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A Substitute For Legal Tenders

A Substitute For Legal Tenders image
Parent Issue
Public Domain
OCR Text

Tüe loüowing is the tull text of the )ill introduced by Mr. Sumner to au;horize compound interest notes as a subtitute for legal tender notes : Be it enacted, etc, That the Secretary of the Treasury is hereby authorized and directed to prepare for circulation compound interest notes, equal in amount to the outstanding legal tender notes and fraotional currenoy of the United States, and in all respecta similar to those heretoforo issued under the act approved March 3d, 1863, entitled ' An act to provide ways and means for the support of the government." Sec. 2. That these notes of different denominations, to the amount of $20,000,000, shall be dated on the first day of each month, commencing with the first day of July next ensuing, when the amount named will be ready for issue, and then afterward on the first day of each month until the requisite amount has been furnished. Sec. 3. That the notes thus provided shall be paid out for all disbursements of the treasury, except those due in coin, so long as they are sufficient for the purpose, and if the whole monthly installment is not thus disposed of, it shall be the duty of the Secretary of the Treasury to eichange the surplus for the present legal tender notes, so far aï practicable, that the full sum of $20,000,000 may be put into circulation each month. Sec. 4. Thatit shall be the duty of the Secretary of the Treasury to cause the ' destruction each month of legal-tender notes to an extent equal to the netes issued under this act. Sec. 5. That the notas issued under this act shall, at the option of the holder, be cqnvertable at the end of two years, in sums of $100 or its múltiplo, iuto bonds of the United States not having less than ten nor more forty years to run, and bearing interest at the rate of flve per contum, and the Secretary of the Treasury is hereby authorized to issue such bonds, Sec. 6. That whenover these notes, or bonds into which they are converted, can be sold at par in gold the Secretary of the Treasury may sell them in such suras as may be called for, and apply the proceeds in gold to cancel legal tnder notes as they are paid iuto the treasury. Sec. 7. Shat the notes issued under this act shall constitute no part of the legal curreney required of the national banks.


Old News
Michigan Argus