New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1865-01-13

s5 1863. and was entliled An A'b " F'''Ne
a national currency, secured by pledge Of United
States stocks and TO provide for the crculaon ana
redemption thereof" The prime objects OF tnis ID"
were to provide a market for the bonds when had
already been authorized and to furnish uniform cur.
rency throughout the country. To accomplish TINS oD
ject bureau Of currency created and the appoint
ment of the necessary officers provided for. kegu'a
tions were made for the formation Of banking Associa
tons They were not to have. In any case aeaptai
less than $50 OOO thirty per cent OF which was required
10 be paid in at the time of the commencement o TUG
banking business the remainder to be paid in insta
ments Of m least ten per cent each the whole amount
10 which the association shall be limited az frequently
"a one nstallment at the end Of each succeeding TWO
months from the time Of the commencement oil Us oapA
ing operaons The basis Of the circulation was 10 DO
United States bonds. deposited win the iieasuiei Va
the United States and the circulating NOTES theu~e'es
were 10 be furnished by the Government to each oak
The Issue Of notes under the act was limited 10 SoO'
600 COO. These notes have already become iamiiiar
to all our readers We need not give the features oil the
law other than those already mentioned. They com
mise the points OF most general interest
| On March 3. 1863 was approved an act entitled " An
Act 10 proyae Ways and Means for the support OF the
Government" 1t authorized the Secretary TO borrow
not over $500 GOO COO for the fiscal year then current
and 5000 oCo for the next fiscal year. issuing there
for coupon or registered bonds payable at the pleasure
of he Government after such periods as might De hAeu
by the Secretary not less than ten nor more than iof
wears from date (vhencc their popuer name OF zen
Fories) bearing interest at not exceeding6 per cent
per annun liable in coin These bonds were 70 oe
EXEMPT from taxation under State or mun,ipal aahor'
ity. The whole amount outstanding at any time "aS
not 10 exceed syOO0OOOOO This act also nnlho'i~'u
the issue Of siO0 900 in Treasury notes pnyaoe ~
not exceeding three years from date ana bearing ~"
torcs at not exceeding six per cent "a currency in!
er made legal tender FOR their face value. In order
TO secure prompt exchanges OF o. r. notes Tor treasury
notes the Secretary was authorized to issue notes 10 inc
, ~ ei5o coo 900 TO be used II necessary for snch
/ exchanges The Secretary was authorized II neoes
rv IN Issue $4,000 900 OF legal tender notes without
interest. for tic payment Of lie Army ana navy
prcviou. 70 this. January H. l.G3. a Joint RESOLUTION
hod bcer nassed authorizing the issue " OF
Iec,l tender notes for the immediate payment OF the
Army and Navy The ESQ 10000 authorized by tue
NO, now under consideration TO include this siVo-
600 OOo Tie restriction in tie acts Of Feb 20 ies@
and July H. le62 e the negotiation OF bonds 70 MARKET
value was repealed. Exchange a bonds issued under
those acts for bonds issued under the act under re'e"
was provided for. Tie postage currency was author
d 60 take the place Of the postage aud revenue stamps
mitch lad became such q nuisance. The amount In
circulation n, nv ono time was limited TO s50000 900
Gold certificates were authorized in return foF deposits
NJ cold which certificates ade receivable ioF m
tercst on the public debt and for duties
The last provision of general intoros. was one I'm
posing tax on bank circulation after Aprii ]. 1903.
On the same day act amendatory OF the lnteiha'
Revenue was approved. ItTevsed and increased many
Of the rates II taxation.
The XXXvIIIth Congress met December 7, l-VJ'
and ended July 4. 1864. It's history like thr, Of
the previous sessions marked by important financial
measnrcs the first Of which ohronclogically was ap'
moved March D. lsci This act one supplementary
10 tie one passed Just one year before, viz; March
Ian II allowed the Secretary TO borrow not over
200 Oooooo IN lieu Of the loan authorized by the net OF
March stl during the current fiscal year Issuing there
for coupon or bonds after not less
than five nor more than forty years from date Ia COIN
bearing interest At rate not exceeding six per cont
the exemption rum taxation being the same ns In the
cnse ~ other L. s bond. Issue Of $40 bonds to the
extent Of en- COaOoo certain subscribers was anhor'
. led sanding such amount was IN excess oi Tue
amour, originally authorized. On March 7. ls0i' an
a., amending the Internal Revenue law In some Of IL
provisions. became law
o. June 1901 was approved an "sct 10 provide
National currency secured by pledge Of Uuiod States
Bonds and to provide ior tie circulation thereof 1t
will be noticed that the title l. the that ~ the
l.w Of February IS isGl TO which IL an amend
mon, by 1t the first banking law was thoroughly re'
yiscd.
The next financial measure Of the Government was
one whose Object rs indicated by ia title, was 10 pro
bibt cert,in sales Of Gold AID Foreign Exchange"
We need not review the penalties imposed on certain
Transactions by this law u repealed by act OF
Concres, July Is 1t cxeried Jisi tic contrary In
sacnce from that intended raising instead OF Gecrcas.
, Ing tie premium on gold
Three important ueaurcs acted on by this Con
cres n addition 10 those already referred TO- The Pres
ilent approved them June 80. lsG Tho first was an
Act to Increase Duties Import and Tor other pnr-
p'scs" IL Increased largely tho dates on lmo't all
classes II imported articles On April % lsci. Joint
rcsulaion temporarily increasing duties 80 Per cent
had been passed THO other act entitled " An act
to provide Wnys AMI Meab. 70: the support OF the Gov
ernmont and Er other purposos' The secretary was
authorized 10 borrow 500 0o0coC bonds which be
mie make either 20 or $40 boads bearing interest
at six per cent SAILS in Europe Of these and Tie 30
, bonds were authorized.
The sccretary,ss authorized 70 Issue IN lieu Of an
eorll amonnt Of tae bonds 500 0oGooo IN treasury
o.e Of no loss De; animation than $40 payable at any
limo not exceeding three years from date or at any
tine after three years FROM dtc. and barring interest
mo-, exceeding 7JO per cent H. currency, payable nj
maturity OF tho note. Tloso payable, principal and
interest nj maturity were mado legal tender Tor their
mce. The notes wore mado convertible nj the dis
erection OF tho Secretary, into bonds Issued under the
act Substitution NJ those notes for those already IS
sued allowed. but the amount Of bonds aud notes