Daily Davenport Democrat. [volume] (Davenport, Iowa) 1864-1874, 1868-12-17
ePECaE PAYMENT.

THURSDAY KVEsfNt.. .bES, -.
SPECIE PAYMENT.
: There 10 an end coming 70 ihslsgal tsn>
der paper currency, or srssnback bnsiosss.
and thss before lsns. The first motion
made 10 Congress. week before lsst, vas to
that end, and since that time the idea has
been elsssly followed up, and will continue
10 be followed until something definite is |
The shape Of . permanent bill can ~ ar
rived At The New York Tribnss Of Mon.
Icy predicts that the long pending case BE-.
Isrs the Unitsd States Supreme Cosrs
|esshaag he esnssitulissahsy 81 sAs legal
'saAss slsass 81 shs grssubsek act, will
ssns - spssdy dsssrmiastiss. and that
The .dscisiso, when Il does Gene viii Be
alvsrss to its senstitutisnality. That the
dssislou vii. be that way whon il comss,
there 10 net and never was any room for
doubt. The Constitution decides that case
tee clearly to admi, Of any osvil, and had
Il not been fer the peculiar distress OF the
country 10 its finances. the legal tender
clause would long since have been blcttsd
ont ofsxistenes. Ii 10 . very grave quss-
sion u. day whsthsr such dscision, even
nov vsuld prove very damaging to the
cemmNciAl interests Of the country. Stern
Justice viewd in the abstract, has lsnk de-
msndsd that the :dssisisn bs made, but
sxpsdisnev or marcy 10 commercial men
aud measures has successfully plead for .
stay sfjudge,nsns. Undoubtedly Il has
oseo bsttsr 70 than otherwise.
Rat eur Law makers sc that the day 10
not far distant whom the change 70 sps-
lie basis must come. either through judi
sisl decision o. Csnsressisnal saassnsnt,
and - the banner vsuld wipe the entire
legal tender psllioy cut u enss In svsry d..
partmsnt Of trade saa osansres, and pre-
dsos : NEST damaging ssneussisn. there
fsrs they have ~ sbsss gsstlsG up . bill
that shall Get - . Substitute for court d.
sisien, ssd II The same time lse down sem.
asrsiai and banking interests upon an sasy
g-sds - The spseis paying basin. To this
end The following bill has been introduced
b. Senator Messoa:
A Bill 70 provide lss tie ssdsmp tisn ia coin
81 the United States netss. and frAotiosal
currsssy. requiring the national banks t.
redeem their nStss In csin. BS,t enacted.
etc., That hereafter thsrs shall b no
salss Of gold belonging - the treasury, and
that which may hereafter scsrus over ssd
sieve the amount required TO pay the inter-
sss Of tAs public debt, and for other Spssitic
uses specified b. law. shall be reserved, aud
sss apart fer The redemption Of the United
States and frsssienal currency.
Sso. 2. Aud b IL further enacted, That On
and after the let. day Of July. 1871, the
treasurer 81 the United States shall pay 10
esin. ~ The treasury, Of the United States,
a Washington. in the district 81 Cslumbia,
and at such ether points - may be dssig-
mated BY the Secretary Of the treasury, Ill
netss and fractional currency that may BE-
presented for REDEEM tion.
Sac. ,. And be 1t further enacted, That On
and after the lsl day Of January, 1872, the
national banks shall pay, in csin, such 81
their notss - may be presented for redsnp
sien and shall, on and after the LIST day
81 July, 1870, reserve aud hold 10 their
vaulss oil the coin that nay be received by
them - interest on their stseks, held by
the government for redemption Of their
stocks.
Sac. 4. And be stJurther enaeted, Tha,
uoW sns let Of January, 1872, 81 which
0ns they are required to bsg,n the rsdsMp
4 N OF their notes, the national banks
email keep and hold in their vaults the
wn,ls reserve Of legal tsndcr noies,
- nsv required BY Law, and that On
and after that time. the reserve Of legal
tender notes a. fast % Withdrawn, shall bs
rsplsssd with coin, aad in . like amount
aud said banks shall thereafter BE- rsqui red
10 hold reserve in coin 10 tho like amount,
and Tor the Same purpose. - 10 nov requir-
ed BY Law - be held IN legal tender astss
provided. that the Comptroller Of the cur
rsnev may, with the ascent Of the Secretary
Of the treasury, allsW said banks 70 hold q
portion 81 said reserve, not exceeding tive
hf,hs Of the amount required by law, in lie.
gal tender notes.
Sac. D. Re Il furthsr enacted, That the
Secretary sfthe5srsasury may cause so many
Of the United States ustsH that may DO 70
deemed under the provisions of this act ia
be cancelled IS may, in his Judgment, b.
necessary to the proper Limitation Of III,
currency; provided. further, that all frac
uonal currency that may be redeemed shall
be cancelled.
SIC. Il. Be IL further enacted. That on and
after tho let day Of Jaeuarv, 1872, The
United States nstss shall cease to be a,,stnl
tsoder in payment Of debts, but shall be
receivable i'll payment Of government dues,
- now provided BY law.
SIC. Z. Be ii further sascted, That the
Secretary Of the treasury shall have the
pswsr - negotiate aud cell bonds Of the
Uaissd States . BE- due 10 30 ysars, and
rsdssuabls By the government after 10
ysArs. ct lite pleasure, = after 10 years, bear.
ing interest At the rate Of Per cent, The
pr'nopal and inssrsst pay able In gold. -ts
eaeh - amount % nay bsnsesssary - carry
int operation The provisions Of The ssssn |
sesien Of THE ael.