The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1863-02-27
Tho Report on tho Finance Bill
Adopted by the House.
Disagreement on the Question Of
Taxing Bank Notes.
Important Amendments to the
Internal Tax Act.
The Bankrupt Bill Again Before
the Senate,
~, H., 10.
-WAsuIS0ros, Feb. %, 1858.
THE FINANCE BILL.


isagreeing amendments to the bill TO provide ways and
meens for the support OF the government with the
ccpslon OF that relating bank tax which In still pending
between the two houses.
II settled that the Secretary Of tho Treasury
authorized TO borrow from time time the credit Of
ths United Statcs, exceeding three hundred
millions q dollars for tho current fiscal year, and six
bandred millions Of dollars Tor Me next ascsl
year, snA 70 issue therefor coupon or registered
bonds paysvs a. Ne pleasure OF the government after
sue periods nay DO liked By the Secreary-not less
thar ten than forty pears from dase-in CON-
end q such denominations, MOI tess than &c. be may
deem expedeut, bearing interest ut exceeding
six per conum per annum, payable In bonds not exceed
,lng 500 annually and MI other bonds semi annually
in oon; and no may In his discretion dispose os such
bonds At any time upon such terms As he may
deem most advisable Tor lawful money Of the
United Statos or for any Of tho certificates
of indebtedness deposit that may At any tmo DO
PAID or for any Of the Treasury notes heretofore issued
q which may be issued under the provisions OF this
oct; and all bonds, Treasury notes. United States
Notes, issued under tho provisions Of this shall be
exempt from taxation by under State municipal
authority provided hcrc shall DO outstanding OF bonds
Treasury notes and United States notes at any time issued
under the provisions OF this act greater alto
ecthcr than the sum OF 5000 600 900.
The Secretary OF the Treasury authorized ISSUE on
che credit Of the United States $500 900 Treasury
notes, payable at the pleasure Of the United statcs
such time times mot exceeding three years from date
may BIO found beneficial the public interest,
and bearing interest exceeding per
per annum payable at tho periods expressed tho acs
Of said Treasury notes. the interest said Treasury
notes, and certificates Of indebtedness and deposit
thereafter issued shall be paid In lawful money; tho
Treasury notes thus issued to DO OF such denomi-
nation as tho Secretary may direct-not less
than ten dolars-and may bo disposed OF on
the best terms that be obtained, may
be paid TO any creditor OF the United States will
ing TO receive tho at par. These Treasury notes
may be made legal tender 70 the extent tho
United States for their face valuc, excluding
terest, or they may be made exchangcabc under tho
regulations prescribed by the Secretary Of the Treasury
by tho holder thereof at the Treasury In Washington
a the Office OF any assistant Treasurer depository de-
signated for that purpose for United States notes
equal in amount 10 the Treasury notes offered
for exchange, together with the interest
crued and duo thereon at the date Of interest,
payment next preceding such exchange and in lieu OF
any amount Of said Treasury notes thus exchanged
deemed, paid at maturity the Secretary may issue
Dual amount Of other Treasury notes. and tho Treasury
notes exchanged redeemed or paid, shall be cancelled
and destroyed as tho Secretary may direct.
In order 70 certain and prompt exchanges Of
United States nses for Treasury notes when required
above provided the Secretary shall have powskso ssus
United States the amount Of $50 oo which
may be used. II necessary for such exchanges but no
part OF the United States notes authorized By this section
shall DO issued for applied TO any other purposes
than said exchanges and whenever any amount shall
have bcsn issued ana applied the same shall DO 70
placed a. practicable from the sales Of tho Urea
sury notes for the United states notes.
The Secretary ia authorized required by tho exigen
OF the public SERVICE for the payocnt OF the army
and navy and other creditors Of tho government, TO is
sue tho credit OF the government, $50 900 Of
United States notes. including the amount OF such notes
heretofore authorized by joint resolution passed jan
usy last bearing interest," and Of denominations not
less than dollar.
The seventh section Of the original bill is stricken out
n provided that and after March next, the coupons
On all bonds and Treasury notes Of the United states
heretofore issued and which may be issued shall atany
tine within thirty days before they respectively
and at any time alter they become due be receivable
for customs a. coin.
The section modifying the Independent Treasury law
Is also omitted.
The partial report OF the conference committee on tho
Finance bill occasioncd much comment in the House n
urged by some members that necessary the
conference committee should agree a whole upon all
the points Of difference and that partial report such
subuitted inadmissblc and required tho ap-
should be referred tho whole subject There arc how
over, presidents for such report made,
| as Is stated in the Manual and Rules that a
| conference committee may report agreement
70 some points and disagreement upon others The
0rst precedent fer such report Is found IN
tho proceeding Of the first sesson Of the
Congress whoa the conference committee on the Naval
Appropriation bin reported agreement upon all the
6eoate amendments TO the House bill excepting two In
sy,a J.
ahc amendments and the House subsequently agreed to
che other
To-day the House agreed TO the committees report az
% tho amendments upon which conference committee
had come to an agreement, and appointed com.
mttee upon the twentythrd Senate amendment, refe-
renee TO the bank tax npon which the committee had
failed to agree The vote upon agreeing tho
arst portion Of the committees report At irst
adverse; but before the result announced number
Of republicans who had voted in the negative changed
thcr votes giving finally seventy yeas sixty nine
nays.
twas evident that the agreement to this report
reluctantly accorded and many Of those who finally
scented TO did so only after having been severely dra
gooned by their party leaders The rcpor, has not yet
been taken up or acted upon In the Senate. II Is not i'm
probable that the Senate will refuse 10 agree TO IL and
nov committee OF conference will have 10 be appointed
90 examine the whole matter
The financial measures, az they stand since the adop.
dion by the House Of tho report tho conference com
mit,cc the subject OF much argument in and out Of
Congress Fcw of the members appear to understand ex
arty what has been done The general construction tina,
Mr.. Chase Is authorized TO issue besides the ana
millions OF fractional currency, i've hundred and af,v
millions Of legal tender currency including tho one hun
dred millions authorized by special resolution all OF mi,
being in addition TO the three hundred millions authorized
by the Bank bin
ACTION or TIRE HOUSE or THE INTERNAL TAX BILL.
The Tax bin day the prominent matter before the
House Mr. Stevens Chairman Of the Committee Of Ways
and Means, displayed much on the vhskey cues
ton He stated that age compens ated for shrinkage
whskey by improving the quality, and that dealers keep
up tho quantity by adding water. disposition was mani.
tested particularly by tho Western members TO reduce
che present tax instead % Increasing IT, large proper