The weekly Ottumwa courier. [volume] (Ottumwa, Iowa) 1857-1872, 1867-12-26

sss vs.. 81 j .s.
Financial.
The following Is the matured plan
|of. the Senats Financial. Committee,
70 consolidats, and provide for the
ultimate payment ofthe entire public
debt, 4 reported BY the chairman of
that Committee, Hon. John Sherman,
in the Senate yesterday: L ssisis
Mr.. Sherman, from 6nancea con-.
mittee, reported . bill for finding
|the lnatio nsi debt ard fovl the conver-
|sion os notes Of the United Ststcs.--
The bill aut thorikea TIE Sccretary Of
the Treasury to issue Registered or
Tor coupon bonds of such deliominA-
ti0ns "a he shell spreacribo. paysbie,
principal and insereft, 10 coipA And
hearing interest at g per censs; aTieh
bonds TO Be payable 40eysars from
date, redeemablo III coin at the plcas-
urs Of the governments Afeer. 10
years to bo.ssned to an amdun1 sufa-
cient 70 cover Ill outstanding or OK
istihg obligations ofFiths United
States. u ass j Ssss s5e lst sJs
Section I'd provides for tho entire
|sxemption Of these bonds, TO bs known
Ice consoIidated bnnds, Of tho United
|Statos, from taxation, whether BY
State, municipal or other auth0rity,
and the income tnereupon shall be
exempt from payment Of all taxes
and duties to the United States. but
IN confederation ofsssnch exemption,
the Treasurerof she Emitted Statea
shall reaerve 0nessixth Of the inter~
est accruing on them, which sam,
in lawful money; ehaA form . special,
fund. one half TO be distributed among
the several States IN proportion To-
their popuaation, and the remaining
half to be applied to the payment of
the national debt, in the manner a.
forwards provided in this bill.
4 Section third suhetitutes for = sink.
ing fund, ss provided for BY law how
in force. q plan Of appropyiatingl
yeArly from moneys not Othefwise
appropriated IN the TreaspFys snm
which includes the amount necessary
for the payment of interest and ma.
turing debt. and oneshalf ofreservedl
tax, as aforesaid, shall amount TO-.
millions Of slollars; which sum during
each fiscal year after the current fiss
cal year shall be applied to the re-
dnction of the public debt in such
manner as may bc determined BY.
the Secretary Of the Treasury, or asi
Congress may hereafter direct. The
bill further provides that bonds
known as $50 bonds, shall, at the.
expiration Of Eve years from their
date, at the option Of the holder
thereof, be changed for bonds author
iEed- byl his eot, Andssach astara ire-.
deeaable shall DO prescnted for cx-
change on or before the first day Of
November next, and not thereafter,
and tho residue be presented on or
before the expiration of five years
from their dateiand not thereaftcr.
Section Ave provides that the mold
erss of any lawful money Of the Uni
ted States to the amount Of 500
may convert tho sarie into bond
for an equal amountiot notes SO So
cured and be held in tho treasury al
part Of q reserve already provided
for. And if u holder ot any Of the
500 bonds, or of the bonsis eoatem-
plated BY thissact, may demand their
redemption in lawful money Of the
United States, the Treasurer SHALL
redeem the same in lawful money.
unless the amount Of u. s. notes
then outstanding shall be sqnal 70
$40O. 600. 900. But snch bonds shall
not be redeemable after the r.eump.
tion ofspecie payments, ane the See.
retary Of the Treasury is required to
mainthin in tho trasury reserve al
not lees than $50, 900, 500 in lawful
money, 10 order to redeem the secus
rites tof tho United Statesg held
abroad He is further anthorized TO
issue bonds. payable principal and
iLtcreet, in coin in Frankfort or Lon
don, beariAg interest at the rate of4}
per cont. per annnm, payable semi-
annually AtS the rate Of exchange
equiv4 4snt TO five francs per dollar;
such sends payable ID forty years
and redeemAb}e after twenty wears,
in coin, Ata like rate of exchange
and to be issned 10 an amount not
exceeding 500 million dollars, to be
-. u ~- ) 4