The Fremont weekly journal. [volume] (Fremont, Sandusky County, Ohio) 1867-1877, 1868-02-21
UoItital.
Gen. BuckIand,s Finan ce Bill.

On the Sd of February General Buck.
land, of the Ninth Ohio District, &
member of the House Committee OF
Banking and Currency. introduced the
following bill for funding the nationa
debt and amending the national bank
ing act. The bill was read twice,
printed and referred to the Committee
on Banking and Currency:
A bill to regulate the national currency, and
for other purposes;
Be it enacted by the Senate and House
of Representatives of the United States
of America IN Congress assembled, That
for the purpose of redeeming all inter-
est-bearing obligations heretofore is
sued under any act of Congress, the
Secretary of the Treasury be, and he is
hereby, authorized to issue from time
to time coupon or registered bonds of
the United States, in any amount not
exceeding two thousand millions of
dollars, redeemable in coin at the pleas
ure of the government at any time after
fifty years from date thereof And said
bonds shall be of such denominations as
the Secretarv of the Treasury shall di-
rect, not less than fifty dollars, bearing
an annual interest not exceeding. four
per centum, payable semi-aGnually in
coin; and said bonds shall be exempt
from all taxation by or under State or
municipal authority, or by the United
States, which exemption shall be ex-
pressed on the face of the bonds. And
the Secretary of the Treasury may dis
pose of such bonds, or any part thereof,
at par in the United States, or if he
shall find it expedient, in Europe, at
any time for lawful money of the United
States, or at his discretion for any in
terest-bearing obligations of the United
States issued under any act of Congress.
And all authority heretofore given to
the Secretary of the Treasury by any
act of Congress, to issue any other kind
of nterest-bearipg bonds or obligations
than such as are authorized by this act,
is hereby repealed. And from and af-
ter the first day of July next, all bonds
and other obligations for the United
States having greater rate of interest
than two per centum per annum, shall
be subject to tax of one per centum
for the payment of the public debt of
the United States, and such tax is here
by levied on such bonds and obliga-
tions; which tax shall be reserved by
the Secretary of the Treasury from the
interest in such bonds and obligations,
whenever any installment of interest
shall be paid thereon after the first day
of July next. And the money arising
from such tax shall be applied, first, to
the payment or redemption of the bond
and obligations of the United States re-
quired by law to be paid in coin and
bearing greater rate of interest than
four per centum per annum, and when
all such obligations shall have been
paid or redeemed, then to any other OBJ
legations of the United States required
by law to be paid in coin.
SECTION 2. And be 1t further en-
acted, That the Secretary of the Treas
ury be, and he is hereby, authorized
and required to pay in United States
legaltender notes all obligations of the
government heretofore incurred, not ex-
pressly required BY law to be paid in
coin; and he is hereby authorized to
issue, as may be required for that pur-
pose, legal-tender United States notes,
in accordance with the acts Of Congress
heretofore authorizing the issue of such
notes, to the amount of four hundred
and fifty millions of dollars, including
the amount outstanding and the amount
in the treasury not retired or cancelled
and any United States notes, when re-
turned to the Treasury, shall be reis-
sued from time to time, as the exigencies
of the public service may require. And
in lieu of any United States notes here
after returned to the treasury and can
celled or destroyed, there shall be is
sued equal amounts of United States
notes, such as are authorized by law.
And all United States notes shall be
subject to taxation by or under NUM-
cipal authority, the same as other
money is or shall be taxed by such au-
thority in any State, but not at a greater
rate.
SECTION 8. Ind be it further en-
acted, That from and after the passage
Of this act no United States bonds, other
han such as are authorized by the first !
section of this act, shall be deposited |
with or transfers TO the Treasurer of
she United States by any banking as
as security for circulating
notes, under the provisions of the act
entitled "An act to provide national
currency, secured by pledge Of United
States bonds, and to provide for the cir
culation and redemption thereof" ap-