Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1869-01-19
CONGRESSIONAL.
WASHINGTON, January Is.
SENATE. -frue.

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WASHINGTON, January 1s d.
| SENATE. sf silHss7
A memorial was presented praying that
political disability be removed from all
superintendents of insane institutions at
the South. Referred al:3si-g eos -!.a aa.si =
Mr.. MORRILL,, of Vermont, presented
petition from merchants of New York,
| Philadelphia, Boston and Chicago, for the
enactment OF aslaw reading, that hereafter
all purchases or sales of the loans and
bonds of the United States, on account of
| the United States, shall be made by in
viting public competition and thoroughly
advertising for proposals, and all sales of
gold on account of the United States shall
be made at public auction, by an author
lied official OF the Treasury Department,
at a time and place duly advertised. Re-
| ferred to committee on Finance.
Mr.. SHERMAN, from the Finance COM
mittee, reported the following bill:
Be it enacted, &c, That any contract
| hereafter made, specifically payable in
coin, shall be legal and valid, and may be
enforced according to its terms, anything
in the several acts relating to United States
notes to the contrary Notwithstanding;
provided that this section shall not apply
to contracts tor borrowing of currency or
to the renewal or extension of an indebt-
edness under contract already entered
into, unless such contract originally re-
/ quired payment In coin.
| SEC. 2. That there is hereby appropriated
out of duties levied for imported goods,
the sum of $140,0000 600 annually, which
sum, during each fiscal year, shall be ap-
piled to the payment of interest and to the
reduction OF the principal of the public
debt, and such reduction shall be in lieu of
the sinking fund provided by the fifth sec
tion of an act entitled san act to authorize
the issue of United States notes and for the
redemption and funding thereof, and for
funding the floating debt of the United
States" approved February 25, 1862.
SEC. 3. 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
| hereby authorized to issue to such holder
of coupons or registered bonds of the Uni
ted States, in such form and of such de-
nomination, 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 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, and the income therefrom,
shall be exempt from payment of all taxes
or duties to the United States, other than
such income tax as may be assessed upon
the incomes.
SEC. f. That the Secretary of the Treas
ury Is hereby authorized and required to
issue gold notes of the United States, not
bearing interest, payable to bearer on de-
mand, in coin, al the treasury OF the United
States, in such form, and of such demons
ination, not less than ten dollars, as he
may prescribe; and such gold notes shall
be receivable for all taxes, duties, or debts
pay able to the United States, and the Sec
retary of the Treasury is also authorized,
at his discretion, to apply an amount of
such coin notes not exceeding the amount
OF United States notes surrendered for con-
section .sof this act, to the purchase,
in open market, in the city of
New York, OF any. part of the
securieties of the United States bearing six
per cent. interest, and thereupon the Sec
retary of the Treasury shall cancel an
;amountof United Stats notes equal to the
SECURITIES so purchased, and said coin
liabilities of the United States, at the OPP
tion of the creditors; provided, however,
that the aggregate of coin notes issued
iunder this act, and the outstanding gold
certiticats 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-
reissued from time to time as the exigen-
cies of the public service shall require.
Sec. g. That any banking association
now organized, or that may be hereafter
organized, under the act entitled "An act
to provide national currency secured by
a pledge of United States bonds, and to
provide for their circulation. and the re-
demption thereof" approved Jan. 9, 1866,
is hereby authorized, without respect to
the Limitation of $500 900. 600 Of circulating
notes prescribed by the 22d section, of said
act, to issue and circulate, in notes bearing 4
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,i
and shall be paid on demand in coin in
stead Of United Sites notes, and only be
issued to the amount of sixty-fivc per
cent. of the bonds of the United States, de-
posted with the Treasurer of the United
States as security for the redemption of {
said coin notes. No banks shall receive
less than S58,000l of such coin notes, and
such banks and the said coin notes shall be
subject in all other respects to the limita- /.
tions, restrictions and provisions of said
act. i 1.1'1@ Z ''a'-'rl1 > : .
Mr.. WILLIAMS gave notice that he
wished to offer the following amendment,
10 De printed with tine bill; To amend
section three by adding the following
words: Prov .ded, That not to exceed two
millians in lawful money shall be con-
verted into bonds as herein provided, in
any one month. Strike out In section four
,She words sat his discretion,' and in place
thereof the words 'and required;" and al
SO strike out in the same section the words
"'not exceeding" and insert instead the
words "equal to-" '.ss75 r. =
, The following amendment was proposed
by Mr.. CATTELL: Add at the end of j
section three the following: .sAny 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 accruing interest there
on, and the Treasury shall redeem the same
in lawful money of the United States, un-
less the amount of the United States notes
then outstanding shall be equal to $50 OOO,-
900, and such bonds shall not be redeem
able after the United States have resumed
the pay ment OF coin for their notes.
The Senate, on motion of Mr.. CHAND- 2
LER, took up the bill to regulate the duty
on copper, ETC., which was read as reported
from the COMMITTEES.
Adjourned.
HOUSE. .aa -asl,.
Bills were introduced and referred:
BY yMr.POLAND-Propo the issue of
coupons or registered bonds to the amount
of ono thnusand million Of dollars re-