Evening star. [volume] (Washington, D.C.) 1854-1972, 1865-02-22
The Lean Bil1-Mr. SteveDs's Substitute
The following is the loan bill at length, as

The following is the loan bill at length, as
reported yesterday in the House:
Be 1t enacted, DC, 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, in addition to the amount here
tofore authorized, any sums, not exceeding in
the aggregate tx hundred millions OF dollars,
aud to issue therefore bonds or other obliga-
tions Of the United States. in such form as he
may prescribe; ana so much thereof as may be
issued in bonds shall be OF denominations NO,
less than fifty dollars, and may be made paya-
BILE az any period not more than forty years
hem date of issue, or may be made redeema-
bic at the pleasure Of the Government, at any
period not less than five years nor more than
ioIty years from date, or payable as aforesaid,
rs may be expressed upon their face: and SO
much thereof as may be issued in other forms
than bonds may be made convertible into any
bonds authorized by this act and may be OF
such denominations not less than fifty dollars,
and made reueemable or payable at such pc
riods as in the opinion OF the Secretary of the
Treasury may be deemed eXpedlent, and the
interest on SAID bonds shall be payable semi
annually. and on all other obligations suthor-
lied by this act the interest may be made pay
able semi annually or annually, or at maturity
thereof, and the principle Or interest. or both,
may be made payable IN coin, or in lawful
money; provided, that the rate OF interest on
any of such bonds or other obligations, when
payable in coin shall not eX ceed six per centum
per annum; and when not payable in coin,
shall not exceed seven and three tenths per
centum per annum; and the rate and character
OF interest shall be expressed on all such bonds
or obligations
Sec. .. ind be # further enacted, That the
Secretary Of the Treasury may dispose OF any
OF the bonds or other obliganors issued under
this act, either in the Unitad States or else
where, in such manner, and at such rates, and
under such conditions as he may think advis-
able, Tor coin or for lawful money OF the United
States, or for any Treasury notes, certificates
OF Indebtedness, or certificates of deposit, or
other represe ntattons OF value which have
been or may be issued under any act of Con-
gress: and all bonds or other obligations issued
under this act shall be exempt from taxation
by or under State or municipal authority.
Sec. ,. And be al further endctWs That all the
provisions OF the act entitled "An act to pro-
vide ways and means for the support of the
Government, and TOR other purposes" ap-
proved JDne 80, 1861, in relation to forms, in
scriptiOns, devices, and the printing, attesta-
ton, sealing, signing, and counterfeiting there
OF. with such others as are applicable, shall
apply to the bonds and other obligations issued
under this act; provided, that nothing herein
contained shall be construed as authorizing
the issue of legal tender notes in any form, and
sum exceeding one per centum OF the amount
OF bonds and other obligations issued under
this act is hereby appropriated to pay the ex-
pense of preparing and issuing the same and
disposing thereof.
The following is the substitute offered by MIR.
Stevens
BE it enacted, dc, That the Secretary OF the
Treasury be, and he is hereby, authorized 10
borrow from time to time, on the credit OF the
United States, sum not exceeding six hun
dred millions OF dollars, and to issue therefor
coupon or registered bonds. redeemable at the
pleasure OF the Government after 10 years, and
payable at any time not more than 40 years
ITcm the passage of this act, at O rate OF inter-
est not exceeding per centum per annum,
anu OF such denominations not less than fifty
dollars, as he may deem eXpedient, and he
may, in his discretion, dispose Of such bonds,
at Sny time upon such terms as he may deem
most advisable and said bonds shall be exempt
from taxation by or under State or municipal
authority.
Sec. , And be IL further enacted, Thatthe Seq
retary of the Treasury shall be at liberty to ex-
change bonds, similar to those provided for in
the first section OF this act, with the holders
Of any bonus or obligations OF the United.
States bearing interest; provided, that such
exchange shall be offered by the holders or OBJ
legations within two years after the passage OF
this act.
The bill is made the special order for Thurs.
day.
MA little urchin in the Sabbath School. at
G., was asked a few Sundays ago UWhat
j esus said when he knew Judas had BETRAYED
him to the Jews?" He scratched his head a
minute, and eracely answered: eternal vigi
lance ls the price Of liberty"
~ One thousand bales of cotton, mostly hv
way of Mexico, reached Liverpool during the
week ending the 4th. = 7
~ The English merchants have oyerdone
the tea and silk business with Chinas the past
season and the losses In the trade alone are
estimated at S5,0O0,000.
SThe annual rate of mortality in Boston
is one to every Al Of the population; london.