Rensselaer Union, Volume 1, Number 15, Rensselaer, Jasper County, 7 January 1869 — Senator Morton's Specie Payment Bill Bill. [ARTICLE]

Senator Morton's Specie Payment Bill Bill.

The following is the full text of Senator Morton’s,bill for the resunyj* tion of apeotepay merits. It was hi* trbdnccd into the Senftte on the ii'th nit., and the next day refurred totlio Finance Committee: t ; rt.' Bf it piacfedlyihe Striate end House ■ of lUprcsOLtfitivet of the United States of America, in Congress a tsttabled: '" * ; i That hefftaftet; flicpe shall he no sales of gold belWgihg to the Treasury, and that which may hereafter accrue, over aud above tho amount required to pay tho interest on thej jhtbllc debt, and tor other specific uses specified by laW, shall be reserved and set apart for the redemption of the United States notes, «nd fractional currency. Sec. 2. That on and after the first day rif .Idly, 1871, the Treasurer of the United States shall pay In coin, at the Treasury*OfThe United States, it Washington, in the District of Columbia, and at each other points as may be designated by the Secretary of the Treasury, all notes and fractional cnrrency that may be pre : sented for Redemption. SmccS. That on ond after the Ist day of Jauuary, 1,872,: the Natioua! banks shall,pay tn coin such of their notes as may bepresented for redemption, arid shnll oii and after the Ist day of July, 1870, reserve and hold in theif vaults all the poin that may be received’by them as interest on their bonds held by the Government for tho redemption or their notes. Sec. 4 That until tlie lst'of Janu : ary, 1872, atwiiioh time they are roqULfceil to begin the redemption of their notes, the National banks shall keep and . hold in their vaults the whole reserve of legal-tender notes, as now required by law ; aud that on and after that time, the reserve of legal-tender notes, as fast as withdrawn, shall be replaced wit‘h coin to a like amount and lor the same purpose as now required by law to be held in legal-tender notes; Provided, that the Comptroller of the Currency may, with tho assent of the Secretary' of the treasury, allow said banks to' hold a portion of said reserve [jqf exceeding two-fifths of the amount required by law in legal-ten-der notes. Sec. That the Secretary of the Treasury may cause so many of the United States notes as may be redeemed under the provisions of this act, to be canceled, as. may 'in liis judgment be necessary to tfie ptofkf' limitation of the currency ; Provided fuitker, that all frftctiohar curreucy tfiat riray jje rc?(}riefi}e4 bo canceled. ' Sec. 6. That on and after the Ist day of January, 1872, the United States notes shall cease to be a legaltender in payment of debts, but shall bp receivable in payment of Government dues as uow provided by law. Sec. 7. That the Secretary of the Treasury shall have the power “to pegotiate and sell bonds of' tlie United States to be due in thirty years, and redeemable by the Government at its pleasure after ten yeai's.bear-' ing interest at the rate of percent., the principal and interest payable in gold, to such an amount as may be necessary to carry into operation the provisions of the aecouij section of piis acj. '