Iowa News

Mr. Wright, from the Committee of Finance in the Senate, on the 13th ult. reported the following bill. The same bill was reported in the House, by Mr. Cambreleng, Chairman of the Committee on Ways and Means.

A BILL to authorize the issuing of Treasury notes.

Be it enacted by the Senate and House of Representatives of the United States of America, in Congress assembled, That the President of the U. States be, and he is hereby, authorized to cause Treasury notes, for such sum or sums as he may think expedient, but not exceeding, in the whole amount of notes issued, the sum of ten millions of dollars, and of denominations not less than one hundred dollars for any one note, to be prepared, signed, and issued in the manner hereinafter provided.

Sec. 2. And be it further enacted, That the said Treasury notes, authorized to be issued by the first section of this act, shall be reimbursed and redeemed by the United States, at the Treasury thereof, after the expiration of one year from the dates of the said notes, respectively; from which said dates, or the term of one year, and no longer, they shall bear such interest as shall be expressed upon the face of the said notes: which rate of interest, upon each several issue of the said notes, shall be fixed by the Secretary of the Treasury, by and with the advice and approbation of the President; but shall in no case exceed the rate of interest of six per centum per annum. The reimbursement herein provided for shall be made at the Treasury of the United States, to the holders of the said notes, respectively, upon presentment, and shall include the principal of each note, and the interest thereon at the time of payment. For this reimbursement, at the time and times herein specified, the faith of the United States is hereby solemnly pledged.

Sec. 3. And be it further enacted, That the said Treasury notes shall be prepared under the direction of the Secretary of the Treasury, and shall be respectively signed, on behalf of the U. States, by the treasurer thereof, and countersigned by the Register of the Treasury. And that those officers shall, as checks upon each other, and to secure the public safety, keep separate, full, and accurate accounts of the number, date, denomination, and amount of all the notes signed and countersigned by them, respectively; which said accounts shall be carefully preserved and placed on file in the Treasury Department; and also similar account, kept and preserved in the same manner, of all the said notes redeemed, as the same shall be returned and cancelled: and the Treasurer shall further account, quarterly, for all such notes delivered to him for signature, or issue, by the Register. The Treasurer and Register of the Treasury are hereby authorized, by and with the consent and approbation of the Secretary of the Treasury, to employ such additional temporary clerks as the duties enjoined upon them by this section may render necessary; the compensation of each clerk so employed to be fixed by the Secretary.

Sec. 4. And be it further enacted, That the Secretary of the Treasury be, and he is hereby authorized, with the approbation of the President of the United States, to cause to be issued such portion of the said Treasury notes as the President may think expedient, in payment of debts due by the United States to such public creditors or other persons as may choose to receive such notes in payment, as aforesaid, at par. And the Secretary of the Treasury is further authorized, with the approbation of the President of the United States, to borrow, from time to time, not under par, such sums as the President may think expedient, on the credit of the said notes.

Sec. 5. And be it further enacted, That the said Treasury notes shall be transferable, by delivery and assignment endorsed thereon, by the person to whose order the same shall, on the face thereof, have been made payable.

Sec. 6. And be it further enacted, That the said Treasury notes shall be everywhere received in payment of all duties and taxes laid by the authority of the United States, of all public lands sold thereby, and of all debts due to the United States, of any character whatsoever. And, on every such payment, credit shall be given for the amount of the principal and interest which, on the day of such payment, may be due on the note or notes thus given in payment.

Sec. 7. And be it further enacted, That the Secretary of the Treasury be, and he is hereby, authorized and directed to cause to be reimbursed and paid the principal and interest of the Treasury notes which may be issued by virtue of this act, at the several time and times when the same, according to the provisions of this act, should be thus reimbursed and paid. And the said Secretary is further authorized to make purchases of the said notes, at a price not exceeding par, for the amount of the principal and interest due at the time of purchase on such notes. And so much of any moneys in the Treasury, not otherwise appropriated, as may be necessary for that purpose, is hereby appropriated, for paying the principal and interest of said notes.

Sec. 8. And be it further enacted, That a sum of one hundred thousand dollars, to be paid out of any moneys in the Treasury not otherwise appropriated, be, and the same is hereby, appropriated, for defraying the expense of preparing, printing, engraving, signing, and otherwise incident to the issuing of the Treasury notes authorized by this act.

Sec. 9. And be it further enacted, That if any person shall falsely make, forge, or counterfeit, or cause or procure to be falsely made, forged, or counterfeited, or willingly aid or assist in falsely making, forging, or counterfeiting, any note, in imitation of, or purporting to be a Treasury note aforesaid; or shall falsely alter, or cause or procure to be falsely altered, or willingly aid or assist in falsely altering, any Treasury note issued as aforesaid, or shall pass, utter, or publish, or attempt to pass, utter, or publish, as true, any false, forged, or counterfeited note, purporting to be a Treasury note as aforesaid, knowing the same to be falsely forged or counterfeited; or shall pass, utter, or publish, or attempt to pass, utter, or publish, as true, any falsely altered Treasury note, issued as aforesaid, knowing the same to be falsely altered, every such person shall be deemed and adjudged guilty of felony, and being therefore convicted by due course of law, shall be sentenced to be imprisoned and kept to hard labor for a period not less than three years, nor more than ten years, and be fined in a sum not exceeding five thousand dollars.

Sec. 10. And be it further enacted, That the Secretary of the Treasury be, and he is hereby authorized to make and issue, from time to time, such instructions, rules and regulations to the several collectors, receivers of public money, depositories, and all others who may be authorized to receive the said Treasury notes on behalf of, and as agents in any capacity for, the United States, as to the safe-keeping, disposition, return, and cancelling of the said notes so paid to and received by them respectively, and as to their accounts and returns to the department of all such receipts as may seem to him best calculated to promote the public interests and convenience, and secure the United States and the holders of the said notes against frauds and losses.

Sec. 11. And be it further enacted, That it shall be, and hereby is, made the duty of the Secretary of the Treasury to cause a statement to be published, monthly, of the amount of all Treasury notes issued or redeemed in pursuance of the provisions of this act.