The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1868-12-01
FInnncInI IcrisIntlon..

" -
financial LcgisIhtlou.
Hon. John Lynch, OF Maine, In "a let
ter 10 gentleman In. Washington, AM
nonnces his intention TO call up on the
first day of The next session oftCon-
gress his bill to provide against undue
expansions and contractions of the cur
rency, which attracted go much atten-
ton upon its original introduction last
winter. His bill to provide for the
gradual resumption ofspecie payments
was made the special order for the first
Tuesday In December.
The first named bill provides that the
Secretary of The. Treasury be directed
to issue United States coupon bonds, TO
an amount not exceeding $500, OOO. 600,
OF 500 or It's multiple, each payable on
demand lin lawful money" with in
terest at four per cent in the same,
and subject to State, municipal,
aud local taxation. These bonds
are 10 be sold ut par for lawful.
money, to be redeemed at any time
afteI the expiration of twenty years
from their firsE issue, and not earlier,
except at the option of the holder, ana
at the expiration of,twenty years shall
be paid In coin. At any tune within
the twenty years the holder may pre-
sent such bonds TO the Treasurer and
receive their par value and accrued in.
terest in lawful money.the Treasurer
being then empowered 10 reissue the
bonds al par value with accrued inter
est on any coupon remaining attach ed,
aud to repeat the process OF purchase
and rs-issue, II required, at any time
within ten years; after which the bonds
shall not be again re-issued.
The bill providing for the graduaIire-
sumption OF specie payments provides
that United States notes shall, when re.
celved In the course or ordinary trans
actions ut the Treasury, be destroyed
under the direction OF the Secretary of
the Treasury, who shall then issue new
notes OF the same denomination, paya-
BILE in coin on demand at and after one
year from date. National Bank notes
when received at the Treasury shnll be
redeemed by the banks issuing them in
legal-ten6er notes, which shall be de.
stroyed as provided for in the forego.
ing. The amount of new specie redemp-
ton notes to be issued shall not exceed
the amount OF United States notes now
out. exclusive OF fractional currency.
The notes authorized by this act are to
be legal tender for all purposes, public
or private, except in payments by or 10
the United States where payment In
coin Is stipulated. In case the notes
are received at the Treasury before the
expirationoflthe one year stipulated,
the Secretary of the Treasury Is direct
ed TO reissue them or issue new notes
of the same tenor in their stead. When |
specie payments have actually COM
menced the Secretary OF the Treasury |
Is authorized at his discretion to issue
the notes for periods Of less than one
year, but not less than three months.
BE shall also issue new notes of like
denominations In lieu of any notes an.
thortzsd by this law, which may have
been redeemed.
For the purpose of paying the notes
the Secretary of the Treasury ia snib-
ortzed to purchase coin by The jssra ~,
United States bonds, notexceetiin0. a nv
million dollars, of denominatiops no.
less than fitty dollars, payable at from
hveto forty years at the option of gov
eminent, with coin interest at not an.
ceeding six per cent, or in lawful mon
ey not exceeding seven and three.tentbs
the rate and character of the interest IN
bePrinted on the bonds, which are NOT
to be issued for less than par in LEGAL
After the passage of the act, no gold
or silver belonging to the United |
States shall be sold or paid ont from |
me Treasury,except 10 payment of law
lnliy authorized gold certificates, or In
payment ofiulerest on the public debt,
where the same is according to law,
payable in coin, or as authorized by the
act, or otherwise expressed by law.
But the exchange OF bullion for coin
with the United States mtuts is..not
hereby made unlawful.
CHE serene and majestic fipura of
nSeslSSsW washington has made an Inn
~ a,,d on the world more profo6ntI
modem ling than that OF any man Of
eosSssnar.sas,. The New York Tunes,
correspondent writes fIon, Iossi- -.
the I0UFnRlR of tk,.. -LnAI