Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1866-07-21
FROM WARRINGTON,
Slaughter of the Innocents--- Radical
speeches---Ssnatorisl Rejection--Bill II
Fund tho National Debt. 2 '"r ~

Slaughter of the Innocents---R Radical
Speeches Senatorial Rejection--Biil Il
Fund tho National Debt $40 ~
Special Dispatch to the Republicanl, /.
| wAsHiSGroS, July ls,-The President
made terrible ,deoapitatiop to-day d
country postmasters' He sent over three
hundred changes TO the Senate.
Gov Hamilton, of Texas, and Gen.
Logan addressed mass.meeting here to-
night, taking very radical ground.
The Senate, has rejected the .nomina
ton of Mr., Tuekerman as Minister to
Greece, - M ,,.s.,, "a, y.
The following important financial bin
passed the Senate to-day To reduce
the rate of interest on the national debt
and for funding the same. ,e.m ~
SECTION |. That in lieu of the sinking
fund contemplated by the fifth section Of
the act entitled " An act to authorize the
Issue of United States netes and for the
redemption OF, funding thereof. and for
funding the floating debt of the United
States" approved February %, 1862,
there shall be annually applied to the
payment. of the principal and interest of
the public debt the sum of one hundred
and eighty millions of dollars, which sum
is hereby appropriated for that purpose J;
and so much Of said sum as is not re-
CURED to pay the. accruing interest on
said debt shall be applied TO the pur.
chase or payment of such of the public
debt as the. Secretary of the Treasury
shall from time to time direct, ~
SEC. q That for the purpose Of enabling
the Secretary of the Treasury to prepare
FOR the finding or payment of the. OUT
standing Treasury notes, bearing inter
est at the rate Of 1910 per centum per
annum, holders of such notes are hereby
required to advise, the Secretary Of the
Treasuryin such manner as he may pre-
scribe, at least four months before the
maturity Of such notes, whether they
elect that such notes shall be converted
inte bonds of. the United States, com
monty designated as 500 bonds, and the
right on the part of such holders of con-
verting such Treasury notes into bonds
shall be deemed and taken to be waived
as TO each and every note, in relation to
which notice shall not be given as above
prescribed, and the same shall be paid at
maturity in lawful money of the United
States. 80
SEC. g. That all money received into
the Treasury Of the United States for
duties. on imported goods shall be
specially set apart and applied to the
purposes following to-wit: LIST, TO the
payment of so much Of the interest of
the public debt as is payable in coin, I'd
To the payment as it natures of the,
principal Of the public debt, Sd, To the
payment of such appropriations by Con-
gress as are required to be paid in. coin.
When the amount Of coin in the Treas
urY exceeds $50, 100000, the excesssshall
be sold in open market in the city Of
New York for United States. notes, un--
der rules to be prescribed bysihe SecreJ
tary of the Treasury, and the notes re-
ceived therefor shall be. cancelled. l'
SEC. 4 That from aud after the first
day Of January, 1867, the lawful money
required to be held on hand by the Ma
tional Banking Associations under the
3lst section of the act entitled An act
to provide national currency secured
By pledge of United States bonds, and
to provide for the circulation and re-
demption thereof" approved. June Sd,
1864, shall not consist in whole or in
part Of interest bearing notes, or bonds