The Union and journal. [volume] (Biddeford, Me.) 1858-1882, 1869-02-05

Resumption of Specie Payments.

In the House Of Representatives on the 2Gth
of January, Hon. John Lynch called up his bill
for resumption of specie payments, and adj
dressed the house thereon. The first part Of
Mr.. Lynch's speech is devoted toa criticism Of
the four plans that have been proposed by four
different individuals to accomplish the same re-
suit We give below that portion Of tie speech
relating to the bill introduced by himself which
will DO found to contain much valuable statis-
teal matter, and to throw much light upon the
question Of the manner and time at which VIC
may resort to specie payment;
This brings me to the bill before the House.
Does il possess the necessary clements Of success!
Let us examine its provisions. They, are, to
destroy all Unitcl States legal-tcnder notes re-
ceiyed in the Trcsury In the course Of ordinary
transactions and TO issue like amount Of
United States notes, redecmable in coin ON de-
mand in and after one year from the date Of is
sue. Second, TO cause all national bank notes
received at the Treasury TO be redeemed by the
bank issuing the same in United States Legal
tender notes, which legal-tender notes shall in
like manner be destroyed, and coin notes, pay
able in one year, issued in their stead. In other
words. all the paper currency issued aftcr July
I, 1869. from the Treasury Of the-United States
is to be in notes payable in one year from the
date OF issue in coin. Third, TO make these
notes legal tender for the redemption Of national
hank notes, and for all other purposes for which
United States notes arc now legal tender.
Further, rs a matter Of suborlna.e detail, IL
Is provided that the Secretary Of the Treasury
may, on receiving any Of said coin notes into
the Treasury before maturity, instead Of reissu-
ing them, issue an equal amount Of new notes
payable full year from date; and also that the
Secretary may, at his discretion, after the ma
turity of the notes first issued, issue the coin
notes in exchange for the present United States
notes at less time than three months. The
Secretary Is also authorized, in case II may 10
necessary. in order TO maintain the redemption
Of the coin notes after maturity to purchase coin
TO the amount Of S50, 100000. To state more
in detail. the bill provides for gradual rcsump-
ton of specie payment by the conversion Of the
outstanding United States notes into notes paya-
bic in coin In one year from date Of issue, the
conversion into coin notes being made as the
currency disbursements Of the Treasury re-
quire.
Under its operatisn, II Il become q law, MI
United States lcgal-tcnder notes received into
the Treasury OF the United States. in the orii.
nary course ofbusiness, after July I, 1869. will
be destroyed; and all national bank notes 10 ~
ceyei will be changed with the banks issuing
the same for United States notes, which notes
will also be destroyed. and In lieu thereofa like
amount Of Unitcd States notes issued payable in
coin ON demand at the Treasury Of the Unitci
States afler one year from date Of issue. The
new notss viii be legal tcicr for the redemption
by the banks OF their circulating notes, and for
all other purposes except for the payment OF du-
ties ON Imports before maturity. and the Interest
on the public debt where such interest Is paya-
bic In coin That Is, they are legal tender In
general. but must themselves 30 paid In coin at
maturity by the United States.
liking the estimatcl currencY dishurssmntz