Holmes County Republican. [volume] (Millersburg, Holmes County, Ohio) 1856-1865, 1862-03-06
The Treasury Note Bill.

So many amendments have been made
in the Treasury Note Bill since its provi-
sions were given TO our readers, that the
following synopsis of the bill as it finally
passed both Houses, will be useful to ouT
readers:
Section first provides that the Secretary
of the Treasury be authorized to issue
Sl5O,0OO,O0O of United States notes,
without interest, payable to bearer, and Of
such denominations as may be deemed ex-
pedient, not less than fifty dollars; $780,
100000 of these to be in lieu of the de-
mand Treasury Notes authorized in July
last, which shall be taken up as fast as
possible, and notes here provided substilu-
ted for them. These notes shall be re-
ceivable in payment of all taxes, debts, DC,
except duties on imports, and of all claims
and demands against the United States, ex-
cept the interest on bonds and notes,
which shall be paid in coin. The notes
shall be lawful tender in payment of all
debts, except the above exceptions. Any
holder of these notes, depositing sum
not less than fifty dollars with the Treas
urer of the United States, shall receive
duplicate certificates of deposit, one to be
sent 10 the Secreretary of the Treasury,
who shall issue to the holders an equal
ameut of bonds of the United State, bear
ing pei cent. interest, payable semi-an-
nually, and redeemable after five years,
and payable twenty years after date
These United States notes to be received
as coin at their par value in payment of
any future loans by the Secretary of the
Treasury.
Section second provides that the Secre-
tary of the Treasury is authorized to issue,
on the credit of the q. s., bonds to An
amount not exceeding s5oo,oOO,oOo, re-
deemable after five years and payable in
twenty years, bearing six per cent. inter
est, payable semiannually. with which to
fund the treasury notes and floating debt.
These bonds to be not less than $50
each. All stocks, bonds, and other securl-
ties of the United States held by individ-
uals, corporations or associations shall be
exempt from taxation by State authority.
Section third describes the form and en-
craving of the notes and bonds, and appro-
PIRATES 100000 with which to execute
the work.
Section fourth provides that the Secre-
tary of the Treasury my receive on deposit
for not less than 80 days, United States
notes, in sums not less than one hundred
dollars, the depositors to receive therefor
certificates of deposit which shall bear in
terest at the rate of 5 per cent. per annum.
The sums may be withdrawn at any time
after giving ten days notice on the return
of the certificates, provided that the inter
est on these shall cease at the pleasure of
the Secretary of the Treasury, and that the
aggregate of such deposits shall not exceed
at any one time S25,OOo,Ooo.
Section fifth provides that all duties on
imported goods, paid in coin, shall be set
apart as special fund, to be applied as
follow: lst, to paying in coin the interest
on the bonds and notes of the United
States: I'd, to the purchase of one per
cent. of the entire debt of the United
States, which is to be set apart as sink
ing fund, and the interest of which shall
in like manner be applied to the purchase
or payment of the public debt: Sd, the
residue tc be paid into the United States
Treasury.
Section sixth provides that any persons
counterfeiting any United States note,
bond or other security, or who shall pass,
or have in their possession, any such coun-
terfeit, shall be guilty of felony and pun.
ished by fine rot exceeding $4,000, and
Imprisonment not exceeding fifteen years.
Section seventh provides similar pen
atty for all persons guilty of counterteiting
or illegally issuing any plates or engrav-
ines printed for these notes, bonds DC.
1t is thought at Washington that the
amount Of certificates, provided for in the
fourth section, will reach thirty millions
before the Treasury notes are ready for
circulation. The work on the latter is be-
ing hurried as much as possible.