New-York tribune., 1876-01-25
NEW IINANCIiL BILLS.

TEESANDo WOOD PROPOSES TO ErFUNp THF Ma
TIONAL DEBr-A PLAN BY Mr.. CHIrTENDEN To
rrSp TIE LEGAL TENDERS-TnE RESUMPTION
BILL or MR. MORRISON.
WAsmNGTON, JAN 2I.-The following finan-
cia bills were Introduced to-day in the House Of Repre-
scntatyes and referred to the Committee on Ways and
Means:
MI Fernando Wood offered bill to amend the acts In
relation 10 the rcfnding OF tho National Debt In lieu
az the 5000 900 Of bonds bearing interest at the rate
Of fla uer cent, payable semtannualy. authorized
by tho act of July If. 1870, tho Secretary
Of the Treasury il be authorized for the purpose OF
said rcfunlng authorized by said act to Issue III a
sum or sums not exceeding I'm tho aggregate S5OOOOO.
600 coupon or registered bonds Of the United States in
such form he may prescribe. and of the denonna-
lions Of SO or multiple OF tnat sum. redcemabe IN
coin OF the present standard value AT the pleasure Of the
United States after 80 years from the date OF th ir lssue
and bearing interest uayable quarterly In such coin
AT the rate OF 4l2 per cent per annuIn, which
bonds and tho interest thereon shall be exempt from the
payment Of all duties OF the United states as
well rs from taxation in any form 10y under the state
nlnl, pal. or local authority; and the said bonds
shall have set forth aud expressed upon their
face the above sIeced conditions. and shall with their
coupons, De made payable AZ thG treasury oi tie t'
rrc,e o the amount of bonds provided for by the
act. TO which this act AL amendment nor tO aulhuEk
any Whatever OF the bonded debt OF the United
states. go, .,., -,
Wood also introduced Dlll pIONuink tal al i1no
providing for or relating to thr Slnhiic fhln Sha Dc
hereby sis ended from June 80 1876 To and including
June 80. l--O.
Mr. chit, nden introduced blll for funding the legal
tender dbi of the United States IL provides nr't th't
tb SECRETARY Of The Treasury bc authorized To sell To Tie
highest bidder for lcgdrnder notes Ito b" immediately
cancccd aud destroyed the bonds or the United HtacH
Tor UOuOOO per month Tor eight months OF cach year
beginning with February and includng ScpltihhcF'
t bonds to coupon registered. as may BE- most Tor
ilr advantage of the Treasury Tor thr thin Dthg 10
bear at rate not exceeding Az per cent III od
coin p. MUM the prime pal T. De- pldbr IN SoIu com Az
wears nom the 1t Oi Jaauay, l-16 Sccohd The bonds
lull lrifrd by the bill shall be- available by The NATIONAL
D,ks deposit in the rctury az security Tor th If
circulating iotts and tthrr liabilities, under the pro
vision, OF existing laws relating I" National BANKS
Morrison Ot Illinois INT. pduccd b.il preparatory
10 the redemption al United .tcs notes and the uinp
ton OF specie payment. al provides that from ihc
massage OF ths act the Secretary OF the Treasury shall
retain iu the Treasury for the Ultimate redemption III
coin AT par Of United states notes., the com received
from ali sources IN excess VI the requirements OF the
public debt. until tEc coin ~ retained shaH
amount TO 80 per ceutun Of the United States notes then
outetaudiug aud until such coin shall amount To 80 per
cent ~ the outstanding United states notes 80 Wl'h Oh
section the act entitled An ac! To provide Ioi the
rrsumptuu of specie Idym'n nts a. provides Tor or re-
lf,. t tuc rcdrmutOn IN OF United states notes
after the ls day OF January, 1879. Is 10 be suspended
From the passage or the act, every Hatlohal
bank shall bo required To retain tho com lu-
terrst payable 10 such bank on us bonds deposited
as security It's circulation to tue amount of It's legal
reserves required by law, ana "i 'ucH sum ID aul,
euua 80 per Ccntum Ot IT. crculuilon, Which
amount of 30 per centum OF Its cllcnla
tion shall thereafter be retained 10y eN,fy N3tiola
bank as security the redemption IN cOlr OF such
circulation; and all acts OF parts OI acs hhAls any
other legal tender than coin Ia be repealed suc re-
peal fleet from the date when the amounts "a Dc
retained by the National banks shall equal SAID sum OF
80 per ceutum OF National bank circulation, Ia Dc made
kuown by 80 days notice thereof, "a he given Nv the
National shall be receivable for the same demands
of the GOV ernIneut now provided by law.