Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1846-07-18
WEDNESDAY, July Is, 1916.

The House resolved itself into Committee Of the Whole
the state Of the Union (Mr GoRDoS, of New York. in the
chair and resumed the consideration of the bill authorize
an issue OF Treasury notes a loan.
The bill is as follows
BE enacted BIZ The Senate and House of Representatives
lof the United States Of America Congress assembled
That the President Of the United States hereby authorized
Treasury to be issued such
the exgences of the Government may requires and place
Of such OF the be redeemed others TO be
issued but edng the millions dollars
this emission outstanding any time and be issued
der the limitations and other provisions contained in the
entitled An act to authorize the issue of Treasury notes
approved the twelfth OF October thousand eight hundred
and thirty except that the authority hereby given
Treasury notes shall expire the end Of year from
the passage Of this act.
Sec. 2 Ind be further enacted That the President If
in his opinion shall be the interest Of the United States
do instead of issuing the whole of Treasury
torzed by the first section Of this act may borrow, the
credit Of the United States such money may
deem proper and issue therefor stock OF the United States for
the sum thus borrowed the FORM and under the
restrictions limitations and provisions contained in the
act OF Congress- approved April fifteenth thousand eight
hundred and fcrtytwo entitled can for the
the loan OF eighteen hundred and forty aud for addition
Of FIVE millions Of dollars thereto and for allowing interest
Treasury due - Pro1qed h04per That the sum
borrowed, together with the Treasury by virtue
Of this shall in the whole exceed the mil
lions of dollars find pro,4e further That no commission
shall be allowed paid tor the negotiation of the loan author
lied BY this and also that the said stock shall be
able at period not longer than yea from the thereof
Sec s. find be 10 further enacted That the Treasury
and the stock issued under the provisions of this shall
bear higher rate Of interest than per per annum
Sec. a. find be IL further enacted That compensation
shall be made to officer whose salary fixed by
preparing, signing issuing Treasury shall
clerk she employed beyond the number authorized by the
herein referred 10.
Mr.. MCKAY, chairman Of the Committee Of WAYS and
Means explained the grounds Of the bill He said il
founded report made by the Secretary Of the Treasury
the Senate in which he stated that the beginning Of july
there would be deficit of twelve Millions which he recon-
mended should be supplied by issue partly Of Treasury
notes and partly by loan by either the discretion Of
the Department This alternative asked for because by
that supposed that the money might be raised at
lower rate, and thus the Government be spared consider
BILE in interest Without expressing any opinion
the accuracy Of the estimate Of the Secretary Of the Treasury
Mr.. Mex said that the Committee Of Ways and Means
satisfied that fhe existing should be proracted beyond
year, there would be deficit They not, however
prepared authorize issue Of Treasury loan stock
to the recommended in the report Mr.. Mex. was
personally Of opinion that the would be brought
close and that therefore, authority given to the Trea
sury Department notes and take up loans to the
amount Of ten millions, il would be amply sufficient until
Congress should meet If the reassembing Of Congress-
the should still be found TO continue other would
probably have be resored TO- and IN that Mr. Mex
should he prepared taxation Under these crcum
stances he should be opposed depending either Treasury
notes permanent loans The present bill authorized
issue OF Treasury notes the Of ten millions at the
discretion Of the Department and under the limitations Of the
act OF 1881 No note 70 be issued for less than fifty
dollars The notes be signed by the Treasurer of the Unit
ed States and counersgncd by the Register, and to bear
interest not exceeding per cent The Secretary OF the
Treasury authorized them only for the purposes
specified in the act Of 1891 Mr. Mex here read the 18th
section Of that act specifying that the be applied
payment Of debts due to the United States used for the
purpose OF borrowing money but not under their par value