Delaware gazette. [volume] (Delaware, Ohio) 1855-1886, 1869-01-29
Our Finances-Important Bill In
troduced by the Senate Finance
Cmmittee.

In the Senate on Monday, Mr.. sher-
man, from the Finance Committee, in
troduced the following bill:
Be ie enacted, De, that any contract
hereafter made, specifically made pay
able in coin, shall be legal and valid,
and NAV be enforced according to its
terms, anything in the several acts re-
lating to United States notes to the con-
trary notwithstanding, provided that
this section shall not apply to contracts
for borrowing of currency or to the re-
ueWal or extension of an indebtedness
under a contract already entered into,
unless such a contract originally re-
quired payment in coin.
SEC. 2. That there is hereby apprO-
priated out of duties levied on impor-
ted goods, the sum of $40, 900, 600, an
uually, which sum, during each fiscal
year, shall be applied to the payment of
the interest, and to the reduction of the
principal of the public debt, and such
reduction shall be in lieu of the sink
ing fund provided by the fifth section
of an act, entitled t'An act to authorize
the issue of United States notes, and
for the redemption and funding there
of, and for funding the floating debt of
the United States, approved Feb. p,
1862.
SEC. 8. That the holder of any law
full money of the United States to the
amount of $50, or any multiple of $50,
may convert the same into bonds for an
equal amount as herein provided, un-
der 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 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
v-l0 rzF Fn
States after ten years, and payable in
coin in forty years and bearing an an
nuaI interest of five per cent, payable
semi-annually in coin, and 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, income thereon, shall
be exempt from the payment of all
taxes or duties to the United States 9th
er than such income tax as may be as
sessed upon other incomes.
SEC. f. That the Secretary of the
Treasury is hereby authorized and re-
uuired to issue gold notes of the United
States not bearing interest, payable to
the bearer on demand, in coin, at the
Treasury of the United States, in such
form and ofsuch denomination, 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, at his
discretion, to apply an amount of such
coin notes not exceeding the amounts
of the United States notes surrendered
for conversion into bonds under the
preceding section of this act, to the
purchase, in open market, and in the
citv of New York, of any part of the
securities of the United States bearing
six per cent. interest, and thereupon
| the Secretary of the Treasury shall can
| eel an amount of United States notes
equal to the securities so purchased, and
1 said coin liabilities oftbe United States
at the option of the creditors, provided,
| however, that the aggregate of coin
notes issued under this act, and the out
/ standing gold certificates OF deposit
shall not exceed the coin and the bull
| lion in the Treasury of the United
States. and such coin notes shall be
paid according to their terms, and may
1 be re-issued from time to time, as the
exigencies of the public service shall
| require.
SEC. 5. And be it further enacted
that any banking association now or
ganized, or that may be hereafter or
| ganized under the act entitled, "An ACT
| to provide national currency, secured
| by pledge of United States bonds, and
| to provide for the redemption thereof, y
approved January 3, 1866, is hereby au-
thOrized, without respect to the limita-
tion of $5O0, 0,0O0, 900 of circulating notes,
prescribed by the I'D section of said
act, to issue and circulate notes as mon
ey not bearing interest, and payable on
demand in coin, instead of United
States notes, and only to be issued to
the amount of sixty-five per cent. OF
the bonds of the United States deposit
ed with the Treasurer of the United
States as a security for the redemption
of said coin notes. No bank shall re-
ceive less than $4,000 of such coin
notes, and such banks, and the said coin
notes shall be subject, in all respects, to
the Limitation, restrictions and provis-
ions of said act, and any holder OF any
of the bonds provided for in this act
may present the same to the Treasurer
of the United 6babes, and demand law
fu1 money of the United States for the
principal and accruing interest thereon,
and the Treasurer 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, ,OOO, 900, and such bonds shall not
be redeemable after the United States
have resumed the payment of coin for
their notes.