The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1872-01-18
SPECIE PAYMENTS.
An Important Bill in congress-The
President to be Authorized to Order
Coin Payments In 1s72-Te1t Of the
Rt1I

Tne most important measure yet presented
at this session of Congress Is that which has
been introduced by Hon. Freeman Clarke. AS
will be seen by it's title, it is virtually bill TO
provide for the resumption of specie pay
ments. It has been very carefully prepared.
and has received the sanction of many promf.
nent bank officers in New York and other
cities. Some of Its features, 1t will be observ-
ed, are entirely new, and Its provisions, as a
whole, will command careful attention. The
following Is the bill in fgll:
AN ACT TO PROVIDE CURRENCY. OF COIN AND
PAPER OF EQUAL AND UNIFORM VALUE
> THROUGHOUT THE UNITED STATES.
SECTION l. Be it enacted, That 1t shall be the
duty of the President, at such time before the
first day of January, 1873, as he mayldeem ex-
least thirty days notice, that the government
notes known as legal tender notes shall be re-
deemed In coin at their par value when pre-.
sented at the office of the assistant treasurer
of the United States In the City of New York,
and that The same may, under the direction
of the Secretary Of the Treasury, be In like
manner redeemed ct the offices Of such other
assistant treasurers as the secretary may
deem advisable and most for the convenience
contained shall be construed topreVent the
reissue of the notes so redeemed, or the receiV-
Ing or paying out Of the same, from lime to
time. by the government, with the full benefit
Of and subject to all existing provisions Of
law In relation to such notes.
SEQ. 2. That national banks throughout the
United States are hereby required to redeem
lawful money. and each of such banks not To-
Gated In the City of New York shall appoint
national bank In said city, subject to the ap-
probation of the comptroller Of the currency,
to act as Its agent for the purposes Of such re-
demption, but this provision shall 10 no man
ner relieve the said banks from their obliga.
tion to redeem their circulation at their own
counters 10 lawful money, as now required by
law.
SEC. 8. National banks shall continue to
hold the amount Of reserved funds prescribed
by existing statutes, in addition to the coin
that euch banks may at any time have on
hand, until the 1st day Of September, 1873,
after which time the requirements that banks
not located in the City or New York shall hold
specified amount as reserve shall cease.
Sec. 4. It shall be lawful for national banks
to subscribe for and hold stock In bank to be
organized under the national banking act IN
the City Of New York to an amount not ex-
ceedlng one per cent. of the capital stock of
the bank 60 subscribing, and to appoint such
bank its redeeming agent, with The approval
Of the comptroller of the currency.
SEC. 8. National banks shall be exempt from
taxation on the average amount they have on
deposit with their redeeming banks, such re-
deeming banks being required to pay taxes
thereon.
Sec. g. No coin shall be sold by the secreta-
ry Of the Treasury, or paid out for any other
purpose than the payment Of the interest on
the public debt, and contribution to the sink
ing fund, when such sale or payment Will re-
duce the coin on hand below the sum OF $780,
00O, 900, until The time which shall be fixed by
the President for the redemption OF the legal
tender notes; provided, however, that this
provision shall not prevent the secretary from
paying the proceeds of bonds sold for the pur-
pose OF refundlng the government debt tor
the redemption Of an equal amount of bonds
of previous issue.
SEC Z. Duties on imports shall continue to
be paid in coin.