, 1863-01-22

The following is copy Of Mr.. 1loopcr's
substitute bill, in place Of that reported By
the Committee Of Wars and Means:
&c it enacted, etc, That the Secretary of the
Treasury is hereby authorized to borrow on
The credit Of the United States, from time to
time, and in such amounts as shall bc nccdcp
for the servicc Of the current and next fiscal
est, not exceeding per cent per annum. Us
in Ills judgment the public interest may re-
guirc, the sum Of 800, COO 900 and to issue
for any part Of that amount coupon or regis
after twenty years from date, at the pleasure
Of the Government, or Treasury Notes, pay
able i'll lawful money, at any time, not over
three years from date, bearing Interest not
over 6 per cent, payable III like manner; and
hny part Of that amount required by the
the army and navy, and other creditors
Of the government, may be issued in United
States notes not bearing interest payable to
bearer at the Treasury Of the United States,
Of such denominations not less than one dol
lar, as the Secretary Of the Treasury may
deem expcdient. The bonds Issued undcrthe
authority Of this act shall be Of such denomi-
nations not less than $50, and tlac Treasury
notes Of such denominations not less than ten
dollars, as mas be determined by the Score
tary Of the Treasury. a1ld interest on said
bonds shall be patd selni.annually In coin,and
such time or timos us may he expressed on
their facc Tic Secretary Of the Treasury
may dispose Of said bonds Mt such rates not
less tllan par, US he nlay deem best, for 1awful
debtcdncss Of the United States, and they
shall be exempt from taxation by orsunderany
Tho aggregate amount Of nil tic bonds,
Treasury Notes and United States Notes to-
gethcr, outstanding under this act, shall not
| exceed at any ono time tho SUN Of ninc hum
Sec. Tic Treasury Notes authorized BY
tliis act, with the accrued interets thereon,
shall 10 receivable at par at all times for Inter.
States, except duties on imports, and may be
exchanged at the Treasury Of the United
| Statesat any time, under such rules rs may be
prescribed BY the Secretary Of the Treasury,
for ill equal amount Of the the United States
notes not benring interest as Aforesaid and .a
and Cancelled, tho Secretary Of the Treasury
may issue Treasury notes ofthe same amount
in the place Of them.
SIC. s. The United States notes not bear
act, shall be lawful money and legal tender
In payment Of all debts, public and private,
within the United States, except for duties on
imports and interest on the public debt and
any Of said notes may be reissucd from time
to time Us the exigencies Of the public service
place Of any notes issued or to be issued
which lave been or may be returned or can
SEC. i. ANY bonds that have been hereto
fore, or that may hereafter bc Issued By an9
on the faith Of the Government Of the Unitet
in coin at any time ut the pleasure Of tho GOV
crnmcnt Of the United States, after the pcriot
designated in the bonds for the payment
SIC. S. The Secretary Of the Treasury i
| hereby authorized TO receive deposits Of coli
tant Treasurer Of the United States, in sum
not less than $4,000, and to issue receipt
therefor in denominations Of not less thai
$1,000 each, and corresponding with the de
.. nominations Of the Government notes no
, bearing interest; the coin deposited for. Q
, REPRESENTING said receipts, shall be rctalne
,, , In the Treasury for the payment Of such r.
ceipts on demand, and for no other purpose
, whatever, except that such receipts, repre
) sentiug coin held in the Treasury for paymen
!, Of interest," on the public debt, may be issnc
! In payment Of such interest to an extent nc
= beyond onc-tifth more than the amount {
, coin In the Treasury, and such receipts slla
- be received at par in payment for duties Q
= | imports rs coin.
y SEC. 6, To prevent and punish counte
;, feiting and fraudulent alterations Of the bond
y y and notes authorized to be issued by this ac
- - all the provisions Of the sixth and scyent
= sections Of the act entitled " An act to autno
= = ize the issue Of United States notes for the r
J denption offunding thereof and for fundin
& the floating debt Of the United States" ~
,s proved Feb. Is, 1862, so far rs applicabl
- Shall apply to the bonds and notes authorize
!. to be issued by this act In like manner as
- said sixth and seventh sections were adopt
- as additional sections thereof
IL SEC Z. That III addition to the notes le
= = than one dollar, commonly called postage Gu
rency, already issued OF hereafter to be issue
4 the Secretary Of the Treasury may issue fr.
a tional notes Of like amounts. prepared, g
~ graved and printed under the direction Of t
3 Secretary In the Treasury Department bull
~ ing, aud said fractional notes may be 9
o. ., changed for said postnge currency and
Z ! United States notes, and shall be receivable
- -, payment Of dues for customs not exceed
~ ~ ono dollar, aud for all other dues to the 0
!" ted States not exceeding three dollars.
~ SEC. s. That the sums necessary to cal
~ ~ into effect the provisions Of this act, not {
+. eccding sC00, 900, are hereby appropriated.