Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1863-03-04
WAsBISeroy. Feb. %.

Senator Wilson, of Mass introduced a
substitute for the House bill 10 raise adj
dItiOnal soldiers. 1t provides for muster
ing IN. enrolling and organizing of, 10y the
commanding officers III the several de-
partments. of as many Africans Liberated
by certain laws. by the Presidents proc
lamation. or by any other legal and rom
petent authority exercised IN the suppress
sion of the rebellion As the President shall
from time 10 time deem necessary, To he
armed, equipped and mustered into the
service OF the United States, TO serve dE-
ring the war. 1t contains II prOvlslo that
no person of African decent shall be APP
pointed 10 exercise authority over white
officers. soldiers or men in the army or
navy.
Ii Is now settled that the Secretary of
the Treasury Is authorized to borrow from
time to time, on the credit OF the United
States, "a sum not exceeding SSOU,OOO,OO0
for the current fiscal year, S0OO,OUO,OOo
for the next fiscal year, and To issue there
for coupon or registered bonds payable at
the pleasure OF the Government after
such periods "a may be fixed 10y the Sec
rotary, not more than 10 years from date,
in coin, and in such denominations, not
less han $50, as he may deem expedlent,
bearing interest at ! rate not exceeding
six per cent per annum, payable IN not
exceeding one hundred dollars annually,
and on all other bonds semi-annualiy, IN
coin, and he may in his discretion dispose
of such bonds at any IN upon such
terms as he may deem most advisable for
lawful money OF the United States or for
any of the certificates of indebtedness or
deposit that may at any time be unpaid,
or for any of the Treasury notes hereto
fore issued or that may be issued under
bonds, Treasury notes, or United States
issued under the provisions OF this act,
and all bonds, Treasury notes, or United
States notes, issued under the provisions
of this act, shall be exempt fIom taxation
by or under the State or municipal au-
thority, provided there shall be outstand-
ing of bonds, Treasury notes, and United
States notes at N time issued under he
provisions of this act no greater amount
altogether than the sum of S9O0,O 1000.
The Secretary of the Treasury Is author
lied to issue on the United States $780,
600, 900 in Treasury Notes payable at the
pleasure of the United States or at such
time or times not exceeding three years
from date as may be most beneficial to
the public interest, and bearing interest
at a rate not exceeding t per cent per
annum payable at the place expressed on
the face of said Treasury Notes, and the
interest on said Treasury Notes and on
certificates of Indebtedness and deposit
thereafter issued shall be paid in lawful
money. The Treasury Notes thus issued
to be of such denomenations as the Secre-
tary may direct, not less than SO, and
= l.o..I - -, ALa hat famine that
can be obtained, may be paid any creditor
of the United States who will receive the
same at par.
The Treasury notes may be made a le-
gal tender to the same extent as the u.
5. Treasury notes for their face value, eX-
Guiding interest; or they may be made
exc Manageable under the regulations pre-
scribed by the Secretary of the Treasury,
by the holder thereof at the Treasury In
Washington or the Office of any Assistant
Treasurer or depository designated for
that purpose for U. 5. notes equal In
amount to the Treasury notes offered for
exchange, together with the interest ac-
crued and due thereon at the date of
interest.
PAYMENT next preceding such x
change, and in lieu of any amount of said
Treasury notes thus exchanged or redeem
ed, or paid at maturity, the Secretary
may issue an equal amount of other Treas
ury notes, and the Treasury notes so ex-
changed redeemed or paid shall be can
celled and destroyed as the Secretary
may direct.
In order to secure certain and prompt
exchanges of u. s. notes for Treasury
when required, as above provided,
the Secretary shall have power TO issue
U. s. notes to the amount of Sl5O,O0O. 600,
may be used, if necessary, for such
but no part of the D. 5. notes
by this section shall be issued
for or applied to any other purposes than
said exchanges, and when any amount
shall nave been so issued and applied, the
shall be replaced as soon rs p~ractie-
able, from the sales of the Treasury notes,
for the U. S. notes.
The Secretary is authorized, if required
by the ex~igences of the public service. for
the payment of the army and navy and
other creditors of the Government, to is
on the credit of the Government
$50, DOC, 900 U. 5. notes, including the
0mount of such notes heretofore author
led by d Joint Resolution, passed Janua-
ry last, not bearing interest, and of de-
nominations not less than one dollar.
The 9TH section of the original bill Is
out.
The section modifying the Independent
Treasury law is omitted.