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Porter Sheldon, Shober, John A. Smith, Worthington C. Smith, William Smyth, Stevens, Stokes, Tanner, Taylor, Tillman, Upson, Wallace, Ward, Willard, Winans-53.

NAYS-Messrs. Adams, Allison, Ambler, Armstrong,

Atwood, Banks, Barnum, Beatty, Beck, Benjamin, Ben: nett, Biggs, Bingham, Bird, George M. Brooks, James Brooks, Buffinton. Burchard, Burr, Benjamin F. Butler, Calkin, Cessna. William T. Clark, Sidney Clarke. Cleveland, Amasa Cobb, Clinton L. Cobb, Coburn, Conger, Cook, Cox, Crebs, Cullom, Davis, Dawes, Degener, Dick inson, Dixon, Dockery, Doc. Dyer, Eldridge, Farnsworth, Ferry, Fisher, Getz, Griswold, Hambleton, Hamill, Hawkins, Hawley, Hay, Hoar, Holman, Hooper, Ingersoll, Johnson, Judd, Kelley, Kellogg, Kerr, Ketcham, Knott. Lawrence, Lewis, Loughridge, Marshall. May nard, McCarthy, McCormick, McGrew, McKee, McNeely, Milnes, Jesse H. Moore, William Moore, Morgan, Morphis, Daniel J. Morrell, Mungen, Myers, Negley, Niblack, O'Neill, Orth, Packer. Paine, Peck, Phelps. Porter, Prosser, Reeves. Rice, Rogers, Sanford, Schumaker, Shanks, Slocum, Joseph S. Smith, Stark weather, Steven son, Stiles. Stone, Stoughton, Strader, Strickland. Strong, Swann, Sweeney, Taffe, Townsend, Twichell. Tyner, Van Auken, Van Horn. Van Wyck. Welker, Wells. Wheeler, Whitmore, Wilkinson, Williams. Eugene M. Wilson, John T. Wilson, Winchester, Wood, Woodward—127.

A second committee of conference, consisting of Senators Williams, Morton, and Bayard, and Representatives Judd, Packer, and Knott, agreed upon a report. being the bill as finally passed, and printed at the beginning of this chapter.

The following, it is understood, will be the apportionment of the additional circulation given in this act:

Virginia, $4,915,985; West Virginia, $457,770; Illinois, $1,079,592; Michigan, $786,776; Wisconsin, $2,117,939; Iowa, $681,363; Kansas, $174,712; Missouri, $3,000,412; Kentucky, $4,651,349; Tennessee, $4,331,759; Louisiana, $5,425,193; Mississippi, $2,980,470; Nebraska, $6,576; Georgia, $4,681,728; North Carolina, $4,098,628; South Carolina, $4,216,838; Alabama, $4,081,212; Oregon, $161,273; Texas, $2,032,194; Arkansas, $1,455,519; Utah, $58,332; ifornia, $1,717,388; Florida, $546,442; Dakota, $15,441; New Mexico, $277,939; Washington Territory, $47,180. Total, $54,000,000.

The following is the apportionment of the existing circulation:

Maine, $5,415,000; New Hampshire, $3,312,000; Vermont, $2,989,500; Massachusetts, $21,795,000; Rhode Island, $4,794,000; Connecticut, $7,222,500; New York, $53,473,500; New Jersey, $6,690,000; Pennsylvania, $26,527,500; Maryland, $7,137,000; Delaware, $1,090,500; District of Columbia, $658,500; Virginia, $10,731,000; West Virginia, $2,788,500; Ohio, $17,623,500; Indiana, $9,615,000; Illinois, $11,838,000; Michigan, $5,200,500; Wisconsin, $6,211,500; Iowa, $4,408,500; Minnesota, $1,050,000; Kansas, $646,500; Missouri, $9,411,000; Kentucky, $10,500,000; Tennessee, $8,766,000; Louisiana, $10,581,000; Mississippi, $5,265,000; Nebraska, $181,500; Colorado, $193.500; Georgia, $9,420,500; North Carolina, $7,546,500; South Carolina, $7,566,000; Alabama, $7,425,000; Nevada, $48,000; Oregon, $370,500; Texas, $3,961,000; Arkansas, $2,724,000; Utah, $237,000; California, $3,003,000; Florida, $955,500; Dakota, $27,000; New Mexico, $486,000; Washington Territory, $82,500. Total, $299,968,500.

IN HOUSE, December 11, 1869.

Mr. Ingersoll introduced a "bill authorizing an additional issue of legal-tender notes to the amount of $44,000,000, and for other purposes;" which was referred to the Committee on Banking and Currency. Pending question of reference, Mr. Scofield moved to lay the bill on the table; which was disagreed to-yeas 65, nays 88, as follow:

YEAS-Messrs. Ambler. Ames. Asper, Bailey, Beaman, Benjamin, Biggs. Bird, Blair, Boyd, George M. Brooks, Duval. Ferriss, Finkelnburg. Fisher, Garfield, Getz, HalBuck, Buckley, Buffinton, Cox. Dawes, Dixon. Donley, deman, Hoar, Hooper, Jenckes. Kelley, Kellogg, Kelsey, Kerr, Ketcham, Knapp, Laflin, Lash, McGrew, Mercur, William Moore, Samuel P. Morrill, Mungen, Myers, O'Neill, Poland, Randall, Reading, Reeves Scofield. Porter Sheldon, Joha A. Smith, Worthington C Smith, Stark. weather, Stevens Stoughton, Strickland, Strong.Townsend. Twichell, Ward, Cadwalader C. Washburn. William

B. Washburn, Wheeler, Willard, Winans, Woodward-65. Bennett, Boles, Burchard, Burdett, Burr, Benjamin F. NAYS-Messrs. Allison, Armstrong, Arnell, Beatty, Butler, Roderick R. Butler, Calkin, Cessna. Amasa Cobb, Coburn, Cook, Cowles, Crebs, Cullom. Davis. Deweese, Dickinson, Dockery, Dox, Dyer, Eldridge, FarnsHawkins Hawley, Hay, Heaton Heflin, Hoag. Solomon worth, Ferry, Fitch, Gilfillan, Griswold, Ilamilton, L. Hoge, Holman. Ingersoll, Johnson, Alexander H. Jones, Judd, Julian, Kuolt. Lawrence, Loughridge, Mayham, Maynard, McCarthy, McCormick, McCrary, Morgan, Negley, Niblack, Orth. Packard, Paine, Peters, Pomeroy, Prosser, Rice. Rogers. Sargent, Lionel A. Shel don, Joseph S. Smith, William J. Smith, William Smyth, Stevenson, Stokes, Stone, Strader, Sweeney, Taffe, Tanner, Tillman, Tyner, Upson, Van Trump, Welker, Wells, B. F.

Whittemore, Wilkinson, Williams, Eugene M. Wilson, Witcher, Wood-88.

1870, January 17-Mr. McNeely moved to suspend the rules to offer, and the House to adopt, the following resolution, viz:

Resolved, That the Committee on Banking and Currency be, and they are hereby, instructed to report at an early day a bill providing for withdrawing from circulation the national bank curCal-rency, and for issuing, instead of such currency, treasury notes, usually known as "greenbacks."

Which was disagreed to-yeas 56, nays 114, as follow:

NAYS-Messrs. Ambler, Ames, Armstrong, Asper, Bai

YEAS-Messrs. Adams, Archer, Axtell, Beck, Biggs, Bird, James Brooks, Burr, Roderick R. Butler, Calkin, Cox, Griswold, Haight, Haldeman, Hambleton, Hamill, Haw Crebs, Dickinson, Dox, Eldridge, Getz, Golladay, Greene, kins, Hay, Holman, Johnson, Thomas L. Jones, Kerr, Knott, Marshall, Mayham, McCormick, McNeely, Morgan, maker, Sherrod, Joseph S. Smith, Stiles, Strader, Swann, Mungen, Niblack, Randall, Reading, Reeves, Rogers, Schu Trimble, Van Auken, Van Trump, Voorhees, Wells, Eugene M. Wilson, Winchester, Wood, Woodward-56. ley, Banks, Barnum, Beaman, Beatty, Benjamin, Benton, Bingham, Blair, Boles, Bowen, Boyd. G. M. Brooks, Buck, Buckley, Buffinton, Burchard, Burdett, Cake, Cessna, Sidney Clarke, Amasa Cobb, Clinton L. Cobb, Coburn, Cook, Conger, Cowles, Dawes, Deweese, Dickey, Dixon, Donley, Duval, Dyer. Ferriss, Finkelnburg, Fisher, Garfield, Gilfillan, Hale, Hamilton, Hawley, Heaton, Heflin, Hill, Hoar, Hooper, Jenckes, Judd, Julian, Kelley, Kellogg, Kelsey, Ketcham, Knapp, Lash, Lawrence, Logan, Lynch, McCarthy, McCrary, McGrew, Mercur, Eliakim H. Moore, Jesse H. Moore, William Packard, Packer, Paine, Palmer, Peters, Phelps, PoMoore, Daniel J. Morrell, Myers, Negley, O'Neill, Orth, land, Pomeroy, Fotter, Prosser, Roots, Sargent, Sawyer, Scofield, Lionel A. Sheldon, Porter Sheldon, John A. Smith, William J. Smith, Worthington C. Smith, Starkweather, Stevens, Stokes, Stoughton, Strong, Taffe, Tanner, Tillman, Townsend. Twichell, Tyner, Upson, Cadwalader C. Washburn, William B. Washburn, Welker, Wheeler, Wilkinson, Willard, Williams, John T. Wilson-114.

LVIII.

THE FUNDING ACT.

AN ACT to authorize the refunding of the national debt.

Be it enacted, &c., That the Secretary of the Treasury is hereby authorized to issue, in a sum or sums not exceeding in the aggregate $200,000,000, coupon or registered bonds of the United States, in such form as he may prescribe, and of denominations of fifty dollars, or some multiple of that sum, redeemable in coin of the present standard value, at the pleasure of the United States, after ten years from the date of their issue, and bearing interest, payable semi-annually in such coin, at the rate of five per cent. per annum; also a sum or sums not exceeding in the aggregate $300,000,000 of like bonds, the same in all respects, but payable at the pleasure of the United States, after fifteen years from the date of their issue, and bearing interest at the rate of four and a half per cent. per annum; also a sum or sums not exceeding in the aggregate $1,000,000,000 of like bonds, the same in all respects, but payable at the pleasure of the United States, after thirty years from the date of their issue, and bearing interest at the rate of four per cent. per annum; all of which said several classes of bonds, and the interest thereon, shall be exempt from the payment of all taxes or duties of the United States, as well as from taxation in any form by or under State, municipal, or local authority; and the said bonds shall have set forth and expressed upon their face the above specified conditions, and shall, with their coupons, be made payable at the Treasury of the United States. But nothing in this act, or in any other law now in force, shall be construed to authorize any increase whatever of the bonded debt of the United States.

SEC. 2. That the Secretary of the Treasury is hereby authorized to sell and dispose of any of the bonds issued under this act at not less than their par value for coin, and to apply the proceeds thereof to the redemption of any of the bonds of the United States outstanding and known as 5-20 bonds at their par value; or he may exchange the same for such 5-20 bonds, par for par; but the bonds hereby authorized shall be used for no other purpose whatsoever. And a sum not exceeding one-half of one per cent. of the bonds herein authorized is hereby appropriated to pay the expense of preparing, issuing, advertising, and disposing of the same.

SEO. 3. That the payment of any of the bonds hereby authorized after the expiration of the said several terms of ten, fifteen, and thirty years shall be made in amounts to be determined from time to time by the Secretary of the Treasury at his discretion, the bonds so to be paid to be distinguished and described by the dates and numbers, beginning for each successive payment with the bonds of each class last dated and numbered, of the time of which intended payment or redemp

tion the Secretary of the Treasury shall give public notice; and the interest on the particular bonds so selected at any time to be paid shall cease at the expiration of three months from the date of such notice.

SEC. 4. That the Secretary of the Treasury is hereby authorized, with any coin in the Treasury of the United States which he may lawfully apply to such purpose, or which may be derived from the sale of any of the bonds the issue of which is provided for in this act, to pay at par and cancel any six per cent. bonds of the United States of the kind known as 5 20 bonds which have become or shall hereafter become redeemable by the terms of their issue. But the particular bonds so to be paid and canceled shall in all cases be indicated and specified by class, date, and number, in order of their numbers and issue, beginning with the first numbered and issued, in public notice, to be given by the Secretary of the Treasury, and in three months after the date of such public notice the interest on the bonds so selected and advertised to be paid shall cease.

SEC. 5. That the Secretary of the Treasury is hereby authorized, at any time within two years from the passage of this act, to receive gold coin of the United States on deposit for not less than thirty days, in sums of not less than $100, with the Treasurer, or any assistant treasurer of the United States authorized by the Secretary of the Treasury to receive the same, who shall issue therefor certificates of deposit, made in such form as the Secretary of the Treasury shall prescribe, and said certificates of deposit shall bear interest at a rate not exceeding two and a half per cent. per annum; and any amount of gold coin so deposited may be withdrawn from deposit at any time after thirty days from the date of deposit, and after ten days' notice and on the return of said certificates: Provided, That the interest on all such deposits shall cease and determine at the pleasure of the Secretary of the Treasury. And not less than twenty-five per cent. of the coin deposited for or represented by said certificates of deposits shall be retained in the Treasury for the payment of said certificates; and the excess beyond twenty-five per cent may be applied, at the discretion of the Secretary of the Treasury, to the payment or redemption of such outstanding bonds of the United States heretofore issued and known as the 5-20 bonds, as he may designate under the provisions of the 4th section of this act; and any certificates of deposit issued as aforesaid may be received at par, with the interest accrued thereon, in payment for any bonds authorized to be issued by this act.

SEC. 6. That the United States bonds purchased and now held in the Treasury in accordance with the provisions relating to a sinking fund, of section 5 of the act entitled "An act to authorize the issue of United States notes, and for the re

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demption or funding thereof, and for funding the Be it enacted, &c., That for the purpose of floating debt of the United States," approved funding the debt of the United States and reducFebruary 25, 1862, and all other United States ing the interest thereon, the Secretary of the bonds which have been purchased by the Secre- Treasury be, and he is hereby, authorized to istary of the Treasury with surplus funds in the sue, on the credit of the United States, coupon or Treasury, and now held in the Treasury of the registered bonds of such denominations, not less United States, shall be canceled and destroyed, than $50, as he may think proper, to an amount a detailed record of such bonds so canceled and not exceeding $400,000,000, redeemable in coin destroyed to be first made in the books of the at the pleasure of the Government at any time Treasury Department. Any bonds hereafter ap- after ten years, and payable in coin at twenty plied to said sinking fund, and all other United years from date, and bearing interest at the rate States bonds, redeemed or paid hereafter by the of five per centum per annum, payable semiUnited States, shail also in like manner be re- annually in coin; and the bonds thus authorized corded, canceled, and destroyed, and the amount may be disposed of, at the discretion of the Secof the bonds of each class that have been can- retary, under such regulations as he shall preceled and destroyed shall be deducted respectively scribe, either in the United States or elsewhere, from the amount of each class of the outstand-at not less than their par value for coin, or they may be exchanged for any of the outstanding bonds of an equal aggregate par value heretofore issued and known as the five-twenty bonds, and for no other purpose; and the proceeds of so much thereof as may be disposed of for coin shall be placed in the Treasury, to be used for the redemption of such six per centum bonds at par as may not be offered in exchange, or to replace such amount of coin as may have been used for that purpose.

ing debt of the United States. In addition to
other amounts that may be applied to the redemp-
tion or payment of the public debt, an amount
equal to the interest on all bonds belonging to
the aforesaid sinking fund shall be applied, as
the Secretary of the Treasury shall from time to
time direct, to the payment of the public debt,
as provided for in section 5 of the act aforesaid;
and the amount so to be applied is hereby appro-
priated annually for that purpose out of the re-
ceipts for duties on imported goods.
Approved, July 14, 1870.

SEC. 2. That the Secretary of the Treasury be, and he is hereby, authorized to issue on the credit of the United States, coupon or registered bonds to the amount of $400.000,000, of such denominations, not less than $50, as he may think proper, redeemable in coin at the pleasure of the Government at any time after fifteen years, and payable in coin at thirty years from date, and bearing interest not exceeding four and one-half centum per annum, payable semi-ansection may be disposed of under such regulations nually in coin; and the bonds authorized by this 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 a higher rate of interest in coin; 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 bearing interest in coin as by the terms of issue are or may become redeemable or payable, or to replace such coin as may have been used for that purpose.

SEC. 3. 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 denominations, not less than $50, as he may think proper, to the amount of $400,000,000, redeemable in coin at the pleasure of the Government at any time after twenty years, and payable in coin at forty years from date, and bearing interest at the rate of four per centum per annum, payable semi-annually in coin; and such bonds may be disposed of, either in 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 may be exchanged at not less than par for any of the obligations of the United States outstanding at the date of the issue of such bonds; and if in the opinion of the Secretary of the Treasury it is thought advisable to

Final Votes.

IN SENATE, July 13, 1870.

The bill, being the report of the committee of conference last appointed, was agreed to without a division.

IN HOUSE, July 13, 1870.
YEAS-Messrs. Allison, Ambler, Ames, Armstrong,
Arnell, Asper, Atwood, Ayer, Bailey, Banks, Barry,
Benjamin, Bennett, Benton, Bingham, Blair, Boles,
Boyd, George M Brooks, Buck, Buckley, Buffinton,
Burchard, Burdett, Roderick R. Butler, Cake, Cessna,
Churchill, Sidney Clarke, William T. Clark, Amasa
Cobb, Coburn, Conger, Cook, Covode, Cowles, Cullom,
Darrall, Davis, Dawes, Degener, Dickey, Dixon, Donley,
Duval, Ela, Farnsworth, Ferriss, Ferry, Finkelnburg,
Fisher. Fitch, Garfield, Gilfillan, Hamilto
Hawley, Hays, Heflin, Hill, Hoar, Hooper, Hotchkiss,
Jenckes, Judd, Julian, Kelley, Kellogg, Kelsey, Ketch-
am, Knapp, Laflin, Lash, Lawrence, Logan, Lough-
ridge, Lynch, Maynard, McCarthy, McCrary, McGrew,
Mercur, Eliakim H. Moore, Jesse H. Moore, William
Moore, Morphis, Daniel J. Morrell, Myers, Negley,
O'Neill. Orth, Packard, Packer, Paine, Palmer. Peck,
Perce, Peters, Phelps, Poland, Porter, Prosser, Rogers,
Roots, Sanford, Sargent, Sawyer, Schenck, Shanks,
Lionel A. Sheldon, Porter Sheldon, John A. Smith, Wil-
liam J. Smith, Worthington C. Smith, William Smyth,
Stevens, Stokes, Stoughton, Strickland, Taffe, Tanner,
Taylor, Tillman. Townsend. Twichell, Tyner, Upson,
Van Horn, Van Wyek, Ward, William B. Washburn,
Welker, Wheeler, Whitmore. Wilkinson, Willard, Wil-

liams, John T Wilson. Witcher-139.

NAYS-Messrs. Adams, Archer, Axtell, Barnum, Beatty, Beck, Biggs, Bird, James Brooks. Burr, Calkin, Cleveland, Cox. Crebs, Dickins n. Eldridge, Fox, Getz, Griswold, Haight, Hambleton, Hamill, Hay, Holman, Johnson, Thomas L. Jones, Krr. Knott, Lewis, Marshall, Mayhem. McCormick. McKenzie, Morgan, Polter, Randall, Reeves. Rice, Schumaker, Sherrod, Slocum, Joseph S. Smith, Stiles, Stone, Swann, Sweeny, Trimble, Van Trump, Voorhees, Wells, Eugene M. Wilson, Winchester, Wood, Woodward-54.

Previous Votes.

IN SENATE.

1870, February 7-Mr. Sherman, from the Committee on Finance, reported the following bill:

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passage of this act, in default of which their right to issue notes for circulation shall be forfeited, and the Treasurer and the Comptroller of the Currency shall be authorized and required to take such measures as may be necessary to call in and destroy their outstanding circulation, and to return the bonds held as security therefor to the association by which they were deposited, in sums of not less than $1,000: Provided, That any such association now in existence may, upon giving thirty days' notice to the Comptroller of the Currency by resolution of its board of directors, deposit legal-tender notes with the Treasurer of the United States to the amount of its outstanding circulation, and take up the bonds pledged for its redemption: And provided further, That not more than one-third of the bonds deposited by any bank as such security shall be of either of the classes of bonds hereby authorized on which the maximum rate of interest is fixed at four and one-half or five per centum per annum.

SEC. 9. That the amount of circulating notes which any bank may receive from the Comptroller of the Currency, under the provisions of sec-tion 21 of said act, may equal but not exceed eighty per centum of the par value of the bonds deposited, but shall not exceed in the aggregate the amount to which such bank may be entitled under said section.

SEC. 6. That the Secretary of the Treasury be, and he is hereby, authorized appoint such agents in the United States and in Europe as he may deem necessary to aid in the negotiation of said bonds; and he may advertise the loan herein authorized and the conditions thereof in such newspapers and journals in this country and in Europe as he may select for that purpose; and a sum not exceeding one per centum of the bonds herein authorized is hereby appropriated to pay the expense of preparing, issuing, and disposing of the same.

SEC. 10. That any banking association organ

SEC. 7. That in order to carry into execution the provisions of the 5th section of the act enti-ized or to be organized under the national curtled "An act to authorize the issue of United rency act and the acts amendatory thereof, may, States notes and for the redemption or funding upon depositing with the Treasurer United States thereof and for funding the floating debt of the notes to an amount not less than $100,000, reUnited States," approved February 25, 1862, ceive an equal amount of registered bonds of the relating to the sinking fund, there is hereby ap- United States, of the kind and description propropriated out of the duties derived from im-vided for by section 3 of this act, and may deported goods the sum of $150,000,000 annually, posit the same as the security for circulating which sum during each fiscal year shall be applied notes, and thereupon such banking association to the payment of the interest and to the reduction shall be entitled to and shall receive circulating of the principal of the public debt. And the United notes upon terms and conditions and to the exStates bonds now held as the sinking fund and tent provided in the said national currency acts, the United States bonds now held in the Treasury and without respect to the limitation of the agshall be canceled and destroyed, a detailed record gregate circulation of national currency prethereof being first made in the books of the scribed by said acts: Provided, however, That as Treasury Department. And the bonds hereafter circulating notes are issued under this section an purchased under this section shall in like man-equal amount of United States notes shall be ner be canceled and destroyed. And a full and canceled and destroyed.

detailed account of the application of the money March 8-Mr. Davis moved that the bill be herein appropriated shall be made by the Secre-recommitted to the Committee on Finance, with tary of the Treasury to Congress with his an- instructions to report a bill embodying the folnual report; and the aggregate amount of the lowing provisions: bonds canceled and destroyed shall be stated in the monthly statements of the public debt.

SEC. 8. That on and after the 1st day of October, 1870, registered bonds of any denomination not less than $1,000, issued under the provisions of this act, and no others, shall be deposited with the Treasurer of the United States as security for the notes issued to national banking associations for circulation under an act entitled "An act to provide a national currency secured by a pledge of United States bonds, and to provide for the circulation and redemption thereof," approved June 3, 1864; and all national banking associations organized under said act, or any amendment thereof, are hereby required to deposit bonds issued under this act as security for their circulating notes within one year from the date of the

First, The reduction of the amount of each outstanding bond of the United States by the difference between the nominal amount thereof and its gold value, or the gold value of the bond of which it is the immediate or remote substitute, at the time of the sale thereof by the Government.

Second, By the amount of usury paid by the United States on said bond or any bond or bonds of which it is the immediate or remote substitute. Third, To reduce the rate of interest upon all outstanding bonds to five per centum per annum. Fourth, To tax all dividends received on United States bonds as so much income.

Fifth, To reduce the appropriations for the army to the reasonable cost of twenty thousand men, rank and file.

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YEAS-Messrs. Bayard, Brownlow, Buckingham, Casserly, Ferry, Johnston, Morrill of Vermont, Stockton-8. NAYS-Messrs. Boreman, Cameron, Chandler, Cole, Conkling, Corbett, Davis, Drake, Fenton, Fowler, Gilbert, Hamlin, Harris, Howard, Howe, Howell, Kellogg, McCreery, McDonald, Norton, Osborn, Pomeroy, Pool, Pratt, Ramsey, Revels, Rice, Ross, Schurz, Scott, Sherman, Sumner, Thayer, on, Trumbull, Vickers, Warner, Willey, Williams, Wilson-40.

ton-10.

Mr. Corbett moved to strike out the 5th section, which was agreed to—yeas 29, nays 11, as

follow:

YEAS-Messrs. Bayard, Buckingham, Cameron, Casserly, Chandler, Cole, Conkling, Corbett, Fenton, Gilbert, Hamlin, Harlan, Harris, Howard, Howe, Howell, Johnston Morrill of Maine, Osborn, Pratt, Ramsey, Ross, Schurz, Sprague, Stockton, Sumner, Thurman, Trum

bull, Wilson-29.

That, for the purpose of reducing the interest on the five-twenty six per centum bonds of the United States, the Secretary of the Treasury be, and he is hereby, authorized to issue, on the credit of the United States, coupon or registered Mr. Sherman moved to amend the 5th section bonds of such denominations, not less than $50, by striking out, in line 2, the word "may," and as he may think proper, not exceeding in amount inserting "shall;" and in line 3 by striking out the five-twenty six per centum bonds of the the word "or," and in lieu thereof inserting, "but United States, redeemable in coin at the pleasure the Secretary of the Treasury may, at his dis- of the Government, at any time after ten years, cretion, make the coupons of any portion of the and payable at forty years from date, and bearbonds provided for by the 3d section of this acting interest at the rate of five per centum per payable"annum, or at any time after twenty years, and Which was agreed to-yeas 30, nays 10, as payable at forty years from date, and bearing follow: interest at the rate of four and one-half per centum per annum, or payable at fifty years from date, and bearing interest at the rate of four per centum per annum, payable semi-annually in coin; and the bonds thus authorized may be exchanged for any of the outstanding five-twenty

YEAS-Messrs. Abbott, Anthony, Bayard, Casserly, Chandler, Cole, Fenton, Gilbert, Hamlin, Harlan, Howe, Howell, Johnston, Morrill of Maine, Morrill of Vermont. Morton, Pratt, Ramsey, Revels, Rice, Ross,

Schurz, Sherman, Sumner, Tipton, Trumbull, Vickers,

Warner, Williams, Wilson-30.
NAYS-Messrs. Buckingham, Cameron, Corbett, Da-six per centum bonds of an equal aggregate par
vis, Fowler, Harris, Howard, Osborn, Sprague, Stock-value, heretofore issued and known as the five-

may be disposed of at the discretion of the Sec-
twenty bonds, and for no other purpose; or they
retary, under such regulations as he shall pre-
scribe, either in the United States or elsewhere,
at not less than their par value for coin; and
the proceeds of so much thereof as may be dis-
posed of for coin shall be placed in the Treasury,
to be used for the redemption of such six per
centum bonds at par as may not be offered in
exchange, or to replace such amount of coin as
may have been used for that purpose.
Which was disagreed to.

Mr. Sherman moved to amend by striking out in section 2, line 7, "thirty," and inserting "forty," which was disagreed to.

Mr. Morton moved to amend the 2d section by striking out in line 12 the words, "or, at the discretion of the Secretary, for United States notes," and by inserting in line 13, before the word "obligations," the words "interest-bearing," which was disagreed to-yeas 18, nays 32, as follow:

NAYS-Messrs. Abbott, Anthony, Edmunds, Morrill of Vermont. Morton, Rice, Sherman, Tipton, Vickers, Warner, Williams-11.

Mr. Howard moved to amend the 8th section by inserting in the 14th line the following:

And any such banking association may, on such terms as may be prescribed by the Secretary of the Treasury and at the market price current in the city of New York, exchange its bonds now deposited as security under said act for bonds issued under this act, for the purpose aforesaid.

Which was disagreed to.

Mr. Buckingham moved to amend the 8th section, by striking out all after the words "eighteen hundred and sixty-four," which was disagreed to-yeas 15, nays 28, as follow:

46

Mr. Hamlin moved to amend the 8th section by inserting in line 13, after the word "thereof," the words, the bonds of which are then redeemable by their terms, and as they shall thereafter become redeemable;" which was disagreed toyeas 16, nays 28, as follow:

YEAS-Messrs. Buckingham, Conkling, Corbett, Edmunds, Ferry, Gilbert, Hamlin, Howard, Howe. McDonald, Morrill of Maine, Morrill of Vermont, Pomeroy, Revels, Scott-15.

NAYS-Messrs. Abbott, Bayard, Boreman, Casserly, Chandler, Cole, Drake, Harlan, Howell, Johnston, Kellogg, McCreery, Osborn, Pratt, Ramsey, Rice, Ross, Sawyer, Sherman, Spencer, Stewart, Stockton, Sumner, Thurman, Trumbull, Warner, Willey, Williams, Wilson-28.

YEAS-Messrs. Boreman, Buckingham, Conkling, Corbett, Edmunds, Ferry, Gilbert, Hamlin, Howard, Howe. Mc Donald, Morrill of Maine, Morrill of Vermont, Pomeroy, Revels, Scott-16.

NAYS-Messrs. Abbott, Bayard, Casserly, Chandler, Cole, Drake, Harlan, Howell, Johnston, Kellogg, MeCreery, Osborn, Pratt, Rice, Ross, Sawyer, Schurz, Sherman, Spencer, Stewart, Stockton, Sumner, Thurman, Trumbull, Warner, Willey, Williams, Wilson-28.

March 11-Mr. Wilson moved to amend by striking out sections 1, 2, and 3, and inserting in lieu thereof the following:

YEAS-Messrs. Boreman, Brownlow, Cole, Fowler, Howe, Howell. Kellogg, McCreery, McDonald. Morton, Pomeroy, Pool, Pratt, Ramsey, Revels, Sprague, Thurman, Tipton-18.

NAYS-Messrs. Anthony, Bayard, Buckingham, Cameron, Casserly, Chandler, Conkling, Corbett, Drake, Fenton, Ferry, Gilbert, Hamlin, Harian, Harris, Howard, Johnston. Morrill of Vermont, Osborn, Rice, Sawyer, Schurz, Scott, Sherman, Stewart, Stockton, Sumner, Trumbull, Warner, Willey, Williams, Wilson-32.

section, which was disagreed to-yeas 16, nays Mr. Buckingham moved to strike out the 8th 32, as follow:

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