Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1867-12-25

States shall reserve one sixth Of the in
terest accr0ing On them, which sum,
in lawful money shall form a special
fund. one-hslf tolbe distributed among
the several States in proportion totheir
population, aud the remaining one
half to be applied the payment of the
national debt in the manner afterwards
described in this bill.
SEcc. 3. Substitutes for the Sinking
Fund, as provided for by the laws now
in force, the plan of sppropriating
yearly from moneys not otherwise sp-
propriated in the Treasury a sum which
includes the amount necessary for tie
payment of the interest and maturing
debt and one half of the reserved a
as aforesaid shall amount To
million dollars, which during each ifs
cal year, after the current fiscal year
shall be applied TO the reduction of the
public debt in such a manner as NAV
be determined by the Secretary of the
Treasury or as Congress may hereafter
direct.
The bill further provides that the
bonds known as $40 bonds shall at the
expiration of Eve years from their date
at the option of the holder thereof. be
changed for the bonds authorized by
this act, and such as are now redeema-
BILE shall be presented for exchange on
or before the FIRST day of November
next and not thereafter, and the resi-
due be presented on or before the
the expiration of five years from their
date and not thereafter, and such ex-
change shall be made at such places
and under such rules and regulations
as the Secretary OF the Treasury nay
prescribe.
Section 5 provides that the holder of
any lawful money of the United States
to the amount OF Slo0, or the multiple
OF 500 may convert the same ihto a
bond for an equal amount, the notes so
received to be held in the Treasury rs
part of the reserve already provided
for and the holder of any of the $50
bonds or of the bonds contemplated by
this act, may demand their redemp-
ton in lawful money Of the United
and the Treasurer shall redeem
the same IN lawfnl money, unless The
amount of United States notes then
outstanding shall be equal to S400, Co.,
600; but such bonds shall not be so re-
deemsble after the resumption of spe-
Gle payments.
The Secretary of the Treasury, In Or
Ger to carry out the foregoing proVis-
ions is required to maintain in tae
Treasury 8 reserve of not less than
$780, 900, 600 in lawful money, similar in
all respects to the United States notes {
authorized by law, provided the same !
shall not at any time exceed the sum I
Of $500, 600, 600. I
In order TO enable the Secretary of
the Treasury 10 redeem the United '
States, securities held abroad he is fur '
her authorized to issue bonds payable I
principal and interest in coin, at I
Frankfort or London, bearing interest |
It the rate of AZ per eentum per an q
lum, payable semi-annually at the rate {
# exchange, equivalent to five francs Z
Der dollar, such bonds payable in forty '
ears, and redeemable IN twenty years ! Z
It the pleasure of the United States, T
n coin, at a like rate of exchange, and =
o be issued TO an amount not to ex- !
seed $500, 900, 600, to be exchanged for A
a equal amount of the $50 bonds, or
of on such terms, at not lesa :.
han par, in lawful money, as the Sec y
etary may deem best ; but the expense \
f the sale or exchange of said bonds a
hall not exceed the difference be- +
said rate of exchange on London "
r Frankfort. sd a-- Lei
The bill was laid over, and 5000 cop D,
IS ordered TO be printed. rs