The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1869-01-19
CONGRESSIONAL.
WASHINGTON, January Is.
SENATE.

sails, and all sales of gold for account of
the United States, shall DO made at
public auction, by an authorized Official
of the Treasury Department, at time
and place duly advertised. Referred to
Finance committee.
Mr.. Sherman, from the Finance COM
mittee, reported the following bill:
Be il enacted, &C., That any contract
hereafter made specifically payable in
coin, shall be legal and valid and may
be enforced according to its terms, any
thing in the several acts relating to
United States notes to the contrary not
withstanding; provided, that this sec
tion shall not apply to contracts for bor-
rowing of currency or to the removal or
extension of an Indebtedness under a
contract already entered into, unless
such contract originally required pay
ment in coin.
SRCTIoN2 2. That there is hereby ap-
propriated out of the duties levied from
imported goods the sum of $40, 100000
annually, which sum, during each fiscal
wear, shall be applied to the payment OF
the interest and to the reduction of the
principal of the public debt; aud such
reduction shall be in lieu of the sinking
fund provided by the 9Th section of an
act entitled an act authorizing the issue
of United States notes, and for the re-
demption and funding thereof, and for
funding the floating debt eff the UHited
States, approved February -, 1852
SEC. 3. That tho holder of any law
full money of the United States to the
amount of fifty dollars, or any multiple
of fifty dollars, may convert the same
into bonds for an equal amount as here
in provided under such regulations and
rules as the Secretary of the Treasury
may prescribe, and that the Secretary
of the Treasury is hereby authorized to
issue to such holder of coupons or regis
tnred bonds of the United States, in
such form and such denomination,
not less than fifty dollars, as he may
prescribe, redeemable in coin at the
pleasure of the United States after ten
years, and payable in coin in forty
years, and bearing an annual interest OF
five per cent. payable Seml-annually
in coin, which said bonds shall be eX-
empt from taxation in any form by or
under State, municipal or local author
ity, and the same and theinterest there
on. and the income thereirOm, shall be
exempt from tue payment of all taxes
or duties To the United States other
than such income tax as may be assess
ed upon the incomes.
SEC. 4. That the Secretary of the
Treasury is hereby authorized and re-
Quired to issue gold notes OF the United
States, not bearing interest, payable to
bearer on demand in coin at the Treas
ury of the United States in such form
and of such denomination, not less than
ten dollars, as he may prescribe and
such gold notes shall be redeemable for
all taxes, duties or debts payable to the
United States, and the Secretary of the |
Treasury is also authorized at his dis |
erection to apply an amount of such coin
notes not exceeding the amount of Uni
ted States notes surrendered for CONVEX
sion into bonds under the preceding
section of this act to the purchase,
in open market, in the city of New
York, of any part of the securities
of the United States bearing six per
cent. interest, and thereupon the secre-
tary of the Treasury shall cancel an
amount of United States notes equal TO
the securities so purchased and said coin |
liabilities of the United States, at the |
option of the creditors; provided, how
ever, that the aggregate of coin notes
issued under this act and the Outstand |
ing gold certificates Of deposit shall not |
exceed the coin and bullion in the |
Treasury of the United States, and such
coin notes shall DO paid according toI
their terms, and may be re-issued from
time to time as the eXigencies OF the
public service shall require.
SEC. ). And be Il further enacted, That
any banking Il ,sOciltiOn nOwlorgan!zed,
or that may hereafter be organized, un
der the act entitled an act to provide 4
national currency, secured by L pledge
of United States bonds, aud 10 provide
for their circulation and the redemption
thereof, approved January Sd, lS66, is
hcreby authorized, without respect 10
the limitation of S3GO, 900 of ciTCu |
lating notes prescribed by the 22d sec
tiOn of act, To issue and circulate i'll
notes bearing 10 interest aud payable
on demand in coin, and such coin
notes shall be obtained by the mode
provided in said act as tu either Circu-
iating notes, and shall be paid on de-
mand in coin instead of United States
notes and only be issued to the amount
ofsiXty-fivo per cent. of tho bonds OF
the United States deposited with the
Treasurer of the United States as Secu
llNN lOA Nut AtN4Nlll DlIbL % NsAlh N'i'I |
notes. No banks shall receive less than |
$4,000 of such coin notes, and such |
banks and the said coin notes shall |
be subject in all other respects to the
limitations and provisions of said act,
Mr.. Williams gave notice that he
wished 10 offer the following amend
ment to Reprinted with tho bill: To
amend section 81, by adding the follow
Il Il.
coed two millions of lawful money shall
be converted into bonds, rs herein pro.
vided, in any one mouth" and 10 strike
out in section 4th the words, "aud re-
quired," and also TO strike out in the
same section the words mot exceed
ing" and insert instead the words !
equal to-"
The following amendments were pro- |
posed to be offered by Mr.. Cattell
Add at end of section three the follow
ing: "And any holder Of any of the /
bonds provided for in this act, may pre- /
sent the same to the Treasury of the !
United States aud demand lawful money |
of the United States for the principal |
accrning interest thereon, and the
treasurer shalt redeem the same in law
ful money of the United States, unless
the amount ofthe URited States notes
then outstanding shall be equal TO
100000, and such bonds shall not
be receivable after the United States
have resumed the payment Of coin for
their notes"
The Senate, on motion of Mr. Cbo,5.
Ter, took up the bill to regulate the Ju-
ty on copper, &c, which was read. ~
reported from the committee.
Adjourned.
HOUSE.