses. No doubt but the
Appropriation Committee win cut down the
amounts asked for to $3.50. 900. 900.