Marshall County Republican. (Plymouth, Ind.) 1856-1878, 1867-12-26
l.. s. GRANT
Congress-.
WASHINGTON, Dec. II.
GIN ATE

Mr.. Morton presented a memorial from
the Society of Friends IN six States in re-
gard to the dealings of the government to-
wards the Indians. Referred.
Mr.. Sherman, from the Finance Commit
tee, reported bill for funding the national
debt, and for the conversion of notes of the
United States. lie said, while the COM
mlttee was satisfied that The leading idea of
the bin was right, they should accept all
suggestions, SD as to- get every possible
means of information. The bill authorizes
the Secretary of the Treasury 10 Issue reg
istered or coupon bonds of such denomina-
lions as he shall prescribe, payable, princi-
pal and interest. in coin, and bearing inter
est at per cent, such bonds to be PAYABLE
forty years from date. and redeemable at
the pleasure of the government after ten
years, To be levied To an amount sufficient
To cover all outstanding or existing oblga-
tionS of the United States. to be disposed
of on such terms, not less than par, a. the
Secretary OF the Treasury may deem best,
said bonds TO be exclusively used in taking
up the existing securities of the United
States. The expense of issuing and dis
posing of the bonds is not TO exceed one
per centum on their amount.
Section 2provities for the entire redemp-
tion of these bonds To be known as the con-
solidated debt of the United States, and
shall be excmp. from taxaion, whether by
State, municipal or other authority. and
the same and the interest thereon. and the
income thereupon, shall be exempt from
payment Of all taxes and dues to the United
States. but in consideration of such exemp-
ton the Treasurer of the United States shall
rpS CT W .,f ft,u inf
on them, which sum, in lawful money shall
form special fund, half to be distributed
among the several States in proportion to
their population, and the remaining half to
bc applied TO the payment of the national
debt, in the manner afterwards provided
in this bill
Section substitutes for the sinking fund
as provided by tie laws how in force, the
plan of appropriating yearly from moneys
not otherwise appropriated in the Treasury
a sum which includes the amount necessary
for the payment of interest and maturing
debt, and One-half of the revenue tax as
aforesaid, shall amount To millions
Of dollars, which sum during each fiscal
year after the current fiscal year shall be
applied to the reduction of the public debt
in such manner as may be determined by
the Secretary OF the Treasury, or as Con-
grcss may hereafter direct
The bill further provides that the bonds
known as the five-twenty b<ssisls shall at the
expiration of five years from 6s;c, ai the
option of the holder thereof. be chan ed for
the bonds authorized by this act, and such
as are now redccmable shall be presented
for exchange on or before the first day of
November next, and not thereafter, and the
residue be presented on or before the expi-
ration of five years from their date, and not
thereafter; and such exchange shall be
made at such places and under such rules
and regulations as the Secretary OF the
Treasury may prescribe
Section provides that holders of any
lawful money of the United States TO the
amount of one hundred dollars, or multi
piles of one hundred dollars, may convert
the same into a bond for an equal amount,
notes so received to be held In the IRE asu-
ry as part of the reserve already provided
for, and the holder of any of the 500 bonds,
or of the bonds contemplated by this act
may demand their redemption i'm lawful
money of the United States, and the Treas
uyersr shall redeem the same in lawful mo-
ney, unless the amount of United States
notes then outstanding shall be equal to
four hundred millions of dollars; but
such bonds shall not be SO redeemable
after the resumption of specie payments,
and the Secretary OF the Treasury in order
to carry out the foregoing provision is re-
quired TO maintain in the Treasury q re-
serve of not less than fifty millions of law
ful money, similar in alT respects to the
United States notes authorized by law,
nrovided the same shall NOT af any time
exceed four hundred millions of dollars.
In order TO enable the Secretary OF the
Treasury to redeem the securities of the
United States held abroad. he is further
authorizedto issue bonds payable, principal
and interest. in coin, in Frankfort or Lon
don, bearing interest at the rate of AZ per
cent per annum, payable scmi-annually at
q rate of exchange equivalent to five francs
per dollar, such bonds payable in forty
years, and redeemabls after twenty years