Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1847-02-20
THE REVENUE BILL.

The ashington correspondent Of the ".
Y. Journal Of Commerce gives The follow.
ing synopsis of the Revenue Bill recently
recently introduced into the House of Con-
g-eas, by the Chairman of the Committee
OF Ways and Means. The bill is very
long consisting Of twenty-one sections; its
general provisions are, we believe, here &C.
curateIy given:
The Secretary Of the Treasury is author
!zei to issue Treasury notes, from time to
time, to the extent Of twenty. three millions,
and in sums OF 50 dollars and over.
The notes are to be redeemable and re-
jmbursabIe, a; the Treasury, in one or two
years from their date, with such interest as
may have accrued thereon.
The rate OF interest is 10 be fixed by the
Secretary and the President, but is not 10
exceed the rate OF elk per cent.
The notes may be rejssued as fast as they
are redeemed, provided the sum outstanding
shall never exceed twonty.ihrec millions.
The notes may be paid to any public cre-
ditoIs, at par; they are receivable in all
dues paid to the Government.
The Secretary, if he finds convenient,
notes. The faith of the United States is
pledged, by special provision, for the re-
imbursemen, AMI redemption OF the notes at
the time that they shall become due.
Any person holding these notes may ex-
change them for certificates Of stock, bear
ing a rate ct interest OF net more than six
per cent.
The Secretary may with the assent Of
the President, instead OF issuing Treasury
notes 10 the amount of iwenty-th!ee mil
lions, issue proposals for a loan to the ex-
tent Of one hal! OF the above amount.
The certificates Of stock to be issued, are
10 10 case to be given under par, and to
draw an interest not exceeding the rate of
six per cent. and redeemabe at a day not
more distant than the 1st Of January 1867
twenty years.
The Secretary is authorized to purchase
any Treasury notes or stock in the market
when there are funds in the Treasury.
The Treasury notes are TO be ass!gnable
Gal transitrEatie--!hat is, current, upon
the order u the person ~ whom they are
originally issued.
The Treasury notes authorized by for
mer acts may be e.issued, and may be fun
ded at any time by the holders.
The proceeds OF the sales Of the public
interest OF the debt thus to be created; and
the Secretary Of the Treasury is directed
to reserve and set apart tie sums received
from that source for the purpose Of paying
the interest on that debt. He is 10 pay the
interest semi,annpally upon the stock; and
the remaining portion of the fund derived
from the lands is to be employed in extin-
gushing the principal.
In connection with this, the correspond
ent of the Journal remarks:
The scheme is thus complete in itself,
providing not only Tor the whole loan
proposed to be raised, in case duties on
tea and coffee should not be imposed nor
the land bill passed, bu, setting apart a cer-
tain and ample fund for the payment Of the
interest and the gradual payment of the
principal.
No further legislation as to m increase
OF revenue will be necessary, and none Is
contemplated.
We are inclined to think the prediction
at the close erroneous; but time will deter
mine.