New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-01-13
A BOLD PLAN FOR RESUMPTION.

DIR. sCHLEICnCR or TEXAS PROPOSES RADIO VI
MEAsUBE-ALL TIE GOLD on HAND TO BE AP-
Piled AT ONCE 10 REDEMPTION AND CURRENT
EXPENSES SPECIE PAYMENTS IN 1S76-DE-
TAILS OF TIE BILL
iBY TELEGRAPH 10 TIE TRIBUSEl
WASHINGTON Jan. 12-Mr Schlecher, Demo
cratic Representative from Texas, who has been
more thorough and careful in his study of financial
subjects than the average Congressman, introduced
bill to-day for the resumption of specie payments
which Will be likely to attract attention, if it be
only on account of its bold and radical nature. 1t
has been examined by number Of hard-money
Democrats, and has the qualified approval of some
The first section appropriates at once all the gold
now in the Treasury, except amount equal 10
third Of the volume of gold certificates outstanding
for three purposes Thief is the payment Of interest
on the public debt the second the payment of such
current expenses of foreign intercourse aud the
diplomatic service as payable in coin, and the
third the redemption and payment Of the outstand
ing greenback circulation.
Section provides that hereafter silver coin Mt
ts full market value in gold shall be receivable for
Customs duty, and that all silver received in any
manner into the Treasury of the United States over
and above the amount required for the redemption
Of fractional currency shall be coined into dollar
pieces of such weight and fineness that their in
trnsic value shall be the that Of gold coins
of the same denomination
Section directs the Secretary Of the Treasury
to redeem 81 900 600 of fractional currency in liver
on the LIST of juno, 1876 and additional ST OOO,.
600 the first day of each succeeding month, pro-
vded that the mutilated fractional currency in pos.
session 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 IL notes of the smallest denomination.
Section 4 directs that the Secretary of the Treas
ury the LIST Of November, 1876 sell ten millions
In gold and silver for egaltender notes. ard repeat
the sale OF like amount on the first Of each sue
eeeding month. until the legatender notes rate at
par with gold and thereafter to call in aud redeem
lcgaltcnder notes at the rate of not more than ten
millions every month, giving preference TO notes Of
the smallest denominations
Section 4 provides for the cancellation and de-
struction Of the greenbacks thus redeemed. Sec
ton provides that in ease deficiency Of gold
coin for the purposes set forth In this bill should
arise. the Secretary Of the Treasury shall have the
right to prepare $120.000.000 of per cent, 80
year bonds, portion Of which he may sell, as emer-
gency arises, to obtain the gold needed If any Of
them remain after the outstanding legal-tender
circulation has been redeemed, they shall be at once
Cancelled and destroyed.
III on account Of the use of the gold reyenpes.
III the manner prescribed i'll tlas bill there
shall at any time DO lack of money in the Treasury
to pay current expenses of the Government. the bill
authorizes the issue of bonds to supply the def
eiency, but relieves the Government Of the oblira-
tisn to raise money 10 maintain the sinking fund
while the process Of returning to specie payment Is
going en- The bill proposes to appropriate for keep
Ing up the sinking fund, bonds purchased by socrs-
tary boutwell,. by which the public debt was re-
duced. until they have been all exhausted when the
sinking fund shall be provided for as at present OF
course. it Is proposed to repeal the resumption bill
q last year. but the National banks are not to be
disturbed but to be encouraged to replace the legal
senden redeemed with their own issue, should bust