Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1868-12-29
The Morton Bill.

1t is announced that Senator Nor
ton has been invited by the New
York Chamber of Com merce to speak
before the business men of New ork,
on the subject Of finance, at any time
which suits his convenience. This is
only one of the many indications
that his plan is sure TO be the nucleus
Of all financial discussion and action.
1t may be greatly modified lit may
be entirely rejected-but it is GER
tain TO be the rallying point for the
financial campaign of the winter
We will, therefore, give il entire
A Bill TO provide for the Redemption in Coin
OF the United States Notes ard fraction
al Currency, aud Requiring The National
| Banks TO Redeem their Notes in Com.
BE IL enacted by the Senate and House of Representa-
| tiues of the United States in Congress assemble
| SECTION /. That hereafter there shal be no
sa'es "i 20 d belonging 10 the Treasury OF the
| United States, and that the surp as g1id now
| IN the Treasury, aud that which may hereafter
accru, over aid above the amount required to
pay the interest on the public debt, ana for
other specific uses specified by law, shall be
reserved and sci apart for the redemption OF
| United States totes and fractional currency.
| SEC. ,. Be 1T FURTHER ENACTED. That
on aud after the Isl day OF July, 1870, the
| Treasurer OF the United States shaii pay IN
coin a, the Treasury OF the United States, at
Washington, and al such other points as may,
| be designated by the secretary of the Treas
| ury, al United State. notes and fractional cur
rency that may be presented for REDEMPTION.
SEC. 3. Fnat on and after the Isl day OF
January, 1872, the NafIoual Banks thail paw
IN coin such OF their notes as may be presen-
ted for redemption, and shall, on and after The
list OF July, 1870, reserve and hold in their
vaults all The coin which may be received by
them as interest on their stock he by the
| Government for the redemption .. their notes
SEC. 4. That until the list of January. 1877!
al which time tn y are required to begln the
redemption OF their notes, the National Banks
shall keep and hold III their van Is the full re-
serve OF legal teader notes. as now required by
law +; and that on and after that time the res
erve legal lender notes, as fast as withdrawn.
shall be replaced with coin TO like amount
be replaced with coin to ike amount and
the said banks shall thereafter be required 10
hold there reserve in coin 10 like amount
and for the same purposes are now required
BY law TO be held IN legal tender notes rrovi-
ded, that the Co ptroller of the Currenc
may, with the assent OF the Secretary of the
ton of the said reserve, not exceeding two
ffths of the said amount required by law, il
United States notes.
SEC. 8. That the Secretary of the Treasury
may cause as many of the United States notes
redeemed under The provisions Of this act, Il
be canoe ed as may in his judgement be nee.
essary 10 the proper limitation OF The curren-
cy provided, further, that all fractional cur.
rency that may be redeemed shall be concel-
ed.
SEC. g. That on and after the 1st of Janu
airy, 1872, United States notes shall cease tC
be legal tenders i'll payment of debts, but shall
be receivable in yment of Gov rnneut due
as now provided by law.
SEC. Z, Be it further enacted that the Sec
etary of the Treasury shall have power I,
negotiate and sell the bonds of the Unite,
States TO he due in thirty years, and redeema
bic by the Government at his pleasure ate
ten years, bearing interest at the rate of bIanl
per cent, principal aud interest payable il
gold, 10 such amonnt as may be necessary t
carry into opera ion the provisions of the sec
ond section of this act.