The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-05-19
. CONGRESSIONAL.
Mr.. cAMBRELENG, from the Committee of
Ways and Means, reported the following bill:
A BILL. -

"a5s anu hlednet reported tue IoiloWinS phi.
A BILL
10 carry into effect act approved the twelfth day
OF October, eighteen hundred and thirty-seven,
" TO authorize the issuing Of Treasury notes"
Be IL cnactedby The Senaie and House Of Representa-
tires 81 re Uaited Stalks Of america IN Congress as
semtted, That the Secretary of the Treasury with the
appreciation of the President OF the United States, is
hereby aulhorizedto cause Treasury notes to be IS
sued according to The provisions Of an ad entitled
an act to authorize the issuing Of Treasury notes,
approved the 18th day Of October last, in place Of
such notes as have BEEN may be- issued under the
authority OF the act aforesaid and which have
been, or may hereafter be, paid into the Treasury
and cancelled.
May Is, ls3S.-The following amendments were
proposed
Mr.. ROBERTSON proposed to strike out all af-
ter the enacling clause and insert
The Secretary OF the Treasury be- and he is here
by, authorized, with the appreciation Of the Presi-
dent, 10 borrow, on the credit OF the United States
from time to time, such sums as the President may
consider requisite for the public service OF the
rent year, not exceeding in the whole - millions
OF dollars to be reimbursed with interest payable
quarterly, not exceeding six per cent. per snnum at
the expiration of twelve months from The date OF the
Torn or loans respectively
Amendment proposed by Mr.. STUART.
BE ii enacted By the Ssnate and House of Representa-
Hoes Of me United States of America in Congress as
ubed That In order to meet the present exigencies
.
with Interpretation of the President Of the United
States be, and he is hereby authorized to cause
Treasury notes to be issued to an amount not ex.
ceeding - millions of dollars, according to the
provisions of the act entitled :" An act to authorize
the issuing Of Treasury notes approved the twelfth
day or October, eighteen hundred and thirty-seyen
in place of such notes Ito corresponding anount) as
have been issued under the authority of the act
aforesaid, and which have been paid into the Trea-
sury and cancelled; and when notes so issued shall
be again received into the Treasury they shall be
cancelled according TO the provisions oflhe ac afore
said
SEC. 9. And be IL furthcr enacted That he secre.
ary ofthe Treasury be, and he is hereby authorized
with the like appreciation of the President to bor-
row, on the credit Of the United States from time to
time, such sums as the President may consider re-
quisetor the public service of the year. not
exceeding -- millions Of dollars, reimburseable at
the pleasure OF the Government after the expiration
OF three years from the date Of the loan or loans re-
specvey and 70 bear an interest," payable quarterly
not exceeding six per centum per annum.
SEC. B. And be 10 further enacted That in case the
President shall not be able to effect loan or loans
in pursuance OF the provisions of the second section
OF this act before the Treasury notes authorized to
be issued BY the first section shall be issued and ex
hausted then it shall be lawful for the Secretary Of
the Treasury, with the appreciation Of the President
Ito Issue Treasury notes. in the manner prescribed BY
the first section Of this act as the exigencies of the
Government may require, to further amount not
exceeding in the whole - millions Of dollars, to
be in like manner cancelled when returned to The
Treasury.
SEC. A. And be ii further enacted That all the pro-
Visions restrictions and penalties contained in the
act entitled An act to authorize the issuing of Urea
sury notes, approved the 18th day of October, 1887
shall be applicable and in force in reference to the
Treasury notes which may be issued by virtue of
this act.
Mr.. RUSSELL proposed 10 amend the bby add
ing the following proviso:
Proraded, That nothing herein contained shall au-
q
millions of dollars and which said notes shall be re-
ceiyable and when received, cancelled in the man
ncr described in the above recited act.
MI. RENCHER proposed the following as a sub
stiiule for the bill:
BE il enacted By 1ae Senate and House Of Represen-
tatres Of NE United States of america IN Congress
@mbled That the President of the United States is
hereby authorized to cause Treasury notes tor such
sum or sums as the exigencies OF the Government
may require but not exceeding in the whole amount
of notes issued, the sum OF ten millions of dollars
and Of denominations not less than one hundred dol
lars for any one note, to be prepared, signed, and
issued in the manner hereinafter provided.
Sec. 2. And be IL further enacted, That the Trea-
sury notes authorized to be issued by the first section
of this act shall be made payable and redeemable by
the United States, one-third of them in twelve
months, one-lhird in eighteen months, and one-hrd
in two years from the dates which they shall be
issued respectively; from which said dates, for the
terms as aforesaid, and no longer, the said notes
shall bear an interest not exceeding six per centum
per annum, and shall be made payable to order and
transferable by delivery and assignment endorsed on
the same. The payment of the said notes herein
provided for, and the interest which may be due
thereon, shall be made al the Treasury of the United
States TO the holders OF the said notes. respectively,
upon presentment; and for the redemption OF the
same, the balances due the United States by bond or
otherwise from the Bank Of the United States of
Pennsylvania and from thelate depose banks, toge-
Their with the faith of the United States are hereby
soemnly pledged. @
SEC & And be II further enacted That the Trea-
sury notes authorized by this shall be issued at
such times and in such amounts as the public ext
gences may require, and shall be paid TO the public
creditors or disposed of in such manner the Sc
cretary of the Treasury, with the appreciation of the
President of the United States, may prescribe; and
that the Secretary of the Treasury shall lay before
Congress, at the commencement of the next session,
an account of all the money obtained by the sale Of
the said Treasury notes, together with statement of
the rate or rates at which the have been sold.
SEc. 4. And be IL fnrther enacted, That the said
Treasury notes shall be prepared under the direction
of the Secretary of the Treasury, and shall be sign
ed, on behalf the United States, BY the Treasurer
thereof and that those officers respectively, shall
as checks upon each other and to the public
safety, keep separate FULL and accurate accounts of
the number date, denomination, and amount Of all
the notes signed and countersigned by them respec-
tively which said accounts shall be carefully pre-
served and placed on file in the Treasury Depart
ment and also, similar accounts, kept and preserv-
ed in the same Of all the said notes redeemed,
as the shall be returned and cancelled; and the
Treasurer shall further account quarterly for such
notes delivered to him for signature or Issued by The
Register. The Treasurer and Register Of the
Treasury are hereby authorized, by and with the
appreciation Of the Secretary of the Treasury, to
employ the same temporary clerks as were author
lied and are now employed under the third section
Of the act "to authorize the issuing of Treasury
notes." approved the twelfth of October last, and at
the same salaries.
sEc.5. And be IL further ceaeted, That the Secre,