Indiana American. [volume] (Brookville, Ind.) 1865-1872, 1868-12-18
Senator Morton's Financial Bin.

SENATOR NtOTtOU Ditts
On Monday Senator ortoBintroduced
into the Senate bill to provide for the
redemption in coin of the United States
notes and fractional currency, and requir-
ing the National Banks to redeem their
notes in coin. lie was expected to sup
port it on Wednesday in long and care.
fully prepared speech, which there was a
good deal Of curiosity to hear. The fol-
lowing is the text of the bill;
Be Il enacted, That hereafter there shall
be no sales Of gold belonging to the Treas
ury, and that which may hereafter accrue
over aud 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 re-
demption of the United States notes aud
fractional currency.
SEC. 2. Aud be q further enacted, That
on aud after the FIRST day OF July, 1871,
tho Treasurer of the United States shall
pay, in coin, at the Treasury of the Uni
ted States, at Washington, In the District
OF Columbia, aud at snch other points
as may be designated by che Secretary oil the
Treasury, all notes aud fractional curren-
cy that may be presented for redemption.
SEC. 3. BE Il 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 Tor re-
demption, aud shall on and after the LIST
day of July, 1870, reserve aud hold in
their vaults all the coin that may be re.
ceived by them as interest on their stocks
held by the government for the redemp-
ton OF their notes.
SEC. 4 And be Il further enacted, That
until the LIST Of January, 1872, at which
time they are required to begin the re-
demption of their notes, the National
Banks shall keep and hold in their vaults
the whole reserve of legal teoder notes MS
now required by law, aud on and after
that time the reserve Of legal tender notes
as fact as Withdrawn, shall be replaced
with coin; aud said banks shall, thereafter,
be required TO hold reserve in coin TO
the like amount, and for the same purpose
as now required by law 10 be held in legal
tender notes, provided that the Comptrol-
Ter OF the Currency may, with the consent
of the Secretary Of the Treasury, allow
said banks to hold portion Of said re-
serve not exceeding two-fifths of the
amount required by law in the United
States notes.
SEC. 5. BE afarther enacted, That the
Secretary OF the Treasury may cause so
many of the u. s. notes that may be re.
deeuled under the provisions Of this act,
to be cancelled, as may in his judgment
be necessary to the proper limitation of
the currency; provided, further, that all
fractional currency that may be redeemed
shall be cancelled.
SIC. g. BE Il further enacted, That on
and after the LIST day of January, 1872,
the IT, s. notes shall cease to be a legal
tender in payment Of debts, but shall be
receivable in payment of government dues
as now provided by law.
SEC. 4. Be Il 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 It's pleasure, bearing in-
terest at the rate OF per cent, the prin-
cipal and interest payable 10 gold, to such
an amount as may be necessary to carry
into operation the provisions Of the sec
ond section Of this act.