The Evansville journal. [volume] (Evansville, Ind.) 1866-1870, 1869-01-19
lCONGRHl@S SIONzAI4-


l. CON RsEs-S - IOTNzA-IA
l. F&@8A #& sts
.xLth CONGREss = THIRD SESSION
SEN ATE. w AsHINGTOE- January 49,
A memorial was presented praying tina
political disability be removed rom al
lSuperintendents of Insane Institutions
| Morrill,, of Vermont, presented n petition
1 from the merchants OF New York, Ph1la
fsdel elphia, Boston and Chicago, for The en-
aetTnent Of q law reading that hereafter al
purchases or sales of the loans of The
United States on account of the Un1te6
States, shall be made by iBvtting pablo
ompetitiOn. and thoroughly advertised
for proposals. and ell sales Of gold for ac
count of the United States shatl be made
at public auction by an authorized OH Ia
of the Treasury Department., at a time and
place duly advertised. Referred to the
Committee ON Finance.
Sherman, from the Finance Committee
reported the following btll
BE it enacted, DC : That any contract
snail be local % ana valid. and ID NAV NAV be EN- en-
forced according TO its terms, anything IN
the several acts relating to u. :: notes 70
The contrary Notwithstanding, Sproy1ded
that this section shall not apply TO con-
tracts for the borrowing of currency, or To
the renewal and extension of an Indebted
ness under q contract already entered into.
unless such contract originally required
payment in coin.
6ECs xuaL tllCfe 10 nCHCDy fdpRlDRIA-
ated out of duties LEVIED from imported
goods the sum of $780, 900 annually,
which sum during each fiscal year shall
be applied to the payment of Interest, and
to the reduction OF the principal of the
public debt, and such reduction shall be
n lied of the sinking strilci provldefby the
fifth section of an act entitled an act to
authorize the Issue Of u. .. notes. and for
the redemption and funding thereof, and
for funding the fioatlng deb. OF the U United
States, approved Feb. %, 1852.
SEC s. That the holder of any lawful
money of the ~ niled states 70 theanHount 2
OF $50, or any multiple OF $50 may convert
the same into bonds for an equal amount
as herein provided, under such regulations
and rules as the secretary OF the Treasury
may prescribe; and that the Secretar. of
Treasury is hereby authorized To issue to
such holders coupons or registered bonds
of the United States, In sns form and
OF such do omin alton, not less than fifty
dollars, as he may prescribe, redeemable
in coin at the pleasure of the United States
forty rf Years. ana bearing ear ;sa % annual inter
{ st of 5 per cent payable sem1-annuaily
in coin, which said bonds shall be exem pt
from taxation in any form, by or under
State, mnnlctpal or local authority, and
the same and the interest thereon, and the
income therefrom, shall be exempt from
payment from All taxes or dulles 10 the
United Sta es, other than such 1nco e tax
as may be assessed upon other incomes.
SEC. A. That the Secretary of the Treasu-
ry is hereby authorized and required to IS
sue gold notes OF the United States, not
bearing interest, payable TO the bearer on
a.
United States, in such form and of such
denomination, not less than ten dollars,
as he may prescribe, and such gold notes
shall be receivable for all taxes, dut eS or
debts payable to the United States, and the
Seen etaFy of the Treasury is also author
Ized, at his discretion, TO supply an
amount of such coin notes not exceeding
the amount of United states notes surren-
dered for conversion into bonds under the
preceding section of this act, 10 the pur-
chase in open market and in the city of
New York ,lof any part Of tile securities of
the United States bearing six per cent in
terest, and thereu pom the Secretary of the
Treasury shall cancel an amount OF u ri sed
StateS notes equal to the SuretieS so pur-
chased and said coin liabilities of the
United State !, at the option Of the creul-
tors; Provided, how ever, that the aggre-
gate of coin notes issued under this acf,
aud the outstanding gold certificates oftle-
posit shall not exceed the coin and bullion
in the Treasury of the United States, and
such coin notes shall be paid according 10
their terms, and may be re-tssucd fronl
lie service shall require
SEC. 5. -A9id be At further enacted That
any banking association now rganized,
or that may be hsreIl Ter organized, Under
Tie act entitled. e 4 ACT 10 FRO vide tor a
United states Bonds, and to Provide for
their ClrcuiatIon, and the Redemption
thereof" approved January 3, 1856, is here
by authorized, without respect to the linn
| itation of S30O, 900 of circulating notes
prescrbedsby the twenty second Section of
said act, to issue and circulate notes as
on demand in coin, and such coin notes
shall be obtained by the mode provided in
said act a. to other circulating notes, and
shall be paid on demand in coin instead OF
United States notes, aud only TO be issued
To the amount OF 60 per cant 1.-The bonds
of the United States deposited with the
Treasurer of the United states as security
for the REDEEM ptiOn of said coin notes No
bank shall receive Il SIS than -S50,901 of sush
coin notes. and sFlch. banks and the said
coin notes shall be subject Ia alt other
respects to the limitations and restrictions
and provisions of said act
Williams gave notice that he wished TO
offer the following amendment, to be
printed with the bill amended: section 3
By adding theret to the following words:
Hpr0ritleQ, That not to exceed two million
dollars lawful money shall be converted
into bonds, as herein provided. in any
words "at his dlseretion,'f and insert in
place thereof the wO DIS and required; F"
and also strike out In the same section the
words not exceeding" and insert instead
the words " equal to"
The following amendments were pro-
posed to be offered by Cattell: Add at the
end OF the section the following: I" And
| vided for in this act may present the
| same 10 the Treasurer of the United states
| and demand lawful money of the United
| States Tor the principal and aeeTping ia
/ terest thereon, and The TFeasur eF shall fes
| deem the same in lawful money of Lie
| United States, unless the amount OF
/ United States notes then outstanding
/ shall be equal TO sixty-dve million dol
! lars; and such bonds shall not be redeem
i the payment OF coin for their notes."