The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1869-01-19
NG Es s .
SENATE.
WAsuISGToN, Jan

|
that the political disability be- rumored
from all Superintendants of In
sane institutions i'll the South. Refer
red.
Mr.. Morrill,, of Vermont, presented a
petition from the merchants OF New
York, Philadelphia, Boston and Chica-
go, for the enactment of a law and read
ing that hereafter all purchases or sales
OF the loans and bonds of the United
States, on account of the United States,
shall he made by inviting public COM
petition, and thoroughly advertising
Tor proposals, and all sales of gold for
the account OF the United States shall
be made at public auction, by an au-
thoriZed official of the treasury depart
ment, at time and place duly adver-
tised. Referred to Committee on Iii
nance.
Mr.. Sherman, from the Finance Com
| mittee reported the following bill:
Be 1t eItucted, DC, 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,
Notwithstanding, provided that this
section shall not apply to contracts for
the borrowing of currency or to the re-
newHl or extension of an Indebtedness,
| under contract already entered into,
unless such contract originally required
| the payment in coin.
SECTION 2. That there is hereby mp
| propriated out of the duties levied
from imported goods, the sum of
| Sl40, 600, 600 annually, which sum,
during each fiscal year, shall be APP
piled to the payment of the public
debt, and such reduction shall be in
lieu OF the sinking fund provided by
the fifth section of the act entitled an
act authorizing the issue of United
States notes for the redemption and
funding thereof and for funding the
floating debt of the Unhed States, ap.
proved February 25lh, 1852.
SECTION ). That the holder OF any
lawful 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 herein provided under such
regulations, and rules as the Secretary
of the Treasury may prescribe, and
that the Secretary of the Treasury is
herby authorized to issue 10 such holder
OF coupon or registered bonds of the
| United States in such form and of such
denomination not less than fifty dol
lars as he may prescribe, redeemable
in coin ut the pleasure OF the United
| States alter ten years, ana payable In
coin in forty years and bearing an an
nunl 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
| the interest thereon, shall be exempt
| from payment of all taxes or duties to
the United States other than such in
come tax as may be assessed upon the
| incomes.
ARTICLE i. That the Secretary of the
Treasury is hereby authorized and re-
| Quired 10 issue gold notes of the United
States not bearing interest, payable to
bearer on demand in coin III the Treas
| urY OF the United States. in such form
| and of such denomination of not less
than ten dollars 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, AZ his
| discretion, to apply an amount or such
coin notes not exceeding the amount OF
| United States notes surrendered for con-
version into bonds under the preceding
section OF this act tO.the purchaser III
| open market, in the city of New York,
| OF any part of the securities of the Uni
ted States bearing & per cent interest;
| and thereupOn the Secretary OF the
| Treasury shall cancel an amount OF
| Uaited States notes equal to the securl-
ties so purchased, and said coin liabili-
ties of the United States at the option OF
the creditors; provided, however, that
| the aggregate of coin notes issued under
this act and the outstanding gold Ger
tiiicateS OF deposit shall not exceed the
coin and bullion in the Treasury OF the
United States, and such coin notes shall
be paid according to their terms, and
may be re-iSsued from time to time as
the exigenCies Of the public service shall
require.
SECTION 5. And be ii further enacted.
That any banking association now
organized or that may be hereafter
organized under tho act, entitled an act,
to provide national currency, secured
by pledge of United States bonds and
to provide for their circulation and the
redemption thereof, approved January
Sd, 1866 is hereby authorized without
respect to the limitation of $500, 100000
of circulating notes prescribed by the
22d section of said act, to issue and
circulate in notes bearing no interest
and payable on demand in coin, and
such coin notes shall be obtained by
the mode provided in said act AS to
other circulating notes and shall be
paid on demand in coin instead OF
United States notes and only to be is
sued TO the amount of G5 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 50. 900 of such cOin"nOtes and such
banks and the said coin notes shall be
subject in all other respects to the limi.
tatiOn, restrictions and provisions of
said act.
Mr.. Williams gave notice that ha
wished TO offer the following amend
ment, TO be printed with the bill. To
amend section 3 by adding thereto the
following words: "PrOVided that not
TO exceed two millions lawful money
shall be converted into bonds as herein
provided, in any one MONTH" Strike
out in section i, the words Eat his dis.
cretion," and insert in place thereof
the words land required" And also
strike out in the same section the words
mot exceeding" and insert instead
of them the words "equal to-"
The following amendments were pro.
posed to be offered by Mr.. Cattell: Add
at the end of section 3 the following:
"And any holder of any of the bonds
provided for IN this act may present the
same TO the Treasurer of the United
States and demand lawful money of the
United States for the principal and ac-
cruing interest thereon, and the Treas
urer shall redeem the same in lawful
money of the United States, unless the
amount of the United States notes then
outstanding shall be equal to $3.50, ,00O,
600, and such bonds shall not be re-
deemable after the United States have
resumed the payment of coin for their
| notes."
The Senate then, on motion of Mr..
Chandler, took up the bill to regulate
the duty on copper, &C, which was read
as reported from the committee.
Adjourned.
The following bills were introduced
and referred:
Rv Mr.. Poland: Proposing the issue