, 1862-12-30
THEGOVERNMENT FINANCES
The Proposition Of Secretary Chase.


The first section Of Mr. Clase's bill is in
these words:
The Secretary Of the Treasury is hereby au-
thorized to borrow on the credit Of the United
States, and from time to time, and in such
amounts as shall be needed for the service of
tie current and the next fiscal years, the sum
of 500, 900 1000; and he may borrow said sum
OF anv part thereof on such terms and in such |
form or forms, and at such rates Of interest,
not exceeding the highest rates authorized by
by acts Of this Congress heretofore passed and
approved, as in his Judgment the public |
interests may require, and other than such |
as have been heretofore sanctioned by said !
acts; Provided, that so much Of said acts as |
provide for the conVertlbi1ity Of United States /
notes into United States bonds othcr1isethaa |
by the receipt of them at par in payment Of |
loans and for all public dues other tl:n cu5-
toms, and SO much Of said acts as restricts |
the negotiation of any bonds to par, Or to The |
currcnt market yalue Of like bonds, is hereby |
repealed. And the Secretary Of the Treasury,
to obtain subscriptions for any loans author
iztd by this act, may appoint agents at such |
places, with such compensation and un:ler
such regulations as he may prescribe; i7ori~
ded, that the compensation Of such agents, in
cluding all expenses Of advertising, shall not
exrceG one-lalf Of one per centunl upon the
amount subscribed and actually paid into the
Treasury through their agency.
Section provides for the issuing fractional
notes, to be engraved and printed in the
Treasury Department, in lieu Of postage and
revenue Stamps.
Section 2 establishes a separate bureau to
be charged with currency matters, under the
care of.a Controller of the Currency-a new
officer, to bc appointed By the President,
On the nomination Of the Secretary of
the Treasury and the confirmation Of Senate,
for tic term Of five years, with salary Of
$500.
From sec;;:>u four to section sixty-two, the
bill il tllcu .yitl the details Of the manage
mont OF this currency bureau and OF the bank
ing scheme foreshadowed in Mr.. Chase's an
nlial report.
| BILL OF THE COMMITTEE NT'1 y OF WAYS AND
| The following is copy Of the bill that will
t probably be presented to Congress, on it's re-
assembling, by The Ways and Means Com
mittee:
| An ACT to provide ways and means for the
support Of the Government.
| SECTION l. Il it enacted by the Senate d7la
Hose Of Representatives Of the TaitcG Stsites, ie
loaqTySs assembled, That the Secretary Of the
| Treasury be- and he is hereby authorized to
borrow from time to time, on the credit Of
| tie United States, q sum not exceeding S500,- :
0oo, GOO, and to issue therefor coupon or regis
tcred bonds, in the usual form, and of
such deno1ninatia.aa not lo=o L,1au Mfg
dollars as be may deem expedient, bearing
interest at the rate Of six per cent. per annum,
payable scmi-annually. in coin; and he may,
in his discretion, dispose Of such bonds ut any
/ time. upon the best terms he can obtain for
lawful money of the United States, or for any
! Of the certificates Of Indebtedness that may at
any time be unpaid, or for any Of the interest
any Of the bonds issued under the second Sec
ton Of this act, and all tie bonds issued untler
| the provisions Of this act shll1 be exempt
from taxation by Or under Slate authority.
Sec. ?. Ind Dc It further enacted, That the
Secretary Of the Treasury be, and he is hereby
i IN iir1a n tfrr,a m
the credit Of the United States, and on the
| best terms he can obtain, d sum not exceed
| ing three hundred millions of dollars, and to
, | issue therefor bonds OF treasury notes, il
such form US he may deem expedient- bond:
l bearing interest at the rate Of six per cent
| per annum, payable semi.annually in coin
and the principal payable from this date, O
such bonds or notes, as follows: One hun
t drcd million dollars thereof in one year, ON
:, hundred million dollars thereof in two years
and the remaining one hundred million in thre
years. They shall be Of such denomination
J. not less than fifty dollars, as shall be deter
mined upon By the Secretary Of the Treasury
e They shall be receivable at al times, with til
; accrued interest thereon, for all internal take
and al other dues to the United States, Ell
|, cent duties on imports and interest on th
4 | public debt; and when returned to the Tres
: | sury Departmcnt, and Cancelled, new bonds c
= | notes for the same amount may be Issue
C from time to time by the Secretary Of th
rq l IrElSUTE. 1fof30CO iA.it lilly "nOAG ahioAt
=. outstanding at any on time shall not excce
j. three hundred nillious Of dollars; and prov
y dcG further, that no coin shall be paid for il
!, terest on such bonds OF notes, except on II
II scmiann,al days for paying Interest thereo
IS The Secretary Of the Treasury may pay Q
=, such bonds to the creditors of fthegoveTnmc
60 in the same manner as legal tender notes a
n paid to them, and may sell such bonds, or Ill
Tart thereof, at any time upon the be
Terms he can obtain, for lawful money; a
may also, if he shall deem It expedient, eau
:, books to he opened from time to time to ST
10. | scription for the same, at such places as
~ NAV designate III conformity to the third 81
lie, ton Of the act entitled ttAn act to authori
mo- ! Il national loan, and for other purpose:
70 p.seed July II, 1861, and ill the provisions
els the said third section, so fir applicable.
els hereby adopted, and The same shall apply
~ the obtaining Of subscriptions to the boz
ao / authorized by this section, and the holder
+ any such bonds with the accumulated inter
us- thereon, shall have the right, under such ru
as ehan he prescribed by the Secretary Of
N; Treasury, at any time to exchange the 50
e. at tho Treasury of the United STATES, or at
office Of any Assistant Treasurer Or designa
AL depository for an equal amount Of legal
ing der United States notes.
mir SEC. 5. And be It further enacted, That 10
1'u able the Secretary Of the Treasury to pay
not army and navy and other creditors Of the 6
saw eminent, he is hereby authorized to issus
the credit of the United States, the sur
ago three hundred million dollars Of United st
II il notes in the usual form, not bearing inter
PAYABLE to bearer Oh demand, and Of such
nominations not less thnn one dollar as
that NAV deem expedient, which notes 90 IL:
hoe shall be lawful money and legal tendc
and In In he United States, except for custems
aoh. interest On the public debt; and any hold'
49,. said notes deposlting any sum not less
uty, fiffy dollars, or some multiple Of fifty dol
in with the Treasurer Of the United State
In either Of the Assistant Treasurers, :,
aeu. receive in exchange. therefor dupl
q set certificates Of deposit, one Of y
+ha may be transmitted to the Secretar
@~ the Treasury, who shall thefeupon 1ssl
and the holder an equal amount Of the sis
War cent bonds Of the United States, coupo
mas and which are authorized to be issued u
seek the FIRST section Of this act; Provided, ho
t:r CT, that none Of tue United States note
n3n6 thorized by this section shall be issued u
t re- in the Judgement Of the Secretary o5
Il 10 demanding further % issue 6f s1ch not,
ocon7 enable him to redeem the bonds issued I
nfher | the second section OF this act, or to e
~ him to pay the army and navy and other
aoily itors Of the government; and any Of tn
tons. notes may be re-issued from time: to til
,~.;, the exigencics Of the public service ma
quire.
e all SEC. 4 -A,,d Be it further endaed, IT
o,a1, order to prevent and punish countef
oas and fraudulent alterations Of the bond
chic; notes authorized TO be Issued by this q
tie Of tRe sixtn nna seventh
to be % the Issue. 81 Of United States Notes, and e
aying redemption o. finding thereof, ere An and q fer 3.
d 1ne approved February %, 1869, shall SO far
nemy pficab1e apply to the bonds and notes
=: authorized to be issued, in like manner
II the said sixth and seventh sections
have hereby adopted as additional sections
ederl act.
? half Wall Service Withdraw
9 gis* Posr OFFICE D1eA1ns
ID be - -: "Asa1seroa,Dee. ~ ~
this ae o. eo19er % ~ msi1s sf1nr H.
ilaced, January for compensation authorized
above tas seys ~ 1e tst dats
rebels s"'~'' '' II. BLAIR, Postmaster Gen