Year: 1872

TIE HON. FREEMAN CLARKE.
WASHINGTON, Jan. 1.-THE Hon. Freeman
Clarke of New-York, who favors a prompt return 70
specie payments and believes that the way
is to resume has prepared important bill, which pro-
ydes that resumption shall take place some time within
the present year. which be will introduce In the House
tomorrow, for reference to the Committee on Banking
and Currency. The bill reads as follows:


Az Acr provide Of and Of equal and Uniform


BE E@aed y me ssatc and H"nse St RIent TSst
SsS the %S Of f the Presdent r At such time
the first day Of January 1873 he may deem eXpedeut
that the Government notes known legal tender notes,
shall be redeemed in coin at their par value when pre-
United states, in the CITY OF NowYork and that the
may. under the direction of the Secretary OF the
such other Assist ant greasuTers the Secretary
deem advisable and most for the convenience OF the


Prorided That nothing herein contained sha, be con-
stred to prevent the reissue OF the notes 50 redeemed
or the receiving and paving of the from time
to time by the Government with the fnll benefit OF and
subject TO all existing provisions Of law III relation to


a The National banks throughout the United States
hereby required to redeem their notes in the City or
New-York at par, in lawful money; and each Of such
banks not located In the City of NewYork shall appoint


National bank in said city, subject to the appreciation
Of the Controller OF the Currency. to act its agent
for the purposes OF such redemption; put thls pro-
their obligation 10 redeem their circulation at Their own
counters In lawful money as now required 6y law.
Of reserved funds prescribed by existing statutes in ad
don the that such banks may at any time have
on hand until the first day Of September, 1873 after
which time the requirements that banks not located IN
the city Of NewYork shall hold specified amount, as
reserve, shall cease.


II shall be lawful for National B7nts to subscribe
for and hold stock in bank be organized under the
National Banking Act in the CRY OF New-York TO an
amount not exceeding ono per cent OF the capital STOCK
the bank subscribing, and TO appoint such bank its
redeemng agent with the approval OF the Controller Ok
the Currency.


e. National Banks shall be exempt from taxation on
the average they have on deposit with their re-
deeming banks such redeeming banks being required to
pay taxes thereon.


No coin shall be sold by the Secretary OF the Trea
sury paid out for any other purpose than the payment
of the interest the public debt ana contribution to the
sinking fund when such sale or payment Will reduce me
band below the OF 1O00000O0 OF dollars nTl
the time which shall be xed by the President for the re-
dcmptiOn OF the legal tender notes.


Provided, however that this provision shall not pre-
he secretary from paying the proceeds of bonds
sold the purpose of refunding the Government debt
for the redemption OF equal amount OF bonds OF pre-
yiOus issne


Duties on imports shall continue to be paid In coin


Mr. Clarke believes that if this measure becomes law
resumption will he attained aud maintained without
either expansion contraction and with 10 shock 10 the
Oi the country.