The Fremont weekly journal. [volume] (Fremont, Sandusky County, Ohio) 1867-1877, 1869-01-01

nc tJHonldg ie tlo pii IN luils
A IILJ to provide for the Redemptjo
id Coin Of the United States MOI
aad Fractional Currency, and tsquir
iIg the National Banks 70 Redeem
tlieir Notes in Coin.
Be it enacted BY the Senate an,
House Of Representatives. Of the Unitec
States IN Congress assembled:
SEcTIoN /. That hereafter there sbai
be no sales, Of gold belonging to tbl
Treasury Of the United States, and tha
the surplus gold now in the Treasury
and that which may hereafter accrue
over and above the amount reqcired 6,
pay the interest on the public debt, and
for ether specific Uses specified bg law
shall be reserved and set apart for th,
redemption Of United States notes ant
fractional currency al.l-.ies,,
SIC 2.rBe It fuftber enacted. Tbs
On and sftsr the LIST day Of july, l s7l
the Treasurer .oforthe United States
shall pay m coin at the Treasury Of ths
United States, at Washington, and {.
such other points as may be designated
= by the Secretary Of the Treasury, al
United StstebLnotss anasftsetionsl cur.
Eenet that may be presented for re.
deu4ltioh ms sirl 10 lsissi70
Ssc 8. That on aud alter the ist
DAY Of January 1872, the national
banks shall pay in coin such Of their
notes as may be presented for redemp-
tion, and shall, on and after the Ist Of
July, 1870, reserve and hold in their
vaults an the coin which may be re-
ceived BY them as interest on their
stock held by the government for the
redemption Of their notes. -
SEC a. That until the fist Of Jan,
usry, 1879, at which time they are re.
quired TO begin the redemption Of their
notes, the national banks shah keep and
hold in their vaults the full reserve OF
legal tender notes as now reqaired BY
law !; and that on. sadaafer that time
the reserve legal tender notes, as fast
as withdrawn, shall Be replaced with
coin to a -amount; and the said
banks shall thersaftsr be required to
hold their reserve in coin to q like
amount, and for the same purpose as
now required By law, to be held 10
legal tender notes; provided that the
Comptroller of the Currency may, with
the assent Of the Secretary Of the Treas
ury, allow said banks to hold 8 portion
Of the said reserve, not exceeding two
fiflhs of the said amount required by
law IN United Ststes notes. r7g b
sEc. 5. That the Secretary Of the
Treasury may cause as many Of the
United States notes, redeemed under
the provisions of this act, to be cancel
led, as may, in his Judgment be neces-
sary to. the proper limitation Of the
currency; provided, further, that all
fractional currency that may be re-
deemed shall be cancelled.
SEC. 6. That on and after the first
of january, 1872, United States notes
shall cease to be legal tenders in pay
meut of debts, but shall be receivable
in payment of government dues as now
provided by law. praI
SEc. Z. Be it further enacted that
the Secretary ofthe Treasury shah have
power to negotiate and sell the bonds
Of the United States to be due in thirty
years and redeemGble by the govern
ment at its pleasure after ten years,
bearing interest at thefate Of blank per
cent, principal and interest payable in
gold, to such amount as may be neces.
sary to carry into operation the pFovi-.t
sioDs Of the second section Of this act
10 she above bill Senator Morton has
sought to grapple with the great inan-
cial question of the day show to re-
sumo specie payment but we cannot
see where he has materially improved
upon other theories, or made plain the.
way. So far as specifying a time When
This desideratum shall be accomplished,
be has gone uo.further than others, but
has placed the dag Of resumption further
of than many. But IN his arrange
nents for that resumption, in section
one and three, he evidently misjHdges
,he effect, and makes q proposition that
would be set down as bad financiering
By men of the most ordinary judgment
We have had enough Of that policy al
-esdy. This hoarding of gold is what
s keeping up the premium on that
commodity, and the systematic lock
Up, here provided for, would withdraw
IN immense amount more from the
channels of trade, increase the string
,ncy in the market, run up the premium |
lpon.it, and'cOnesPOndihgly depreciate !
he greenback. This hoard would pay
10 dett, draw no interest, but be dead |
ind protitless in the government yaults.
Il enough could be accumulated to re-
leem sll obligations that might be pre-
ented after July l, 1871 there might |
possibly be an excuse for this proce-
lure, fot then, as the day Of Tedemp- |
ion approached, The greenback you'd
appreciate; but the Senator does not
,xpect it, and in section seven provides /
or the sale of gold bonds to meet the
demands resulting from resumption. A
pertinent enquiry, in this connection,
would be, five must resort. to the sale.
f gold bonds, to meet the demand that
viii arife, why not do 50 at once, and
esume at a much earlier periodl 1t
ould be accomplished, IN that way, as
asily st once, as two years hence, and
be evils Of delay be avoided. % is', 4
The provision for cancelling notes |
edeemed, and trusting the cancellation,
o far as quantity is concerned, (excePt
ractionAl currency, to the judgment
f the Secretary Of the Treasury, would
rove equally as impracticable as The
by McCullocb, and be Of no
,eneft, if practicable; for the gFeenbaek
IN a par with gold, would be preferred
o gold, and alltiIg gold in the country |
iddsd'tO the present eirculsti6p,,l would