Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1862-03-04
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The TKeasury Note Bill az Finally
r.s. Passed by Congress-.

flBG1 Passed by Congress.
The following is the act as It passed Congress
Win the exception Of sections relating to the
mode Of executing the Law, custody Of plates,
and providing against counterfeiting:
BE II enacted, etc., That the secretarv of iha
Treasury 10 hereby authorized to isaue' on the
credit Of the United States, one hundred and
NIFTY millions Of dollars Of United States notes.
ana beating interest, payable to the holder az
.ne treasury OF the United States, aud OF such
denomination as no may deem expedient not
less less than hye dollars each. Pyopided, ho,osuey.
Lnat hity millioDs Of said notes shall be in lien
OF the demand Treasury notes authorized 20 he
lssued by the act Of July l7th, 1866, which said
demand notes shall be taken up az rapidly az
practicable, and the notes herein provided for
substituted Tor them; and provided further. that
.ne emount Of the two kinds Of notes together,
snail at no time exceed the cum of one hundred
ana nifty millions of dollars, and such notes
herein authorized shall be receivable in paymeLt
OF all taxes, internal duties, excses and debts,
except duties on imports, and of all claims and
aemands Of every Kind whatsoever, except for
interest upon bonds and notes, which shall be
PAiu ~ coin, and shall also be lawful money
anu legal tender In payment of all debts, pub
lie and private, within the United State, ex-
oept Tor duties on Imports and interest os afore.
said, and any holders Of said United States
notes depositing any sum not less than fifty
COLLARS or some multiple of fifty dollars with
tne Treasurer OF the United States, or either
oi tne assistant Treesurers, shall receive In ox-
cnange therefor duplicate certificates of depos t,
one Oh which may be transmitted to the Secre-
tary Oh the Treasury, who shall thereupon issue
70 tne noloers an equal amount Of bonds Of the
United states, coupon or registered, as may by
SAID holder be desired, bearing interest at the
rate OF six per centum per annum, payable semi
annually and redeemable at the pleasure of the
United States after five years, and PAYABLE
twenty 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 tnat may be hereafter sold or negotiated
Dy .ne secretary Of the Treasury, and may be
re,lssueu esla from time to time, as the exigences
of.the public interest may require. M
tfhere shall be printed on the back of the
United States notes, which may be ipsued under
the provisions of this ac., the following words;
"fhe within note Is legal tender in nav.
ment OF oil debts, public and private, and
is exchangeable for bonds Of the United States
bearing six per centum interest, at twenty
years, or In seven per ceptum bonds at Ave
years."
SEQ. 2. And be Il further enacted, That to en-.
able the Secretary of the Treasury to fund the
treasury notes and floating debt of the United
states, he 10 hereby authorized to issue, on the
credit ct the United States, coupon bonds, or
registered bonds, to an amount not exceeding
nve nundred millions of dollars randl, redeem.
able at the pleasure Of the United States after
nve years. and payable twenty years from date.
ana bearing interest at toe rate of six per cent
um per aRnum, payable semi-annualiy. And
the bonds herein authorized shall be of such de-
nominations, not less than fifty dollars, as may
pc determined upon by the Secretary Of the
treasury. And the Secretary of the Treasury
may dispose OF such bonds at any time at the
market value thereof, for the coin 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 under the provisions Of
tnis act; and all stocks, bonds and other securi-
ues OF the United States held BY individuals,
corporations or associations, within the United
states, shall be exempt from taxation under
State authority. .susd ICI3FTHlIT
SEQ 4. And be Il further enacted. That the
Secretary OF the Treasury may receive from
any person or persons, or any corporation,
United states notes on deposit for not less than
.nirty days, In sums Of not lees than one hun
dred dollars, with any of the Assistant Treas
9fers or designated depositsries of the United
clAtes authorized by the Secretary of the Treas
ury 70 receive them, who shall issue therefor
ceruncates OF deposit, made in suoh form as
the Secretary Of the Treasury sball nrescribe
and said certificates OF deposits shall hear in.
terest at the rate of fge per centum Der aunum; ;
and any amount of United States notes 90 de.
posted may be Withdrawn from deposit at any
Time after ten days. notice on the return of said
eertincates. Provided, that the interest on all
sucn deposits shall cease and determine at the
pleasure OF the Secretary Of the Treasury: and
provided further, that the aggregate Of suoh
deposits shall at no time exceed the amount of
twenty-fv million dollars.
4SEc .. AEd be Il fEythtr eHoeted, That all
duties on imported goods which shall be paid
IN coin, or IN notes payable, or in demand noIes
neretoiore authorized to be received, and by
law receivable in payment of public dues, and
the coin 60 paid shall be set apart as special
fund, and applied as follows: 800
rirst' The payment In coin, of the interest
on tne ponds and notes of the United States
second. TO the purchase or payment of one
per centsm OF the entire debt OF the United
states, TO be made within each fiscal year after
the frat day of July, eighteen hundred and
sixtJ-s"o, which Is to be set apart as sinking
fund, and the interst of which shall in like
manner be applied TO the purchase or payment
o. the public debt, as the Secretary of the
Treasury shall from time to time direct.
Third The residue thereof TO be paid into
the Treasury Of the United States.
After the passage Of the Treasury Note Bill
In the above shape, itwss referred back to the
committee of Conference, and an amendment
was adopted to permit sixty millions of Treas-
ury notes to be used for the payment Of custom
duties, the fifty millions authorized In July,
and the temporary relief ten milliols authorized
this month. This amendment was accepted
BY both Houses; and in this shape il was signed
BY the President. s.lk osi Il yiar e.,ae ed,
The TrIbunc and GEN. Mcclellan. :,
We have been unable to reconcile the con-