The Lancaster gazette. [volume] (Lancaster, Ohio) 1863-1886, 1869-01-28


nance Committee, on tho 18Th
W. COPY il lBelSw,as giyen'by The
-Associated Press dispatches. in ihe
EineaRRaiiq Commercial Of Tues.
dayg3ia1ans bs8sadais, gad
Z ',BoiteRasted, ,Sc4 Tllal any con.
tract hereafter made aspcsifeslly
payable in coin shalt be legal and
valid, and may be enforced ancor.
ding 10 lis terms, apTthing in the
several acts relating TO tho United
States notes TO tie CONTRARY not
withstandiig;l provided, that this
section shall nOtIapply TO cgaJraats
tor borrowing earrensSscf..to 10 the
renewal and exienslonssoE an in.
Jebtedness under q contract al.
ready entered into, Unless such
contract originally required pay.
ment in coihn -. .t-.,..t
Sec. =, That there is hercby
appropriated out ofdaties levied
from imported goods the sum Of
Sl4O. 10000 annually, which sum,
during eacb, FISCAL year. shall be
applied to payment OF interest and
70 the rolaction of the principal OF
the public debt, and such redac.
ton shall be in lieu of tBe sinking
fund provided by the fifth section
ofan act entitled IN act to author
ize the issue of United States
notes, and for the redemption and
funding thereof, and for funding
the aoaling debt of The United
States, gapprovodi) Fsbruary %,
sec. 3. That athe holder of
any lawful money of the United
States to tbeamount Of $50 ~ any
multiple of $50. may convert the
same into bonds fpy an, equal
amount, as herein provided, under
such regulations and rules as the
Secretary Of the Treasury 'smay
prescribe: and that the Secretary
of the Treasury is hereby aulhor-
lied TO issue to such holder, coup
on or registered bonds OF the Unit.
cd States, in such form and of
such denominatior mot less than
$500 as he may prescribe, redeem
able in coin, at the pleasure Of the
United States, after ten years, anu
payable in coin in forty years, and
bearing an annual interest of FIVE
per cent, payable semi-annually
IN coin, which said bonds shall be
exempt from taxation in any form,
by or under State, municipal or
local authority; and the same, and
theinterest thereon, and the in.
eoine therelrom shall be exempt
from payment from all taxes or
duties 70 tho United States, other
than such income tax as may be
assessed upon other incomes.
sec 4. That the Secretary Of
the Treasury is hereby authorized
and required to issue gold notes of
the United States, not bearing in
terest, payable to bearer. on de-
mand, in coin, at the Treasury of
the United States, iL such form
and of such denomination mot
less than ten do'lars.) as he may
prescribe; and such gold notes
shall be receivable for all taxes,
duties or debts payable to the
United States. and the Secretary
of the Treasury is also authorized,
ot his discretion, TO apply an
amount Of such coin notes, not ex.
ceeding the amount of United
StatesInotcs surrendered for con-
version into bonds under the pre-.
Iceding seeliop of this act, TO- The
purchase, in open market and in
the city of New York, OF any part
oflthe securities Of the United
States. bearing six per cent. inter
est, and thereupou the Secretary
Of the Treasury shall cancel an
amount Of United States notes
equal 10 the securities so pnrchas.
I cd. and said coin liabilities of the
United States, at the option OF tho
creditors. provided, however, that
the aggregate of coin notes issued
under this oct, and the outstand-
ing gold certificates of deposit,
shall not exceed tho coin and bull
lion in the I Treasury Of the United
States, and such coin notes shall
be paid according to their terms,
and may be reissued from time to
time, as the exigencies of The public
service shall require.
Sec. 5. And be it further en-
acted, That any banking association
now organized, or that may bo
hereafter organized, under the act
entitled An actto provide nation
al currency, secured by "a pledge
of United States bonds, and 10
provide for their circulation and
the redemption thereof approved
January 3, 1866, is hereby author
ized, without respect to the limi-
tation of S3O0,000 900 ofcirculating
notes, prescribed by the twenty
second section of said act, Ito issue
and circulate. notes, as money,
bearing interest and payable on
demand in coin; and such coin notes
shall be obtained by the mode provi-
ded in said act as to other circulat-
lug notes. and ahalln be paid on de-
mand in coin, instead Of United
States notes, and only be issucdto
tthe amount Of sixty five per cent.
of the bonds of the United States
deposited with the Treasurer of
the United States, as security for
the redemption Of said coin notes.
No banks shall receive less than
$40 900 Of such 1coin.nOtCs; and
such banks md the said coinsnotes
shall be subject, in all other re-
spccts, to the Limitations, restric-