The midland journal. (Rising Sun, Md.) 1885-1947, 1894-02-16
QUESTIONS OF THE DAY.
A FINANCIAL HISTORY.

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A FINANCIAL HISTORY.
Course and Effect of Legislation
Since 1851.
BY N. A. DUNNING.
From The National Waterman.
No. XIII.
The following is copy of the bill as
it first passed the House on the 9th Of
February, 1852:
An act to authorize the issue OF
United States notes, and for the re-
demption or funding thereof, and for
funding the floating debt of the United
States.
Sec. I. Be it enacted by the Senate
and House of Representatives of the
United States of America, in Congress
assembled: That to meet the necessities
of the Treasury Of the United States,
and to provide currency receivable
for the public dues, the Secretary OF
the Treasury is hereby authorized to
issue, on the credit of the United States,
$3.50, 100000 of United States notes.
not bearing interest, payable to bearer
at the Treasury Of the United States, at
Washington or New York, and of such
denominations as be may deem expe-
dent. not less than S. each. Provided,
hewever, that $50, 100000 of said notes
shall be in lieu of the demand Treas
ury notes authorized to be issued by
the act of July IL, 1861; which said
demand notes shall be taken up as
rapidly as practicable. and the notes
herein provided for substituted for
them And provided further, that the
amount of the two kinds Of notes
together, shall, at no time, exceed the
sum of $l50,000,000. And such
notes, therein authorized, shall be re-
ceivable in payment Of all taxes, duties,
imports, excise, debts, and demands OF
every kind due to the United States,
and for all salaries, debts, and demands
owing by the United States to iadi-
viduals, corporations, and associations
within the United States, and shall
also be lawful money and legal tender
in payment Of all debts, public and
private, within the United States.
And any holders of said United States
notes, depositing any sum not less than
$50, or some multiple of $50, with the
Treasurer of the United States, OF
either of the assistant treasurers, shall
receive in exchange therefore duplicate
certificates of deposit, one of which
may be transmitted to the Secretary Of
the Treasury, who shall thereupor
issue to the holder an equal amount Of
bonds of the United States, coupon OF
registered. as may by said holder be
desired, bearing interest at the rate Of
6 per centum per anuum, payable
semi.apnually, at the Treasury Of sub
treasury of the United States, and
redeemable at the pleasure of the
United States, after twenty years from
the date thereof. Provided, that the
Secretary Of the Treasury shall. upon
presentation of said certificates Of
deposit, issue to the holder thereof, al
his option, and instead of the bonds
already described, an equal amount oi
bonds Of the United States, coupon OIL
registered, as may by said holder be
desired, bearing interest at the rate Of
Z per cent per anuum, payable semi
annually, aud redeemable at the pleas
ure of the United States, after five
years from the date thereof. And
such United States notes be received
the same as coin, at their par value, il
payments for any loans that may BIZ
hereafter sold or negot ated by the
Secretary of the Treasury, and may be
hereafter sold or negotiated by the
Secretary of the Treasury, and may be
reissued from time to time, as tbs
exigencies of the public interests shall
require. There shall be printed on
the back of the United States notes
which may De issued under the pro-
visions of this act. the following words
"The within is legal tender ia pay
ment of all debts. public and private
and is exchaneeable for bonds Of the
United States. bearing 6 per centuu
interest at twenty years, or in 7 pei
cent bonds at FIVE years.
SEC. 2. And be it further enacted
That to enable the Secretary of the
Treasury to fund the Treasury notes
and floating debt of the United States
he is hereby authorized to issue, on the
credit of the United States, coupon
bonds, or registered bonds to an amount
not exceeding 100000, 600. and re-
deemable at the pleasure of the govern
ment after twenty gears from date, and
bearing interest at the rate of pei
centum per annum, payable semi
annually; and the bonds herein author
izod shall be of such denominations
less than $50. as may be determined
upon by the Secretary Of Treasury; and
the Secretary of the Treasury may
dispose Of such bonds at any time fol
lawful money Of the United States, OF
for any of the Treasury notes that have
been, or may hereafter be, issued under
any former act of Congress. or 70,
United States notes that may be issued
under the provisions Of this act and
all stocks, bonds, and other securities
of the United States, held by indi-
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