Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1864-06-24

/
ment money, were drawn to the necessity
of issuing Legal Tender. No system ever
worked better in this or any other coun-
try. He supposed that specie payments
would not be resumed for ten years to
come.
During the great Nspoleonic war, the
Bank of England suspended specie pay
ment from 1895 to 1924. Whoever looks
for q more speedy resumption in this coun.
try, was in his judgement not wise and
| bad studied history to but little profit
/ lie spoke Of the little profit Of paying the
interest of the department in gold and
asserted thseif this SHOULD continue with
an increase Of debt, the Government would
fail, it was fatal policy which rested
like an incubus upon us, and gold would
continue to 90 ,as ne had ,ong,predicted,
until the Government cannot procure the
coin. It was TO save the country from
repudating that he then explained the
character Of his,amendment, which was to
authorize the borrowing Of $4,000 900
and to issue these for coupon or Regis
trerd bonds Of the United States re ieemsble
at the pleasure Of the Government, after
any period not less than five nor more
than forty years, and if deemed expedient
made payable at any period not more than
twenty years from date, payable in coin.
Such bonds are to be Of suoh denomina
tions as the Secretary Of the Treasury
shall direct, not less than $50 and bear an
annual interest Rot exceeding eight per
cent, payable semi. annually ia currency.
After considerable debate the Committee
on the Whole acted on and agreed to Mr..
Pomeroy's substitute for the first section.
Ayes 72, nays 81.
The House however ct 9 subsequent
stage Of Proceedings refused 10 concur in
the action Of the Committee by vote Of
80 to so.
The House also refused to concur in Mr..
Pomrey's substitute for the second section
BY vote Of "A against 81. The bill was
then passed, the yeas and nays having
been demanded and refused.
The bill authorizes the Secretary Of the
Treasury to borrow from time to time on |
the credit Of the United States $40O, OOO,- |
0G0 and to issue therefore coupon regis |
tered bonds Of lhe United States, redeem |
able at the pleasure Of the Gov
ernment at q period of not less
than five nor moro than thirty years. |
or if deemed expedisnt, made payable at |
any period not less than forty years. The |
bonds being Of such denomination as the |
Secretary Of the Treasury shall direct, not |
less than 90 dollars, to bear an annual in |
terest not exceeding eper cent, payable |
semi annually In coin. The Secretary OF |
the Treasury may dispose Of such bonds or |
any part thereof, and of any bonds com.
monty known as 5-20s remaining unsold |
in the United States OF il he shall ind IL |
eEpedisnt, in Europe, at any time on |
such terms and conditions IS he shall |
deem most advisable, for lawful money |
Of the United States, or at his dis |
cretion for treasury notes or certif- |
Gates Of indebtedness, or certificates Of !
deposit Issued under any of Con-
gress, bonds, tressu notes and |
other obligations of the United States be
exempt from taxation by alr under State or
m rnnri-;s--I --tA---L-A--- e--------y - |
the Treasury may issue on the credit Of
the United States and in lieu Of an equal
amount Of bonds authorised By the pre-.
ceeding seotiod and ss apart Of said loan,
not exceeding $500 900 600 il Treasury
notes Of any denomination not less $40,
payable at any time not exceeding three
years from date, or If thought expe-
dent redeemable after three years
from date, and bearing interest
not exceeding the rates Of 8 10 per cent,
psysblein lawful money at maturity or at
his discretion treasury notes may be dis
posed Of BY the Secretary Of the Treasury
on the best terms that can be obtained for
lawful money, ana such Of them as shall
be made payable in principal and interest
shall be y legal tender to the same extent
as United States notes for their face value,
excluding the interest, and may be paid to
any creditor willing to receive them at
par, including interest, and any treasury
notes issued Uudsr the authority Of this
act may be made convertible, at the Dis
cretion Of the Secretary Of the Treasury,
into any bonds issued under said act.
The Secretary Of the Treasury may re-
deem and cause to be cancelled and de-
stroyed any Treasury notes or United
States notes heretofore issued under the
authority Of previous acts Of Congress-
and substitute in lieu thereof an equal
amount Of Treasury notes such as are
authorized by this act, or Of other United
States notes as such denominations ex'
oeeding ST., provided the total amount Of
bonds and Treasury notes authorized by
the first and second sections Of the
act shall not exceed 100000, 600.
In addition TO the amount hereto ore is
sued, nor shall the total amount Of the
United States notes Issued or to be issued,
ever exceed 100000, 900, and such addi-
tions not exceeding $50, ,O00 900 as may be
temporarily required for the redemption
II the temporary loan, nor shall any
Treasury note, bearing interest under
this act te Illegal tender in payment
and issued by any bank, banking sssOoi-
alton or banker to circulate as money.
The interest on ell bonds heretofore issued,
payable snnua ly, may be paid seni-sn-
nuslly, and in lieu Of such bonds
authorized to be issued
The Secretary Of the Treasury issue
bonds bearing interest payable semi
annually, and may also exchange for
treasury notes heretofore issued bearing
1910 per cent interest besides the 6 per
cent heretofore suthotiEed. Like bends
Of all denomination, such as treasury
notes after maturity, shall be paid in
lawful money, and they may be exchanged
for such bonds at any time with
in three months from the date Of
| the notice Of redemption by the
Secretary Of the Treasury, after which
the Interest on such Treasury notes shall
cease. So much Of the law approved
March Sd, 1854, IS limits the loan author
iEed therein to the current fiscal year is
repealed, and the,authOrity oaihe Secretary
70 borrow money or issue therefor bonds
or notes conferred by the first section or
said act shall cease on the pas
sage. The Secretary Of the
Treasury may authorize the
receipt as a temporary loan Of the
United States or notes Of National Bank.
ing notes on deposit, not less than thirty
days, on less than $50 by the Assistant
| NJ. -,,-.,, - {ba TTnitad 9fafau nv dopnaf -