The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1863-01-09
THE GOVERNMENTS FINANCES.
THE PROPOSITION OF sEcY. CHASE.
The Committee Of Ways and Means Bill.

! 4 .
MAIN FEATURES OF Mr.. UHAsEs BILL
The first section of Mr.. CHAsE's bill is
in these words i''.' e
The Secretary of the Treasury is hereby
authorized to borrow on the credit of the
United States, and from time to time, and
in such amounts as shall be needed for the
service of the current and. the next fiscal
years, the sum Of 100000, 900; and he
may borrow said sum, or any part thereof,
on such terms and in such form or forms,
and at such rates of interest, not exceed
ing the highest rates authorized by acts Of
this Congress, heretofore passed and APP
proved, as in his Judgment thepublic in
terests may require, and other than such
as have been heretofore sanctioned by said
acts: Provided that SO much ofsaid acts as
provide for the ,conyertibility of United
States notes into United States bonds 9TH
erwise than by the receipt of them at par
in payment Of loans, and for all public dues
other than customs, and SO much of said
acts as restricts the negotiation of any
bonds to par, or to the current market
value of like bonds, is hereby repealed.
And the Secretary of the Treasury, to OBJ
tain subscriptions for any loans authorized
by this act, may appoint agents at such
places, with such compensation and under
such regulations as he may prescribe:
Provided, that the compensation of such
agents, including all expenses of advertis !
ing, shall not exceed one-half of one per
centum upon the amount subscribed and
actually paid into the Treasury through
their agency.
Section provides for the issuing frac-
tional notes, to be engraved and printed
in the Treasury Department, in lieu of
postage and revenue stamps. "a
Section establishes a separate bureau
to be charged with currency matters, un-
der the care of Controller of the Curren-
cy-a new officer, to be appointed by the
President, on the nomination OF the Sec
rotary of the Treasury and the con6rma-
ton of the Senate, for the term of five
years, with salary of So, 900. 9ogI I'D &
From section four to section sixty-two,
the bill is filled with the details of the
management of this currency bureau and
of the banking scheme foreshadowed in
Mr.. Chase's annual report. ,..,o....-
BILL OF THE COMMITTEE OF WAYS AND MEANS.
The following is copy of the bill that
will probably be presented to Congress, on
its re-assembling by the Ways and Means
Committee: @' r-- ~
An ACT to provide ways and means for the sup
port of the Government. H -.','la
SECTION /. Be ii enacted by The Senate
and House of Representatives ofthe Unit
ed States, IN Congress assembled, That
the Secretary of the Treasury be, and he
is hereby authorized to borrow from time
to time, on the credit Of the United States,
sum not exceeding $500, 000, 900, and to
issue therefor coupon or registered bonds,
in the usual form, and of such denomina-
tons not less than fifty dollars as he may
deem expedient, bearing interest at the
rate of six per cent. per annum, payable
semi-annually in coin ; and he may, in his
discretion, dispose of such bonds at any
time, upon the best terms he can obtain,
for lawful money of the United States, or
for any of the certificates of indebtedness
that may at any time be unpaid, or for
any of the interest-bearing Treasury Notes
issued on time, or any of the bonds issued
under the second section of this act, and
all the bonds issued under the provisions
of this act shall be exempt from taxation
by or under State authority.
SEC. 2. And be 1t further enacted, That
the Secretary of the Treasury be, and he is
hereby authorized, to borrow from time to
time, on the credit OF the United States,
and on the best terms he can obtain, a sum
not exceeding three hundred millions of
dollars, and to issue therefor bonds or
treasury notes, in such form as he may
deem expedent-b bonds bearing interest at
the rate OF six per cent. per annum, pay
able semi-annually in coin, and the princi-
pal payable from this date, OF such bonds
or notes, as follows One hundred million
dollars thereof in one year, one hundred
million dollars thereof in two years, and
the remaining one hundred million in three
years They shall be of such denomina-
ton, not less than fifty dollars, as shall be
determined upon by the Secretary of the
Treasury. They shall be receivable at all
times, with the accrued interest thereon,
for all internal taxes, and all other dues to
! the United States, except duties on imports
and interest on the public debt; and when
returned to the Treasury Department, and
cancelled, new bonds or notes for the same
amount may be issued from time to time
by the Secretary of the Treasury: Pro-
| vided that the whole amount outstanding
at any one time shall not exceed three
hundred millions of dollars; and provided
further, that no coin shall be paid for in
| terest on such bonds or notes, except on
the semi-annual days for paying interest
thereon. The Secretary Of the Treasury
may pay ont such bonds to the creditors of
the government in the same manner as
legal tender notes are paid to them, and
may sell such bonds, or any part thereof
at any time, upon the best terms he can
obtain, for lawful money; and may also,
if he shall deem it expedient, cause books
to be opened from time to time to subscrip-
ton for the same, at such places as he may
designate, in conformity to the third sec
ton of the act entitled "An act to author
ize national loan, and for other purpo-
ses," passed July II, 1861, and all the
provisions of the said third section, so far
as applicable, are hereby adopted, and the
same shall apply to the obtaining Of sub
scriptions to the bonds authorized by this
section, and the holder of any such bonds,
with the accumulated interest thereon.