Daily Democrat and news. [volume] (Davenport, Iowa) 1859-1864, 1863-02-04
Raising tho aaes.s.

Raising tho Meoss.
The House Of Eeprcsen' asivcs have
pas ed the bill reported to them from
the Committee Of Ways and Means, IN
shape not much changed from the
| original.
The bill passed makes the following
provisions:
SEc,IcS l. The Secretary may Dor.
row 5000, O00, 900 for the current J Car,
and 5000, 10000 dnsing next year, y
suing bond, payable at the pleasure OF
the Government. alter 30 years from
date, 10 com, bearing no. over 0 pei
cent. interest, payable semi-annually, IN
coin +; and he NAV, nj his discretion, DIS
pose of such bonds at any time, on such
tens rs may be advisable, for lawful
money, ccr,ifcates Of indebtedness OF
the Government, or Treasury notes
heretofore issued, or that may be issued
under hi. act. Issues under this act
are exempt from taxation bv State au
tho,ily. No more than $500, 100000
shall be issued.
Sc. 2 The Secretary may Issue
100000, 900 Of Treasury notes, interest
not over O PER cent, payable = mi u
nually, 10 con; principal pas able any
time .f,er three years from GATE the
notes TO be of any denomination not less
,h.n $40; receivable for all Government
duties except on imports. These notes
are eIhve.i,ble at any time into Legal
| 4 4 II 4 Il a
Legal Tender notes is aulhor Zed. These
Treasury notes may be paid out al pat
to the creditors wiling 10 receive hem
20, and sh all be received ut par for bonds
hereafter negotiated, lLe accrued inter
est to be pad ia O 10 and the Secrets
~ may from time to tine re issue such
notcs equal 20 the amounts redeemed !;
the nature and rate OF interest OF the
notes to lie printed on their backs.
SEC. 3. The Secretary may issue, if
required hy the es'geno'es Of he public
.er.iee, 5000 O0O. 900 OF notes not hear
ING ipic,es', OF denominations not esq
than 81, which shall be la fnl money
and legal tender Tor all debls. public
and private. except dalies on impo't,
and mi, rect on the pubic debt. Such
uo,es may he re.issued irom tune TO time,
o. the public solv'cs may require.
SEC 4. In place Of postage currency
and revenue s'amps, the Secretary may
Issue fractional notes of like snounts,
! exchaneeablo for postage aud revenue
STAINS, ieee vsblo fer dnus under Is,
except t,r duucs, snl cxchan, cable o.
led. enable at AZ, time This issue moi,
, TO exceed $50, 100000.
) Sac 3. Toe Secretary may receive
d, p,s t, Of gold coin aud bull on in sum.
= ct not less Than $40, giving coin ce,,i
, ticat.s therefor; tho com 10 remsin ~
, the Treasury, aud the certificates issued
10 payment OF intere.t on the public
I dehi, and dutc. on 'mpor this issue
not To exceed 20 Ter cent. beg old III.
: coin in the T,essny.
/, she. G provides for the engraving
1 printing aud signing Of TIE issues under
! this ac.
. Sfc. Z. After March 1t, coupons or
all bonds and notes heretofore l.suod, OF
Issued under this &C, thal NJ any lin.
within thirty days before due, and after
due, be received as com for custom
I etc.
i SEC. 8. From April Is. Banks and
Bankers issuing bills for circulation
aha pay per cent. eacl, halt year on
} their average circulation, rs follows: Ga
capital over 100000, aud not ov.
5000 600, so per cent. thereof; over
5000, 900, and not over $500, 900, 70 per
cent. thereof; over 100000 and no,
: over 100000 60 per cent. thereof; over
100000, and not over $1,000 900, so
per cent. thereof; over 81 ,OOO,O0 and
not over 81 900, 000,4 per cent thereof;
over II ,5OU, 700, and not overS2 600 600
30 per cent. thereof over $4,000, 900,
% per cent. thereof. This tax imposed
0, branch banks scparstey. Fraction
al currency hsued Tor circulation to pay
duty OF per ceut. each half year on
I the whole amount Of fractional notes.
This section pros iJes also tor The form,
manner, and time Of making returns l.,
banks.
SKc. 0. The sub Treasury act is mod
i6ed SO ~ to permit the Secretary ut dis
erection TO ALLOW mo,cy from loans O,
ioternal revenue 10 be dep, ted in sol
vent banks, such ba, Ks 10 deposit with
the Treasurer an equal amount of Uni
ted States bonds or notes.
-~0~
POSTAGE STAMPS. OF tho $500, 900