The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1876-01-14
FRIDAY, JAN. II, 1876.
A Now Kcsumption Rill.

The Democratic leaders in Congress
seem 10 have come to the conclusion that
something must be done about the finan-
ces. The meeting ut the house OF Fer
nando Wood, on Saturday evening last,
was for the purpose Of assembling their
ideas and embodying them in measure
to be presented for consideration and en-
actment. The result Of that meeting was
the bill presented on Monday by Mr.. Fer
nando Wood. The full text Of the bill,
rs telegraphed by the special correspon-
dent Of the World, is as follows:
An act to provide for the gradual re.
sumption Of specie payments.
SECTION !. 1t shall be the duty OF each
association which shall be now organized
or hereafter may be organized under the
National Banking act and having in cir.
cnlation its own notes, during each and
every year after the first day OF July,
1876, and until the full and complete re-
sumption by specie payments OF all notes
and obligations, to set aside and retain
from coin receivable rs interest on the
bonds deposited in the United States
Treasury as security for circulating notes
nm amount equal to per centum Of its
authorized circulation; and from the date
Of its full and complete resumption OF
specie payments the amount OF coin to be
held and retained by each Of said associa-
tons shall at no time be less than 80 per
centum Of its outstanding circulation.
Provided that the coin by this section di.
rectcd to be set aside and retained shall
be counted and held MS part OF the lawful
money reserve which said associations
are by existing laws required to main
tain.
SEC. .. The division OF the Legal Ten.
der law, section 1888 OF the Revised
Statutes, shall be suspended, and the ben
Gifts Of the same Withheld from each and
every association which shall neglect to
comply with the requirements Of the pre-
Ccding section.
SIC. 4. 1t shall be the duty OF the Sec
rotary of the Treasury during each and
every year after the first day Of July,
1876, and until the full and complete
resumption Of specie payments, on all the
notes and obligations OF the Government
to cause to be set aside and retained in
coin an amount equal to 5 per centum OF
the outstanding legal tender notes Of the
United States; and from the date Of such
complete resumption OF Specie Payments
aforesaid the amout Of coin to be set
aside and retained ms aforesaid shall not
he less than S0pcr cent. Of the outstand-
ing legal tender notes. Provided, how
ever, that the coin so set aside and re.
tanned as above provided shall be counted
and held as q part Of the Sinking Fund
for the purchase or payment OF the pub:
lie debt, MS required by section 1904 OF
the Revised Statutes.
SEC. 4. That section OF an act entitled
"An act to provide for The resumption Of
specie payments" approved January 10,
1876, and so much OF section 3 for the
same act as relates to or provides Of the
redemption in coin Of the United States
notes on and after January Sth, 1879, and
all other provisions Of law inconsistent
with this act are hereby repealed.
This, if enacted, would, it Is supposed,
secure resumption in six and half
years, TO which time, Of course, no seri'
ous objection will be urged.