The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1868-08-05
The Funding Bill.
The fifth plank of the Radical plat
form declares that --gtgg .

form declares that r-tgg
The national debt, contracted as il
has been for the prsseryatiOn of the
| Union for all time to come, should be
extended over q fair period for redemp-
ton, and it is the duty of Congress ts
reduce the rate of interest thereon
whenever it can be honestly done.
To carry this idea into effect, both
Houses of Congress, passed the follow
ing bill Just before adjournment:
an 4ct proridiag for the payment Of the
national debt aud for the reduction Of lie
rate of interest thereon.
BE il enacted, Sc, That the Secretary
of the Treasury is hereby authorized to
issue coupon or registered bonds of the
United States in such form as he may
prescribe, and of denominations of SlUO,
or any multiple of that sum, redeema.
bic in coin at the pleasure of the United
States, after thirty or forty years re-
spectively, and bearing the following
rates of yearly interest, payable semi
annually in coin; that is to say, tho is.
sue of bonds falling due in thirty years
shall bear interest at four and u half
per centum, and bonds falling due in
forty years shall bear interest at four
per eentum, which said bonds and the
interest thereon shall be exempt from
the payment of all taxes or duties to the
United States, other than such income
tax rs may be assessed OH other in
comes, as we'll as from taxation i'll any
form by or under State, municipal or
local authority; and the said bonds
shall be exclusively used for the re-
demptiun of or in exchange for an
equal amount of any Of the present out
standing bonds of the United States,
known as the five-twenty bonds, and
NAV be issued to amount, in the aggre.
gate, sufficient to cover tho principal
of all such fve-twenty bonds, and no
mere.
SEC. 2. 4nd be il further enacted,
That there is hereby appropriated out
of the duties derived from imported
goods the sum of Sl35, 900, 900 annually,
which sum during each fiscal year shall
be applied to the payment of the in
terest, and to the reduction of the prin-
cipal of the public debt, in such man
ner as may be determined by the Secrc-
tary of the Treasury, or as Congress
NAV hereafter direct, and such reduc-
ton shall be in lieu of the sinking fund
contemplated by the fifth section of the
act entitled An act to authorize the is
sue of United States notes, and for the
resumption or funding thereof, and for
funding the floating debt of the United
States, approved February IS, 1862.
SEC. 3. 4nd be it further enacted, That
from and after the passage OF this act
no percentages, deduction, commission
or compensation of any amount or kind
shall be allowed to any person for the
sale, negotiation, redemption or ex-
change of any bonds or securities of the
United States, or of any coin or bullion
disposed of at the Treasury Department
or elsewhere, OH the account OF the
United States. And all acts or parts of
acts authorizing or permitting, by con.
struction or otherwise, the Secretary OF
the Treasury to appoint any other than
some proper officer of his department. TO
make such sale, negotiation, redemp-
tion or exchange of bonds and securi-
ties, are hereby repealed.
This is the Radical plan for settling
the financial question. The $50 bonds
are to be exchanged for new bonds OF
two classes payable in thirty and forty
years, bearing gold interest at Al and
4 per cent. respectively. The new bonds
are to bc eRtirely exempt from taxation
and finally redeemed in coin.
The 5-2Os amount to seventeen or
eighteen hundred millions of dollars
They are payable in greenbacks. The
funding bill proposes to pay them in
gold, which is now at 45. 1t will take
$3.50, ,0O0, 900 more to redeem these FIVE
twenties in gold than in legal tenders
This is promising to begin with. Look
still further. As the case now stands
the POS are taxable and ought to yield
q revenue of s35, 900, 900 annually. The
privilege of drawing from them this
revenue is to be fsregone in the new
plan. The exemption thus made will
cause q loss to the country and q gaiu tc
the boudholders of l,2225 ,OOO,O 900, in
thirty-five years, the average period fol
which the new bonds are to run.
As we have stated, the new bonds
will be redeemable in thirty.five years
striking the average between the term
| of tho two CLASSES. For thirty-five year
they will be drawing interest, at al