New-York tribune., 1868-07-29

No. 69 CEDAR-sT., NEw-YoRK, July %. 1868.
JoHS f. WILLAMs, Esq, President Of the Metropolitan
MY DEAR SIR will state more cOnsisey here what
have sand verbally as to my knowledge and recollection
ana passage OF the act to authorize the Issue OF t
states notes aud for the redemption and funding thereof
and for funding the floating debt Of the United States
approved Fob o. 1862. THIS bill reported from tho
Committee OF Ways and Means on the 22d OF January,
country, to meet the most pressing demands
upon tire Treasury, TO sustain the army and nayyLin
izes the Issue Of sO9OOOO Of Treasury notes on the
credit Of the United States not bearing Interest payable
denominations as might be deemed expedent, not less
than IS EACH receivable for all debts aud demands due to
owing by the Unitedstates to individuals corporations
associations within the United States and to be lawful
Sfy 3 Rn 9s GaeF e ned e 81 and a RhGS
any holders thereof on deposng any sum not less than
the United States to receive In exchange therefor an
equal amount bonds Of tho United States, coupon or
ratio OF per cent and redeemabe at the pleasure OF
the Goveument atter 20 years from date; II
be received the same as coin. Ana IL was iurther
provided that the back Of said notes should be printed
the following Words "The within note Is legal tender
IN payment OF al debts public and private, and is ex-
changeable for bonds of the United states bearing SIX
per oentnterest" The second section Of the bill author
lied the Secretary Of the f$easury TO fund tho Treasury
notes and floating debt OF the United states by issuing
the credit Of the United states coupon or registered
bonds to amount not exceeding S500OOOO0 redeema-
bic at the pleasure Of tho Government after twenty
annum payable semlannuay This is all OF the blli as
originally introduced that Is necessary to refer to in
eucdatlngfts history. During the debate In the House
OF Representatives, the bill was amended in several minor
paris, but WAS passed and sent to the Senate with
stated above The object Of the bill was not
ouly to supply q currency to supersedo that OF
tho suspended banks Of the country but to make u
illegal tendcr"tO be received coin throughout the
United states in payment Of all debts both pubic aho
private, within tho United States and OF whatsoever
character. Mr. Thaddeus stevens Mr.. q. g. Spauldng
Sr. Horton hr. Pendleon, Mr. Vallandigham aud 9TH
apu1 he ted L
ect the statements OF the Hon 1haddeus Stevens eoh
public and in private while tho bill was under dlscussiOn
Ills theory was that specie payments had been sus
pended ia the United States, Government should eOue 10
Inc relief of the peope by making Treasury notes legal
tender 10 be received coin until such times should ar
was similar \. other loan bills differing only i'm the fact
, h es ere 70 ne made Legal sender and law
be M U it own ~ % IS on1ers like every other bond or
obligation in the United States, thus obyiatihg
shoud be paid No one doubted then, or doubts
now, that specie payments would be resumed
within 90 years; but that does not impair the right OF the
Government to pay the loan In whatever may be law
ful money" at maturity. II Will be observed that these
noso of having am dups or debts "puIc or private"
Within the United States The bonds were not payable
eriory & sf1 In that body il was severely handled
and was amended In several particulars. The first
amendment provided that the interest should be paid In
cOu another made the bonds rcseaDe at the pleasure
of the United States after five years. and p0y5e 20 years
from the dat0 thereof and further amendment author
izlng the secretary OF the Treasury to sell portion OF
the bonds market price thereof and with the pro
cecds purchase cola with which to pay the interest
amendments to the nrst and second sections OF tho
bill. Additional sections and amendments were added.
but related mostly 20 tho manner OF carrying out It's pro-
visions The bill passed tie Senate and was returned to
the House for concurrence Tho House refused concur
renee and tie bill was sent to committee OF conference
of the two Houses. That committee consisted Of Mr.
tcssendCn, Mr. sherman, aud Mr. Carlisle on the part OF
the Senate and Mr. Thaddous stevens Mr. Horton and
Mr Scdgwick the part Of the House Tho principal
disagcements considered first by the committee were
the amendment relating 60 the payment OF the interest m
tla d.
10 pay tic interest semiaunaly without going into the
You Will now observe that "lcgaltcnder notes."
mittee OF tie two Houses were receivable aud
payable ior all public and private dues and debts except
or HrcSou the bonds Of the United states. which IN
10 be paid In cOn and, TO purchase the CON-
the Secretary Of tho Treasury authorized to sell the
bonds at the market value thereof" well recOllect
how anxious Mr. Stevens 10 make other pr0yos FOR
payment the interest the bonds We discussed
ittce of Conference Mr. Stevens proposed agree
yidng that there should be added another exception 60
the clause pertaining TO legal endersp IL was hGt
The proposition was agreed 10 ana nehce luii pro 1
vision made for the coin with which TO pay the In
terest Of the bonds in lieu Of selling the bonds TO pur
chase coin for the purposes Indicated The Intimate re-
htOns W has been good fortune 20 have held with the
YOU this concise history OF the cgatender" and gold
bearing features OF this bill lwi beg 10 add copy of
the first and second sections OF that b 1t became
law aud approved by President Lincoln, Feb. 25,
a. &C, to authorize the Issue Of the Uae state, uo,e
ns thereof and for funding the aoatpg debt Of Tue
be esad &c. That the Secretary Of the Treasury hereby
,loie TO issue on The credit Of the Cn,d states Of
u Of tie United states aad q sae organizations @ be H 6se1 e5
ne m ~ SS II is6 Which said demand notes .b,l he take9
~ NJ NJ a. a. roies herein n,,lcI for sn6i.
'd iO sn provided hr h he amount of two ds q
together shall at no time exceed she sum of el5o aud such
herein Authorized shall be receivable in payment OF all taxes IN
~ \ , & gt s i 0 yli ii % % a % .,.n, ~ 70, Tsr ,n
nd r1ifs Wh shall he In nd
,sal abo be iasod nsos,g and a pgii Esa-c "a
tnsd state; ,,eT, SSri. qad Ts' aessd AID
M dollars or ,on ple OF sy collars w the Treasurer OF the
Quilted states, ohes Of Tho 'AUi shs receive in er
aasaei 10 the Secretary he Ts.nry .a hsfsuroa sae
ssisr as aa b. sid holder be de,red bearing interest si tie rate
q H eenun per unng payable semi annually sad r6. st
years om the An such United States as be
may bercsnc b o o. legStstei BY tie Secretary S lie rre,ary
Hd may be ssugd from time to time o eSence Of hc public
$50 s J,sr oci That to enable the Secretary q ,be
Treasury fund the Treasury notes AID foaths debt ot he United
stt, lie hereby aahoced 70 issue the credit Of The Casi
t5Ooo1 reeeaable at ho pleasure o. the United states
ayd pcyatr nrly yefs em date and bearing Interest At TIE
heu authorized shan e q c tenomEalos not les than 80 as
y e safy may dpo,e % Of & ush 3C9ds " any t@s at Rs
treasury goe th NAV hereafter pudgr azy
act u Congress for United States notes that may be issued
,, OF the United states he'd G aiu,s ccrporlou associations
authority.
Thus the law stands upon the statutcbook. YOu will
observe that have, for convenient emphasis italicized
many words The Treasury notes authorized TO be issued
under this law made receivable In payment OF all
taxes internal duties eXcsedebts and demands OF every
kind due to the United StacS tycept duties imports
and Of all claims aud demands against the United States
u every kind whatsoever ercept for interest upon bonds
and notes OF the United StateSwhiCh shall be paid in
ion-and shall also I've tr mOiCy and ie5al lender"
payment OF all debts. public ana private, within the
United States. cIccpf dcS imports and interest dfOrc
'dd Authority given 10 convert these notes into
coupon registered bonds beanDg interest at the
gi nor lnnfU mon NEh1 lf-
annually in com aud redeemd6le at the pleasure of
he United states after Jrs years. and pdyC6ic trcny
ILs az,