Year: 1867

Regulation of the Currency and Re.
sumption of Specie Payments.
We have just received the following bills to
regulate the currency and to provide for the
resumption of specie payments, introduced
in the national House of Representatives by
Mr. Lynch on the 4th instant and referred 20
the Committee on Banking and Currency OF
which Mr.. Lynch is member:


A BILL to provide against undue expansions


and contractions OF the currency.


BE 1t enacted, dc. Section 1. That the Sec
retary OF the Treasury be, and is hereby au.
thorlzed and directed to issue United States
coupon bonds to an amount not exceeding
three hundred million dollars of such denomi-
nations, not less than one hundred dollars, as
the Secretary shall prescribe, payable in lawful
money bearing interest at the rate of five per
cent per annum payable quarter yearly in coin ;
said bonds to be issued to any person paying
therefor the par value thereof in lawful mon
y;and shall be redeemed by the United States
at any time twenty years alter their first issue
and not earlier except at the option of the
holder, as hereinafter provided, and at the ex-
pf plrfatlon OF said twenty years shall be paid in


Section 2. The bonds issued under the pro-
visions of this act shall be signed by the first
or second Comptroller of the Register of the
Treasury and countersigned by such other Off
Ger or officers Of the Treasury as the Secreta-
ry OF the Treasury may designate, and shall be
issued under the seal of the Treasury Depart
ment. The interest coupons may be signed
by such person or persons or executed in such
manner as may be designated by the Secretary
of the Treasury.


Section 8. The Secretary of the Treasury
shall take up said bonds whenever presented
for that purpose at the Treasury of
the United States, paying therefor in
lawful money the par value thereof
aud the accrued interest thereon 70 the
amount Of any matured and unpaid commons
thereto attached, and the bonds so taken up
may be reissue in the manner provided for
their first issue, the interest which NAV have
accrued on any conpon thereto attached at the
time OF said re-issued being paid by the pur-
chaser IN addition to the par value of the bonds,
and said bonds may continue to be re-issued,
as before, at any time or times during the pc
riod of ten years after which jthey shall not be
again re-issued.


A BILL to provide for the resumption of


specie payments.


BE at enacted, dc. Section /. That on and
after the 1st day of July, 1867, the United
States notes now outstanding. shall when re-
ceived at the Treasury of the UnitedlStates De
destroyed under the directionol the secretary
of the Treasury, and in lieu Thereon the Secre-
tary of the Treasury is hereby authorized and
directed TO issue new U. S. notes of the same
denominations as those IN lieu OF which they
are issued payable in coin on demand at the
Treasury of the United states at and after one
wear from date. The whole amount of the
new notes authorized by this section shall not
exceed the amount of United States note now
outstanding exclusive of fractional cnrrencv
except as provided in section Sd of this act


Section 2. Said notes shall be legal tender
for all purposes except for the PAYMENT of the
interest of the public debt where said interest
is now or hereafter may be according TO law
payable in coin, and by and to all parties, ex-
cept by the United States, after their maturi-
ty as herein provided.


Section 3. The Secretary of the Treasury is
hereby authorized to issue notes of the des-
cription authorized by this act in payment of
so much Of the public debt as is payable in
lawful money, and shall mature and become
payable before the first day of June, 1858.


Section 4. The Secretary of the Treasury ;e 70
hereby authorized, after the payment IN spe1,o
herein provided for shall have actually Otas oo
menced, at his discretion to issue tns no.es "ss,
hereby authorized for periods OF less .nsa S o'o
year, but not less than three mon'ns' anu ne's