Evening star., 1870-01-12
F0RTY-FIRST CONGRESS.
This Afternoons Proceedings.
WEDNESDAY, January II.

its assent to the fifteenth amendment. He sale
that in presenting the resolutions he performed
q distasteful duty, and expressed the opinion
that the subject had passed forever from the
control Of the Legislature.
MI. Sumner introduced his bill to authorize
the refunding and consolidation Of the public
debt, to extend funding facilities, and to estab-
iish specie payments; and moved to refer it to
the Committee on Finance.
The bill enacts:-"That for the purpose of re-
funding the debt of the United States and re-
ducing the interest thereon, the Secretary of the
Treasury be, and he is hereby, authorized 10 is
sue, on the credit Of the United States coupon or
registered bonds, Of such denominations, not
less than fifty dollars, as he may think proper IL
an amOnnt not exceeding $500 600 900, redeema-
BILE in coin at the pleasure OF the Government,
at any time after ten years, and payable in coin
at forty years from date, and bearing interest al
the rate Of five per cent. per annum, payable
semi-annually in coin; and the bonds thus au-
thorized may be disposed of at the discretion OF
the Secretary, under such regulations as he shall
prescribe, either in the United States or else
where, at not less than par value, for coin; or
they may be exchanged for any Of the outstand-
ing bonds of an equal aggregate par value here
tOiore issued under the act Of February %, 1862
and known as the ive-twenty bonds of 1862, and
for no other purpose; and the proceeds of 81
much thereof as may be disposed of for coin shall
be placed in the Treasury, to be used for the re-
demption of such six per cent. bonds at par as
may not be offered in exchange, or to replace
such amount Of coin as may have been used for
tudt purpose.
Sec. 2. That the Secretary Of the Treasury
be, and he is hereby, authorized to issue on the
credit Of the United States, coupons or regis
tered bonds to the amount of SJO0, 900 600 OF
such denominations not less than fifty dollars
as he may think proper, redeemable in coin at
the pleasure Of the Government at any time
after fifteen years, and payable i'm coin at fifty
years from date, and bearing interest not ex-
ceeding four and one half per cent per annum,
PAYABLE semi-annually in coin; and the bonds
authorized by this section may be disposed of
under such regulations as the Secretary shall
prescribe, in the United States or elsewhere, at
not less than par for coin; or they NAV be ex-
changed at par for any of the outstanding obli-
cations of the Government bearing higher rate
Of interest; and the proceeds OF such bonds as
may be sold for coin shall be deposited in the
Treasury, to be used for the redemption of such
obligations as by the terms of issue may be or
may become redeemable or payable, or to re-
place such coin as may have been used for that
purpose.
Sec. 8. That the Secretary of the Treasury be.
and he IS hereby, authorized to issue on the
credit OF the United States, from time to time,
coupon or registered bonds Of such denomination
not less than fifty dollars he may think proper
to the amount Of S5O0, 600 600, redeemable i'm
coin at the pleasure Of the Government at any
time after twenty years. and payable in coin at
sixty years from date, and bearing interest at
the rate Of four per cent. per annum, PAYABLE
semi-annually in coin; and such bonds may be
disposed Of at the discretion of the Secretary
either in the United States or elsewhere, at not
less than their par value for coin, or for United
States notes, national bank notes. or fractional
currency; or may be exchanged for any Of the
obligations of the United States, of whatever
character, that may be outstanding at the latt.
OF the issue of such bonds. And if in the opinion
OF the Secretary of the Treasury it is thought
advisable to issue larger amount of four per
cent. bonds for any of the purposes herein or
hereinafter recited than would be otherwise au-
thorlZed by this section of this act such further
issues is hereby authorized: P-orided, Tha;
there shall be no increase in the aggregate debt
OF the United States in consequence Of apy is
sues authorized by this act.
Sec. 4. That the bonds authorized by this ACT
shall be exempt from all taxation by or under
national, State, or municipal authority. Nor
shall there be any tax upon, or abatement from.
the interest or income thereof.
Sec D. That the present limit of $500 900 ,0oJ
as the aggregate amount of issues of circulatinl
notes by national banks be, and the same i
hereby, extended, SO that the aggregate amount
issued and to be issued may amount TO, but sbal
not exceed, S5oO,OOO 600, and the additiora
issne hereby authorized shall be SO distributed.
III demanded, as to give to each State and Ter
ritory ITS just proportion Of the whole amount OF
circulating notes according to population, sub
ject to all the provisions Of law authorizing ma
uOnal banks, in SO far as such provisions are moi
modified by this act: Pr0rided, That tor each
dollar OF additional currency issued under tn
provisions Of this act there shall be withdrawn
and cancelled one dollar OF legal tender issues
Sec. o. That the Secretary of the Treasury
shall require the national banks, to whom NAV
be awarded any partOr portion Of the additional
circulating notes authorized by the fifth section
OF this act to deposit before the delivery thereto
OF any such notes, with the Treasurer Of the
United States, as security fof such circulation.
registered t M bonds Of the description authorized
ton Of not less than 800 Of bonds for each and
every eighty dollars of notes to be delivered.
and the Secretary ofthe Treasury shall require
from existing national banks, in substitution OF
the bonds already deposited with the Treasurer
OF the United States as security for their circu-
lafing notes, deposit Of registered bonds au-
tno1ized by the third section Of this act to an
every eighty dollars of notes that has been
or may hereafter be delivered to such
banks, exclusive of such amounts as have
been cancelled. And If any national bank
states the new! bonds, as required by this act
within three months after having been notified
by the Secretary of the Treasury of his readi-
Miss to deliver such bonds 1t shall be the duty of
the Treasurer, so long as such delinquency ex-
lists, to retain from the interest as ii may become
due and payable on the bonds belonging to such
delinquent banks on deposit with him as secu-
rlty fer circulating notes, so much of such inter
est as shall be in excess Of four per cent per an
mum on the amount Of such bonds, which excess
shall be placed to the credit of the sinking fund
OF the United States; and all claims thereto Oh
.ne a,s Palt OF sncn deiinqaent banks shall cease
age Of currency delivered or to be delivered t.
any bank shall in no case exceed eighty per
cent. OF the face value Of the bonds deposited
with the Tresurer as security therefor.
Sec. Z. That whenever the premium on gold
shall fall to or within five per cent, 1t shall be
the duty Of the Secretary of the Treasury to
give public notice that the outstanding United
States notes or other legal-tender issues Of the
Government will thereafter be received at par
for custom duties; and the interest ON the issues
known as three per cent. legal-tender certif
Gates shall cease from and after the date of such
notice; and all such legal-tender obligations,
when so received, shall not again be uttered
but shall forthwith be Cancelled and DESTROYED.
And SO much Of the act of February Is, 1852,
and Of all subsequent acts, ascreates or declares
any Of the Issues Of the United States, other
than coin, legal tender, be, and the same are
hereby, repealed; such repeal to take effect on
and after the LIST day Of January, 1871.
Sec. 9. That all the provisions Of existing laws
in relation to forms, inscriptions, devices, dies
and paper, and the printing, attestation, sealing
signing, and c0unterfeitin9, as may be applics-
bic, shall apply to the bonds issued under this
the amount Of bonds issued under this act Is
hereby appropriated 70 pay the expense Of pre-
pairing and issuing the same and disposing
seci 8. That all acts or parts Of acts incons,s-
tent with this act be, and the same are hereby,
Mr. Sumner said "I have already during this
session introduced bill providing for the ex-
tension Of the national banking system and the
withdrawal Of greenbacks In proportion 10 the
new bank notes issued, thus preparing the way
ior specie payments. The more refect upon
value. 1t promises to be q eficacious e IL "a
unquestionably simple. But it does not pre-
tend to deal with the whole financiai probiesa.
The bill which now introduce q moro COM
preheDsiye IN character. While embodyfna the
original GroPosition Of substituting bank notes