Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1863-02-18
The House Finance Bill as Amended

The Finance Committee Of the Senate
have amended the House Finance bill, so
that its main provisions are as follows
The Secretary of the Treasury is author
lied 10 borrow $500. 600 600, and issue
therefor coupons. as registered bonds
payable after such periods as may be fix
ed by-him, not less than five nor more
| than forty years from date. in coin, and
of such denominations not less than $50,
rs he may deem expedient, bearing inter
est not exceeding six per centum per an
mum PAYABLE in bonds not exceeding 500
annually, and on all other bonds semi
annually in coin. The Secretary has the
discretion to dispose of such bonds at
any time upon such terms as he may
deem most advisable, for lawful money
OF the United States, or for any certiti-
Gates of Indebtedness or deposit that at
any time may he unpaid, or for any OF
the Treasury Notes heretofore issued, or
which may be issued, under the provi-
sions of this act. All the bonds and
Treasury notes, or United States notes,
its authority, shall be exempt from taxa
ton 10y or under State or municipal au-
thority. The Secretary has power to is
sue 500, DOC, 900 in Treasury Notes, paya-
bic at such times, not exceeding three
wears from date, as he may determine,
bearing interest at a rate not exceeding
6 per centum per annum, which interests
shall be payable at the maturity thereof,
and on all notes for 500 and upward at
the times authorized on their face. The
interests upon those notes, n upon GER
ti6cates of Indebtedness and deposits here
after 10 be paid in lawful money, the
notes to be of such denominations as the
, Secretary may deem ~expedient, not less
than ten dollars each, and receivable tor
internal duties and all debts and de
mands due to the United States, except
| ing duties on imports, and shall be II le-
} gal tender at their face value, excluding
interest at the same extent as United
States notes. The Committee, in the Sd
section, proposes to reduce from S3,OOO,-
| 900 to 81. 5000, 900. the authority to issue
/ if required by the e~xingenctes OF the
public service for the payment of the Ar
my and Navy, and other creditors OF the
> Government, in United States notes.
= They include amount of h notes au-
e thorized by the joint resolution passed
= Jan. II, and repeal so much OF the acI
: of February, 1862, and July last, as re,
stricts the negotiation OF banks to mar
ket value. The holders of U. s. notes
issued before these laws, are required to
present them for the purpose of exchang
:, ing them for bonds, as therein provided
|, on or before the LIST day of July next
l and thereafter the right to go to ex
change shall cease and determine. The
- Committee, in the fourth section, among
q other amendments, propose to STRIKE
out the provision limiting the whole
> amount of fractional currency issued, in
Guiding postage and revenue stamps is
e sued as currency, to $4,000, 900. TIL,
Is eighth section is proposed to be amended
by requiring all banks, associations, col
porations, or individuals, issuing notes o
bills for circulation as currency, to pay
e duty of one per centum each half yea
from and after April lst next, upon tn
average amounts Of notes or bills issued
:, and outstanding during the six month
next preceding the return provided 10
u in the next action. The sliding scale Q
tax according to the amount of capital
stricken out,