The Richmond palladium. [volume] (Richmond, Ind.) 1855-1875, 1868-12-15
Jhe Palladium.
RICHMOND, IND, DEC. 18th. 1858.
Congressional.

Department. by q vote of 100 to 80.
The bill came up in the Senate on the
10th, and, after considerable discussion,
which showed that the transfer had in
the Senate about as many enemies rs
frionds, it was finally referred to the
Committee on Indian Affairs, of which
Atr. Henderson is Chairman
The reading Of the Presidents Mes
sage was finished, when, as an answer to
the Presidents repudiating recommen-
dalton, Mr.. E lmunds gave notice of his
intention to call up his bill to provide
for the payment of the debt in coin, on
Tuesday next. The Senate's bill pro-
viding for corps Of Engineers to en-
quire what length of span should be
adopted for bridges across the Ohio
River, WAS referred to the Committee Oh
Roads and Canals Both Houses al
iourned until Monday next
senator Norton Financial Bill.
On the I4th, Senator Morton intro
duced the following bill to provide for
States notes and fractional currency,
and requiring the national banks to re
deem their notes in coin:
BE it enacted, That hereafter there
the Treasury, and that which may here
after accrue over and above the amount
required to pay the interest of the pub
lie debt and for other specific uses speci
fed by law, shall be reserved and set
apart for the redemption Of the United
States notes and fractional currency.
SEC 2. And be it further enacted,
That on and after the 1st day of July,
1871, the Treasurer of the United States
shall pay in coin, at the Treasury Of the
United States, at Washington, in the
District Of Columbia, and at such other
points as may be designated by The Sec,
rotary Of the Treasury, all notes and
fractional currency that may be present
ed for redemption.
SEC 3. And be it further enacted,
That on and after the LIST day. Of Janu~
3
II coin, such Of their notes as may be
presented for redemption; and shall, on
and after the lst day of July, 1870 re.
serve and hold in their vaults all the
coin that may be received by them as
interest on their stocks held by the Gov
eminent, for the redemption Of their
stocks.
SEC. 4. And be it further enacted,
which time they are required to begin
the redemption of their notes, the Ma
tional Banks shall keep and hold in their
vaults the whole reserve of legal tender
notes as now required by law. and on
and after that time the reserve of legal
tender notes, as fast as withdrawn, shall
be replaced with coin in like amount
and said banks shall thereafter be re.
like amount and for the same purpose
IS now required by law to be held in
legal tender notes, provided that the
Controller of the Currency may, with
the consent of the Secretary of the
Treasury, ALLOW said banks to hold 6
portion of said reserve, not exceeding
two.ffths Of the amount required by LAW
il the United States notes.
SIC. 5. Be it further enacted, That
tho Secretary of the Treasury may cause
so many of the United States notes tina
may be redeemed under the provisions
OF this act, to be cancelled, as may, il
Lis judgment. be necessary to the prop
or limitation Of the currency. Provided
further, that oil the fractional currency
hat may be redeemed, shall be cancelled
SEC 6. Be it further enacted, Tia
1872, the United States notes shall cease
to be legal-tender in payment Of debts
bat shall be received in payment of Gov
crnment dues, as now provided by law.
'Ssc. I. BE it further enacted tina
the Secretary Of the Treasury shall hay
the power to negotiate and sell bond
Of the United States, to be due in thirt,
years, and redeemable by the Govern
ment after ten years at its pleasure
bearing interest at the rate Of seven pc
cent, the principal and interest payable
in gold, to such an amount as may b.
necessary to carry into operation tn
provisions of the second section Of thi
act"
WESTERN MANUFACTURERS REvIsw
nuhlished 1t IndiananOliS, has enteret