Evening star., 1870-03-12
Tho Eun<linx Rill.


cussion Of nine hours and the defeat Of numer-
Gus amendments, finally passed the bill TO fund
the public debt, by vote OF 80 to 10, almost a
1t originally came from the Finance Committee.
The section to pay The interest 10 foreign holders
in foreign countries was stricken out and one
per cent. commission to negotiate the leans was
reduced to one-half OF one per cent. These
were the only important changes. The efforts
OF !ne Danf M ,h interest s 70 provide for different
secure reduced taxation when the new bonds
are used for banking purposes, was defeated.
The rates of interest at 5, AZ and per cent.
were retained. The bill now goes TO the House.
As passed it authorizes the Secretary of the
Treasury to issue coupon or registered bonds of
such denominations, not less than fifty dollars
ceedng 500, 900 600, redeemable in coin at the
pleasure Of the United States at any time after
ten years, and payable In coin at forty wears
from date, and bearing interest at the rate OF
not exceeding five per centum per annum paw
able semi annually in coin; to be disposed OF at
the discretion Of the Secretary, under such reg
1iations as ne shall prescribe, either in the
United States or elsewhere. az not less than their
par value for coin; or they may be exchanged
for any of the outstanding bonds Of an equal ag-
gregate par value heretofore issued and known
as Five-twenty bonds, and the proceeds of 50
much thereof as may be disposed of for coin be
placed in the Treasury, 70 be used for the re-
demption of such six per centum bonds at par as
may not be oferedin exchang, or TO replace such
amount OF coin as may be used for that purpose.
Also to issue coupon or registered bonds to the
amount Of 500 900, 600 of such denominations,
not less than fifty dollars, as he may think
proper, redeemable in coin at the pleasure of
the United States at any time after fifteen years.
and payable in coin at forty years from date,
and bearing interest not exceeding four and
one-half per censum per annum, payable semi
annually in coin; to 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 may be exchanged at par
for any Of the outstanding obligations of the
Government bearing higher rate of interest in
com; and the proceeds Of such bonds as may be
10 be used for the redemption of such obi "a
tons bearing interest in coin as by the
terms Of issue are or may become redeem
able, or payable, or to replace such coin
as may have been used for that purpose.
Also. to issue coupon or registered bonds OF
he propr mot s ss hs@ nifty sSsS as
900, redeemable in coin at the pleasure of the
United States at any time after twenty years,
and bearing interest at the rate of four per CEN
tum per annum, payable semi-annually i'm coin
to be disposed of, either i'm the United States or
elsewhere, at not less than their par value, for
coin, or, at the discretion OF the Secretary, for
United States notes; or exchanged at not less
than par for any of the obligations of the United
stat Sss5es, % outstanding at the date Of the issue Of
tary Of the Treasury it is thought advisable TO
issue q larger amount Of four per centum
sSCS SoIds fG, for any no Of the purposes rec.ted
vided there shall be no increase in the aggre-
gate debt Of the United States. The bonds are
exempt from all taxation by or under
national, State, municipal, or local authority.
0f n rs e United 4 States and
Europe, and may advertise the loan, and sum
not exceeding one-half of one per centum of the
bonds authorized Is appropriated to pay the
expense Of preparing, issuing and disposing of
the same. $50 0O0, 600 annually Is appropr lated
ont Of the duties derived from imported goods
to to be applied to the payment Of the interest and
to the reduction Of the principal of the public
debt. The United States bonds now held as the
sinking fund and the United States bonds now
held in the Treasury to be cancelled and de-
stroyed. On and after the first day of October,
1870, registered bonds Of any denomination not
less than $1,000 shall be deposited with the
Treasurer Of the United States as security for the
notes issued to National banking associations for
circulation under act approved June Sd, 1864.
The amount Of circulating notes which any
bank may receive from the Comptroller of the
Currency, under the provisions of section
twenty-one Of said act, may equal but not ex-
ceed eighty per centum at the par value of the
bonds deposited. Any banking association or
ganized, or to be organized under the National
Currency act and the acts amendatory thereof
may, upon depositing with the Treasurer Uni
hfty thousand dollars, receive an equal amount
OF registered per cent bonds, and may deposit
the same rs the security for circulating notes,
and thereupon such banking association shall be
entitled to, and shall receive, circulating notes
upon terms and conditions, and to the extent |
without respect to the limitation Of the aggre-
gate circulation of national currency prescribed
BY said acts: Prorided, kosserer, That as circu-
lating notes are issued under this section an
equal amount Of United States notes shall be
cancelled and destroyed.