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Thursday, March 17, 1870. a t SPECIE PAYMENTS. . The rapid, and generally unexpected, li fall in gold has caused a wide-spread I demard that the government shall d promptly resume specio payments. A d number of journals assert that the Secretary of the Treasury should have done this when gold touched 112, as everything was ripe for resumption. Of this, however, there is room for strong doubt. On Monday Senator Summer introduced a bill looking to a gold and silver currency by the 1st of January next. It is reported in brief by telegraph as being a bill to "strengthen the legal reserves of National Banks, and provide for the resumption of specie payments. It requires every national bank to reinforce its legal reserve by the substitution of coin at the rate of 1 per cent. per month upon the whole amount of its liabilities for the redemption of which reserves are required, and provides such substitution to continue until the whole amount of their legal reserves shall become coin, and thereafter every national bank shall hold in its vaults an amount of coin equal to the amount of reserves required by law. "The second section directs the Secretary of the Treasury, upon the passage of this act, to give public notice of the intention of the government to resume payment in specie, upon all its liabilities, not later than the 1st of January next. Thereafter payments by the treasury to be upon a coin basis. "The Secretary is also required to retain in the treasury the coin received from customs and other sources, in exof the requirements of the public debt, and such further supply of coin as may be necessary in the execution of the provisions of this act may be obtained under an act entitled 'an act to authorise the purchase of coin, and for other purposes,' approued March 17, 1962. The bill repeals all acts making anything but coin a legal tender for debt, public or private, suspends the further printing of United States notes and fractional currency, and provides for the redemption and cancellation of mutilated currency." It was referred to the Committee on Finance, and ordered to be printed. A New York telegram says the bill created some excitement on Wall street gold dropping to 111 but afterward advancing to 112. The circulation o the National Banks is $300,000,000 And 4 per cent. of this amount would be $12,000,000; therefore the Nation al Banks would be compelled to absor about $120,000,000 of gold for the re mainder of the year under the bill The great bulk of this gold would hav to be bought, which, in connection with the National Banks would be about th greatest bull movement ever known i the Gold Room. There is said to b little probability that the bill will be come a law. On Thursday last, the Mechanics Bank, of St Louis, having a circulatio of about $50,000, resumed speci payment. Gold closed in New York yesterda at 112.