The New Orleans crescent. [volume] (New Orleans, La.) 1866-1869, 1869-01-16
BUTLER's NATIONAL CURRENCY

In the House of Representatives, on the 18th,
Mr.. Butler, of Massachusetts, introduced bill to
authorize the issue of q national currency. to as
sure its stability and elasticity, lessen the interest
on the public debt and reduce the rate of interest,"
as follows:
Bet enacted, ETC., That the secretary OF the
treasury Is hereby authorized and directed.
after the 30th day of june next, to issue on the
faith and credit Of the United States $3.50 600 coo,
and such further sum as may be required 10 carry
into effect the provisions of this act in certificates
OF value of the treasury Of the United States not
bearing interest, and Of such amount as he may
deem expedient, OF not less than one dollar each,
which shall De receivable in payment OF all taxes,
duties, excuses, debts and demands of every kind
due the United States, and for all claims and de-
mands against the United States. of every kind
whatever, except where the law creating such
| cisim or demand requires that the same shall be
| pad n coin, and be lawful money and legal ten
| der in the payment OF public and private debts,
except as aforesaid, within the United States and
shall be receivable in payment for all loans made
| TO the United States
Said certificates shall be in the similitude OF
treasury notes heretofore issued except that they
shall bear on their face the denomination or
value for which they are money, together
| with appropriate vignettes, to prevent counter
| feiting and such signatures. checks and numbers
| or other references as may be best TO prevent
over-issues forgeries: and on the back thereof
shall be printed the provisions of the law under
| which they are issued.
Sec. 2. That after the 7th day of June next, the
national banks shall cease TO be banks OF issue.
aud the taxes their circulation shall thereafter
cease and il shall be the duty OF every collector
| or other officer, having received in payment Of a
debt CT tax due to the United States any bill
| heretofore issued by any national bank, to return
| the same on the first day Of each succeeding
! month, until the LIST Of January, 1870 when such
bills shall be no longer receivable. TO the control
Ter of the currency TO be cancelled and destroyed
in his presence, and in the presence of the trea:
surer of the United States and the register, Of
| which destruction memorandum containing the
| amount of bills, their numbers and name of bank
issuing them, shall be made in book kept for that
purpose and signed by the officers aforesaid and
said collector other officer shall be credited in
his account with the amount so returned and the
| same shall, be done with all other bank bills and
legal tender notes now issued, or which shall be
issued, when they are returned to the treasury.
| Sec. g. That whenever the bill of any national
| bank, received in payment Of debt or tax due the
United States shall be returned TO the controller Of
| the treasury he shall charge on the amount 1855
per cent interest per aunum 10 coin, which shall be
| deducted from the amount of interest payable by
| the United States TO said bank in bonds, lodged
for the security of said bill, until an equal amount
of certificates, of the value of the three per cent
certificates issued in pursuance Of the act Of
March Is, 1867 and the act of July 3, 1865. shalt
be paid into the treasury of the United States, by
| each bank whereupon pro rata amount OF said
| bonds shall be returned to such banks.
| Sec. 4. That after the 30th day of December
| next, no national bank bill shall be received by
| any officer of the United States. Ia payment of
| any public debt or tax, but each of those ma
tioDal banks may at any time return 10 the con-
troller of the currency the amount issued 10 such
| bank, and then outstanding and unredeemed on
his books, ard receive pro rata amount of
| bonds lodged as security therefor; aud from the
| 30th OF said June, said national banks shall be
charged 65-ltO per cent interest IN coin on the
amount of all bills outstanding and unredeemed.
| in the manner before provided, TO be deducted
| from interest payable said bonds, so long
as said bills shall remain outstanding and unre-
| deemed.
See 5. After the 3Oth of June next, each col
lector and discussing officer, except the treasurer
and assistant treasurer of the United States hav.
ing in his hands any legal tender notes belonging
to the treasury of the United States, shall forth
| with return the same to the nearest assistant
treasurer of the United States, and receive there
| for an equal amount of certificates of value, Of
convenient denominations for payment and circu-
| lstion, or credit on his account as he may select;
| and on the LIST day OF each month every such Of
| fcer shall make like return OF legal tender
notes as may come into his possession. and receive
payment and credit therefor; and after the 30th
June disbursng officer of the United States
shall pay out or disburse any other money
| certificates Of value, except when he may be or
dered by the secretary of the treasury to pay or
disbuise CO n.
See g. AfIer the SO,h day of June next, any
person or association, whether banking or other
wise, owning any bond OF the United States Of one
hundred dollars or any multiple thereof, payable
10 bearer, bearing six per cent. interest in coin.
| with coupon for accrued interest attached, may
present the same 10 the treasurer. any assistant
treasurer of the United States, or other pubic
depositary to be designated by the secretary of
the treasury for that purpose, and who shall have
left in the treasury OF the United States Sufficient
security. and shall receive therefor ninety per
cent. Of the par on It's face in certificates Of value,
| in such denominations as he may choose, paying
| on that amount at the rate of 65-l00 per cent.
| per sDnum interest in coin for thirty days, and
until be shall return an equal amount OF said GER
tifcates TO the treasury OF the United States; and
said bond or bonds shall remain in the treasury
security for the certificates so delivered, and
the interest thereon, which shall be deducted from
the interest," to be paid on such bonds at any time
after thirty days. The owner Of any bond
pledged in the treasury of the United States may
return certificates of value equal to ninety per
| cent. value thereof, and receive back his bond
and coupons, pledged as before provided, less the
| interest and said certificates, and the amount
thereof paid to him and the treasurer assist
| ant treasurer where said bond Is pledged shall,
| during the time of its deposit, pay to the owner
thereof the accrued interest thereon, beyond that
due on said certificates, once in every six months
Sec. Z. The secretary of the treasury is su-
| thorized and directed to cause to be coined
| tokens OF value which shall be legal tenders aud
lawful money, for any sum less than one dollar.
| ss fractional currency of the denomnation of ten
| cents upwards in the similitude of silver coin.
| the silver so alleged with copper or other metal
as TO be fifty per cent less In value than the de-
| nomination thereof, and Herewith redeem the
| fractional currency of the United States, when
presented TO the treasurer any assistant treasu-
Of the United States, in sums Of FIVE dollars or
| upward. after the 30th day Of June next; aud on
| the 18th day of December next such fractional
| paper currency shall not be received by any Off
| Ger Of the United States, except for redemption
| as before provided.
On motion of Mr.. Butler, the bin wsa referred
| 10 the committee ways and means. He moved
| 10 reconsider the motion, and thereupon made o
| lengthy speech In support OF the bill.
LETTER IRON THE POsrMAsrER GENERAL.-We