The Evansville journal. [volume] (Evansville, Ind.) 1866-1870, 1868-12-17
Senator MOrIOn's Finance Bill

On Monday Senator MORTON pre-
scented the result of his financial
study and investigations in the form
of bill. which is to provide for the
redemption in coin of the United
States notes and fractional currency,
and requiring the National Banks to
redeem their notes in coin:
8 Be II enacted, That hereafter there
shall be no sales of gold belonging to
the Treasury, and that which may
hereafter accrue over and above the
amount required to pay the interest of
the public debt and for other specific
uses specified by law, shall be reserved
and set apart for the redemption of
the United States notes and fractional
currency.
Sec. 2. and be At further enacted,
That on and after the 1st day of July,
1871, the Treasurer of the United
States shall pay, ia coin, at the Treas
ury of the United States at Washing
ton, in the District of Columbia, and
at such other points as may be desig-
mated by the Secretary of the Treas
ury, all notes and fractional currency
that may be presented for redemption.
/ SEC. 3. And be ID further enacted,
That on and after the LIST of January,
| 1872, the National Banks shall pay, in
| coin, such of their notes as may be
presented for redemption; and shall,
on and after the 1st day of July, 1870,
reserve and hold IN their vaults all
the coin that may be received by them
as interest on their stocks held by the
Government, for the redemption of
their stocks.
SEC. 4. And be IL further enacted,
That until the 1st of January, 1872,
at which time they 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 on and after that time
the reserve of legal notes, as
fast as withdrawn, shall be replaced
with coin In a like amount, and said
banks shall thereafter be required to
hold a reserve ia coin to the like
amount and for the same purpose as
now required by law to be held in
legal-tender notes, provided that the
Controller of Currency may, with the
consent of the Secretary of The Treas
ury, allow said bank to hold portion
of said reserve, not exceeding two
hfths of the amount required by law,
In the United States notes.
SEQ. 8. Be IL further enacted,
That the Secretary of the Treasury
may cause so many of the United
States notes that may be redeemed
under the provisions Of this act, to be
cancelled, as nay, in his Judgment, be
necessary to the proper limitation Of
the currency. Provided further, That
all the fractional currency that may
be redeemed shall be cancelled
SEC. 6, BE 1t further enacted,
That on and after the LIST day of Jan
uary, 1872, the United States notes
shall cease to be legal tender in pay
ment OF debts, but shall be receivable
in payment OF Government dues, as
now provided by law.
SEC. z. Be 1t further enacted,
That the Secretary of the Treasury
shall have the power to negotiate and
sell bonds of the United States, to be
due in thirty years. and redeemable
by the Government after ten years, at
its pleasure, bearing interest at the
rate OF seven per cent, the principal
and interest payable in gold, to such
az amount as may be necessary to
carry into operation the provisions of
the second section of this act."