The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1868-02-13
The shermau FInnnce BIII.

The following is the full text of the
substitute reported by Senator Sher-
man, last week, from the finance COM
mittee for the bill providing for the
funding OF the national debt:
Re il enacted, &c., That the Secretary
of the Treasury is hereby authorized
to issue registered or coupon bonds of
the United States, in such form and of
such denominations as he may pre-
scribe. payable principal and interest
In coin, and bearing interest at the rate
OF five per cent per annum, payable
semi-annually, and bearing date SO as
amount of the interest quarterly; such
bonds to be payable in forty years from
date, and to be redeemable in coin at
the pleasure of the United States after
ten years from date; to be issued to an
amount sufficient to cover all outstand-
ing or existing obligations of the Uni
ted States, other than the existing five
per cent bonds, and to be exchanged for
such obligations or disposed of in such
manner and on such terms, not less
than par, as the Secretary of the Treas
ury may deem most conducive to the
interests of the Government; and the
said bonds and the proceeds thereof
shall be exclusively used for the re-
demptiOn of or in exchange for the ex-
listing securities of the United States.
SEC. 2. That the bonds issued under
the first section of this act shall be
known rs the consolidated debt of the
United States," and the same shall be
exempt from taxation in any form by
or under State, municipal or local au-
thoritY; and the same and the interest
thereon and the income therefrom shall
be exempt from the payment of all tax
es or duties to the United States, other
than such income tax as may be assess
ed upon other incomes; and in consid-
Grafton of the reduction of the rate of
hereby appropriated out OF the pro-
ceeds of the duties on imported goods
annually an amount equal to one per
centum on the bonds issued under the
act, which sum shall be reserved and
annuallv applied to the purchase or
payment of the national debt.
SEC. 3. That in addition to the sums
necessary to pay the interest of the
public debt and the maturing funded
pebt Ofthe United States, there is here
by appropriated, out of any money in
the treasury not otherwise appropriate
ed, a sum which, including the said in
terest and maturing debt and the one
per centum reserved as aforesaid, shall
amount to Sl35, O0O, 900 annually, which
sum during each fiscal year after the
current fiscal year, shall be applied to
the reduction of the public debt in such
manner as may be determined by the
Secretary of the Treasury, or as Com
gress may hereafter direct; and such
reduction shall be in lieu of the sinking
fund contemplated by the fifth section
OF the act entitled can 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 February
25th, 1862.
SEC. 4. That the several bonds of the
United States bearing interest at the
rate of six per centum per annum, and
redeemable at the pleasure of the Uni
ted States after five years from their
date, commonly known as the five
twenty bonds, shall, after the expira-
ton of five years from Their date, at the
option of the holder thereof, be ex-
changed for the bonds authorized by
this act, and such as are now redeema-
Bile shall be presented for exchange on
or before the first day of Novem Der
next, and not thereafter, and the resi-
due to be presented within six months
after the expiration of five years
from their date, and not thereafter; and
such exchange shall be made at such
places and under such rules and regu-
lations AS the Secretary of the Treasu-
ry may prescribe.
Sic. 5. That the holder of any lawful
m oney of the United States to the
Vi Oho uOlIufS
any multiple of one thousand dollars,
may convert the same into bonds for
an equal amount authorized by the
first section of this act, under such
rules and regulations as the Secretary
of the Treasury may prescribe; and
any holder of any bonds provided for
in the first section of this act may pre-
sent the same to the Treasurer Of the
United States and demand lawful mon
ey of the United States for the princi-
pal and accruing interest theron, and
the Treasurer shall redeem the same in
lawful money of the United States uu-
less the amount of United States notes
then outstanding shall be equal to four
hundred million dollars; and such
bond shall not be 80 redeemabIe
after the United States have resumed
imprisonment, the President would
the payment of coin for their notes.
SEC. G. That any contract hereafter
made specifically payable in con shall
be legal and valid, and may be enfor-
'ced according to its terms, anything
In the several acts relating to United
States notes to the contrary notwith-
standing.