The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-12-10

The following bill TO fund the national debt, nxi Ing
the rate OF interest at a trlno three ana TWO
thirds per cent ana authorizing free banking under
certain restrictions, was Introduced by Hon. Mr..
Morrill,, or Pennsylvania, In the House Of Represent
tatiyes on Wednesday,
BE it enacted by the Senate and House of Repre-
sentatives OF the United states. III Congress assem-
bed fhat the secretary Of the Treasury be and he
Is hereDy authorized to borrow from time 10 tne
the credit OF the United States not exceeding
III the aggregate 3d. 1000, and 70 issue therefor
which shall be lrrcdeemaole. And said Donds sinai
be Of such denominations as the Secretary OF the
Treasury shal direct mot less than fifty doars, and
bear an annual interest OF three and sxty-hve nun
dreuths per centum payable seml-annua.ly IN coin.
Anu the Secretary OF The Treasury may dispose OF
such bonds, any part thereof in the unlted STATES
or, he shall ind 1t eXpedlent, In Europe
Mt par, for lawlal money OF the United States
Tor exchange the same at his discretion LOT
other Dond5 OF the United states at the marke. value
OF such other bonas, and the money arising from
the OF the bonds authorized by this act snail be
by the Secretary OF the treasury applied and used,
at his discretion, III the purchase or payment OF
other bonds and Outstanding com interest bearing
elnment nas the option OF paying, ana sucn bonds
and Understanding Indebtedness so redeemed snail
be retired anu cancelled.
SECTION 2. And be 1t further enacted, That when
ever the coin Understanding Indebtedness OF tine
United states shall have been converted into the
bonds authorized BY TINS act then tue other interest
bearing Indebtedness shall also be converted in the
manner herein provided Tor, anu the outstanding
Treasury Noes bearing no interest and known AZ
legal tender notes snau also DC funded In said bOuds
and thereafter, whenever the revenues Of the United
STATES shall exceed the actual and probable annual
expenditures, 1t sda be the duty O the secretary or
the treasury to employ such surplus money rs may
be in the Treasury IN purchase OF bonds issued
under THIS act; and the bonds 80 purchased shall be
held as reserve by the Treasury, not to be re-
issued save by the authority OF Congress.
SCI. 3. Ana be II further enacted that the bonds
authorized by TINS act shall be issued IN series Of
100000 0O0 each TO be dlstinctivey designated by
numbers ana letters or Otherwise at the discretion
OF tue secretary OIL the Ileasury they Shall nave
upon them and there shall also be upon each coupon
the par value OF the same expressed IN dollars,
francs and pounds ster.Ing and fractional parts
thereof, and the sad bonds shall nave upon them
taole by winch their value ut any time, including In
terest and the value OF the coupons at any time,
the amount OF interest thereon may be readily cal
Culated
SEC. 4. And be 1t further enacted. That national
banks may employ d as agencies Tor the redemp.
ton OIL coupons and payment Of Interest on bonds
norzed 10y this and also for the sale OF the
authorized by this act and the redemption OF other
Understanding obligations OF the United States,
ana may receive Ior such services ut the discretion
Oh the secretary, payment Ill sum not exceed
ing - per cent. Utner agencies within the United
States may be employed at not greater compensa-
ton, should 1t become necessary aud the secretary
OF the Treasury may employ responsible agencies
for the purposes Aforesaid III foreign countries and
such foreign agencies shall receive Tor their services
q sum not exceeding - per cent. 1t shall also De
the duty oil the secretary OF the Treasury to const
tute appoint or employ reponsible agents and keep
aud maintain permanent Offices not exceeding i've
IN ALL III the principal cities OF England, France and
Germany, at winch oIlces the interest upon BONDS
authorized by this act snail, upon proper demand
DC duly paid; anu IL shall be the duty OF the agent
making Bucn nlent TO make registration OF the
same, nOLlnR so lar as is practicable description
OF the Dond and the name ana residence OF ITS owner
or the person to whom payment Is made, OF wnici
semannua report snail be made TO the Secretary Of
the Treasury
SEC. 8. Aud be 1t further enacted, That from and
after year from nepassage OF this act all bank
Ing associations organized under an act emitted,
IAN act to provide a national currency" &c, Ap
proved tine third day Of june A. ID. 1864, and the
supplements thereto, Shall be required to make de-
post the treasury OF the United states, according
to SAID banking law OF bonds herein authorized ana
tn n 4 a no
notes OF said banks and thereupon other bonds OF
the United States belonging to 81 banking associa-
their circulating notes. shall be surrendered TO SAID
banks. And such banking associations AZ shall not
make deposit OF the bonus authorized by this act
aforesaid shall 60 into liquidation, and close up
their affairs IN the manner provided Dy law. And so
| 1854, entitled, "An act TO provide national cur
renew &C., as limits the entire amount OF circulate
ing notes which may be issued by banking
tiuns under the national banking law to $500
shall be and Is hereby repealed, and new
banking associations may be formed under the pro-
VISIONS OIL said acc and its supplements with circni
| ton secured according 10 law by deposit in the
Treasury OF the United states the bonds authorized
by TINS act; provided, that sucn associations Shall
be subject to al laws, rules aud regulations enacted
or made by competent authority for the government
OF national banks; and 40 banking associations or
corporations except such as are organized under the
laws regulating national banks shall have the prtv-
| leee OF issuing circulating notes to be used as
| money.
SEC. 0. And be 1t fdether enacted That the bonds
issued under this act shall be exempt from all taxa
ton, municipa state ana national, anu the STOCK OF
BANKING associations herein authorized ana referred
TO shall also De exempt rom taxation except by me
United States; ana the charters vi SAID banks shall
be perpetual subject however, to laws, rules ana
regulations as aforesaid and to repeal Tor cause by
the national Congress-
SKC. Z. And DO It further enacted That the Score.
tary OF the Treasury shall Is soon after the first day
ofevery month Is practicable, publish statement OF
/ the amount OF bonds sold during the previous
month and also OF the amount OF bonds other out
standing Indebtedness Of tue government purchased
during the same time together with the average
amount per dollar paid for the same and also the
amount OF all commissions paid 80 agents, and the
names OF such agents; and shall also publish q
notice OF the amount OF bonds authorized by this
when he wall offer for sale during the current
month, and the auonnL Of other bonds or outstand-
ing Obligations OF the government which he pro-
poses purchasing during the same tinlc which
notices ana statements shall also he forwarded to
the treasury agencies IN foreign countries lie shall
also publish monthly statement OF tile amount OF
circulating NOES Issued TO national banks, showing
| tue local distribution OF The same by States.