Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1862-02-28
r,.rrnn.nrr Nors Bill.


so mauv amendments have been made in
tho Treasury Note Bill since its provisions
var. given to our readers, that the following
synopsis Of the bill as it finally passed both
Houses, viii be usefVl to our readers;
Section first provides that the Secretary OF
ths Treasury be authorized to issue $780,
coo. 600 of United States notes, without in
tsrest. payable to bearer, and Of such denom-
ipations as NAV be deemed expeiient not less
than Rfty dollars 900 Of these to be
In Hsu Of the demand Treasury Notes author
izsd In July LAST, which shall be taken up as
tsst as possible, and notes hare provided sub
stituted for them. These notes shall be re-
csivable in payment of all taxes, debts, &c,
except duties on imports and of all claims
and demands against the United States, exc
cept for interest upon 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 depositiDg sum not less than fifty
dollars or some multiple of fifty dollars with
the Treasurer Of the United States, shall re-
csive duplicate certificates of deposit one to
Be sent to the Secretary Of the Treasury, who
shan issue to the holders an equal amount Of
bonds Of the United States bearing per
cent interest payable semi-annually, and re-
.au desnable afler fVe years, and payable twen-
81 years after date. These United States
notes to be received as coin at their psr value
in payment Of any future loans by the Sec
rslsTy Of the Treasury.
Section second provides that the Secretary
Of the Treasury is authorised to issue, on the
MI
not exceeding S5OO,OOooO0, Reasonable
after Eve years and payable in twenty years,
bsaring six per cent interest payable SEMI
annually, with which to fund the treasury
notes and floating debt. These bonds to be
not less than $50 each All stocks, bonds
and other securities of the United States held
by individuals, corporations or associations
shall be exempt from taxation BY State au-
tbOrity.
Section third describes the form and en-.
qrnvinQ Of the notes and bonds, and appro
PIRATES $500, 600 with which to execute th'
work.
Section fourth provides that the Secretary
Of the Treasury may receive on deposit foi
notless than thirty days, 5nited States notes
In sums not less than one hundred dollars
the depositors 10 receive therefor certificates
Of deposit which shall bear interest at th'
rats Of I've Per cent. per annum. The SUM
may Be withdrawn Of any time after giving
tan dsys notice on the return of the certif
e.tss. provided that the interest on thes
shaTl cease at the pleasure Of the Secretar!
Of the Treasury, and that the aggregate o
such deposits shall not exceed at any on
tine S25, ,OsO, 900.
Section 9Th provides that all duties on i'm
ported goods, paid in coin, shall be set spar
asa special fund, to be applied IS follows
lst, to paying in coin the interest on th
bonds and notes Of the United States I'd, t
The purchase Of ons per cent. of the entir
debt Of the United States, which Is to be Sc
apart Is a sinking fund, and the interest 0
which shall in like manner be applied to th
purchase or payment of the public debt Sd
the residue to be paid into the United State
Treasury.
Section sixth provides that any person
oounterfeiting any United States note
bend Or other security, or who shall pass O
have In their possession, any such counter
ssit shall be guilty Of felony and Punishe
bya hns not exceeding $4,000, and in
Prisonment not exceeding fifteen years.
Section seventh provides a similar pena
u for all persons guilty Of eounterfeiting
illegally issuing any plates or engraving
printed for these notes, bonds &c.
In our special dispatches Of this morni1
viii be found some additional details of Il
oDsrations under this bill. 1t is thought
Washington that the amount of certificate
provided for in the fourth section, viii reai
thirty millions before the Treasury notes a
ready for circulation The work on {
latter is being hurried as much as pOssib
The relative amount of the different demon
nations to be issued viii also be found in c
specials.
Chaplain RAssnBps.gsr, Of the l4th Oh