Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1862-02-07
THE TREASURY NOTE BILL.

| WASHINGTON, Feb. 6.-The treasury note
bill as passed by the house is as follows:
Be it enacted by the senate and house of
| representatives of the United States in con-
gress assembled, That to meet the necessities
| Of the treasury of the United States, and to
| provide currency receivable for public dues,
the secretary of the treasury is hereby author
lied to issue on the credit of the United States
one hundred and fifty millions of dollars of
United States notes. not bearing interest, pay
able at the treasury OF the United States at
| Washington or New York, and of such de.
nominations as he may deem expedient not
less than five dollara each,
! Provided, however that fifty millions of
said notes. shall be in lieu OF the demand
of the treasury notes authorized to be issued
by the act OF July 17:h, 1861, which said
demand notes shall be taken up as rapidly
as practicable, and notes herein provided for
substituted for them. Provided further that
the amount of the two kinds of notes together
shall at no time exceed the sun of Sl50,000,.
600.
And such notes herein authorized shall be
received in payment of all taxes, duties, inn
ports, excise, debts, and demands of every
kind due 10 the United States, and for all sal
aries, debts, and demands owing by the Uni.
ted States to individuals, corporations, and
associations within the United States, and
shall also be lawful money and legal tender in
payment OF all debts, public and private, with.
IN the United States
And any holders of said notes, depositing
any sum not less than or some multiple of
$50, with the treasurer of the United States
or either of the assistant treasurers, shall re-
ceve, in exchange therefor, duplicates of Ide
posit, one OF which may be transmitted to the
secretary of the treasury, who shall thereupon
issue to the holder an equal amount of bonds
of the United States coupons, and registered,
as may by said holder be desired, bearing in
terest al the rate of 6 per cent per AMMAN,
payable semi annually, and redeemable at the
pleasure of the United States, after twenty
years from the date thereof
Provided that the secretary of the treasury
shall, upon presentation OF said certificates of
deposit, issue to the holder thereof, at his OPP
ton, and instead of the bonds already describ.
ed, an equal amount Of bonds of United States
coupons, or registered, as may by said holder
be desired, bearing interest at the rate
OF seven per cent per annum, payable
in coin semi annually, and redeemable at the
pleasure OF the United States after five years
from the date thereof, and such United States
notes shall be received the same as coin, at
their par value, in payment for any loans that
may be hereafter sold or negotiated by the
secretary OF the treasury, and may be ressued
from time TO time as the eXISencleS OF the
public interest shall require
There shall be printed OH the back of the
United States notes which may be issued
under the provisions of this act the following
words 1.-THE within note is legal tender in
payment of all debts, public and private, and
is changeabe for bonds of the United States
bearing SIX per cent interest at twenty years,
OR seven per cent. bonds at five years"
Sect 2. And be it further enacted, that to
enable the secretary of tine treasury to fund
the treasury notes and floating debt OF the Uni.
ted States, he is hereby authorized to issue on
the credit of the United States coupon bonds
or registered bonds to an amount not exceed
ing $500, 000 900, and redeemable at the pleas.
ure OF the government after twenty years from
date, and bearing interest at the rate Of 6 per
cent. per annum. payable semi-annually, and
the bonds herein authorized shall be of such
denominations not less than fifty dollars, as
may be determined upon the secretary OF the
treasury, and the secretary OF the treasury may
dispose of such bonds at auy time for lawful
money of the United States, or for any of the
treasury notes that have been or may hereafter
be issued under any former act of congress- or
for United States notes that may be Issued un.
der the provisions of this act and all stocks,
bonds, and other securities of the United
States held by individuals, corporations, or as
socations within the United States, shall be
exempt from taxation by any state. or county.
The remaining provisions of the bill relate
to the form, mode of signing, the penalty for
counterfeiling the notes, and the appropriation
for engraving them