The farmers' union. (Memphis, Mo.) 1891-1895, 1893-11-23
was made known to the President

oAlN, 10 Cut up tHC ClCuil Va 'HS eo'
ernment into small pieces and let the
people use it themselves.
Acting upon this resolution Il
bill was introduced into the House
Julv ., 1861. to meet the expenses
Of war. by obtaining a loan of 800
600. 900 and considered in committee
Of the whole the next day. Debate
on the bill was limited to one hour
and this hour was entirely occupied
bv one member AT the conclusion
Of his remarks the bill was passed hA
yeas 1870, NAYS J. The bill passed
the senate without much debate, but
with many amendments, which were
concurre,i III hy the house, and was
approved July u, 1861 Il. Statutes.
225O) 1t authorized the Secretary
of the Treasury to borrow, on the
credit of the United States, within
twelve months Of the passage Of the
act, sum not exceeding $3.50, ,O0O,-
600 for which he was auth riZcd to
is>Ve nunnn or registered bonds or
trcasuy notes III such plopotious /
each as he might deem advisable. the
bonds to bear interest not exceeding
! per cent per ann Ain, payable semi
Annually. and redecmable. at the
pleasure of the United States, after
tw,nty years The treasury notes to
be OF nn, decentralization hAod ~ the
Secretary, not less than $50, payable
ut the end Of three years after date,
with interest at the rate of 80 per
cent per annum payable semi-annr-
al1s.
The Eesretari Was also aNt!ariIed
to Issue treasury NOTES Of less dc
nomination that $50 and not less than
SO bearing interest ut the rate of
800 per cent per annum, payable IN
one year from date ana exclan2eablc
at any tiAc tor treasury notts q! Sd!
and upward, and bearing interest as
pyefaccu above; also to issue treasury
noes of less than $50 and not less
than SIG, not bearing interest, but
payable on demand, but the whole
amount Gf such no;Ls squad nut lG
exceed $30,QVu,Ooo The Secretary
WAS further authorized to Issue,
whenever he should BEEN it eN-
pc .iicnt, treasury notes Of any Of the
denominations before specified, bear
ing interest pot exceeding 4 per cent
payal'. ut auI time not exccedlnS
twelve months after date: but the
wEole amount of notes SO issued was
not to exceed $50, ,40g,oGQ. Notes of
less than $50, when redeemed, might
he reissued or cancelled and new
notes issued iD their stead, but the
aggregate amount of bonds and
notes issued un1e; previous sections
Nf the act was 4eyer to e.ceed $3.50,
100000. and the power to issue OF
reissue the treasury nQ:es Was to
cease December IL, 1867. \ bill
supplemental to- tue above act was
introduced in the senate July -
and passed Doth houses with on,
little debate. though some opposition
was made to the section whicl
allowed the Secretary II ,iX tho de
nomination uf the treasury notes al
any sum below $50. The limit was
finally fixed at IS. and the h,Il passed
and was approved August ). 1861 Il:
Statutes. BIB 1t authorized the
Secretary to issue 4 part of the bonds
provided for by the act Of July II
1861, at 6 per cent per annum, ,hcs.
bonds to be exchanstahle fng ne"sor,
notes hearing interest at ! ll0 Eel
cent, but no such houds We're to b.
issued for less than $500, nor was
the whole amount Of such bonds t'
exceed the whole amount OF treasury
notes bearing $40 per cent interes'
issued under the said act. Til,
Secretary was also authorized to i>>u,
treasury nct,> not bearing inteie t, o'
/ lenOlrin ins tons as low rs So
---8"--
! Republicans in Virginia voted Tia,
. Democrat ticket at the late election
80 SayS H.. ~ Dr'S I,anui,li,. .,.,.