The Middlebury register. [volume] (Middlebury, Vt.) 1850-1882, 1866-03-28
THE loan RILL.


This bill originated in the desire of the
Secretary of the Treasury to have power
granted him by which he might contract
the inflated currency. AS first presented
1t gave him almost unlimited power to
retire United States notes and was reject
ed by Congress The bill was rcconsid-
cred, recommitcd and at length reported
in the following FORM
he it enacted, &c, that the act emit
tied San act to provide ways and means
to support the government, approved
March 3, 1868, shall be extended and
construed to authorize the secretary of
the treasury, at bis discretion, to receive
any treasury uotes or other obligations
issued under any act of Congress, whether
bearing interest or not, in exchange for
any description of bonds authorized bv
said act. either in the United States or
elsewhere, to such an amount, in such "A
manner, and ut such rates as he may
think advisable, for lawful money of the
United Stats, or for any treasury notes,
certificates OF Indebtedness, certificates of
deposit, or other representatives of value,
winch have been, or which may be issued
under any act Of Congress, the proceeds
thereof to be used only for retiring treas
nry notes or other obligations i,s.cl un.
der amy act OF Congress but nothing
herein contained shall be construed to
author e any increase of the public debt
Provided that United States notes TO the
amount of not more than ten millions of
dollars may be retired and Cancelled with
in SIX months from the passage of this
act, and thereafter not more than four
millions of dollars in any one month"; and
provided that the bonds which may be
disposed of elsewhere than in the United
States may be made payable, both prin-
;ral and interest, in the coin or currency
of the coGotry in which they are made
payable, that shai, not bear rate Of in
tcrcst exceeding five per centum per an
mum !; and provided further, that tnG act
to whirh this is an amendment shall con-
tinuc in full force in all its provisions,
except as modified by this act
See. 2. The secretary of the treasury
shall report to Congress, at the commence
ment of the next session, the amount of
exchanges made or money borrowed I'M
der this act, and of whom asl on what
terms, and the amount and character of
ind. '|edncss retired under this act and
t;,., oct n Which this is an amendment.
with detailed statement of the expense
of making such loans anu exchanges
Last Friday the debate was spi,;'ed and
a letter from Secretary McCulloch was
read IN which he says that IN lilo opinion
it will be a national calamity if Congress
fails TO grant additional powers to the
Secretary, as it would be impossible to
fund the interest bearing notes under ex-
listing laws. The bill passed the House
on Friday. We regret that it was thought
best TO limit the Secretary's power in this
matter.
1t seems to be Of vast Importance to
the business of the country, and the credit
Of the nation, that such financial pol
icy shall be adopted by Congress as will
prepare the way for return to
specie payments. Business should rest
on solid, assuring basis, and if some in
tcrests would suffer from immediate re-
sumption, this injury would be transitory,
and there would ne counterbalancng ben
cfits. The bill US it now stands is an i'm
portant one and will be welcomed by the
country as movement in the right d.
recion even though it does not come up
to the popular idea. by this act the
Secretary Of the Treasury is empowered
to reduce the volume Of legal tenders to
the amount of ten millions month there
after. With the present healthful ten
dency of the financial condition of the
country this may produce the desired
effect.