The Portland daily press., 1867-12-23

senator sherm"n's Finance Bill.
Ihe following is full abstract of the bill
for funding the national debt and other pnr
noses. repoTtad bv sero+or Shor,,,,, c.o,,, ~,
r;,onoo -'o, " N-.o, ,~a an 'AoAi '.'
ria"nce committee, on Iuesuay last. IL is
not regarded by the Committee as finality
but will no doubt be considerably modified
in accordance with suggestions made while
;.;.,..;...~-.--,
20 iy'ns o'er ournis tne uohuays' "neh
congress reassembles 1t Will either be amend
ed and passed, or surplanted by some other
scheme which i re.,ardod "a hot+or o.,orlo
ia i ~. -, 80 - Ta'
w ~ inFo' 'he wants VI ine country Inc
Butter school Of iinanciers are bitterly oppos-
ed to it, .. ,,
The h.ll o,t+or;zos tho cooro.orr of tbo
Treaenrn 70 ;sS,,e .eo,at tno
of sncb ',enom,-at at;6rs ns 10 - shon p.asoy;ha
payable nrinc;naI and ;ntorosa M snaI =, ,n, and
| bearing interest at s;y nor cont. sucb bonds
tn he M yanla forta 700 pst 49,, .oJon,,
ahle n ~, tt yeno y l.oin ea,e, i~euee ~
ma9t , eeaS, .. 49, sne p.easu'e Vi LUG govern
o-,n,,. CO .cn !oais, W oe issoeu 10 au
ax;0t;n suiclene 10 cover al Outstanding or
SA'sells ca ophSatlons OF the United States, TO
De disposed ofon such terms, not less than
Pai, as Tue 'retary OF the treasury may
ueein pest, and SAID ponds shall be exclusively
useG "a taxing up the existing securities of
tne United States: the expense of issuing and
alsposins OF the bonds is not to exceed one
per centum on their amount
Inc second section provides for the entire
exemption OF tnese bonds, to be known as
sne consolldated debt OF the United States,
rom taxatlon, whether by State, municipal
or otner authorfty, and the same and the in
terest thereon and the income thereupon shall
pe exempt from the payment OF all taxes and
uuCles 10 the Unl5ed States; but in consider
aIlon OF such exemption, the Treasurer of the
united States shall reserve One-sixth of the
interest accruing on them, which sums in
lawful money shall form special fund, one
malt to be distributed among theseveral States
IN proportion to their population, and the . D
naming hall to be applied to the payment OF
the national debt in the manner afterwards
provided in this bill. rss,s4-r-
The third section substitutes for the sink
ing fund as provided for by the laws now in
force, the plan ct appropriating yearly from
moneys not otherwise appropriated in the
treasury, sum which, Including the amount
necessary tor the payment OF the interest and
maturing debt and one-half of the reserved
tax as AFORESAID, snail amount TO - millions
oi uontrs, Wnlcn sum curing e,cn 1scal year,
.'lter tne current nscai year, sna,i De applied
oO,rne " one .eauctlon ol lne Pubic deoI IN such
.i.inei % niay pe ueterlllheu py the cecre-
a..
aitef i aIect. a
Ans Viil iurther provides tnat the bonds
hnoMn as tne nve twenty bonds shali, at the
eApiratloh ol I'VE years rom tnelr date, at the
4ps'oa % ol tne nolder tnereof, De changed for
ne s.e nonus aueIorlIeu py tnls ar, ana sach as
are noW reueelnaDie shali De presented for ex-
cnanSe on or before me exp ration OF hye
years rom then uSSe ana mol thereafter, and
sucn eHcnange sna pe maze at such places
ana uuoer such rules and regulations as the
Secretary OF tne treasury may prescribe. The
ins, l'In seceloil provaes t4at the nolder OF any
iaWIul money OF the United States to the
amount Oh sIoo, or multlpl OF SlOO may con-
vert tne same INTO ,qnd Tor an equal
alnoInt, al 1 the notes so received 10 De held IN
tne lTeasu y as part OF the reserve already
prov .ded ior, ana tue holder OF any OF the
nve-tWenty bonds, or OF the bonds contem-
plated by this act, may demand their redemr'
tlon IN lawful money OF the United States
and the treasurer shall redeem the SINE in