, 1866-05-07

Pnblic Dcbi, as appears from the booss and Tras.
1866. Huoa McCuI1ocH,
SecTetary OF the Treasury.
Tho following Is the consolidated Bond Lose
Bin Tor funding the natioual debt. introduced By
Senator Sherman into tha United States Senate.
An ACT to reduce the rate ol interest On the ma.
tional debt, and for funding the same:
tentaticts et "a Eatfed S1akes, In C5agress asjsn
5tet Tint the Secretary Of The Treasury II hereby
authorized. If be shall deem 1t expedtent Tor the
the Iate Of interest thereon to Issue registered OF
form and or such Denominations Is be msy
and bearing Interest at The rale Of mot exceeding
nSe pes p @ seat psr - annun. payable semlannp.
% e Se @aae ID not
cations OF lhe United saes, md to be dlspoted Of
a. inc Secretary or the Treasury msy deem nost
conclusive 10 the interests Of the Government.
I1or,ded. That the expense Of preparing, lssntng
per ceut Of the amount di.posed Of; and Prorit1d
also. that The said bonds md the proceeds thereof
shall be exclusively used in taktns up retiring
States. 0ther than Unileu states notes.
SEE :. 5indbs IT, further enactad, Tint the bonds
shall be exempt from taxa'ion In any form By OF
under State, municipal or local authority, and II
OF lUt f&t6 or lQ.GI-
est effected BY the negotiation Of laid bouds. the
same aud the Interest thereon, and the income
thezeftom shall be exempt from inc payment Of all
sEc.s. ;ind b II further enacted, That the
amount Ct interest sa!ed hy substitution Of nrc
Per cent bonds for other Government securities
the National debt. and hat for The purpose of en-.
EnEine the payment lhercot and in hen Of the sink
i9E ae fa9d contemplated o5 he Ae 9f February Is,
INCLUDING the saying OF interest aforesaid, out or
my moneys tn The Treasury not otherwIse appro-
pEaa.td, thall be annually applied 70 the reduction
Eef ~ msr be determined By the Secretary Of the
Treasury or a. Congress may neEeaner direct
pose Of enabling t6e Secretary Of he TressurT 70
prepare for The funding pa5mcnt Of the outetand
ing Treasury notes bearing interest at the rate Of
efs oi @ aaeh note. e bcIeby tequsd 10 aVse he
may pre:c.1be. At least six months befose the ma
fur1ty Of sneh notes. whether they elect that such
noles shall be paid at maturity or shall be convert
ed into bonde ol the United State., commonly de-
k1Enatt as dTe-twenty bonds, and 1he right on the
notes milo bonds, shall be deemed and taken to be
wntyed as to each and every note IN circulation 10
which notice thail be gwen as ahoyc prsscnbed:
and the same ehal be paid nt maturity In lawful
money Of the United States.
"A meeting OF the Directors Of the Indians q
Illinois Central Railroad was held on the Sd Inst
at the Office Of the Company. in Indianapolis, and
the following officers and Directors were selected.
The road proposes to run direct from indianapolis
10 Decatur, Hlicols ria Dauv1lle, Batn-
bridge, Rockville, Aontezuma, and connect
directly with the Hannibal J. ST. Joseph Railroad.
The directory determined to build the road, COM
uenctng At indianapolis and completing the road to
Dsnr,l1e, Ind, first The directory will ask for
subscriptions. 10 be pad rs fo'low5: 0ne-han
when the road Is reaty TO receive The iron, and the
the other at the completion OF the work and the
running OF the drst cars oSer the track:
Pres1dent-W. Il. Talbot
Vice Prtfluent-James r. aammett-
s;ecretaty-Byrnn & Elliott.
Dtreciof.-SR1nuel g. Malone, Benjamin Ellers,
Jnmts X. uammet,, Geo, Harding, E. Ptitchets,
D. T. Thornton. ". q. Talbott. J1mes johnson,
Joseph E. Mcuona1d. X. !. Bright, G. g. Mart, E.
N. BeuEqn.-Ind. Journal.