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Porter Sheldon, Shober, John A. Smith, Worthington
In HOUSE, December 11, 1869. C. Smith, William Smyth, Stevens, Stokes, Tanner, Taylor, Tillman, Upson, Wallace, Ward, Willard, Wi- Mr. Ingersoll introduced a "bill authorizing Aans-53.
an additional issue of legal-tender notes to the Nays-Messrs. Adams, Allison, Ambler, Armstrong, Atwood, Banks, Barnum, Beatty, Beck, Benjamin, Ben- amount of $14,000,000, and for other purposes ;" nett, Biggs, Bingham, Bird, George M. Brooks, James which was referred to the Committee on Banking Brooks. Buffinton. Burchard, Burr, Benjamin F. Butler, and Currency. Pending question of reference, Call.in, Cessna. William T. Clark. Sidney Clarke, Cleve- Mr. Scofield moved to lay the bill on the table; land, Amasa Cobb, Clinton L. Cobb, Coburn, Conger, Cook, Cor, Crebs, Cullom, Davis, Dawes. Degener, Dick which was disagreed to-yeas 65, nays 88, as inson, Dixon, Dockery, Dox, Dyer, Eldridge, Farns- follow: worth, Ferry, Fisher, Getz, Griswold, Hambleton, Hamill, Hawkins, Ilawley, llay, Hoar, Holman, Ilooper, In
Yeas–Messrs. Ambler, Ames, Asper, Bailey, Beaman, gersoll, Johnson, Judd. Kelley, Kellogg, Kerr, Ketcham, Benjamin, Biggs, Bird, Blair, Boyd, George M. Brooks, knott. Lawrence, Lewis, Loughridge, Marshall, May’ | Buck, Buckley, Buffinton, Cox, Dawes, Dixon, Donley, nard, McCarthy, McCormick, McGrew, McKee, McNeely, Duval. Ferriss, Finkelnburg. Fisher, Garfield, Getz, HalMilnes, Jesse H. Moore, William Moore, Morgan, Mor
deman, Hoar, llooper, Jenckes, Kelley, Kellogg, Kelsey, phis, Daniel J. Morrell, Mungen, Myers. Negley, Nib- Ker; Ketcham, Knapp, Latlin, Lash,
McGrew, Mercur, lack, O'Neill
, Orth, Packer. Paine, Peck, Phelps. Porter, William Moore, Samuel P. Morrill, Mungen, Myers, Prosser, Reeres. Rice, Rogers, Sanford, Schumaker; 1 O'Neill, Poland, Randall
, Reading, Reeves. Scofield, Porter Shanks. S'ocum, Joseph S. Smith, Stark weather, Steven Sheldon, Joha A. Smith, Worthington C Smith, Stark. son, Stiles. Siune, Stoughton, Strader, Strickland. Strong, weather, Stevens Stoughton, Strickland. Strong, TownsSwunii
, Sweeney, Taffe, Townsend, Twichell, Tyner, Van end, Twichell, Ward, Cadwalader C. Washburn. William Aulen, Van Horn. Van Wyck. Welker, Wells. Wheeler, B. Washburn, Wheeler, Willard, Winans, Woodward—65. Whitmore, Wilkinson, Williams, Eugene M. Wilson, Bennett, Boles, Burchard, Burdett, Burr, Benjamin F.
NAY8– Messrs. Allison, Armstrong, Arnell, Beatty, John T. Wilson, Winchester, Wood, Woodward-127.
Butler, Roderick R. Butler, Calkin, Cessna, Amasa
Cobb, Coburn, Cook, Cowles. Crebs, Cullom, Davis, DeA second committee of conference, consisting weese, Dickinson, Dockery, Dox, Dyer, Eldridge, Farnsof Senators Williams, Morton, and Bayard, and Mawkins Hawley, Hay, Heaton. 'Heflin, Hvag, Solomon
worth, Ferry, Fitch, Gilfillan, Griswold, Hamilton, Representatives Judd, Packer, and Knott, agreed L. Hoge. Holman. Ingersoll, Johnson. Alexander H. upon a report. being the bill as finally passed, Jones, Judd, Julian, Kuolt, Lawrence, Loughridge, May
hum, Maynard, McCarthy, McCormick, McCrary, Morand printed at the beginning of this chapter.
gan, Negley, Niblack, Orth, Packard, Paine, Peters, The following, it is understood, will be the ap- i Pomeroy, Prosser. Rice. Rogers, Sargent, Lionel A. Shelportionment of the additional circulation given don, Joseph S. Smith, William J. Smith, William Smyth, in this act:
Stevenson, Stokes, Stone, Strader, Sweeney, Taffe, Tanner,
Tillman, Tyner, Opson, Van Trump, Welker, Wells, B. F. Virginia, $4,915,985; West Virginia, $457,770; Whittemore, Wilkinson, Williams, Eugene M. Wilson, Illinois, $1,079,592; Michigan, $786,776; Wis- Witcher, Wood—88. consin, $2,117,939; Iowa, $681,363; Kansas, 1870, January 17-Mr. McNeely moved to sus$174,712; Missouri, $3,000,412; Kentucky, $4,- pend the rules to offer, and the House to adopt, 651,349; Tennessee, $4,331,759; Louisiana, $5,- the following resolution, viz: 425,193; Mississippi, $2,980,470; Nebraska, $6,- Resolved, That the Committee on Banking and 576; Georgia, $4,681,728; North Carolina, $4,- Currency be, and they are hereby, instrucied to 098,628; South Carolina, $4,216,838; Alabama, report at an early day a bill providing for with$4,081,212; Oregon, $161,273; Texas, $2,032,- drawing from circulation the national bank cur194; Arkansas, $1,455,519; Utah, $58,332; Cal- rency, and for issuing, instead of such currency, ifornia, $1,717,388; Florida, $546,442; Dakota, treasury notes, usually known as “greenbacks. $15,441; New Mexico, $277,939; Washington Which was disagreed to-yeas 56, nays 114, Territory, $47,180. Total, $54,000,000. as follow:
The following is the apportionment of the ex- YEAS—Messrs. Adams, Archer, Axtell, Beck, Biggs, Bird, isting circulation :
James Brooks, Burr, Roderick R. Butler, Calkin, Cox, Maine, $5,415,000; New Hampshire, $3,312,- Griswold, Haight, Haldeman, Hambleton, Hamill, Haw
Crebs, Dickinson, Dox, Eldridge, Getz, Golladay, Greene, 000; Vermont, $2,989,500; Massachusetts, $21,- kins, Hay, Holman, Johnson, Thomas 1. Jones, Kerr, 795,000; Rhode Island, $4,794,000; Connecticut, Knott, Marshall, Mayham, McCormick, McNeely, Morgan, $7,222,500; New York, $33,473,500; New Jersey, maker, Sherrod, Joseph S. Smith, Stiles, Strader, Swann,
Mungen, Niblack, Randall, Reading, Reeves, Rogers, Schu$6,690,000 ; Pennsylvania, $26,527,500; Mary- Trimble, Van Auken, Van Trump, Voorhees, Wells, Euland, $7,137,000; Delaware, $1,090,500 ; District gene M. Wilson, Winchester, Wood, Woodward—56. of Columbia, $658,500; Virginia, $10,731,000; ley, Banks, Barnum, Beaman, Beatty, Benjamin, Ben
Nays-Messrs. Ambler, Ames, Armstrong, Asper, BaiWest Virginia, $2,788,500; Ohio, $17,623,500; ton, Bingham, Blair. Boles, Bowen, Boyd. G. M. Brooks, Indiana, $9,615,000; Illinois, $11,838,000; Mich- Buck, Buckley, Buffinton, Burchard, Burdett, Cake, igan, $5,200,500; Wisconsin, $6,211,500; Iowa, Cessna, Sidney Clarke, Amasa Cobb, 'Clinton L. Cobb,
Coburn, Cok, Conger, Cowles, Dawes, Deweese, Dick$4,408,500; Minnesota, $1,050,000; Kansas, ey, Dixon, Donley, Duval, Dyer, Ferriss, Finkelnburg, $646,500; Missouri, $9,411,000; Kentucky, $10,- Fisher
, Garfield, Gilfillan, Hale, Hamilton, Hawley, 500,000; Tennessee, $8,766,000; Louisiana, $10,- Heaton, Heflin, Hill, Hoar, Hooper, Jenckes, Judd, Ju
lian, Kelley, Kellogg, Kelsey, Ketcham, Knapp, Lash, 581,000; Mississippi, $5,265,000; Nebraska, Lawrence, Logan, Lynch, McCarthy, McCrary, McGrew, $181,500; Colorado, $193.500; Georgia, $9,420,- Mercur, Eliakim P. Moore, Jesse H. Moore, William 500; North Carolina, $7,546,500; South Carolina, Moore, Daniel J. Morrell, Myers, Negley, O'Neill, Orth, $7,566,000; Alabama. $7,425,000; Nevada, $48,- land, Pomeroy, Potter, Prosser, Roots, Sargent, Sawyer,
Packard, Packer, Paine, Palmer, Peters, Phelps, Po000; Oregon, $370,500; Texas, $3,961,000; Ar- Scofield, Lionel A. Sheldon, Porter Sheldon, John A. kansas, $2,724,000; Utah, $237,000; California, Smith, William J. Smith, Worthington C. Smith, Stark$3,003.000; Florida, $955,500; Dakota, $27,000; Tanner, Tillman. 'Townsend, Twichell, Tyner, 'Upson,
weather, Stevens, Stokes, Stoughton, Strong, Taffe, New Mexico, $486,000; Washington Territory, Cadwalader C. Washburn, William B. Washburn Wel $82,500. Total, $299,968,500.
ker, Wheeler, Wilkinson, Willard, Williams, John T.
THE FUNDING ACT.
AN ACT to authorize the refunding of the na- tion 'the Secretary of the Treasury shall give tional debt.
public notice; and the interest on the particular Be it enacted, &c., That the Secretary of the bonds so selected at any time to be paid shall Treasury is hereby authorized to issue, in a sum cease at the expiration of three months from the or sums not exceeding in the aggregate $200,- date of such notice. 000,000, coupon or registered bonds of the United SEC. 4. That the Secretary of the Treasury is States, in such form as he may prescribe, and of hereby authorized, with any coin in the Treasury denominations of fifty dollars, or some multiple of the United States which he may lawfully apof that sum, redeemable in coin of the present ply to such purpose, or which may be derived standard value, at the pleasure of the United from the sale of any of the bonds the issue of States, after ten years from the date of their is- which is provided for in this act, to pay at par ßue, and bearing interest, payable semi-annually and cancel any six per cent. bonds of the United in such coin, at the rate of five per cent. per an- States of the kind known as 5 20 bonds which num; also a sum or sums not exceeding in the have become or shall hereafter become redeemable aggregate $300,000,000 of like bonds, the same by the terms of their issue. But the particular in all respects, but payable at the pleasure of the bonds so to be paid and canceled shall in all cases United States, after fifteen years from the date of be indicated and specified by class, date, and numtheir issue, and bearing interest at the rate of four ber, in order of their numbers and issue, beginand a half per cent. per annum; also a sum or sums ning with the first numbered and issued, in public not exceeding in the aggregate $1,000,000,000 notice, to be given by the Secretary of the Treasof like bonds, the same in all respects, but pay- ury, and in three months after the date of such able at the pleasure of the United States, after public notice the interest on the bonds so selected thirty years from the date of their issue, and and advertised to be paid shall cease. bearing interest at the rate of four per cent. per Sec. 5. That the Secretary of the Treasury is annum; all of which said several classes of bonds, hereby authorized, at any time within two years and the interest thereon, shall be exempt from from the passage of this act, to receive gold coin the payment of all taxes or duties of the United of the United States on deposit for not less than States, as well as from taxation in any form by thirty days, in sums of not less than $100, with or under State, municipal, or local authority; the Treasurer, or any assistant treasurer of the and the said bonds shall have set forth and ex- United States authorized by the Secretary of the pressed upon their face the above specified con- Treasury to receive the same, who shall issue ditions, and shall, with their coupons, be made therefor certificates of deposit, made in such form payable at the Treasury of the United States. as the Secretary of the Treasury shall prescribe, But nothing in this act, or in any other law now and said certificates of deposit shall bear interest in force, shall be construed to authorize any in- at a rate not exceeding two and a half per
cent. crease whatever of the bonded debt of the United per annum; and any amount of gold coin so deStates.
posited may be withdrawn from deposit at any SEC. 2. That the Secretary of the Treasury is time after thirty days from the date of deposit, hereby authorized to sell and dispose of any of and after ten days' notice and on the return of the bonds issued under this act at not less than said certificates: Provided, That the interest on their par value for coin, and to apply the pro- | all such deposits shall cease and determine at the ceeds thereof to the redemption of any of the pleasure of the Secretary of the Treasury. And bonds of the United States outstanding and not less than twenty-five per cent of the coin known as 5-20 bonds at their par value; or he deposited for or represented by said certificates may exchange the same for such 5-20 bonds, par of deposits shall be retained in the Treasury for for par; but the bonds hereby authorized shall the payment of said certificates; and the excess be used for no other purpose whatsoever. And beyond twenty-five per cent. may be applied, at a sum not exceeding one-half of one per cent. of the discretion of the Secretary of the Treasury, the bonds herein authorized is hereby appro- to the payment or redemption of such outstandpriated to pay the expense of preparing, issuing, ing bonds of the United States heretofore issued advertising, and disposing of the same.
ang known as the 5-20 bonds, as he may desigSEC. 3. That the payment of any of the bonds nate under the provisions of the 4th section of hereby authorized after the expiration of the said this act; and any certificates of deposit issued as several terms of ten, fifteen, and thirty years aforesaid may be received at par, with the intershall be made in amounts to be determined from est accrued thereon, in payment for
bonds time to time by the Secretary of the Treasury at authorized to be issued by this act. his discretion, the bonds so to be paid to be dis- SEC. 6. That the United States bonds purchased tinguished and described by the dates and num- and now held in the Treasury in accordance with bers, beginning for each successive payment with the provisions relating to a sinking fund, of secthe bonds of each class last dated and numbered, tion 5 of the act entitled "An act to authorize of the time of which intended payment or redemp- | the issue of United States notes, and for the re
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 reduce February 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 denominacions, 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 semi, United 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 ing debt of the United States. In addition to they may be exchanged for any of the outstandother amounts that may be applied to the redemp- ing bonds of an equal aggregate par value heretion or payment of the public debt, an amount tofore issued and known as the five-twenty bonds, equal to the interest on all bonds belonging to and for no other purpose; and the proceeds of the aforesaid sinking fund shall be applied, as so much thereof as may be disposed of for coin the Secretary of the Treasury shall from time to shall be placed in the Treasury, to be used for time direct, to the payment of the public debt, the redemption of such six per centum bonds at as provided for in section 5 of the act aforesaid ; par as may not be offered in exchange, or to reand the amount so to be applied is hereby appro- place such amount of coin as may have been priated annually for that purpose out of the re- used for that purpose. ceipts for duties on imported goods.
Sec. 2. That the Secretary of the Treasury Åpproved, July 14, 1870.
be, and he is hereby, authorized to issue on the
credit of the United States, coupon or registered Final Votes.
bonds to the amount of $100.000,000, of such
denominations, not less than $50, as he may In Senate, July 13, 1870.
think proper, redeemable in coin at the pleasThe bill, being the report of the committee of ure of the Government at any time after fifteen conference last appointed, was agreed to without years, and payable in coin at thirty years from a division.
date, and bearing interest not exceeding four and IN HOUSE, July 13, 1870.
one-half centum per annum, payable semi-anYEAS–Messrs. Allison, Ambler, Ames, Armstrong, section may be disposed of under such regulations
nually in coin; and the bonds authorized by this Arnell, Asper, Atwood, Ayer, Bailey, Banks, Barry, Benjamin, Bennett, Benton, Bingham, Blair, Boles, as the Secretary shall prescribe, in the United Boyd, George M. Brooks, Buck, Buckley, Bufti nton, States or elsewhere, at not less than par for coin; Burchard, Burdett, Roderick R. Butler, Cake, Cessna, Churchill, Sidney Clarke, William T. Clark, Amasa
or they may be exchanged at par for any of Cobb, Coburn, conger, Cook, Covode, Cowles, Cullom, the outstanding obligations of the Government Darrall, Davis, Dawes, Degener, Dickey, Dixon, Donley, bearing a higher rate of interest in coin; and Duval, Ela, Farnsworth, Ferriss, Ferry, Finkelnburg, the proceeds of such bonds as may be sold for Fisher, Fitch, Garfield, Gilfillan, Hamilton, llarris, Hawley, Hays. Heflin, IIill, Hoar, Hooper, Hotchkiss, coin shall be deposited in the Treasury, to be Jenckes, Judd, Julian, Kelley, Kellogg, Kelsey, Ketch- used for the redemption of such obligations bearam, Knapp, Laflin, Lash, Lawrence, Logan, Loughridge, Lynch, Maynard, McCarthy, McCrary, Negrew, ing interest in coin as by the terms of issue are Mercur, Eliakim H. Moore, Jessé H. Moore, William or may become redeemable or payable, or to reMoore, Morphis, Daniel J. Morrell, Myers, Negley, place such coin as may have been used for that O'Neill, Orth, Packard, Packer, Paine, Palmer. Peck, Perce, Peters, Phelps, Poland, Porter, Prosser, Rogers, purpose, Roots, Sanford, Sargent, Sawyer, Schenck, Shanks, SEC. 3. That the Secretary of the Treasury be, Lionel A. Sheldon, Porter Sheldon, John A. Smith, Wild and he is hereby, authorized to issue, on the liam J. Smith, Worthington c. Smith, William Smyth, credit of the United States, from time to time, Stevens, Stokes, Stoughton, Strickland, Taffe, Tanner, Taylor, Tillman, Townsend, Twichell, Tyner, Upson, coupon or registered bonds of such denominaVan Horn, Van Wyck, Ward, William B. Washburn, tions, not less than $50, as he may think proper, Welker, Wheeler, Whitmore. Wilkinson, Willard, Wil- to the amount of $400,000,000, "redeemable in liams, John T. Wilson, Witcher-139. Niys-- Messrs, Adams, Archer, Axtell
, Barnum, Beatty, coin at the pleasure of the Government at any Beck, Biggs, Bird, Jumes Brools, Burr. (a'kin, Cl velard time after twenty years, and payable in coin at Cox. Crelis, Diclins n. Eldridge,Fux, Gitz, Griswold, forty years from date, and bearing interest at Haight, Namhleton, Hamill, Hay, Holman, Jolricon, Thomas L. Jones, K rr, Knott, Lewis, Marshall, Maylum. MeCor- the rate of four per centum per annum, payable mi", McKenzie, Mor an, Porter, Ranılall, heeres. Rice. Schu- semi-annually in coin; and such bonds may be maker, Sherrod, acum, Joseph S. mich; Stilce, Stonedisposed of, either in the United States or elseSwann, Sweenvy, Trimble, von Trump Woorlices. Wells, Eu- where, at not less than their par value, for coin, gene M. Wilson, Winchester, Wood, Woodward-54.
or, at the discretion of the Secretary, for United Previous Votes.
States notes; or may be exchanged at not less
than par for any of the obligations of the United In SENATE.
States outstanding at the date of the issue of 1870, February 7—Mr. Sherman, from the Com- such bonds; and if in the opinion of the Secremittee on Finance, reported the following bill: tary of the Treasury it is thought advisable to issue a larger amount of four per centum bonds passage of this act, in default of which their right for any of the purposes herein or hereinafter re- to issue notes for circulation shall be forfeited, cited than would be otherwise authorized by this and the Treasurer and the Comptroller of the section of this act, such further issues are hereby Currency shall be authorized and required to authorized: Provided, That there shall be no take such measures as may be necessary to call increase in the aggregate debt of the United in and destroy their outstanding circulation, and States in consequence of any issues authorized by to return the bonds held as security therefor to this act.
the association by which they were deposited, in Sec. 4. That the bonds authorized by this act sums of not less than $1,000: Provided, That shall be exempt from all taxation by or under any such association now in existence may, upon national, State, municipal, or local authority. giving thirty days' notice to the Comptroller of
SEC. 5. That the coupons of said bonds may the Currency by resolution of its board of directbe made payable at the Treasury of the United ors, deposit legal-tender notes with the Treasurer States, or at the office of an authorized agent of of the United States to the amount of its outthe United States, either in the cities of London, standing circulation, and take up the bonds Paris, Berlin, Amsterdam, or Frankfort, in dol- pledged for its redemption: And provided furlars, or the equivalent thereof in sterling money, ther, That not more than one-third of the bonds in francs, or in thalers.
deposited by any bank as such security shall be Sec. 6. That the Secretary of the Treasury be, of either of the classes of bonds hereby authorand he is hereby, authorized to 'appoint such ized on which the maximum rate of interest is agents in the United States and in Europe as he fixed at four and one-half or five per centum per may deem necessary to aid in the negotiation of annum. said bonds; and he may advertise the loan herein Sec. 9. That the amount of circulating notes authorized and the conditions thereof in such which any bank may receive from the Coinptrolnewspapers and journals in this country and in ler of the Currency, under the provisions of secEurope as he may select for that purpose; and a tion 21 of said act, may equal but not exceed sum not exceeding one per centum of the bonds eighty per centum of the par value of the bonds herein authorized is hereby appropriated to pay deposited, but shall not exceed in the aggregate the expense of preparing, issuing, and disposing the amount to which such bank may be entitled of the same.
under said section. Sec. 7. That in order to carry into execution Sec. 10. That any banking association organthe 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 First, The reduction of the amount of each the monthly statements of the public debt. outstanding bond of the United States by the
SEC. 8. That on and a:ter the 1st day of Octo- difference between the nominal amount thereof ber, 1870, registered bonds of any denomination and its gold value, or the gold value of the bond not less than $1,000, issued under the provisions of which it is the immediate or remote substitute, of this act, and no others, shall be deposited with at the time of the sale thereof by the Governthe Treasurer of the United States as security for ment. the notes issued to national banking associations Second, By the amount of usury paid by the for circulation under an act entitled “ An act to United States on said bond or any bond or bonds provide a national currency secured by a pledge of which it is the immediate or remote substitute. of United States bonds, and to provide for the Third, To reduce the rate of interest upon all circulation and redemption thereof,” approved outstanding bonds to five per
annum. June 3, 1864; and all national banking associa- Fourth, To tax all dividends received on tions organized under said act, or any amend- United States bonds as so much income. ment thereof, are hereby required to deposit bonds Fifth, To reduce the appropriations for the issued under this act as security for their circu- army to the reasonable cost of twenty thousand lating notes within one year from the date of the men, rank and file.
Sixth, To reduce the aggregate appropriation Mr. Hamlin moved to amend the 8th section. for the navy to $20,000,000.
by inserting in line 13, after the word "thereof," Seventh, To reduce the aggregate appropria- the words, the bonds of which are then redeemtion for the civil and diplomatic service of the able by their terms, and as they shall thereafter Government ten per centum.
become redeemable;" which was disagreed toEighth, To reduce the aggregate amount of yeas 16, nays 28, as follow: internal taxes and duties on imports each thirty- Yeas-Messrs. Boreman, Buckingham, Conkling, three and one-third per centum.
Corbett, Edmunds, Ferry, Gilbert, Hamlin, Howard,
Howe, McDonald, Morrill of Maine, Morrill of Vermont, Which was disagreed to without a division.
Pomeroy, Revels, Scott-16. March 9—Mr. Morrill, of Vermont, moved Nays-Messrs. Abbott, Bayard, Casserly, Chandler, to amend the 2d section by striking out the words Cole, Drake, Harlan, Howell
, Johnston, Kellogg, Mc"four-and-a-half” and inserting the word “five." Sreery, Osborn, Pratt, Rice, Ross, Sawyer, Schurz,
Which was disagreed to-yeas 8, nays 40, as man, Trumbull, Warner, Willey, Williams, Wilson–28. follow:
March 11-Mr. Wilson moved to amend by YEAS-Messrs. Bayard, Brownlow, Buckingham, Cas- striking out sections 1, 2, and 3, and inserting serly, Ferry, Johnslım, Morrill of Vermont, Stockton in lieu thereof the following:
Nays-Messrs. Boreman, Cameron, Chandler, Cole, Conkling, Corbett, Davis, Drake, Fenton, Fowler, Gil
That, for the purpose of reducing the interest bert, Hamlin, Harris, Howard, Howe, Howell, Kel- on the five-twenty six per centum bonds of the logg, McCreery, McDonald, Norton, Osborn, Pomeroy, United States, the Secretary of the Treasury be, Sherman, Sumner, Thayer, 'Tipton, Trumbull, Vickers, and he is hereby, authorized to issue, on the Warner, Willey, Williams, Wilson--40.
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 pleanure 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 act ing 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 YEA8-Messrs. Abbott, Anthony, Bayard, Casserly, centum per annum, or payable at fifty years Chandler, Cole, Fenton, Gilbert, Hamlin, Harlan, from date, and bearing interest at the rate of four Howe, lowell, Johnston, Morrill of Maine, Morrill of Vermont. Morton, Pratt, Ramsey, Revels, Rice, Ross, per centuin per annum, payable semi-annually Schurz, Sherman, Sumner, Tipton, Trumbull, Vickers, in coin; and the bonds thus authorized may be
exchanged for any of the outstanding five-twenty. 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
twenty bonds, and for no other purpose; or they Mr. Corbett moved to strike out the 5th sec- may be disposed of at the discretion of the Section, which was agreed to-yeas 29, nays 11, as retary, under such regulations as he shall prefollow:
scribe, either in the United States or elsewhere, Yeas-Messrs. Bayard, Buckingham, Cameron, Casa at not less than their par value for coin; and serly, Chandler, Cole, Conkling, Corbett, Fenton, Gilbert, Hamlin, Harlan, Harris, Howard, Howe, Howell
, the proceeds of so much thereof as may be disSchurz, Sprague, Stockton, Sumner, Thurman, Trum- to be used for the redemption of such six per Johnston Morrill of Maine, Osborn, Pratt, Ramsey, Ross posed of for coin shall be placed in the Treasury, bull, Wilson-29.
NAYS— Messrs. Abbott, Anthony, Edmunds, Morrill centum bonds at par as may not be offered in of Vermont. Morton, Rice, Sherman, Tipton, Vickers, exchange, or to replace such amount of coin as Warner, Williams-11.
may have been used for that purpose. Mr. Howard moved to amend the 8th section Which was disagreed to. by inserting in the 14th line the following: Mr. Sherman moved to amend by striking out.
And any such banking association may, on in section 2, line 7, "thirty,” and inserting such terms as may be prescribed by the Secretary "forty,” which was disagreed to. of the Treasury and at the market price current Mr. Morton moved to amend the 2d section by in the city of New York, exchange its bonds now striking out in line 12 the words, "or, at the disdeposited as security under said act for bonds cretion of the Secretary, for United States notes,” issued under this act, for the purpose aforesaid. and by inserting in line 13, before the word "obWhich was disagreed to.
ligations," the words “interest-bearing,” which Mr. Buckingham moved to amend the 8th was disagreed to-yeas 18, nays 32, as follow: section, by striking out all after the words Yeas, Messrs. Boreman, Brownlow, Cole, Fowler, eighteen hundred and sixty-four,” which was Howe, Howell, Kellogg, McCreery, McDonald, Morton,
Pomeroy, Pool, Pratt, Ramsey, Revels, Sprague, Thurdisagreed to-yeas 15, nays 28, as follow:
man, Tipton-18. YEA8-Messrs, Buckingham, Conkling, Corbett, Ed
Nays-Messrs. Anthony, Bayard, Buckingham, Cam. munds, Ferry, Gilbert, Hanlin, Howard, Howe, Mc-eron, Casserly, Chandler, Conkling, Corbett, Drake, Donald, Morrill of Maine, Morrill of Vermont, Pome- Fenton, Ferry, Gilbert, Hamlin, Harian, Ilarris, How roy, Revels, Scott-15.
ard, Jolinston. Morrill of Vermont, Osborn, Rice, Sawyer, Nues-Messrs. Abbott, Bayard, Boreman, Casserly, Schurz, Scott, Sherman, Stewart, Stockton, Sumner, Chandler, Cole, Drake, Harlan, Howell, Johnston, Kel Trumbull, Warner, Willey, Williams, Wilson-32. logg, McCrec. y, Osborn, Pratt. Ramsey, Rice, Ross, Saw- Mr. Buckingham moved to strike out the 8th yer, Sherman, Spencer, Stewart, Stockton, Sumner, Thurman, Trumbull, Warner, Willey, Williams, Wil? section, which was disagreed to-yeas 16,
nays 32, as follow: