Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1876-01-18

ton OF specie payments, which will
be likely to attract attention, II II be
only on account Of its bold and radical
ra.ure. 1t has been examined by g
number Of hsrl-moDey Democrats, and
has the qualified approval Of some. The
first Eeclion sppropriates at once all the
gold nUH in the treasury, except an
smount equal to Une-thiTd OF the volume
df gold certificates outstanding, for three
purpos es. The first ia the payment Ct
interest on the public debt; the second,
the payment OF such current expenses
offoreign intercourse and the diplomatic
service as are payable in coin, and the
third, the redemption and payment OF
the outstanding greenback circulation.
I Section two provides that hereafter
silver coin at It's full market value in
gold shall be receivable for customs du-
~, and that ell silver received in any
MANNER into the treasury CT the United
States over and above the amount re-
qu:red for the redemption of fractional
currency shall be coined into dollar
pieces Of such weight and fiueness that
their intrinsic value shall be the same
as that of gold coins of the SAME de-
domination. 6ectlon three directs
the secretary of the trea.-
ury to redeem one million dol
lars of fractional currency in silver on
the first of June, 1876, and an additional
one million on the first day Of each sue
ceeding month, provided that the mu-
tilated fractional currency in possession
of the government at the beginning OF
the month shall first be replaced with
silver coin, and then other fractional
currency be redeemed, giving preference
to notes of the smallest denomination.
Section four directs tnat the secretary
of the treasury, on the first of Novem-
Der, 1876, sell ten million dollars In gold
and silver for legal-tender notes, and re.
peat the sale of like amount on the
first Of each succeeding month, until the
legal. tender notes rate at par with gold;
and thereafter to call in and redeem le-
gal-tender notes at the fate of net more
than ten millions every month, givir 6
preference to notes OF the smallest de-
nominations. Section four provides
for the cancellation and destruction of
the greenhaeks thus re deemed. Section
five provides that in case deficiency of
gold soin for the purposes set forth in
this bill should arise, the secretary of
the treasury shall have the right to pre-
pare one hundred and twenty million
dollars of four per cent. thirty-year
bonds, a portion of which he may sell,
as emergency arises, to obtain the gold
needed. II any of them remain after
the outstanding legal. tender circulation
has been redeemed, they shall be at
onee cancelled and destroyed. If,
on account of the is6 of the gold
revenues in the manner prescribed in
this bill, there shall at any time be
lack of money in the treasury to pay cur
rent expenses of the government, the
bill authorizes the issue of bonds to sup
ply the deficiency, but relieves the gov
ernment of the obligation to raise money
to maintain the sinking. fund while the
process Of fetutniOg to specie payment
is going on. The bill proposes to appro-
PIRATE for keeping up the sinking-fund,
bonds purchased by Secretary Boutwell,,
by which the public debt was reduced,
until they have been all exhausted, when
the sinking-fund shall be provided fer as
at present. or course it is proposed to
repeal the resumption bill of last year,
but the national banks are not TO be
disturbed, but to be encouraged to re-
place the lsgal-tenders redeemed
with their own issue, should busi-
ness demand more paper money than
will then be outstanding. OF course
they will be required to redeem their
notes in gold at par, instead Of in green
backs as at present: 1t is
reported that Mr.. SchIeicher has
prepared very able speech in support of
his bill, in which he will argue that it
does not contemplate any contraction OF
the currency in actual circulation; that
it will not derange business, and that it
will cause q return of confidence and
prosperity. He does not think the gold
paid out would be locked up by specula-
tors, because its steady tendency would
be downward, and whoever held it
would do SO at loss.
BILLS FOR MEMPHIS PEOPLE.
Congressional Record, 13th.l
Mr.. Bright also introduced a bill (H.
r. No. S69) fer the relief Of Robertson
Topp and William L. Vance, which was
read first and second time, referred to
the committee on war claims, and Or
dered to be printed.
Mr.. Young introduced q bill (H. R.
No. 1927 to amend the bankrupt law,
which was read a first and second time,
referred to the committee on the judi
ciary, and ordered to be printed.
Mr.. Young also introduced bill (H.
r. No. S93) for the relief of Reeder B.
Sheppard, Of Memphis, Tennessee,
which was read first and second time,
referred to the committee on claims, and
ordered to be printed.
Mr.. Young also introduced bill (H.
R. No. S94) for the relief OF John Il.
Strsttop, of Memphis, Tennessee, which
was read first and second time; referred
to the committee on claims, and ordered
to be printed.
Mr.. Young also introduced bill (H.
r. No. S95) for the relief of Joseph Tagg,
of Memphis, Tennessee, which was read
a first and second time, referred to the
committee on claims, and ordered to be
printed.
Mr.. Young also introduced bill (H.
R. No. S96) for the relief OF Mrs. Ann E.
Connell, executrix OF the estate of Hiram
d. Connell, deceased, of Memphis, Ten
nessee, which was read first and second
time, referred to the committee on war
claims, and ordered to be printed.