Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1869-01-19
CONGRESSIONAL.
Proceedings I'm Che Senate.

WASHINGTON, Jan. IS.-Mr. Sherman,
from the Finance Committee, reported q
| finance bill.
Sect. l, That any contract hereafter
made specifically payable in coin shall be
legal and valid.
Sec. 2, That appropriations of S40,.
100000 from import duties be applied
to the payment during each fiscal year of
the interest and to the reduction of the
principstof the public debt, and such re-
duction shall be in lieu of the sinking
fund.
Sec. 3, The holder of any lawful money
amounting to fifty dollars, or its multiple,
may convert the same into coupons or reg
istered bonds, redeemable in coin at the
pleasure of the United States after ten
years, and payable in coin in forty years,
and bearing annual interest Of five per
cent payable semi-annually in coin, and
said bonds shall be exempt from all taxes
other than income tax.
Section 4, authorizes the Secretary of
the Treasury to issue. gold notes, not
bearing interest, of not less donomina-
ton than ten dollars, which shall be re-
ceivable for all taxes, duties or debts;
and also authorizes the Secretary to sup
ply an amount ofsuch coin notes, not ex-
ceeding the amount of United States
notes surrendered for conversion into
bonds under the preceding section, for the
purchase Of any part Of the securities of
the United States bearing six per cent.
interest, and the Secretary shall cancel
an amount Of United States equal to the
suTeties so purchased. ,
Section 5, authorizes National banks
without respect to the limitation Of $780,
600 Of circulating notes prescribed by the
twentJ -second section of said act, to issue
and circulate notes bearing interest and
payable, on demand, in coin, and such
coin shall be obtained by the mode pro-
yided in said act as to other circulating
notes, and shall be paid, on demand, in
coin, instead of u. s. notes, and only
be issued to the amount of 65 per cent.
of the bonds of the United States depos-
tied with the Treasury Of the United
States as security for the redemption of
said coin notes. No banks shall receive
less than $4,000 of such coin notes
and such banks, and the said coin notes
shall be in subject in all other respects
to the limitations, restrictions and pro-
visions of said act.
Messsrs. Harlan, Harke, Pomeroy and
CONFESS denounced the letters recently
published, involving themselves in exten,
siye railroad schemes for peeuniary bene-
fit.
Mr.. Boutwell,, from the Committee on
Reconstruction, reported back the Senate
Joint resolution respecting the provisional |
governments Of Virginia and Texas
The joint resolution provides that the
persons now holding civil offices in the
provisional governments of Virginia and |
Texas, who can not take the oath pre-
scribed by the act of July 3, 1862, the
test oath shall, on the passage of the res>
olution, be remoyed therefrom, and makes
It the duty of District Commanders to |
ill vacancies so made by the appointment
Of persons who can take the oath.
The committee recommended an
that the provisions of the act /
shall not apply to persons who by reason
,f removal Of disabilities, as provided in
he fourteenth amendment Of the consti-
.utiOn, shall have qualified for any office,
md that the act shall not take effect
until thirty days from its passage.
Amendment agreed to and resolution
passed.