Evening star. [volume] (Washington, D.C.) 1854-1972, 1867-12-17


from the Committee of Finance, with REFER
ence TO fsRding the national debt and for the
conversion OF the notes OF the United States.
The report IL accompanied by q bill which
authorizes the Secretsry OF the Treasury to
issue registered or coupon bonds OF the United
States, in such form and OF such denomination
as he may pres he, pay able, principal and
interest. in coin, and bearing interest a. the
rate OF per cent pay able semi. ann ually: uch
bonds to be payable In forty years from
date, and TO te Ieteemable In coin At the
pleasure OF the United States, afle- ten years
from date, to be issued to an amount sufficient
70 cover all outstanding obligations Of the
United States, and TO be disposed OF IN sucn
manner and on such terms, not less than
par, as the Secretary Of the Treasury may
deem most conducive to the interests of the
Government; and the SAID bonds and the pro-
ceeds thereof shall be exclusively used In TAX
ing mp the existing securities Of the United
States: Prorided, That the e1pe nse Of prepar-
Ing, issuing, and disposing OF such bonds shall
not exceed one per centum of the amount dis
posed OF The bonds. under the first Sc ctIon Of
the act, shall be known as "the ssconsolidated
debt of the United States, " and shall be exempt
from taxaaon in any form, By or under State
and the in iere st thereon. and the income tnsrs.
from sshalf be exempt from the pay ment OF all
taxes OF duties to the United States, and in
reserved by the Treasurer OF the United States
ene-sixth Of the interest accruing on said
bonds, which sum, in lawful money, shall be
a special fund. one half of which shalt be dis
ton TO their population according 10 the
last census taken before such distribu.
ton, and one half thereof shall be applied
to the purchase or payment Of the national
debt, as hereinafter provided for. In
addition TO the sums necessary to pay the
interest of the public debt and the maturing
funded debt Of the United States, there Is ap-
propriated out ofany money in the Treasury
not Otherwise appropriated, q sam which, In
cluding the said interest and maturing debt
and one-half the tax reserved as aforesaid,
amount N IN m q lly
which sum du ring each fiscal year shall be ap-
piled 10 the reduction OF the public debt in
such manner as NAV be determined by the Sec
retary OF the Treasury, or as Congress may
hereafter direct, and such reduction shall be
in lieu OF the sinking fund, contemplated by
NTH section Of the act entitled s.an act to au-
thorize the issue Of United States notes and
for the repemption or funding thereof, and for
funding the floating debt Of the United States,r
approved 18th Of February, 1862. The severa;
bonds of The United States bearing interest at
the rate Of six per centum per annum, and
redeemable at the pleasure tine United States,
after hve years from their date, commonly
known as the nve-twenty bond, shall, after
the expiration OF five years from their date, at
the option OF the holder thereof, be exchanged
for the bonds authorized by this act; and such
as are now redeemaole shall be presented for
exchange on or before the first day of Novem-
ber next, and not thereafter, and the resid ne
to be presented en- or before the expirl lnon OF
i've years from their date, and not thereafter:
and such exchange shall be made at such places
and under such regulations as the Secretary
OF the Treasury may prescribe. The holder OF
any lawful money of the United States to the
amount or one hundred dollars, or mulupjes
OF one hundred dollars, may convert the same
into bond for an equal ount, authorized
Dy tne hrst section OF thus act, under such rules
and regulations as the Secretary of the Treas
ury may prescribe, and the notes shall be held
In the Treasury as part of the reser We herein
provided for. and any holder OF any Of
the nve.twenty bonds, or Of the bonds
provided for in the first section Of this act.
may present the same to the Treasurer of
the United States and demand lawful money
o. the United States for the principal and ac-
cruing interest therof; and the Treasurer shall
redeem the same in lawful money Of the
nned States, unless the amount of the
equal to four hundred millions Of dollars:
and such bonds shall not be so redeemab af-
tsr the United States have resumed the pay.
Secretary OF the Treasury to execute the pro-
visions OF this section, he Y hereby authorized
TTs..ury 9es.r9. ain'nn "a nat i'm. IN ,hs the
nifty millions OF dollars in lawful
money, similar In all respects TO the United
States notes authorized by law Pr0rided, Tn
the amount outstanding shall not at any time
exceed four hundred millions Of dollars. To
enable the Secretary OF the Treasury to redeem
any portion OF the securities Of the United
States held beyond the jurisdiction Of the Uni
ted States, he is hereby authorized 70 issue
coupon or registered bonds Of the United
States, In such form and in such denominations
as ne may prescribe. payable, principal and
interest, in coin, in Frankfort or London. and
bearing interest at the rate Of ~ per cent peI
annum payable half.yearly at rate Of OK change
equivalent TO nve francs for a dollar, TO DO
payable in forty years from date, and to be re-
deemable IN coin at the pleasure of the United
States, after twenty years Al rate OF exchange.
and to be issued 10 an amount not exceeding
nve hundred N illions of dollars, and to be ex-
changed for an equal amount Of fve-twenty
bonds, or 70 be disposed OF in such manner or
such terms, not less than par, in lawful money
or l0 equivalent In coir. as the Secretary OF
the Treasury may deem best for the Govern.
ment, but the expense Of the sale or exchange
OF such shall not exceed the difference between
the SAID rate OF exchange and the market rate
ofexchange on London or Frankfort.
, The bill lie accompanied by an able and eIab.
orate report Of fifteen printed pages The
committee. in the opening OF the report, say
that 1t should be the effort of Congress not
merely 10 declare and obey the existing law,
but to adopt comprehensive policy that will
preserve the public faith. restore confidence
10 the people, stability to our business inter.
ests, and yet Will appeal to the sense Of Justice
of the people il it is unhappily drawn into the
area of PARTY politics.
u. 5. NOTES AND NATIONAL BANK NOTES
TO BIZ TAXED Mr.. Hooper, OF Massachusetts
has been authorized by the Ways and Means
Committee to report ths following bill:
BE IL enacted, de-, That all United States
notes and National Bank notes shall be sub
Ject 10 taxation by or under State authority,
In the same manner as all other moneys are
taxed, and at no higher rats.
SOLDIERS AND SAILORS COSvRNrIoN.-
Yesterday afternoon, conference OF soldiers
and sailors representing the Union in the
different States was held In this city to csn-
sicer the expediency of calling a National
Convention TO nominate candidates for Presi-
dent and Vice Pre- sident Gen. Cristenden. of
Ind occupied the char. and among others
present were Gems. Burbridge ana Buckley,
and Capt. Bennett, OF Texas. committee
compoced of MAJOR Morse, Capt. J. w smith.
and q. w. Wells were appointed 10 draft
call for . meeting in this city on the sth of
January, which shall determine whether or
not a convention shall be held. .-
TIE HOUSE COMMITTEE ON ELECTIONS. AZ
their meeting this morning, heard continua-
tion argument In the case OF TrImbls OF Ken.
lucky, and it Is probable that he will be ad.
mitied TO b's seat. Tomorrow the committee
will hear the argument in the last OF these
cases, that OF Young, contested by Mckee
should there be a quorum in the House on
Friday next, II Is the In tention OF the commit
tee, we learn, to make their report to the House
concerning all these cases
RECONSTRUCTION I'm our Congressional pro
ceedings will be found the provisions OF the
bill brought forward to-day In the House by