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issue a larger amount of four per centum bonds for any of the purposes herein or hereinafter recited than would be otherwise authorized by this section of this act, such further issues are hereby authorized: Provided, That there shall be no increase in the aggregate debt of the United States in consequence of any issues authorized by this act.

Sec. 4. That the bonds authorized ^y this act shall be exempt from all taxation by or under national, State, municipal, or local authority.

Sec. 5. That the coupons of said bonds may be made payable at the Treasury of the United States, or at the office of an authorized agent of the United States, either in the cities of London, Paris, Berlin, Amsterdam, gr Frankfort, in dollars, or the equivalent thereof in sterling money, in francs, or in thalers.

Sec. 6. That the Secretary of the Treasury be, and he is hereby, authorized to '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. 7. That in order to carry into execution the provisions of the 5th section of the act entitled "An act to authorize the issue of United States notes and for the redemption or funding thereof and for funding the floating debt of the United States," approved February 25, 1862, relating to the sinking fund, there is hereby appropriated out of the duties derived from imported goods the sum of $150,000,000 annually, which sum during each fiscal year shall be applied to the payment of the interest and to the reduction of the principal of the public debt. And the United States bonds now held as the sinking fund and the United States bonds now held in the Treasury shall be canceled and destroyed, a detailed record thereof being first made in the books of the Treasury Department. And the bonds hereafter purchased under this section shall in like manner be canceled and destroyed. And a full and detailed account of the application of the money herein appropriated shall be made by the Secretary of the Treasury to Congress with his annual report; and the aggregate amount of the bonds canceled and destroyed shall be stated in the monthly statements of the public debt.

Sec. 8. That on and a'.ter 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 tor the circulation and redemption thereof," approved June 3, 1804; 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

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 he 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 section 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. 10. That any banking association organized or to be organized under the national currency act and the acts amendatory thereof, may, upon depositing with the Treasurer United States notes to an amount not less than $100,000, receive an equal amount of registered bonds of the United States, of the kind and description provided for by section 3 of this act, and may deposit the same as the security for circulating notes, and thereupon such banking association shall be entitled to and shall receive circulating notes upon terms and conditions and to the extent provided in the said national currency acts, and without respect to the limitation of the aggregate circulation of national currency prescribed by said acts: Provided, however, That as circulating notes are issued under this section an equal amount of United States notes shall be canceled and destroyed.

March 8—Mr. Davis moved that the bill be recommitted to the Committee on Finance, with instructions to report a bill embodying the following provisions:

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.

Sixth, To reduce the aggregate appropriation for the navy to $20,000,000.

Seventh, To reduce the aggregate appropriation for the civil and diplomatic service of the Government ten per centum.

Eighth, To reduce the aggregate amount of internal taxes and duties on imports each thirtythree and one-third per centum.

Which was disagreed to without a division.

March 9—Mr. Morrill, of Vermont, moved to amend the 2d section by striking out the words "four-and-a-half" and inserting the word " five."

Which was disagreed to—yeas 8, nays 40, as follow:

Yeas—Messrs. Bayard, Brownlow, Buckingham, easterly, 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, McCrcery, McDonald, Norton, Osborn, Pomeroy, Pool, Pratt, Ramsey, Uevels, Rice, Ross, Schurz, Scott, 8herman, Sumner, Thayer, Tipton, Trumbull, Vickers, Warner, Willey, Williams, Wilson—io.

Mr. Sherman moved to amend the 5th section by striking out, in line 2, the word "may," and inserting "shall;" and in line 3 by striking out . the word "or," and in lieu thereof inserting, "but the Secretary of the Treasury may, at his discretion, make the coupons of any portion of the bonds provided for by the 3d section of this act payable"—

Which was agreed to—yeas 30, nays 10, as follow:

Yeas—Messrs. Abbott, Anthony, Bayard, Casserly, Chandler, Cole, Fenton, Gilbert, Hamlin, Harlan, Howe, Howell, Johmttm, Morrill of Maine, Morrill of Vermont. Morten, Pratt, Ramsey, Revels, Rice, Ross, Schurz, Sherman, Snmner, Tipton, Trumbull, Vickers, Warner, Williams, Wilson—30.

Nays—Messrs. Buckingham, Cameron, Corbett, Davis, Fowler, Harris, Howard, Osborn, Sprague, Stockton—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, Trumbull, Wilson—29

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 jn 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:

Yras—Messrs. Buckingham, Conkling, Corbett, Fdf mnnds, Ferry, Gilbert, Hamlin, Howard, Howe. McDonald. Morrill of Maine, Morrill of Vermont, Pomerov. Revels, Scott—15.

Nays—Messrs. Abbott, Bayard, Bo'-eman, easserly, Chandler, Cole, Drake, Harlan, Howell. Jo/mston, Kellogg. McJ'ir.c. y, Osborn, Pratt. Ramsey. Rice, Ross,Sawyer, Sherman, Spencer, Stewart, Stockton, Sumner, Thurman, Trumbull, Warner, Willey, Williams, Wilson—2S.

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 to— yeas 10, nays 28, as follow:

Yeas—Messrs. Boreman, Buckingham, Conkling, Corbett, Edmunds, Ferry, Gilbert. Hamlin, Howard, Howe. McDonald, Morrill of Maine, Morrill of Vermont, Pomeroy, Revels, Scott—16.

Nays—Messrs. Abbott, Bayard, Casserly, Chandler, Cole, Drake, Uarlan, Howell, Johnston, Kellogg, McCrcery, Osborn, Pratt, Rico, lioss, 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:

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 Upited States, coupon or registered bonds of such denominations, not less than $50, as he may think proper, not exceeding in amount the five-twenty six per centum bonds of the United States, redeemable in coin at the pleasure of the Government, at any time after ten years, and payable at forty years from date, and bearing interest at the rate of five per centum, per annum, or at any time after twenty years, and payable at forty years from date, and bearing interest at the rate of four and one-half per centum per annum, or payable at fifty yeara 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 six per centum bonds of an equal aggregate par value, heretofore issued and known as the fivetwenty bonds, and for no other purpose; or they may be disposed of at the discretion of the Secretary, under such regulations as he shall prescribe, 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 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.

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:

Yeas—Messrs. Boreman, Brownlow, Oole, Fowler, Howe, Howell. Kellogg, McCrtery, McDonald. Morton, Pomeroy, Pool, Pratt, Ramsey, Bevels, Sprague, Thw man, Tipton—18.

Nays—Messrs. Anthony, Bayard. Buckingham, Cameron, Casserly, Chandler, Conkling, Corbett, Drake, Fenton, Ferry, Gilbert, Hamlin, Harlan, Harris, Howard, Jdmston. Morrill of Vermont, Osborn, Hice, Sawyer, Schurz, Scott, Sherman, Stewart, Stockton, Sumner, Trumbull, Warner, Willey, Williams, Wilson—32.

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

Yeas—Messrs. Anthony, Brownlow, Buckingham,

Cameron, Conkling, Corhett. Ferry, Hamlin, Howard, Howe, Mcl .onald, Morrill of Vermont, Pomeroy, Ramsey, Scott, Wilson—16.

Nats—Messrs Bayard, Boreman, Casserly, Chandler, Cole, Drake, Fowler, Gilbert, Harlan, Harris, Howell, Johnston, Kellogg, McCreery, Osborn, Pool, Pratt, Revels, Riee, Ross, S'luirz, Sherman, Stewart, Stockton, Sumner, Thayer, Thurman, Tipton, Trumbull, Warner.Willey, Williams—32.

Mr. Howe moved to amend the 10th section by inserting in line 6, after the word "States," "onethird of which shall be," and in line 7 striking out the words "section 3" and inserting "each of the first three sections," which was disagreed to—yeas 10, nays 25, as follow:

Yeas—Messrs. Buckingham, Cameron, Corbett, Gilbert, Hamlin, Harlan, Howe, Howell, Morrill of Vermont, Pomeroy, Ramsey, Revels, Schurz, Scott, Sprague. Trumbull—1C

Nays—Messrs. Bayard, Casserly, Chandler, Cole, Drake, Ferry, Fowler, Harris, Howard, Johnston, iIcCreery, MortoD, Osborn, Pratt, Rice, Ross, Sherman, Stewart, Stockton, Sumner, 'Ihurman, Warner, Willey, Williams, Wilson—25.

Mr. Boreman moved to amend by striking out in line 2, section 4, the words: "And the annual interest thereon."

Which was disagreed to—yeas 14, nays 29, as follow:

Yeas—Messrs. Bayard, Boreman, Casserly, Cole, Harlan, Johnston, McCreery, Pomeroy, Pratt, 8prague, Stockton, Thurman, Willey, Wilson—14.

Nays—Messrs. Buckingham, Cameron, Chandler, Corbett, DruUo, Fenton, Ferry, Fowler, Gilbert, Harris, Howard, Howell, Kellogg, McDonald, Morrill of Vermont, Osborn, Ramsey. Revels, Ross, Sawyer, Schurz, Scott, Sherman, Stewart, Sumner, Tipton, Trumbull, Warner, Williams—2».

Mr. Bayard moved to strike out the 4th section, which was disagreed to—yeas 7, nays 38, as follow:

Yeas—Messrs. Bayard, Boreman, Casserly, Johnston, McCreery, Stockton, Thurman—7.

Nays—Messrs. Buckingham, Cameron, Chandler, Cole, Corbett. Drake, Fenton, Ferry, Fowler, Gilbert, Hamlin, Harlan, Harris, Howard, Howell, Kellogg, McDonald, Morrill of Vermont, Morton, Osborn, Pomeroy, Pratt, Ramsey, Revels, Rice, Ross, Sawyer, Schurz, Seott, Sherman, Stewart, Sumner, Tipton, Trumbull, Warner, Willey, Williams, Wilson—38.

Mr. Cameron moved to amend by inserting at the end of the bill the following:

Sec. —. That it shall be the duty of the Secretary of the Treasury, on the 1st day of July, 1870, to redeem and fund in bonds hereby authorized all the fractional currency of the United States that may be offered for redemption at the Treasury or any of its branches, which he shall at once cause to be canceled; and it shall not be lawful for him after that date to issue any such paper fractional currency, but he shall make all payment- of fractions of the dollar in the legal coin of the United States.

Which was disagreed to—yeas 18, nays 26, as follow:

Yeas—Messrs. Biyard, Buckingham, Cameron, easterly, Corbett, Hamlin, Harlan, Howard. Johnshm, Kellogg, Morrill of Vermont, Pomeroy, Scott, 'tockton, Sumner, Tlutrman, Trumbull, Wilson—18.

Nays-Messrs. Boreman, Chandler, Cole, Drake, Fenton,. Ferry, Fowler, Gilbert, Harris, Howell, McCreery, McDonald, Morton, Osborn, Pratt, Ramsey, Revels, Ross, Sawyer, Sehurz, Sherman, Stewart, Tipton, Warner, Willey, Williams—26.

Mr. Wilson moved to amend by inserting in line 8, section 0, after the word "exceeding," the words "one-half of;" which was agreed to—yeas 23, nays 20, as follow:

Yeas—Messrs. Boreman, Buckingham, Casserly, Cole, Corbett, Ferry, Fowler, Harlan, Harris, Howell, Johnston, McCreery, McDonald, Pratt, Ross, Sawyer, Schurz, Scott, Sprague, Sumner, Thayer, Tipton, Wilson—23.

Nays—Messrs.Chandler-Conkling,Drake, Edmunds, Fenton, Gilbert, Hamlin, Howard, Kellogg, Morrill of Vermont, Osborn, Pomeroy, Ramsey, Revels, Rice, Sherman, Stewart, Warner, Willey, Williams—20.

Mr. Stewart moved to amend the 9th section by striking out the word "eighty" and inserting the word "ninety;" which was disagreed to— yeas 12, nays 30, as follow:

Yeas—Messrs. Boreman, Cole, Fenton, Fowler, Morton. Pomeroy, Ramsey, Ross, Seott, Sprague, Stewart^ Warner—12.

Kays— Messrs. Buckingham, Casserly, Chandler, Conkling, Corbett, Drake, Edmunds, Ferry, Hamlin, Harlan, Harris. Howard, Howell, Johnston, Kellogg, McCreery. McDonald, Morrill of Vermont, Osborn, Prat\ Revels, Rice.Sawyer, Sehurz, Sherman,Sumner, Thayer, Tipton, Willey, Williams—30.

Mr. Morton moved to strike out the 10th section; which was disagreed to—yeas 12, nays 29, as follow:

Yeas—Messrs. Boreman, Oole, Fowler, Howell, Johnston, McCreery, Morton, Ramsey, Revels, Rice, Ross, Sprague—12.

Kays—Messrs. Buckingham, Chandler, Conkling, Corbett, Drake, Edmunds, Fenton, Ferry, Hamlin, Harlan. Harris, Kellogg, McDonald, Morrill of Vermont, Osborn, Pomeroy, Sawyer, Sehurz, Scott, Sherman, Spencer, 8tewart, Sumner, Thayer, Tipton, Warner, Willey, Williams, Wilson—29.

The bill then passed—yeas 32, nays 10, as follow:

Yeas—Messrs. Chandler, Cole, Conkling, Edmunds, Fenton, Ferry, Fowler, Gilbert, Harlan, Harris, Howard, Howell, Kellogg, Morrill of Vermont, Morton, Osborn, Pomeroy, Pratt, Ramsey,Revels, Rico, Sawyer, Schurz, Scott, Sherman, Stewart, Sumner, Thayer* Tipton, Warner, Williams, Wilson—32.

Nays—Messrs. Bayard, Boreman, Buckingham, Cosserly, Corbett, McCreery, McDonald, Sprague, Stockton^ Thurman—10.

In House Of Representatives.

1870, June 6—Mr. Schenck, from the Committee of Ways and Means, reported the following a? a substitute for the Senate bill:

That the Secretary of the Treasury is hereby authorized to issue, in a sum or sums not exceeding in the aggregate $1,000,000,000, coupon or registered bonds of the United States, in such form as he may prescribe, and of denominations of $50 or some multiple of that sum, redeemable in coin of the present standard value at the pleasure of the United States after thirty years from the date of their issue, and bearing interest payable semi-annually in such coin at the rate of four per centum per annum, which said bond* and the interest tnereon shall be exempt front 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 -h and the said bonds sball have set forth and expressed upon taoir 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 p\r 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 five-twenty bonds at their par value, or he may exchange the same for such five-twenty bonds, par for par; but the bonds hereby authorized shall be used for no other purpose whatsoever.

Sec. 3. That the payment of any of the bonds hereby authorized alter the expiration of the said term of thirty years shall be made in amounts to be determined from time to time by the Secretary of the Treasury at his discretion, and by classes to be distinguished and described by the dates and numbers, beginning for each successive payment with the bonds last dated and numbered, of the time of which intended payment or redemption the Secretary of the Treasury shall give ublic notice, and the interest on the particular onds 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 and instructed, with any coin in the Treasury of the United States which in his opinion and discretion can be conveniently applied to that purpose, to pay at par and cancel any six per cent, bonds of the United States of the kind known as five-twenty 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 the 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 notico tho interest on the bonds so selected and advertised to be paid shall cease. But it shall be competent for the holders and owners of any said bonds so specified for payment to exchange the same for bonds issued under the authority of this act at any time before the end of the notice provided for in the 2d section of this act.

Sec. 5. That the Secretary of the Treasury is hereby authorized to receive gold coin of the United States or bullion 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 three per centum per annum; and any amount of gold coin or bullion so deposited maybe 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 t!ie Secretary of the Treasury. And not less than twenty-five per centum of the coin and bullion 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 centum 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 five-twenty 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 tho issue of United States notes and for the redemption or funding thereof and for funding the floating debt of the United States," approved February 25, 1862, and all other United States bonds which have been purchased by the Secretary of the Treasury with surplus funds in the Treasury and now held in the Treasury of the United States, shall be canceled and destroyed, a detailed record of such bonds so canceled and destroyed to be first made in the books of the Treasury Department. Any bonds hereafter applied to said sinking fund, and all other United States bonds redeemed or paid hereafter by the United States, shall also in like manner be canceled and destroyed; and the amount of the bonds of each class that have been canceled and destroyed shall be deducted respectively from the amount of each class of the outstanding debt of the United States. In addition to other amounts that may be applied to the redemption 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.

June 30—Mr. Blair moved to insert in the 1st section, before the last sentence, as follows:

And the amount of interest specified in each coupon shall be expressed in dollars, and the equivalent thereof in English sterling currency and in francs.

Which was disagreed to.

Mr. Mayham moved to strike out of the 1st section the words "of the United States, as well as from taxation;" so that portion of the section would read as follows:

Which said bonds and the interest thereon shall he exempt from the payment of all taxes or duties, in any form, by or under State, municipal, or local authority, &c.

Which was disagreed to—yeas 25, nays 97, on a division.

Mr. Ingersoll moved to amend the 1st section by striking out the words "in coin of the present standard of value," and the words "such coin," and inserting in lieu the words "lawful money of the United States;" which was disagreed to.

Mr. Marshall moved to amend the clause fixing the time these bonds shall run, by making it "twenty" instead of " thirty" years; which was disagreed to—yeas 22, nays 85, on a division.

Mr. Coburn moved to make the time fifty years; which was disagreed to.

Mr. Holman moved to add to the 1st section the following:

Provided, That no agent or agents shall be employed in the United States or elsewhere for the sale or exchange of such bonds.

Which was disagreed to—yeas 36, nays 87, on a division.

I

Mr. Wood moved to amend the 2d section by adding to it as follows:

But nothing in this act shall authorize the Secretary of the Treasury to allow or pay any commission or percentage for the sale of the . bonds so issued, or any part thereof.

Mr. Ingersoll moved to amend this amendment by inserting before the words "sale of the bonds" the words "transfer, exchange, or" which Mr. Wood accepted. Mr. Wood's amendment was then disagreed to—yeas 57, nays 102, as follow:

Yeas—Messrs. Ambler, Barnum, Beck, Biggs, Bird, James Brooks, Burchard, Calkin, Cleveland,Amasa Cobb, Cox, Crebs, Degener. E,dridge, Farnsworth, Ferriss, Getz, Griswold, HamUl, Hawkins, Hay, Holman, Ingersoll, Thomas L. Jones, Kelley, Kerr, Knott, Lewis, Logan, Mayham, McCormick, McGrew, Niblack, Packer, Randall, Beeves, Rice. Rogrrs, Shanks, Sherrod, Shober, Slocum, Joseph S. Smith, William J Smith, Stiles, Sweeney, Taft'e, Trimble, Van Trvmp, Van Wyck, Voorhees, Ward, Wells, Williams, Winchester, Wootl, Woodward— 57.

Nays—Messrs. Allison, Ames, Armstrong, Arnell, Asper, Atwood, Ayer, Bailey, Banks, Beatty, Benjamin, Benton, Bingham, Blair, Boles, Booker, Boyd, Buck, Buckley, Butlinton, Benjamin F. Butler, Roderick R. Butlor, Cessna, Churchill, Sidney Clarke, Clinton L. Cobb, Coburn, Conger, Covode, Cullom, Davis, Dawes, Doekery, Donley, Ela, Finkelnburg, Fisher, Fitch, Bale, BJ.11. Hoar, Hooper. Jenckes, Judd, Julian, Kellogg, Kelsey, Ketcham, Knapp, Laflin, Lash, Lawrence, Loughridge, Marshall, McCarthy. McKenzie, Mercur, Eliakim H. Moore. Jesse H. Moore, William Moore, Daniel J. Morrell, Myers, Negley, O'Neill, Orth, Paine, Peek, Peters, Phelps, Poland, Porter, Prosser, Roots, Sargent. Sawyer, Schenck, Scofield, Lionel A. Sheldon, John A. Smith, WorthingtonT. Smith, William Smyth, Starkweather, Stevens, Stokes, Stoughton, Strickland, Strong, Tanner. Taylor, Tillman, Townsend, Twichell, Tyner, Upson, Van Horn, Wallace, Welker, Wheeler, Whitmore, Wilkinson, Willard, John T. Wilson—102.

July 1—Mr. Schenck, from the Committee of Ways and Means, moved to amend the 4th section by striking out the words "in the order of their numbers and issue, beginning with the first numbered and issued."

Which was agreed to.

Mr. Holman moved to amend the 4th section by striking out the words "coin in the Treasury of the United States," and inserting in lieu thereof the words "United States notes in the Treasury of the United States arising from tl e sale of bonds authorized to be issued by this act, or other such notes in the Treasury."

Which was disagreed to—yeas 41, nays 127, as follow:

Yeas—Messrs. Adams, Beatty, Bird, Burr, Cleveland, Coburn, Crebs, Dickinson, Dookery, Dox, Eldridge, Getz, Griswold, Hamill, Holman, Thomas L. Jones, Kerr, Knott, Lewis, Marshall, Mayham, McCormick, McNeely, Morgan, Mungen, Niblack, Orth, Beeves, Eke, Rogers, Shober, Joseph S. Smith, Stiles, Sweeney, Trimble, Tyner, Van Trump, Voorhees, Wells, Winchester, Woodward—41.

Nays—Messrs. Allison, Ambler, Ames, Archer, Armstrong, Arnell, Asper, Atwood, Axtell, Ayer, Bailey, Barnum, Benjamin, Bennett, Benton. Bingham, Blair, Boles, Booker, Boyd, George M. Brooks, James Brooks, Buck, Buckley, Buffinton, Burchard, Burdett, Cessna, Churchill, William T. Clark.Amasa Cobb, Conger, Cullom, Davis, Dawes. Degener, Dickey, Donley, Dyer, Ferriss, Ferry. Finkelnburg, Fisher, Fitch, Hale, Harris, Hawlev, Hay, Hays, Heflin, Hill, Hoar, Hooper, Jenckes, Alexander H Jones, Judd, Julian, Kelley, Kellogg, Kelsey, Ketcham, Knapp, Laflin, Lash, Lawrence. Logan. Lough ridge, Maynard, McCarthy, McCrary,McGrew,itcKenzie,Mercur, Eliakim H. Moore,Jesse H. Moore. William Moore. Morphis, Daniel J. Morrell, Myers, O'Neill, Packard, Packer, Paine, Palmer, Peck, Peters, Poland, Pomeroy, Porter, Prosser, Randall, Roots, Sanford, Sargent, Sawyer. Schenck. Scofield, Lionel A. Sheldon. Slocum, John A. Smith, William J. Smith, Worthington C.Smith, William Smyth.Stevens, Stevenson. Stokes, Stone, Stoughton, Strickland, Swann, Taffe, Tanner, Taylor, Tillman, Townsend. Twichell, Upson, Van Horn, Van Wyck, Wallace, Wel

ker, Wheeler, Whitmore, Wilkinson, Willard, Williams, Winans—127.

Mr. Judd moved to strike out from the 4th section the following words: "which in his opinion and discretion can be conveniently applied to that purpose," and insert the following words: "which may be derived from the sale of any of the bonds the issue of which is provided for in this act."

Mr. Schenck moved to amend this amendment by adding the words "or which he may lawfully apply to such purpose," which was agreed to. Mr. Judd's amendment was then agreed to.

Mr. B. F. Butler moved to amend the 4th section by adding to it the following:

But none of said interest-bearing obligations not already due shall be redeemed or paid before maturity, unless at such time United States notes shall be convertible into coin at the option of the holder, or unless at such time bonds of the United States bearing a lower rate of interest than the bonds to be redeemed can be sold at par in coin. And the United States also solemnly pledges its faith to make provision at the earliest practicable period for the redemption of the United States notes in coin.

Which was disagreed to—yeas 54, nays 98, as follow:

Ycas—Messrs. Allison, Ambler, Armstrong, Bennett, Boles, George M. Brooks, Burchard, Benjamin F. Butler. Cessna, Amasa Cobb, Coburn, Cullom,'Dickey, Dickinson, Dockery, Dox, Dyer, Ferry, Finkelnburg, Fitch, Griswold, Hale, Hawkins, Hawley, Hay, Heflin, Hoar, Judd. Kelsey, Loughridge, McCormick, McCrary, Mercur, Jesse H. Moore, Orth, Packard, Packer, Paine, Poland, Pomeroy, Rogers, Shanks, Lionel A. Sheldon,Shober, John A. Smith, Worthington "C. Smith, William Smyth, Stevenson, Stokes, Tyner, Wallace, Williams, John T. Wilson, ll oodward—bi.

Nays—Messrs. Adams, Ames. Archer, Asper. AxteU, Ayer. Bailey. Beaman. Benjamin, Benton, Bingham, Bird, Blair, Booker, Boyd, Jantes Brooks, Buck, Buckley, Buffinton. Burdett, Burr, Roderick R. Butler, Calkin, William T. Clark, Clinton L. Cobb. Conger, Cook, Cox, Crebs, Davis, Donley, Ferriss, Fisher, Getz, Hamill, Harris, Hill. Holman, Hooper, Ingersoll, Jenckes, Thomas L. Jones, Julian, Kelley, Ketcham, Knapp, Knott, Laflin, Lash, Lawrence,'Maynard, McCarthy, McGrew, McKenzie, William Moore, Daniel J. Morrell, Momssey, Mungen, Myers, Negley, Niblack, O'Neill, Peek, Peters, Phelps, Prosser, Randall. Reeves. Rice, Sanford. Sawyer, Schenck, Schumaker, Scofield, Slocum, Joseph S. Smith. William J. Smith,Stevens, Stiles, Stone, Stoughton, Strickland, Swann. Sweenci. Taffe, Tanner, Taylor, Tillman. Townsend, Trimble. Twichell, Upson, Welker, Wheeler, Whitmore, Willard, Winans, Winchester—98.

Mr. Griswold moved to strike out the 4th section; which was disagreed to.

Mr. Mungen moved to add to the 4th section the following: Provided further, That nothing in this act contained shall be construed to operate in conflict with the act of February 25,1862, authorizing the issue of United States notes, bonds, &c.

Which was disagreed to.

Mr. Davis moved to amend the 5th section by inserting after the word "bullion," the words "assayed and stamped under the laws of the United States," which was agreed to. Mr. Davis also moved to reduce the interest on gold deposits from three per cent, to two per cent.; which was disagreed to.

Mr. Townsend moved to add to the 5th section the following: Provided, That if on a demand for payment of any of said certificates in coin there should not be sufficient gold coin in the Treasury arising under this act, then it shall be lawful for the Secretary of the Treasury to appropriate any

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