Daily national Republican., 1863-01-01
FINANCklL.

mittee OF Ways and Means, and u now before
that. committee for their consideration
MEMORANDA for an act to prevent the further
depreciation of the currency, and to prepare
for the resumption of specie payments
throughout the United States at some future
I time. FfIr ..F ...rt.
Be Il enacted Jy he Senate and Hopss Of Repre-
Se'tatipss ol ne United States Cf A'qsrea in Con
grcss assembled, That from and after the first day
of January, 1854, Il shall not be lawful for any
bank, banking association, corporation, copart-
nership, or individual, TO Issue notes In the form
Of a currency, or circulating medium, payableon
demand or otherwise, for any greater sum than
one half the capital actually paid In and owned
by such bank, banking association, corpora
ton, copartnershlp, or individual; and for ey-
cry such note so issued in excess of said sum
Of one half tho amount of capital paid In and
owned by any bank, banking association, cor
poration, copartnership or individual, there
shall he paid to the United States, as penalty,
by the party by whom the same shall have been
issued, the sum of Eve hundred dollars, to be
recovered for the use Of the United States with
costs Of suit. And II shall be the duty of the
Secretary Of the Treasury to require every
bank, banking association, corporation, CO.
partnership, or individual, In the United States,
engaged in the business of banking, either as
q bank Of discount, of deposit, or Of circula-
tion, to furnish TO him, at least every three
months, condensed statement, showing the
condition of his or their afIairs, In such form
I and at such time as the Secretary of the Treas
ury shall prescribe, beginning not later than
the first day Of May, 1868; and any such bank
banking association, corporation, copartner-
ship, or individual, ncglecting or refusing to
| furnish such statement, for period of sixty
| days from aud aftor the day upon which tho
same should have been made, as required by
| the Secretary Of the Treasury, shall forfeit, as
penalty, the sum of five hundred dollars for
IA.
Of the said period of sixty days, before the
said statement shall be so made and furnished
| to the Secretary Of the Treasury, the said pen
atty to be recovered for the use of the United
| States with the costs of suit.
SEC. 2. And be IL further enacted That at and
after the expiration Of one year from and AFTER
| the suppression Of the existing rebellion, upon
the amount of all notes In the form of a cur
renCy or circulating medium, Of or for denOm-
nations below the sum Of five dollars each, Is
sued by any bank, banking association, cOrpo-
ration, copartncrshlp, or Individual, there shall
he levied, collected, and paid, quartcr-yearly, at
Adates or times as the Secretary of the Treas
ury shall determine, tax OF or at the rate of
| forty per centum per annum, being ten per
| CGntum for every such quarter.
! SEC 3. And be Il FURTHER enacted, That at and
after the expiration of two years from and after
the suppression Of the existing rebellion, upon
| the amount Of all notes In the form of a cur
rCncy or circulating medium, of or for denomi-
nations below the sum of ten dollars each but
not upon those below the sum of five dollars
each, issued by any bank, banking association,
| corporation, cOpartncTshlp, or individual there
shall he levied, collected, and paid, quarter
| yearly, Rt such dates or times as the Secretary
Of the Treasury shall determine, tax of or at
the rate of thirty per contum per annum, being
seven and one half per centum for every such
! quarter.
| SEC. !. And be Il .nrtLer enacted, That the
/ Secretary of the Treasury be- and he Is hereby
| authorized and directed TO issue or reissue TO
creditors of the United States, or for supplies
or for pay or salaries, to parties willing to re-
Ccive the same, certificates of indebtedness, not
made legal tender, to an amount not exceed
! ing two hundred millions of dollars, in denom-
| nations not less than ten dollars each, bearing
| an interest of not less than three dollars and
| siXty-ilVe cents per centum per annum, TO be
receivable at their par value, and accrued inter-
est in payment for such bonds or stocks of the
United States, at such time or times as the Sec
| retary of the Treasury may determine, by en-
/ dOrsement on such certificates, or by public ad-
yortlsemcnt, or otherwise; and such certificates
/ may, In the discretion of the Secretary of the
/ Treasury, be In the form of the United States
notes of legal tender, hut there shall not be ex-
! pressed upon them any other mode of payment
! than that of their receipt ut par value and ac-
Crucd interest for bonds or stocks of the United
States, at such time or times as the Secretary of
the Treasury may determine, as hereinbcforc
provided.
SEC. 3. And be II .f,ri1sr enacted That the
Secretary of the Treasury be and he is hereby
authorized and directed to receive deposits Of
coin and bullion at the Treasury, or deposlta-
ries, and to Issue receipts therefor In dGnomlna-
tiOns of not less than ten dollars each, cores
| pOndng with those of the United States notes
of legal tender; the coin deposited for, or repre-
scnting said receipts, shall be retained In the
| Treasury for the payment of such receipts on
demand, and for no other purpose whatever;
and such receipts representing coin held In the
Treasury for payment of interest on the public
debt may be prepared In advance and issned I'm
payment Of such interest; and such receipts
shall be received in payment of customs as
coin.
SEC. q. ARd be Il Purifier enacted, That United
states postage currency, stamp currency, and
certificates Of Indebtedness may be received for
bonds or stocks of the United States, at such
times and In 6uch amounts as the Secretary of
the Treasury may determine.
SEC. Z. And Be il ftGthsF enacted, That the
Secretary Of the Treasury be- and he Ia hereby,
authorized and directed to make his drafts In
! payment of the public creditors direct upon
any hank or banking association In tho cities of
| Philadelphia, New York, and Boston, for the
proceeds of public lOans taken bv such bank or
banking association, and that hc receive from
such bank or banking association and lodge
with the Assistant Treasurer at the city In
which such bank or banking association may
be located, full and ample security in stocks or
bonds Of the United statcs, for the payment of
such public loans so taken by such bank or
banking association.
SEC. s. This section gives the authority ask
. cd for by the Secretary to sell and dispose of
his loans at the best price nearest the market
price he can obtain in his discretion; alters the
! 5-.O year loan act 80 as 10 make the bonds pay
able at the end of i've years at the option of the
holder, and gives him power to make temper
airy loads by hypothecation Of his stocks or
/ bonds, or by receiving moro deposits at thirty
days, at an intel est not to exceed live per cent.
payable amer, say, ton days notice.
/ HARPEE's MAGAZINE, for the current month,
: rputuiuq intprpstinV pI,nrs Dcsa