Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1863-01-27
The Finance Bin Before Congress.

So vast have been the issues involved
in the financial condition of the country,
that bills, substitutes and amendments
have followed each other in such rapid
succession as to confuse the minds Of all
except those who makes finance their spe-
cial study. The matter has now progressed
so far that the Committee of the Whole on
the State Of the Union have agreed upon
the material provisions of bill to be re-
ported to Congress. 1t was expected that
the question would be brought to vote
yesterday or to-day. We give below syn
Opsis of the provisions of this Revenue bill.
Section first authorizes the Secretary of
the Treasury to borrow, from time to time,
on the credit Of the United States, a sum
not exceeding $500, 600, 600 for the present
fiscal year, and 5000, ,OOO,O 600 for the next
fiscal year, and to issue therefor coupon or
registered bonds, payable at the pleasure
Of the Government after twenty years
from date, in coin, these bonds to be Of
such denominations not less than $50, as he
may deem expedient, and bearing not more
than six per cent. interest, payable semi
annually, in coin. These bonds may be dis
posed of for lawful money, or certificates
of Indebtedness, or Treasury notes. The
bonds shall be exempt from State taxation.
No more than $500, 900, 900 of these bonds
shall be issued.
Section second authorizes the Secretary to
issue S4OO, ,O00, 900 in Treasury notes, with
interest not more than six per cent, paya-
Bile semi-annuaIly in coin, the principal
payable at any time after three years from
date. The denomination Of these notes to
be not less than $40 each, and to be re-
ceivsble for internal duties and all debts
and demands due the United States except
duties on imports. These notes with their sc-
crued interest may be exchanged for legal
tender notes; may be used at par to pay to
creditors of the Government, and in
payment of any bonds which may be ne
gotiated by the Secretary of the Treasury,
who is also authorized to reissue as many
notes as may at any time have been redeem
ed These notes to bear upon their face
the amount of interest which will have ac-
cumulated st the end fthree months after
the date thereof
Section third authorizes the Secretary to
issue for the payment of the army and
navy S8OO,O0O,OOO of United States notes,
not bearing interest, Of denominations not
less than one dollar, which shall be legal
tender for the payment of all debts except
duties on imports and interest on the pub
lie debt. .r
Section fourth authorizes the issue Of
fractional notes, not to exceed $50, 900, 900,
which shall be received in payment of all
dues to the United States, less than S., ex-
cept duties on imports, and which may be
redeemed by United States notes.
Section fifth authorises the receipts Of
deposits of gold coin, in sums of not less
than $50 for which certificates of indebt-
edness shall be issued. The coin shall be
retained in the Treasury for payment on
demand, and certificates representing coin
in the Treasury may be isssed in payment
of interest on the public debt. The GER
tifcates for coin shall be received in pay
ment of duties on imports.
Section sixth PrssoriBos tho fo-ra Of tho
notes and honds
Section seventh provides that on and af-
ter March 1st, 1868, the coupons of all
bonds heretofore issued may be received
for customs as coin.
Section eighth provides for tax upon
banks, corporations or individuals issuing
bills for currency, of lper cent. each half
year, from and after April 1st, 1858, upon
the average amount of deposits and cir
culatiOn of notes or bills for currency is
sued beyond certain amounts named. In
case of branch banks, each branch shall
be taxed separately.
Sections nine, ten and eleven, relate to
particulars which are unimpOrtant to the
general reader.
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