The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1876-03-22
GheQntelIigenee
The Financial Bill adopted ny
the Democratic Caucus W
washington.


A bill to provide for the general re-
sumption Of specie payment.
Be il enacted by he Senate and House q
plDre~atqtirts ofhc United States o. AnIeri-
m in Congres aGcmbIcd, That 1t shall be
tho duty Of the Secretary OF the Treasury,
during each and every year from July !,
igfG, and until the legal tender notes OF
the United States shall be appreciated ut
mar value with gold and shall be convert.
Eblc into coin, TO cause to be set aside and
retained in coin an amountequnl to three
per cent OF such legal tender notes out
Standing, and from the date Of such con:
yertibiity, as aforesaid, the amount OF
coin set aside and retained, as aforesaid,
shall be held as resumption fund in re,
spec. 10 said legal tender notes, and sllali
al no time be less than thirty per cent oil
such outstanding legal tender notes; pro
vided, however, that the coin 50 SCI II' ~
and retained ms above provided shAn pc
counted as part OF the sinking iunu lor
the purchase or payment Of re pubic
debt, MS required by section "oV4 OIL inc
revised statutes, A. HI,
SpC . That il shall be the duty OF
.ncb National Banking Association,
during each and every year from and
inter- July j, 1876, and until the full and
complete resumption Of the payment in
specie Of its circulating notes, to set aside
and retain from coin receivable and the
interest on the bonds deposited with the
Treasurer OF the United States as seen.
rity for its circulation, IN amount equal
to per cent Of its circulating notes issued
TO such association and not surrendered,
and from tho date Of its resumption OF
specie payments rs aforesaid, the amount
Of coin 10 DO held and maintained as q
resumption fund shall at no time be less
than 80 per cent OF its outstanding circu-
la,iOn; that the coin by this section d.
rected to be set aside and retained shall
be as q part OF the lawful money reserved
which said associations are by existing
laws required to maintain.
Sec. 8. Thatso much OF section 8 OF an
an act entitled "An act to provide for the
resumption Of specie payments" APPROX.
ed January IL, 1875, rs required the Sec.
rotary Of the Treasury to redeem legal
tender notes to the amount OF 80 per cent OF
the sum OF National Bank notes issued
by any Banking Association increasing
its capital or circulation, or to any ASSOC
citation newly organized as provided in
said section, and also SO much OF said
section Us relates to or provides for the
redemption in coin OF the legal tender
notes on and after January l, 1879, and
all other provisions OF law inconsistent
with this act, are hereby repealed.
Another Plan, by Edward Atkinson, Of BostOu.l
BosroN, March 49, take the FIRST
leisure moment after my return to reduce
my suggestion 10 form. The worst form
is the legal.tender note, by
reason of its instability. It's fluctuation
since 1870 is represented by the so-called
premium on gold, ranging from 1857 to
1924. The best form iscurrency convert
lbIc into gold. It is true money persS a
lie. Between the two is there not form
OF property sufficiently stable to serve as
bridget? Possibly there is. A fifty
year four per cent bond, interest payable
quarterly in gold, would, II issued, be-
come established at something less than
;ra I, ,vnriJ Tirc,"ntc bnt I;,,Ie b"t h
nSe ~ "o u.,tI NI w , Ds 49, ~, ~ ~.
! !e WON" w 0'''''"'' ''""'" '''
"SPec'e' r,o,o,,r,o.,
Fira-IssucS $500, 100000 Gfty.year four
per cent bonds, and give the privilege to
convert legal tender notes into them at
par. -,
Seco"d-Pcrmit conversions oil sald
bonds into plain treasury hoies, not
legal tender, Dt receivable Tor all taxes
and dues ike BANK notes, snch notes re-
convertible into bonds. Lawful money Is
only needed In settlements ~ law. for
ordinary purposes q note oil the same
value would meet all requirements, ana
II tue above plan was adopted me STAND
ard OF value would be the bond. Hence
the legal tender note, the BANK mole ana
the Treasury note would take the same
rate OF value in the markct-that is, the
value OF the bond.
ReJuk-ContractiOn of legal tender
money or evidence Of debt, now in forced
circulation, coupled with m abundance
Of currency of equal value for all ordi-
nary purposes.