Pomeroy weekly telegraph. [volume] (Pomeroy, Meigs County, Ohio) 1860-1866, 1865-03-02
The New Loan Bill.

The following is the Loan Bill reported from
the Committee on ways and Means: -
BE ii enacted, &C., That the Secretary of
the Treasury be and is hereby authorized to
borrow from time to time, on the credit of the,
United States, in addition to the amounts
heretofore authorized, any sums not exceeding
in the aggregate $600,0OO,OOO,. and to issue
therefor bonds or other obligations of the Uni
ted States in such form as he NAV nrescr;he
and so much thereof as may be issued in bonda
shall be Of denominations of not less than ff.
ty dollars, and may be made payable at any
period not more than forty years from the date
OF issue, or may be made redeemable at the
pleasure Of the Government at any period not
less than five years nor more than forty wears
from date, or payable as aforesaid as may be
expressed upon their face; and so much there
OF as may be issued in other forms than bonds
may be made convertible into any bonds au.
thorlzed by this act, and may be of such de-
nominations not less than fifty dollars and
made redeemable or payable at such periods
as in the opinion of the Secretary of the Treas.
ury may be deemed expedient; and the ihtef:
est S, on such bonds shall be payable sefni-anhh:
ally, and on all other obligations authorized
by TINS act the interest may be made payable
seml-annually or annually Or at maturity there.
OF, and the principal or interest, or both, NAV
be made payable in coin or in lawful money.
provided that the rate of interest on any sucb
bonds or other obligations, when payable in
coin, shall not exceed six per centum per an.
mum, and when not payable in coin shall not
exceed seven and threetenths per centum per
annum; and the rate and character of interest
shall be expressed on all such bonds or obi.
cations.
Sec q And be ut further enacted That
the Secretary of the Treasury may dispose of
any OF the bonds or other obligations issued
under this act, either in the United States or
elsewhere, in such manner and at such rates:
and under such conditions as he may think
advisable, for coin or for lawful money of the
United States, or for treasury notes, certificates
OF deposit, or other representations of yalne
which have been or may be issued under anv
act of Congress, and all bonds or other obi
cations issued under this act shall be exempt
from taxation by or under State or municipal
authority.
Sec. g. And be it further enacted, That all
the provisions of the act entitled "An act to
provide ways and means for the support of the
Government, and forother purposes, approved
June 80 1864" in relation. to forms, inscrip-
tlons, DEGREES, and the printing, attestation,
sealing, signing and counterfeiting thereof,
with such others as are applicable, shall apply
to the bonds and other obligations issued un-
der this act Provided, that nothing herein
contained shall be construed asauthorizing tho
Issue OF legal tender notes iii any form, and
sum not exceeding one per centum of the
amount of bonds and other obligations issued
under this act is hereby appropriated to paw
the expenses of preparing and issuing the same
and disposng thereof
lhe following is the substitute to be offered
by Mr. Stevens:
Belt enacted, ETC., That the Secretary of the
Treasury be and he is hereby authorized to
porrow from time to time oh the credit of the
United States, sum not exceeding $600,0O0,-
0OO, and to issue therefor coupon or registered
bonds redeemable at the pleasure Of Tie Gov
ernment after ten years, and payable at any
time not more than forty years fron the pas
sage OF this act, at a rate of interest not ex-
ceeding eight per centuth per annum, and of
such denominations not less than fifty dollars
as he may deem expcdient, and he may, in his
discretion, dispose of such bonds at any time.
upon such terms as he may deem most adyisa.
Bile, and said bonds shall be exempt from tax.
u''oh ~ VI uHaer olate OF municipal author
ity.
Sec And be ii further enacted, That the
Secretary of the Treasury shall be at liberty
to exchange bonds similar to those provided
for in the first section of this act, with the hold
ers of any bonds or obligations of the United
States bearing interest, provided that such en-
change shall be opened by the holders of obi.
cations within two years after the passage of