« PreviousContinue »
Our Financial Legislation. LOANS of $50,000,000, making the whole amount author
$100,000,000. The financial legislation has been as follows: March 1-Authorized an issue of CERTIFICATES OF INDEBT 1860, December 17-Authorized an issue of $10,000,000 in EDNESS, payable one year from date, in settlement of audited TREASURY NOTES, to be redeemed after the expiration of one claims against the Government. Interest 6 per cent, per year from the date of issue, and bearing such a rate of in- annum, payable in gold on those issued prior to March , terest as may be offered by the lowest bidders. Authority 1863, and in lawful currency on those issued on and after was given to issuo these notes in payment of warrants in that date. Amount of issue not specified. favor of public creditors at their par value, bearing six per 1862, July 11-Authorized an additional issue of $150,000,cent. interest per annum.
000 legal tender NOTES, $35,000,000 of which might be in de 1861, February 8–Authorized a LOAN of $25,000,000, bear- nominations less than five dollars. Fifty million dollars of ing interest at a rate not exceeding six per cent. per annum, this issue to be reserved to pay temporary loans promptly and reimbursable within a period not beyond twenty years in case of emergency. nor less than ten years. This loan was made for the pay- July 17-Authorized an issue of NOTES of the fractional ment of the current expenses, and was to be awarded to the part of one dollar, receivable in payment of all dues, except most favorable bidders.
customs, less than five dollars, and exchangeable for United March 2—Authorized a Loan of $10,000,000, bearing inter- States notes in sums not less than five dollars. Amount of est at a rate not exceeding six per cent. per annum, and re- issue not specified. imbursable after the expiration of ten years from July 1, 1863, January 17-Authorized the issue of $100,000,000 in 1861. In case proposals for the loan were not acceptable, United States notes for the immediate payment of the army authority was given to issue the whole amount in TREASURY and navy; such notes to be a part of the amount provided NOTES, bearing interest at a rate not exceeding six per cent. for in any bill that may hereafter be passed by this Couper annum. Authority was also given to substitute Treas- gress. The amount in this resolution is included in act of URY Notes for the wholo or any part of the loans for which March 3, 1863, the Secretary was by law authorized to contract and issue March 3-Authorized a loan of $300,000,000 for this and bonds, at thẽ time of the passage of this act, and such treas- $600,000,000 for the next fiscal year, for which could be is ury notes were to be made receivable in payment of all pub- sued bonds running not less than ten nor more than forty lic dues, and redeemable at any time within two years from years, principal and interest payable in coin, bearing interMarch 2, 1861.
est at a rate not exceeding 6 per cent. per annuin, payable March 2-Authorized an issue, should the Secretary of on bonds not exceeding $100, annually, and on all others the Treasury deem it expedient, of $2,800,000 in coupon semi-annually. And TREASURY NOTES (to the amount of BONDS, bearing interest at the rato of six per cent. per an- $400,000,000) not exceeding three years to run, with interest num, and redeemable in twenty years, for the payment of at not over 6 per cent. per annum, principal and interest expenses incurred by the Territories of Washington and payable in lawful money, which may be made a legal tender Oregon in the suppression of Indian hostilities during the for their face value, excluding interest, or convertible into years 1855–56.
United States notes. And a further issue of $150,000,000 in July 17-Authorized a loan of $250,000,000, for which United States notes for the purpose of converting the Treas could be issued BONDS bearing interest at a rate not exceed ury notes which may be issued under this act, and for no ing 7 per cent. per annum, irredeemable for twenty years, other purpose. And a further issue, if necessary, for the and after that redeemable at the pleasure of the United payment of the army and navy, and other creditors of the States.
Government, of $150,000,000 in United States notes, which TREASURY NOTES bearing interest at the rate of 7.30 per amount includes the $100,000,000 authorized by the joint cent. per annum, payable three years after date; and resolution of Congress, January 17, 1863. The whole amount
United States NOTES without interest, payable on demand, of bonds, treasury notes, and United States notes issued to the extent of $50,000,000. (Increased by act of February under this act not to exceed the sum of $900,000,000. 12, 1862, to $60,000,000.)
March 3-Authorized an issue not exceeding $50,000,000 The bonds and treasury NOTES to be issued in such pro- in FRACTIONAL CURRENCY, (in lieu of postage or other stamps) portions of each as the Secretary may deem advisable. exchangeable for United States notes in sums not less than
August 5–Authorized an issue of BONDS bearing 6 per three dollars, and receivable for any duos to the United cent. interest per annum, and payable at the pleasure of the States less than five dollars, except duties on imports. The United States after twenty years from date, which may be whole amount issued, including postage and other stamps issued in exchange for 7.30 treasury notes; but no such issued as currency, not to exceed $50,000,000. Authority bonds to be issued for a less sum than $300, and the whole was given to prepare it in the Treasury Department, under amount of such bonds not to exceed the whole amount of the supervision of the Secretary. 7.30 treasury notes issued.
1861, March 3 Authorized, in lieu of so much of the loan 1862, February 25-Authorized the issue of $150,000,000 of March 3, 1863, a Loan of $200,000,000 for the current fiscal in legal tender United States NOTES, $50,000,000 of which to year, for which may be issued bonds redeemable after five be in lieu of demand notes issued under act of July 17, 1861, and within forty years, principal aud interest payable in $500,000,000 in 6 per cent. bonds, redeemable after five years, coin, bearing interest at a rato not exceeding per ceat. and payable twenty years from date, which may be ex- per annum, payable annually on bonds not over $100, and changed for United States notes, and a temporary loan of on all others semi-annually. These bonds to be exempt $25,000,000 in United States notes for not less than thirty from taxation by or under Stato or municipal anthority. days, payable after ten days' notice at 5 per cent. interest 1864, June 30_Authorized a loan of $400,000,000, for per annum.
which may be issued bonds, redeemable after five nor more March 17–Authorized an increase of TEMPORARY LOANS of than thirty years, or if deemod expedient, made payable at $25,000,000, bearing interest at a rate not exceeding 5 per any period not more than forty years from date interest cent, per annum.
not exceeding six per cent. semi-annually, in coin. Secre July 11-Authorized a further increase of TEMPORARY | tary of the Treasury is authorized to dispose of these bonds,
Baxter, Boutwell, Boyd, Cobb, Cole, Creswell, Dawes, Dem
or any part, and of the remainder of the five-twenties, in the
SEC. 3. That the interest on all bonds heretofore issued, payable annually, may be paid semi-annually; and in lieu of such bonds authorized to be issued, the Secretary of the Treasury may issue bonds bearing interest payable semiannually. And he may also issue in exchange for Treasury notes heretofore issued bearing seven and three-tenths per centum interest, besides the six per cent honds heretofore authorized, like bonds of all the denominations in which said Treasury notes have been issued; and the interest ou such Treasury notes after maturity shall be paid in lawful money, and they may be exchanged for such bonds at any time within three months from the date of notice of redemption by the Secretary of the Treasury, after which the interest on such Treasury notes shall cease. And so much of the law approved March 3, 1864, as limits the loan authorized therein to the current fiscal year, is hereby repealed; and the authority of the Secretary of the Treasury to borrow money and issue therefor bonds or notes conferred by the first section of the act of March 3, 1863, entitled "An act to provide ways and means for the support of the Government," shall cease on and after the passage of this act, except so far as it may effect [affect] $75,000,000 of bonds
SPECIAL WAR INCOME TAX.
It passed the Senate same day-yeas 28, nay 7, as follows:
YEAS-Messrs. Anthony, Clark, Conness, Cowan, Doolittle, Foot, Foster, Hale, Harlan, Harris, Hicks, Howe, Johnson, Lane of Indiana, Lane of Kansas, McDougall, Mor gan, Morrill, Pomeroy, Ramsey. Sherman, Sumner, Ten Eyck, Trumbull, Van Winkle, Wilkinson, Willey, Wilson NAYS-Messrs. Buckalew, Carlile, Davis, Powell, Rich
Second Session, Thirty-Seventh Congress.
1862, Feb. 6-The House came to a vote on two propositions for the issue of $150,000,000 in Treasury notes.
The one, for notes without interest, and denomination not below $5-of which $50,000,000 should be in lieu of so many of the "Demand notes"-to be receivable for all duties, imposts, excises, debts, and demands of every kind due to the United States, and all salaries, &c., from the United States, "and shall also be lawful money, and a legal tender in payment of all debts, public and private, within the United States," to be exchangeable for twenty year six per cent. bonds, interest payable semi-annually, or five Year seven per cent. bonds with interest payable semi-annually in coin. Such United States notes to be received the same as coin in payment for loans. Five hundred millions of bonds authorized, payable after twenty years, at six per cent. interest payable semi-annually.
ized $100,000 of Treasury notes at 3.65 per The other, offered as an amendment, authorcent. per annum, payable in two years, to be Resolved, dc., That, in addition to the income duty alrea- receivable for all public dues except duties on dy imposed by law, there shall be levied, aasessed, and col- imports, and for all salaries, debts, and delected on the first day of October eighteen hundred and mands owing by the United States to individsixty-four, a special income duty upon the gains, profits, or income for the year ending the thirty-first day of Decem- uals, corporations, and associations within the ber next preceding the time herein named, by levying, as- United States, at the option of such individuBessing, and collecting said duty of all persons residing als, corporations, and associations, exchangeawithin the United States, or of citizens of the United States residing abroad, at the rate of five per centum on all sums ble for 7.30 bonds with interest payable semiexceeding six hundred dollars, and the same shall be levied, annually in coin, and receivable the same as assessed, estimated, and collected, except as to the rates, coin in payment of loans. $500,000,000 of according to the provisions of existing laws for the collection of an income duty, annually, where not inapplicable bonds authorized-$200,000,000 at 7:30 interhereto; and the Secretary of the Treasury is hereby au- est payable semi-annually in coin, and redeemthorized to make such rules and regulations as to time and able after ten years, and $300,000,000, redeemspecial income duty herein provided for, as may be neces- able after twenty-four years, at 6 per cent., Bary: Provided, That in estimating the annual gains, pro- payable semi-annually in coin. fits, or income, as aforesaid, for the foregoing special income Juty, no deductions shall be made for dividends or interest eceived from any association, corporation, or company, nor shall any deduction be made for any salary or pay received. This resolution passed the House, July feas 53, nays 49, as follows:
mode, or other matters, to enforce the collection of the
The latter was rejected-yeas 55, nays 95, as follows:
YEAS-Messrs. Ancona. Baxter, Biddle, George H. Browne, 4-William G. Brown, Cobb, Frederick A. Conkling, Roscoe Conking. Conway, Corning, Coz, Cravens Crisfield, Crit tenden, Diven, Eliot, English, Goodwin, Grider, Harding, YEAS-Messrs. Alley, Allison, Ames, Isaac N. Arnold, Holman, Horton, Johnson, Law, Lazear, Lovejoy, May,
Menzies, Justin S. Morrill, Morris, Nixon, Noble, Norton, among other things, to strike out the legal ten-
NATS-Messrs. Aldrich, Alley, Arnold, Ashley, Babbitt, Goldsmith F. Bailey, Joseph Baily. Baker, Beaman, Bingham, Francis P. Blair, Jacob B. Blair, Samuel S. Blair, Blake, Buffinton, Burnham, Campbell, Chamberlain, Clark, Colfax, Cutler, Davis, Delano, Delaplaine, Duell, Dunlap, Dunn, Edgerton, Edwards, Ely, Fenton, Fessenden, Fisher, Franchot, Frank, Gooch, Granger, Gurley, Haight. Hale, Hanchett, Harrison, Hickman, Hooper, Hutchins, Julian, Kelley, Francis W. Kellogg, William Kellogg, Killinger, Knapp, Lansing, Leary, Loomis, McKean, McKnight, McPherson, Marston, Maynard, Mitchell, Moorhead, Anson P. Morrill, Olin, Patton, Timothy G. Phelps, Pike, Price, Alexander H. Rice, John H. Rice, Richardson, James S. Rollins, Sargent, Shanks, Shellabarger, Sherman, Sloan, Spaulding, John B. Steele, Stevens, Trimble, Trowbridge, Upton, Van Horn, Van Valkenburgh, Van Wyck, Verree, Wall, Wallace, Charles W. Walton, Whaley, Albert S. White, Wickliffe, Wilson, Windom, Worcester-95.
The affirmative vote on the passage of the former was the same as the negative on the amendment except that Messrs. W. G. Brown and Crittenden, who voted aye on the amendment, did not vote on the passage of the bill; Messrs. Dunlap, Knapp, Richardson, and Wickliffe, who voted nay on the amendment, voted nay on the passage; Messrs. Mallory, Robinson, and Voorhees, who did not vote on the amendment, voted nay on the passage; Mr. Nugen, who voted aye on the amendment, voted aye on the passage; and Messrs. Dunn and Riddle, who did not vote on the amendment, voted aye on the passage.
And such notos herein authorized shall be receivable in payment of all public dues and demands of every description, and of all claims and demands ag inst the United States of every kind whatsoever, except for interest upon bonds and notes, which shall be paid in coin.
Mr. SHERMAN moved to include with these notes, "the notes authorized by the act of July 17, 1861;" which was agreed to.
The amendment as amended was agreed to. Feb. 13-Mr. COLLAMER moved to strike out these words:
And such notes herein authorized and the notes authorized by the act of July 17, 1861, shall be receivable in payment of all public dues and demands of every description, and of all claims and demands against the United States of every kind whatsoever, except for interest upon bonds and notes, which shall be paid in coin, and shall also be lawful money and a legal tender in payment of all debts, public and private, within the United States, except interest as aforesaid.
Which was rejected-yeas 17, nays 22, as follows:
The bill was then passed-yeas 30, nays 7, as follows:
YEAS-Messrs. Anthony, Chandler, Clark, Davis, Dixon, Doolittle, Fessenden, Foot, Foster, Grimes, Hale, Harlan, Harris, Henderson, Howard, Howe, Lane of Indiana, La tham, McDougall, Morrill, Pomeroy, Rice, Sherman, Sumner, Ten Eyck, Trumbull, Wade, Wilkinson, Wilson of Massachusetts, Wilson of Missouri-30.
NAYS-Messrs. Collamer, Cowan, Kennedy, King, Pearce, Powell, Saulsbury-7.
Feb. 20-In the House, the question being on concurring in the amendment of the Senate making the interest upon bonds and notes payable in coin,
Mr. STEVENS moved to include also "payments to officers, soldiers, and sailors, in the Army and Navy of the United States, and for all supplies purchased for the said Government;" which was rejected-yeas 67, nays 72.
The amendment of the Senate. making interest payable in coin was then concurred in-yeas 88, nays 55, as follows:
Biddle, Jacob B. Blair, George H. Browne, William G. YEAS-Messrs. Ancona, Arnold, Ashley, Baxter, Beaman, Brown, Burnham, Calvert, Clements, Cobb, Frederick A. Conkling, Roscoe Conkling, Conway, Covode, Cox, Cravens, Grider, Gurley, Haight, Hull, Harding, Holman, Horton, Crittenden, Diven, Dunlap, Duun, Eliot, English, Goodwin, Johnson, Kelley, Knapp, Law, Leary, Lehman, Loomis, Lovejoy, McKnight, Mallory, May, Menzies, Justin S. Mor rill, Nixon, Noble, Norton, Nugen, Odell, Patton, Pendleton, Perry, Timothy G. Phelps, Pike, Pomeroy, Alexander H. Rice, Riddle, Robinson, Edward H. Rollins, James & Rollins, Sargent, Sedgwick, Sheffield, Sherman, Shiel, Smith, John B. Steele, William G. Steele, Stratton, Benjamin F. Thomas, Francis Thomas. Train, Trimble, Fallan higham, Vibbard, Voorhees, Charles W. Walton, E. P. Walton, Ward, Washburne, Webster, Whaley, Wheeler, Wickliffe, Woodruff, Wright-88.
NAYS-Messrs. Aldrich, Alley, Babbit, Joseph Baily, Baker, Bingham, Francis P. Blair, Samuel S. Blair, Elake, Buffin ton, Campbell, Chamberlain, Clark, Davis, Dawes, Duell, Edwards, Ely, Fenton, Fessenden, Fisher, Franchot, Frank, Granger, Hale, Hanchett, Harrison, Hickman, Hooper, Julian, William Kellogg, Killinger, Lansing, McPherson, Marston, Maynard, Moorhead, Anson P. Morrill, Noell, Olin, John H. Rice, Shanks, Sloan, Spaulding, Stevens, Trow bridge, Van Horn, Van Valkenburgh, Verree, Wall, Wallace, Albert S. White, Wilson, Windom, Worcester-55.
Other amendments were non-concurred in, and a Committee of Conference agreed upon the bill as it became a law.
One feature of this report was to provide that the Treasury notes issued under the bill should not be a legal tender in payment of duties, and the duties on imports, made payable in coin, should be pledged for the payment of interest on the bonds.
The report was agreed to in the House-yeas 98, nays 22. The NAYS were
Messrs. Baker, Biddle, Buffinton, Cor, Edwards, English, Haight, Hooper, Johnson, Justin S. Morrill, Odell, Pendleton, Perry, Pike, Robinson, Sheffield, William G. Steele, Van Wyck, Voorhees, Wickliffe, Wood, Woodruff—22.
The Senate concurred without a division. While this question was pending before the
YEAS-Messrs. Anthony, Bayard, Collamer, Cowan, Fessenden, Foot, Foster, Kennedy, King, Latham, Nesmith, Pearce, Powell, Saulsbury, Simmons, Thomson, Willey-17. NAYS-Messrs. Chandler, Clark, Davis, Dixon, Doolittle, Harlan, Harris, Henderson, Howard, Howe, Lane of In ii-Committee of Ways and Means, the Secretary ana, McDougall, Morrill, Pomeroy, Rice, Sherman, Sumner, of the Treasury, Mr. CHASE, addressed them Ten Eyck, Wade, Wilkinson, Wilson of Massachusetts, Wilson of Missouri-22. letter, from which this is an extract:
Mr. DOOLITTLE moved to amend the bill so as to make the notes a legal tender "in payment of all public debts, and all private debts hereafter contracted within the United States;" which was rejected without a division.
Mr. KING offered an amendment, proposing,
TREASURY DEPARTMENT, January 29, 1862. resolution of the Committee of Ways and Means, referring SIR: I have the honor to acknowledge the receipt of a me to House bill No. 240, and requesting my opinion as to the propriety and necessity of its immediate passage by Congress.
The condition of the Treasury certainly renders immeate action on the subject of affording provision for the e...
The provision making United States notes a legal tender
has doubtless been well considered by the committee, and their conclusion needs no support from any observation of mine. I think it my duty, however, to say, that in respect to this provision my reflections have conducted me to the same conclusions they have reached. It is not unknown
prohibits the circulation of bank notes of a less denomination than five dollars in the District of Columbia," has received my attentive consideration, and I now return it to the Senate, in which it originated, with the following objections:
1. The bill proposes to repeal the existing legislation, prohibiting the circulation of bank
to them that I have felt, nor do I wish to conceal that I now notes of a less denomination than five dollars feel, a great aversion to making anything but coin a legal within the District of Columbia, without pertender in payment of debts. It has been my anxious wish to avoid the necessity of such legislation. It is, however, mitting the issuing of such bills by banks not at present impossible, in consequence of the large expendi- now legally authorized to issue them. tures entailed by the war, and the suspension of the banks, judgment, it will be found impracticable, in to procure sufficient coin for disbursements; and it has, therefore, become indispensably necessary that we should the present condition of the currency, to make resort to the issue of United States notes. The making such a discrimination. The banks have generthem a legal tender might, however, still be avoided if the ally suspended specie payments; and a legal willingness manifested by the people generally, by railroad companies, and by many of the banking institutions, to sanction given to the circulation of the irrereceive and pay them as money in all transactions were deemable notes of one class of them, will almost solutely or practically universal; but, unfortunately, there certainly be so extended, in practical operation, are some persons and some institutions which refuse to reas to include those of all classes, whether authorceive and pay them, and whose action tends not merely to the unnecessary depreciation of the notes, but to establish ized or unauthorized. If this view be correct, discrimination in business against those who, in this mat- the currency of the District, should this act ter, give a cordial support to the Government, and in favor become a law, will certainly and greatly deof those who do not. Such discriminations should, if sible, be prevented; and the provision making the notes a teriorate to the serious injury of honest trade legal tender, in a great measure at least, prevents it, by put- and honest labor. ting all citizens, in this respect, on the same level both of rights and duties.
2. This bill seems to contemplate no end The committee, doubtless, feel the necessity of accom- which cannot be otherwise more certainly and panying this measure by legislation necessary to secure the beneficially attained. During the existing war, highest credit as well as the largest currency of these notes. This security can be found, in my judgment, by proper pro- it is peculiarly the duty of the National Govvisions for funding them in interest bearing bonds, by well- ernment to secure to the people a sound circuguarded legislation authorizing banking associations with circulation based on the bonds in which the notes are fundThis duty has been, under lating medium. ed, and by a judicious system of adequate taxation, which existing circumstances, satisfactorily performwill not only create a demand for the notes, but-by secured, in part at least, by authorizing the issue of ing the prompt payment of interest-raise and sustain the United States notes, receivable for all Governcredit of the bonds. Such legislation, it may be hoped, will divest the legal lender clause of the bill of injurious ten- ment dues except customs, and made a legal dencies, and secure the earliest possible return to a sound tender for all debts public and private, except currency of coin and promptly convertible notes. I beg leave to add that vigorous military operations and interest on the public debt. The object of the the unsparing retrenchment of all necessary expenses will bill submitted to me, namely, that of providing a small note currency during the present suspension, can be fully accomplished by authorizing the issue-as part of any new emission of United States notes made necessary by the circumstances of the country-of notes of a
also contribute essentially to this desirable end.
I have the honor to be, with very great respect, yours
Hon. THADDEUS STEVENS, Chairman.
S. P. CHASE.
During the pendency of this question, 1862, January 15-Mr. CORNING offered this similar character, but of less denomination joint resolution:
Resolved, dc., That in order to pay the ordinary expenses of the Government, the interest on the national loans, and have an ample sinking fund for the ultimate liquidation of the public debt, a tax shall be imposed, which shall, with the tariff on imports, secure an annual revenue of not less than $150,000,000.
than five dollars. Such an issue would answer all the beneficial purposes of the bill; would save a considerable amount to the treasury, in interest; would greatly facilitate payments to soldiers and other creditors of small sums; and would furnish to the people a currency as safe as their own Government.
Which was adopted—yeas 133, nays 6.
Messrs. Allen, Norton, Robinson, Shiel, Voorhees, Wood-6.
SMALL BANK NOTES-VETO MESSAGE.
To the Senate of the United States:
Entertaining these objections to the bill, I feel myself constrained to withhold from it my approval, and return it for the further consideration and action of Congress.
June 23, 1862.
First Session, Thirty-Eighth Congress. June 22-The loan bill before the House in Committee of the Whole, and the question being on the first section, authorizing a loan of $400,000,000, closing with this clause:
And all bonds, Treasury notes, and other obligations of the United States shall be exempt from taxation by or
The bill which has passed the House of Rep-under State or municipal authority. resentatives and the Senate, entitled "An act
Mr. HOLMAN moved to strike out the clause,
to repeal that part of an act of Congress which which was agreed to-yeas 61, nays 44.
Mr. HOLMAN moved to insert at the end of the first section these words:
And that the bonds and other obligations issued under this act shall be subject to State and municipal taxation.
Mr. NOBLE moved to amend the amendment by substituting the following:
And all bonds, Treasury notes, and other obligations of the United States, shall be subject to State and municipal taxation, on equal terms, the same as other property.
Which was rejected.
Mr. POMEROY move this substitute for the second section of the oill:
SEC. 2. And be it furthe enacted, That the Secretary of the Treasury may issue, "pon the credit of the United able in lawful money, three years from the date thereof, States, bonds of any denomination not less than $100, payand bearing interest not exceeding eight per cent. per anreceive at par therefor the lawful money of the United num, payable semi-annually in lawful money, and may States, Treasury notes, certificates of indebtedness, or certificates of deposit issued under any act of Congress. And the Secretary of the Treasury, in addition to the total amounts of bonds authorized by the first and second sec
Mr. KERNAN moved this substitute for Mr. tions of this act, shall issue at par, in redemption of any HOLMAN'S amendment:
And that the owners of the bonds and obligations issued under and by virtue of the provisions of this act shall be liable to State and municipal taxation upon the value thereof to the same extent as they are liable to such taxation upon any other securities or similar personal estate owned by them.
Mr. HOLMAN accepted the amendment, which was rejected-yeas 56, nays 59.
Juue 23-Pending the consideration of the loan bill in the House, being in Committee of the Whole,
otstanding notes, certificates of deposit, certificates of in-
Mr. STEVENS offered this substitute for the shall the total amount of United States notes issued or to bill:
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, $400,000,000, for the service of the fiscal year ending June 30, 1865, and to issue therefor, coupou or registered bonds of the United States, redeemable, at the pleasure of the Government, after any period not less than five nor more than thirty years, and, if deemed expedient, made payable at any period not more than forty years from date, payable in coin. And said bonds shall be of such denominations as the Secretary of the Treasury shall direct, not less than fifty dollars, and bear an annual interest not exceeding eight per cent., payable semi-annually, and the interest on all bonds heretofore issued, payable annually, may be paid semi-annually; and in lieu of such bond, auburn, Whaley, Wheeler, Wilson-44. thorized to be issued, the Secretary of the Treasury may issue bonds, bearing interest, payable semi-annually. And he may also issue in exchange for Treasury notes heretofore issued bearing seven and three tenths per cent. interest, besides the six per cent. bonds heretofore authorized, like bonds of the denomination of $100 and of $50. And all bonds, Treasury notes, and other obligations of the United States shall be exempt from taxation by or under State or municipal authority.
Which was rejected-yeas 44, nays 81, as follows:
YEAS-Messrs. Ancona, Augustus C. Baldwin, Brooks, William G. Brown, Freeman Clarke, Coffroth, Cole, Cravens, Creswell, Dawes, Dawson, Edgerton, English, Farnsworth, Ganson, Griswold, Harrington, Herrick, Holman, Hotchkiss, Jenckes, Kalbfleisch, Kernan, Law, Marcy, Samuel F. Miller, James R. Morris, Morrison, Nelson, Odell, Pike, Pomeroy, Price, Pruyn, James S. Rollins, Ross, Scofield, John B. Steele, Thayer, Van Valkenburgh, William B. Wash
Mr. HOLMAN moved to strike out the last sentence, which was rejected, on division-yeas 58, nays 73.
The amendment was agreed to in Committee, yeas 72, nays 51; but immediately after was rejected in the House-yeas 59, nays 81, as follows:
YEAS-Messrs. William J. Allen, Anderson, Baily, Augustus C. Baldwin, Baxter, Blair, Blow, Boyd, Brooks, Broomall, William G. Brown, Cole, Dawson, Denison, Donnelly, Eden, Eldridge, Farnsworth, Grider, Harding, Benjamin G. Harris, Higby, Holman, Hotchkiss, Asahel W. Hubbard, Ingersoll, Philip Johnson, William Johnson, Kalbfleisch, Knapp, Law, Loan, Long, Marcy, McAllister, McClurg, Mc Dowell, William H. Miller, Moorhead, James R. Morris, Morrison, Amos Myers, John O'Neill, Orth, Robinson, Ross, Scott, Shannon, John B. Steele, Stevens, Sweat, Thayer, Van Valkenburgh, Whaley, Wheeler, Chilton A. White, Joseph W. White, Wilson, Winfield-59.
NAYS-Messrs. William J. Allen, Alley, Allison, Ames, Arnold, Ashley, Baily, John D. Baldwin, Baxter, Beaman, Blair, Blow, Boutwell, Boyd, Eroomall, James S. Brown, Ambrose W. Clark, Cobb, Thomas T. Davis, Denison, Dixon, Donnelly, Driggs, Eden, Eldridge, Eliot, Frank, Gooch, Hale, Harding, Benjamin G. Harris, Hooper, Asahel W. Hubbard, John H. Hubbard, Hulburd, Philip Johnson, Julian, Kelley, Francis W. Kellogg, Orlando Kellogg, Knapp, Knox, Loan, Long, Longyear, Me Allister, McBride, McClurg, Myers, Leonard Myers, Noble, Norton, Charles O'Neill, John Wm. H. Miller, Moorhead, Morrill, Daniel Morris, Amos O'Neill, Orth, Perham, John II. Rice, E. H. Rollins, Schenck, Shannon, Sloan, Smithers, Spalding, Wm. G. Steele, Stevens, Webster, Williams, Windom, Winfield, Benjamin Wood, FerStiles, Strouse, Stuart, Tracy, Upson, Ellihu B. Washburne, nando Wood-81.
The bill then passed without the yeas and nays being ordered.
the Senate, and passed without a division.
NAYS-Messrs. Alley, Allison, Ames, Ancona, Arnold, Ashley, John D. Baldwin, Beaman, Blaine, Boutwell, Ambrose W. Clark, Freeman Clarke, Cobb, Creswell, Thomas T. Davis, Dawes, Dixon, Driggs, Eckley, Edgerton, Eliot, English, Fenton, Finck, Frank, Ganson, Garfield, Gooch, Griswold, Hale, Herrick, Hooper, John H. Hubbard, Huiburd, Jenckes, Julian, Kelley, Francis W. Kellogg, Orlando Kellogg, Kernan, Knox, Longyear, Marvin, McBride, Sam uel F. Miller, Morrill, Daniel Morris, Leonard Myers, Noble, Norton, Odell, Charles O'Neill, Patterson, Pendleton, Perham, Pike, Pomeroy, Price, Pruyn, Radford, Samuel J. Randall, John H. Rice, Edward H. Rollins, James S. Rollins, Schenck, Scofield, Sloan, Smithers, Spalding, William G. Steele, Stiles, Strouse, Stuart, Upson, Ward, Ellihu B. Washburne, William B. Washburn, Webster, Williams, Benjamin Wood, Fernando Wood-81.
June 28-On concurring in Senate amendments, Mr. HOLMAN moved to add this proviso to one of them:
of the States to tax the bonds, notes, and other obligations Provided, That nothing in this act shall impair the right issued under this act.
Which was rejected-yeas 71, nays 77, as follows:
YEAS-Messrs. William J. Allen, Ancona, Bliss, Brooks, James S. Bown, Chanler, Coffroth, Cox, Cravens, Dawes, Dawson, Denison, Eden, Edgerton, Eldridge, English, Finck, Ginso, Grider, Griswold, Harding, Harrington, Charles M. Harris. Herrick, Holman, Hotchkiss, Hutchins, Phahp Johnson, William Johnson, Kalbfleisch, Kernan, Knap Law. Lazear, Le Blond, Long, Mallory, Marcy, Me Dowell, McKinney, Middleton, Samuel F. Miller, William H. Miller, Jumes R. Morris, Morrison, Noble, John O'Neill, Pendleton, Perry, Pomeroy, Pruyn, Radford, Samuel J. Ran dall, Robinson. Ross, John B. Steele, William G. Steele, Stiles, Strouse, Stuart, Sweat, Thomas, Tracy, Van Valken