New-York tribune., 1877-11-08
MIR. HEWITTS RESUMPTION BILL.
A PLAN FOR ACCUMULATING GOLD IN TIE TREAS
lBY TELEGRAPH TO TIE TRIBUNE.l

BY TELEGRAPH TO TIE TRIBUNrl
WASHINGTON, Nov. THE following is the full
text of Mr. Hewiu's proposed amendment to the
bill repeating the Resumption Act:
That the Secretary Of the Treasury is hereby author
lied ard required TO accumulate in the Treasury of the
United States and after the first day of January
next in addition to the gold which be in the Treas
ury, 5OOOO,O 900 annually, in nearly equal install
ments as may be practicable, in gold coin, OF
gold bullion and to keep the special fund ior
the purpose Of redoemng the United States legaender
notes, separate and apart from all other money OF ou
lion in the Treasury whenever in his discretion II may
be expedient the said notes After the gold SO
accumulated shall amount in the aggregate to ffty per
centuIn OF the outstanding egaender notes. it shall be
the duty of the Secretary OF the Treasury at some time
in his discretion before the gold accumulated snail e1
coed the amount OF outstanding legaltender notes. 10
give public notice that the said egatender notes VIII DC
redeemed in their presentation at the oihce OF
the Assistant Treasurer in the City Of New-Iork and
after notice the said notes shall cease to be legal
tender for the payment OF debts except TO the Govern
ment Of the United States
SEC ., that enable the Secretary OF the Treasury
to prepare and provide for the redemption OF the legal
tender notes in this act authorized and required he IL
hereby prohibited from selling any gold in the Treasury
after the day OF January next except in excess OF
tho annual reservation Of Sj0OOO,OOO herein
provided for; and in order TO accumulate the
gold fund herein provided, he is authorized
TO use any surplus moneys from time 10 time H.
the Treasury, not otherwise appropriated, and
so far as may be necessary TO issue, soil
and DISPOSE at not less than par in gold coin either Of
the descriptions OF bonds described in the act entitled
"An Act TO provide for the resumption Of specie pay
ments approved January IA, Ammo Domnl is73 and to
use the proceeds thereof for the purposes Aforesaid
provided, however, that he may in his discretion make
the said bonds payable in not exceeding forty years
from the date thereof and bearing such lower rate OF in
terest as may in his Judgment be eXpcdicnt.
SEC g. That in order provide for any temporary de-
fccncy Of currency in the Treasury to meet the current
expenses OF the Government it shall and may be l1wtu
for Secretary OF the Treasury to make and issue
from time time, may De nccdful, Treasury notes to
have not than year to run, and bearing such
rate OF annual interest not exceeding per ccnum, as
he may fix; provided however that the total amount or
such treasury not outstanding at any one ume shall
not exceed rJOOOOOOO.
SIC f. That the Secretary OF the Treasury is hereby
further authorized and empowered whenever III hls
Judgment the State Of The money market may he favor
able 20 exchange the bonds Of tile United states herein
before described by public tender. 10 the highest bidder
for the -aen notes OF the United States, aud tna
the egttendcr notes received shall be added 10 the
gold reserve hcIciubJfOre provided for.
SEC. .. That all provisions Of law inconsistent with
the provisions of this act hereby repealed, and to the
Xuut oi tAe gold aud lecachrr notes accumultcd IN
the Treasury, accordance with tle provisions OF this
act tie obligation To purchase bonds for the slnsinE
iuuQ ls LclCDy repealed