Year: 1863

mr.. Chase's Finance Bnl.


The following amendments to the FL
nance bill before Congress, have met the
approval Of Mr.. CHASE, and will probably
pass the House, without opposition. The
text Of the first three sections, as amended,
reads as follows: 1e lao
Bill to Provide Ways and Means for the Sup


port Of the Government


Be ii enacted by the Senate and House
Of Representatives 0ftae United States of
america in Congress assembled, That the
Secretary of the Treasury be and he is
hereby authorized to borrow, from time
to time, on the credit Of the United States,
a sum not exceeding three hundred mil
lions of dollars for the current fiscal
year, and six hundred millions dol
lars for the next fiscal year, and to
issue therefore coupons or registered bonds
payable at the pleasure of the Government
after twenty years from date, and Of such
denominations, not less than fifty dollars,
as he may deem expedient, bearing inter-
est at rate not exceeding six per cent.
per annum, payable semi annually, in coin;
and he may in his discretion dispose of
such bonds at any time upon the best
terms he can obtain, for lawful money of
the United States, and all the bonds and
Treasury notes issued under the provisions
of this act shall be exempt from taxation
by or under State authority. Procided
that there shall be outstanding of bonds,
Treasury notes and United States notes,
issued at any time under the provisions of
this act, no greater amount altogether than
the sum Of nine hundred million dollars.


SEQ. Q. And be it further enacted, That
the Secretary of the Treasury be and he is
hereby authorized to issue on the credit of
the United States three hundred million
dollars of Treasury notes, bearing interest,
payable semi-annually in lawful money of
the United States, at the rate of six per
centum per annum, payable any time, not
exceeding three years from date, at the
Treasury of the United States, and of such
denominations as he may deem expedient,
not less than ten dollars each, and
such notes shall be receivable for in
ternal duties and all debts and demands
due to the United States except imports,
and shall be convertible with accrued inter-
est into legal tender notes. And such
Treasury notes may be used by the Secre-
tary OF the Treasury at their par value, in
the payment of the lawful creditors of the
United States who may be willing to re-
ceive the same, and shall be received at
their par value in payment for any bonds
that may be hereafter negotiated by the
Secretary Of the Treasury, who shall also al
low, in any such negotiation, any interest
which may have accumulated thereon and
the Secretary of the Treasury may, from
time to time, as the exigencies of the pub
lie service may require, reissue any amount
OF Treasury Notes herein authorized, equal
to the amount redeemed. There shall be
printed on the back of the Treasury Notes
which may be issued under the provisions
OF this act the amount of interest which
will have accumulated at the end of each
three months from the date thereof, and
words denoting that the within is legal
tender in payment of internal duties and
all debts and demands due the United
States, except duties on imports, and is
receivable for loans made to the United
States.


SEC. And be ii fua'the,. enacted, That
the Secretary of the Treasury be and he
is hereby authorized, if required by the
exigencies of the public service for the
payment of the army and navy and other
creditors Of the government, to issue on
the credit of the United States the sum OF
three hundred millions of dollars of Unit
ed States notes, in such form as he may
deem expedient, not bearing interest, pay
able to bearer, and of such denominations
not less than one dollar as he may pre-
scribe, which notes so issued shall be law
full money and legal tender in payment
Of all debts, public and private, within the
United States, except for duties on imports
and interest on the public debt, and any of
the said notes, when returned to the Treas
ury, may be re-issued from time to time,
as the exigencies of the public service may
require.