Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1867-12-26
.sooNsoLIpArrp LOAN
sherman. BnI for Funding tn. Nation
nj Debt

shermnns Bill Tor Funding the N alton
sl Debt.
SEcTroN 1. That the Secretary of the
Treasury Is hereby authorized to issue
registered or coupon bonds, In such form,
and of such denominations, as he may
prescribe, payable, principal and inter-
est, In coin, and bearing interest at the
rate of six per centum per annum, paya-
bic semi-annually such bonds to be pay
able in forty years from date, and to be re-
deemable in coin, at the pleasure of the
United States, after ten years from date,
to be issued TO an amount sufficient to
cover all outstanding. or existing obliga-
tions, and to be disposed of in such man.
ner, and on such terms, not less than par,
as the Secretary of the Treasury may
deem most conducive to the interest OF
the Government; and the said bonds,
and the proceeds thereof, shall he exclu-
lsively n ed in taking up the existing
securities of the United States; provi-
ded that the expense of preparing. is
suing and disposing of such bonds shall
not exceed one per centum of the amount
disposed Of 81
SEC. 2. That the bonds issued un-
der the first section of this act shall be
known as the consolidated debt of the
United States and the same shall he ex-
empt from taxation In any form, by or
under State, municipal, or local authori-
ty; and the same, and the interest there
on, shall be exempt from the payment of
all taxes or duties to the United States
and In consideration of such exemption
there shall be reserved by the Treasurer
of the United States One-sixth of the in
terest accruing on said bonds, which sum
in lawful money shall be distributed
among the several States, in proportion
to their population according to the last
census taken before such distribution;
and one-half thereof shall De applied to
the purchase or payment of the national
debt. as hereinafter provided for.
SECTION 3, provides that in addition to
the sum necessary to pay the interest of
the public debt of the United States,
there is appropriated outofany money in
the Treasury not otherwise appropriated,
sufn which, ineludingthe said interest
and maturing debt and one-balfas afore
said the tax reserved shall amount to -
millions of dollars annually. which sum,
during each fiscal year, shall he applied
to the reduction of the public debt, in
such manner as may be determined by
the Secretary of the Treasury, oras Con-
gress may hereafter direct and such re-
duction shall be in lieu of the Sinking
Fund contemplated by the fifth section
of an act entitled IAN act to authorize
the issue of United States notes, and for
the redemption or funding thereof, and
for funding the floating debt of the
United States" approved 25th of Feb
ruary, 1862. l.t
SEC. A. That the several bonds of the
United States bearing Interest at the
rate of six per centum per anum, and
redeemable at the pleasure ofthe United
States Ave years from their date, and
commonly known as five-twenty bonds,
shall, after the expiration of five years
from their date, at the option of the
holder thereof, he exchanged for bonds
authorized by this act and such as are
now redeenable shall be presented for
exchange on or before the first day of
November next, and not thereafter, and
the residue to he presented on or before
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 may prescribe.
SEC. s. That holders of any lawful
money of tie United States, to the
amount of one hundred dollars, or null
tiplcs of one bundled dollars, may con-
vert the same into bond for all equal
amount authorized by the first section,
under such rules end regulations as the
Secretary of the Treasury may prescribe ;
and so received, the sum shGllbe held
in the Treasury Us II part OF the reserve
herein proNided for; and. any holder OF
tive-twenty bonds, or of bonds provided
for in the first section, may present the
same to the Tire surerand demand law
full money of tile United States for the
principal and accruing interest thereof,
and the Treasurer shall redeem the same
in lawful money, unless the amount OF
! United States notes then outstanding
shall be equal to four hundred millions OF
| dollars and such bonds shall not be so
redeemable after the United STATES shall
have resumed payment of coin for these
notes and to enable the Secretary of the
Treasury to execute the provisions Of
this section, he Is hereby authorized and
required to maintain in the Treasury q
reserve of not less than fifty millions q
| dollars of lawful money, similar in oil
respects to the United States notes au'
thOrzed by law: provided that the
amount outstanding shall not ut any
time equal four hundred millions Ct dol
lars.
SEC. @. That to enable the Secretary
of the ,rreasuryto redeem any portion
of the securities of the United States
holden beyond the jurisdiction of the
United States, he Is hereby authorized
to issue registered bonds of the UniteC
States in such form and in such demon
nations rs he may prescribe, payable
principal and interest, all in coin, a
Frankfort and London, and bearing in
terest at the rate of four and Ia half pc
centum per ann m, payable seini-annu
, ally, at n rate of exchange equivalent 4
five francs for dollar; to be payable
in forty years from date, and to b,
redeemnble in coin, Mt the pleasure ofth
t United States, after twenty years, II
like rate of exchange, and TO be issue,
to an amount not exceeding five hundre'
, millions of dollars, and to he exchanges
for an equal mountoffive-twenty bonds
or to be disposed of in such manner AM
, on such terms not less than par in Lawful
money or its equivalent in coin, as tn
! Secretary of the Treasury may deen
, best for the Government but the ex
, penses Of the sale or exchange OF sue
bonds shall not exceed the differcnc
between said rate of exchange and tn
| market rate of exchange on London q
Frankfort.
/ KErTucKY has gone crazy over IT
! turns of Democratic victories. Jus
think OF Legislature appointing con