hundred and twenty days after the passage of this act. Which was disagreed to-yeas 51, nays 103, as follow: YEAS-Messrs. Adams, Archer, Beatty, Beck, Bennett, Burr, Amasa Cobb, Coburn, Cook, Conner, Crebs, Cullom, Hawkins, Hay, Hays, Heflin, Holman, Ingersoll, Kerr, Knott, Lawrence, Lewis, Marshall, McCormick, McKenzie, McNeely, Milnes, Morgan, Niblack, Orth, Packard, Reeves, Rice, Ridgway, Rogers, Roots, Sherrod, Strader, Trimble, Tyner, Van Trump, Wells, Winchester, Witcher, Wood Dox, Eldridge, Gibson, Hambleton, Hamill, Hamilton, 51. NAYS-Messrs. Allison, Ambler, Ames, Asper, Atwood, Bailey, Banks, Barry, Beaman, Benjamin, Benton, porary loan certificates, the Secretary of the Treasury shall, at the beginning of each month, redeem and cancel an amount of United States notes equal to eighty per cent. of the amount of additional circulating notes issued to national banking associations during the preceding month, in accordance with the provisions of this act. Which was agreed to, upon a division—ayes 72, noes 44. Mr. Allison moved to add to the last section of the substitute the following: Which was disagreed to-yeas 69, nays 94, as follow: And from and after the passage of this act it Bingham, Bird, Blair, Booker, George M. Brooks, Buck, shall be unlawful for any national banking Buckley, Buffinton, Burchard, Burdett, Roderick R. association to pay interest on deposits received Butler, Cessna, Churchill, Sidney Clarke, Cleveland, Con- from and deposited by any other national bankger, Cowles, Cox, Degener, Dickey, Dixon, Donley, Duval, Dyer, Ela, Farnsworth, Ferriss, Finkelnburg, Fish- ing association, or to pay interest on current er, Fitch, Fox, Garfield, Getz, Haight, Hale, Harris, Haw- deposits, or to include in its reserve of lawful ley,Hoar, Hooper, Hotchkiss, Judd, Julian, Kelley, Kellogg, Kelsey, Ketcham, Knapp, Laflin, Lash, Maynard, money any deposits upon which interest is reMcCarthy, McCrary, McGrew, Mercur, William Moore, ceived or paid. Morphis, Daniel J. Morrell, Morrissey, Newsham, Packer, Peck, Perce, Phelps, Poland, Pomeroy, Potter, Randall, Sargent, Sawyer, Schenck, Schumaker, Porter Sheldon, Joseph S. Smith, William Smyth, Stark weather, Stiles, YEAS-Messrs. Adams, Allison, Ames, Archer, Asper, Stokes, Strickland, Strong, Swann, Taffe, Tanner, Till- Axtell, Barry, Beck, Biggs, Boles, Burchard, Burr, Calman, Twichell, Upson, Van Auken, Van Wyck, Ward, kin, Churchill, William T. Clark, Cleveland, Cook, ConWilliam B. Washburn, Willard, Winans, Woodward-103. ger, Conner, Crebs, Degener, Dor, Dyer, Finkelnburg, Fox, Garfield, Getz, Haight, Harris, Hawkins, Hay, HefMessrs. Ingersoll and Lynch offered amend-lin, Holman, Hooper, Judd, Kelley, Knott, Marshall, ments in the nature of substitutes, which were Mayham, Maynard, McCormick, McKenzie, McNeely, Milnes, Morgan, Morrissey, Mungen, Niblack, Perce, Reeves, Rice, disagreed to without a division. Ridgway, Rogers, Schenck, Sherrod, Shober, Joseph S. Smith, Stiles, Strader, Sweeney, Taylor, Trimble, Van Auken, Van Trump, Wells, Winans, Winchester, Witcher, Wood-69. Banks, Beaman, Beatty, Benton, Bingham, Bird, Blair, NAYS-Messrs. Ambler, Armstrong, Atwood. Bailey, Booker, Boyd, George M. Brooks, Buck, Buckley, Buf finton, Burdett, Roderick R. Butler, Cessna, Sidney Clarke, Amasa Cobb, Clinton L. Cobb, Coburn, Cowles, Cox, Cullom, Dawes, Dickey, Dixon, Donley, Duval, Farnsworth, Ferriss, Fisher, Griswold, Hawley, Hays, Hoar, Hotchkiss, Ingersoll, Julian, Kellogg, Kelsey, Carthy, McGrew, Mereur, Eliakim H. Moore, Jesse H. Ketcham, Knapp, Laflin, Lash, Lawrence, Lewis, Me Moore, William Moore, Daniel J. Morrell, Samuel P. Morrill, Newsham, Orth, Packard, Packer, Paine, Sargent, Sawyer, Lionel A. Sheldon, Porter Sheldon Peck, Phelps, Platt, Poland, Pomeroy, Roots, Sanford, William Smyth, Starkweather, Stokes, Stoughton Strickland, Strong, Taffe, Tanner, Tillman, Twichell, Tyner, Upson, Van Wyck, Ward, Cadwalader C. Washburn, William B. Washburn, Wheeler, Willard, John T. Wilson, Woodward-94. Mr. Joseph S. Smith moved to insert as an additional section to the Senate bill: SEC.. That after the 1st day of January, A. D. 1871, no interest shall be paid to any national banking association on the bonds deposited by it in pursuance of law as security for its circulation, except on the excess of the par value of such bonds over and above the amount of national bank notes issued to it and not redeemed or canceled by the Government; and that after that date no tax shall be levied or collected on the circulation of any national banking associa tion. Which was disagreed to-yeas 37, nays 118, as follow: YEAS-Messrs. Adams, Beck, Bird, Burr, Calkin, Conner, Cox, Crebs, Dox, Hambleton, Holman, Knott, Lewis, Marshall, Mayham, McNeely, Milnes, Morgan, Morrissey, Mungen, Niblack, Randall, Reeves, Rice, Ridgway, Rogers, Schumaker, Sherrod, Shober, Joseph S. Smith, Stiles, Sweeney, Trimble, Van Auken, Van Trump, Winchester, Wood-37. NAYS-Messrs. Allison, Ames, Armstrong. Asper, Atwood, Bailey, Banks, Barry, Beaman, Beatty, Bennett, Benton, Blair, Boles, Booker, Boyd, George M. Brooks, Buck, Buckley, Buffinton, Burchard, Burdett, Benjamin F. Butler, Roderick R. Butler, Cessna, Churchill, William T. Clark, Cleveland, Amasa Cobb, Coburn, Cook, Conger, Cowles, Degener, Dickey, Dixon, Dockery, Donley, Duval, Ela, Farnsworth, Ferriss, Finkelnburg, Fisher, Garfield, Getz, Haight, Hale, Hamilton, Hawkins, Hawley, Hay, Hays, Hoar, Hooper, Hotchkiss, Ingersoll, Judd, Julian, Kelley, Kellogg, Kelsey, Ketcham, Knapp, Laflin, Lash, Lawrence, Logan, Maynard, MeCarthy, McCrary, McGrew, Mercur, Eliakimi H. Moore, Jesse H. Moore, William Moore, Morphis, Daniel J. Morrell, Orth, Packard, Packer, Paine, Palmer, Peck, Phelps, Platt, Poland, Pomeroy, Fotter, Sargent, Sawyer, Schenck, Lionel A. Sheldon, John A. Smith, Wiiliam Smyth, Starkweather, Stokes, Stoughton, Strader, Strickland, Strong, Taffe, Tanner, Taylor, Tillman, Twichell, Tyner, Upson, Van Wyck, Ward, Cadwalader C. Washburn, William B. Washburn, Wheeler, Willard, John T. Wilson, Winans, Witcher, Woodward-118. Mr. Judd moved to strike out the following from the 2d section of the substitute: And when the whole amount of additional circulating notes, issued in accordance with the provisions of the preceding section of this act, shall exceed the amount of three per cent. tem Mr. Burchard moved to amend the substitute by adding the following as a new section: SEC. That hereafter every national banking association shall retain and keep in coin, or Treasury coin certificates, as part of its reserve, the interest falling due upon its bonds deposited as security for its circulation, until the reserve required to be kept by such bank at its place of business shall consist wholly of coin and coin certificates. Which was disagreed to-yeas 33, nays not counted. Mr. Coburn moved to add to the substitute of the committee the following, as a new section: SEC.. That the Secretary of the Treasury be, and he is hereby, authorized to issue on the credit of the United States the sum of $44,000,000 of United States notes, in addition to such as have been heretofore issued, in denominations of not less than $100, under the provisions of law for issuing such notes, and shall with them redeem the said three per cent. temporary loan certificates, used as a portion of the lawful money reserves by the national banks. Which was disagreed to-yeas 77, nays 95, as follow: 595 YEAS-Messrs. Adams, Allison, Ames. Archer, Beatty, insert in lieu thereof "forty-five." Page 1, line Beck, Bennett, Boles, Booker, Boyd. Buckley, Burr, Ben- 18, after the word "coin" insert the following jamin F. Butler, Roderick R. Butler, Sidney Clarke, Amasa Cobb, Clinton L. Cobb, Coburn, Cook, Conner, Crebs, Cullom, Dockery, Dox, Dyer, Eldridge, Gibson, lation herein provided for shall be made as soon Griswold, Hambleton, Hawkins, Hay, Hays, Heflin, Hol'but a new apportionment of the increased circuman, Ingersoll, Knott, Lash, Lawrence, Lewis, Marshall, Maynard, McCormick, McKenzie, McNeely, Eliakim H. After section as practicable, based upon the census of 1870." Moore, Jesse H. Moore, Morgan, Morphis, Morrissey, Mungen, Newsham, Niblack, Orth, Packard, Pomeroy, States bonds, bearing interest payable in gold, add the following sections: Randall, Reeves, Rice, Ridgway, Rogers, Roots, Sherrod, SEC. That upon Shober, Joseph S. Smith, Strader, Taffe, Trimble, Tyner, with the Treasurer of the United States, in the the deposit of any United Van Horn, Van Trump, Van Wyck, Wells, John T. Wilson, manner prescribed in the 19th and 20th secWinchester, Witcher, Wood-77. NAYS-Messrs. Ambler, Armstrong, Asper, Atwood, tions of the national currency act, it shall be Artell, Bailey, Banks, Barry, Beaman, Benjamin, Ben- lawful for the Comptroller of the Currency to ton, Bingham, Bird, Blair, George M. Brooks, James issue to the association making the same circuBrooks, Buck, Buffinton, Burchard, Burdett, Calkin, Churchill, William T. Clark, Cleveland, Conger, Cowles, lating notes of different denominations not less Cox, Dawes, Degener, Dickey, Dixon, Donley, Duval, than five dollars, not exceeding in amount eighty Farnsworth. Ferriss, Finkelnburg, Fisher, Fox, Gar- per cent. of the par value of the bonds deposited field. Getz, Haight, Hale, Hawley, Hooper, Hotchkiss, which notes shall bear upon their face the prom Judd, Julian, Kelley, Kellogg, Kelsey, Ketcham, Knapp, Laflin, Mayham, McCarthy, McGrew, Mercur, ise of the association to which they are issued to William Moore, Daniel J. Morrell, Samuel P. Morrill, pay them upon presentation at the office of the Packer, Paine, Palmer, Peck, Perce, Phelps, Platt, Poland, Porter, Potter, Sanford, Sawyer, Schenck, Schu- association in gold coin of the United States, and maker, Lionel A. Sheldon, Porter Sheldon, William shall be redeemable upon such presentation in Smyth, Starkweather, Stiles, Stokes, Stoughton, Strick- such coin: Provided, That no banking associaland, Strong, Tanner, Taylor, Tillman. Twichell, Uption organized under this section shall have a son, Van Auken, Ward, Cadwalader C. Washburn, William B. Washburn, Wheeler, Willard, Winans, Wood ward-95. The bill was then passed-yeas 98, nays 80, as follow: YEAS-Messrs. Allison, Ambler, Armstrong, Asper, Benton, Biggs, Bird, Blair. George M. Brooks, James 80. Mr. Garfield moved to amend the title, so as to read: "To provide for the redemption of the three per cent. temporary loan certificates and for the increase of national bank notes." Which was agreed to. 1870, June 21-The SENATE refused to concur in the House amendments and asked a committee of conference, which was granted. June 27-The COMMITTEE OF CONFERENCE, consisting of Senators Sherman, Warner, and Sprague, and Representatives Garfield, Thomas L. Jones, and Lionel A. Sheldon, made the following report: That the Senate recede from their disagreement to the amendments of the House to the Senate bill, and agree to the same, with the following amendments: Page 1, line 1, strike out "ninety-five" and circulation in excess of $1,000,000. tion formed under the provisions of the precedSEC.. That every national banking associahand not less than twenty-five per cent. of its ing section of this act shall at all times keep on outstanding circulation in gold or silver coin of the United States, and shall receive at par in the payment of debts the gold notes of every other such banking association which at the time of such payments shall be redeeming its circulating notes in gold coin of the United States. SEC. -. the purpose of issuing gold notes, as provided in That section 3 be amended as follows: page 4, Same page, line 5, strike out the word "three" IN HOUSE, June 29, 1870. disagreed to-yeas 53, nays 127, as follow: Blair, Boles, Bowen, Buckley, Roderick R. Butler, gest, Sawyer, Schenck, Scofield, Lionel A. Sheldon, Porter Sheldon, Shober, John A. Smith, Worthington NAYS-Messrs. Adams, Allison, Ambler, Armstrong, Atwood, Banks, Barnum, Beatty, Beck, Benjamin, Bennett, Biggs, Bingham, Bird, George M. Brooks, James Brooks, Buffinton, Burchard, Burr, Benjamin F. Butler, Calkin, Cessna, William T. Clark, Sidney Clarke, Cleveland, Amasa Cobb, Clinton L. Cobb, Coburn, Conger, Cook, Cox, Crebs, Cullom, Davis, Dawes, Degener, Dick inson, Dixon, Dockery, Dox, Dyer, Eldridge, Farnsworth, Ferry, Fisher, Getz, Griswold, Hambleton, Hamill, Hawkins, Hawley, Hay, Hoar, Holman, Hooper, Ingersoll, Johnson, Judd, Kelley, Kellogg, Kerr, Ketcham, Knott, Lawrence, Lewis, Loughridge, Marshall, May. nard, McCarthy, McCormick, McGrew, McKee, McNeely, Milnes, Jesse H. Moore, William Moore, Morgan, Mor phis, Daniel J. Morrell, Mungen, Myers, Negley, Niblack, O'Neill, Orth, Packer, Paine, Peck, Phelps. Porter, Prosser, Reeves, Rice, Rogers, Sanford, Schumaker, Shanks Slocum, Joseph S. Smith, Starkweather, Steven son, Stile, Stone, Stoughton, Strader, Strickland, Strong, Swann, Sweeney, Taffe, Townsend, Twichell, Tyner, Van Auken, Van Horn, Van Wyck, Welker, Wells, Wheeler, Whitmore, Wilkinson, Williams, Eugene M. Wilson, John T. Wilson, Winchester, Wood, Woodward—127. A second committee of conference, consisting of Senators Williams, Morton, and Bayard, and Representatives Judd, Packer, and Knott, agreed upon a report, being the bill as finally passed, and printed at the beginning of this chapter. The following, it is understood, will be the apportionment of the additional circulation given in this act: IN HOUSE, December 11, 1869. Mr. Ingersoll introduced a "bill authorizing an additional issue of legal-tender notes to the amount of $44,000,000, and for other purposes;" which was referred to the Committee on Banking and Currency. Pending question of reference, Mr. Scofield moved to lay the bill on the table; which was disagreed to-yeas 65, nays 88, as follow: Virginia, $4,915,985; West Virginia, $457,770; Illinois, $1,079,592; Michigan, $786,776; Wisconsin, $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, $6,576; Georgia, $4,681,728; North Carolina, $4,098,628; South Carolina, $4,216,838; Alabama, $4,081,212; Oregon, $161,273; Texas, $2,032,194; Arkansas, $1,455,519; Utah, $58,332; California, $1,717,388; Florida, $546,442; Dakota, $15,441; New Mexico, $277,939; Washington Territory, $47,180. Total, $54,000,000. YEAS-Messrs. Ambler, Ames, Asper, Bailey, Beaman, Benjamin, Biggs, Bird, Blair, Boyd, George M. Brooks, Buck, Buckley, Buffinton, Cor. Dawes, Dixon. Donley, Duval, Ferriss, Finkelnburg. Fisher, Garfield, Getz, Haldeman, Hoar, Hooper, Jenckes, Kelley, Kellogg, Kelsey, Kerr, Ketcham, Knapp, Laflin, Lash, McGrew, Mereur, O'Neill, Poland, Randall, Reading, Reeves. Scofield. Porter William Moore, Samuel P. Morrill, Mungen. Myers, Sheldon, John A. Smith, Worthington C Smith, Starkweather, Stevens, Stoughton, Strickland, Strong,Townsend. Twichell, Ward, Cadwalader C. Washburn, William B. Washburn, Wheeler, Willard, Winans, Woodward-65. NAYS-Messrs. Allison, Armstrong, Arnell, Beatty, Bennett, Boles, Burchard, Burdett, Burr, Benjamin F. Butler, Roderick R. Butler, Calkin, Cessna, Amasa Cobb, Coburn, Cook, Cowles, Crebs, Cullom, Davis, Deweese, Dickinson, Dockery, Dor, Dyer, Eldridge, FarnsHawkins Hawley, Hay, Heaton, Heflin, Hoag, Solomon worth, Ferry, Fitch, Gilfillan, Griswold, Hamilton, L. Hoge, Holman, Ingersoll, Johnson, Alexander H. Jones, Judd, Julian, Knott, Lawrence, Loughridge, May ham, Maynard, McCarthy, McCormick, McCrary, Morgan, Negley, Niblack, Orth, Packard, Paine, Peters, Pomeroy, Prosser, Rice, Rogers, Sargent, Lionel A. Sheldon, Joseph S. Smith, William J. Smith, William Smyth, Stevenson, Stokes, Stone, Strader, Sweeney, Taffe, Tanner, Tillman, Tyner, Upson, Van Trump, Welker, Wells, B. F. Whittemore, Wilkinson, Williams, Eugene M. Wilson, Witcher, Wood-88. The following is the apportionment of the existing circulation: Maine, $5,415,000; New Hampshire, $3,312,000; Vermont, $2,989,500; Massachusetts, $21,795,000; Rhode Island, $4,794,000; Connecticut, $7,222,500; New York, $53,473,500; New Jersey, $6,690,000; Pennsylvania, $26,527,500; Maryland, $7,137,000; Delaware, $1,090,500; District of Columbia, $658,500; Virginia, $10,731,000; West Virginia, $2,788,500; Ohio, $17,623,500; Indiana, $9,615,000; Illinois, $11,838,000; Michigan, $5,200,500; Wisconsin, $6,211,500; Iowa, $4,408,500; Minnesota, $1,050,000; Kansas, $646,500; Missouri, $9,411,000; Kentucky, $10,500,000; Tennessee, $8,766,000; Louisiana, $10,581,000; ; Mississippi, $5,265,000; Nebraska, $181,500; Colorado, $193,500; Georgia, $9,420,500; North Carolina, $7,546,500; South Carolina, $7,566,000; Alabama, $7,425,000; Nevada, $48,000; Oregon, $370,500; Texas, $3,961,000; Arkansas, $2,724,000; Utah, $237,000; California, $3,003,000; Florida, $955,500; Dakota, $27,000; New Mexico, $486,000; Washington Territory, $82,500. Total, $299,968,500. Resolved, That the Committee on Banking and Currency be, and they are hereby, instructed to report at an early day a bill providing for withdrawing from circulation the national bank currency, and for issuing, instead of such currency, treasury notes, usually known as "greenbacks." Which was disagreed to-yeas 56, nays 114, as follow: YEAS-Messrs. Adams, Archer, Axtell, Beck, Biggs, Bird, James Brooks, Burr, Roderick R. Butler, Calkin, Cor, Griswold, Haight, Haldeman, Hambleton, Hamill, HawCrebs, Dickinson, Dox, Eldridge, Getz, Golladay, Greene, kins, Hay, Holman, Johnson, Thomas L. Jones, Kerr, Knott, Marshall, Mayham, McCormick, McNeely, Morgan, maker, Sherrod, Joseph S. Smith, Stiles, Strader. Swann, Mungen, Niblack, Randall, Reading, Reeves, Rogers, SchuTrimble, Van Auken, Van Trump, Voorhees, Wells, Eugene M. Wilson, Winchester, Wood, Woodward-56. ley, Banks, Barnum, Beaman, Beatty, Benjamin, Benton, Bingham, Blair, Boles, Bowen, Boyd, G. M. Brooks, Buck, Buckley, Buffinton, Burchard, Burdett, Cake, Cessna, Sidney Clarke, Amasa Cobb, Clinton L. Cobb, Coburn, Cook, Conger, Cowles, Dawes, Deweese, Dickey, Dixon, Donley, Duval, Dyer, Ferriss, Finkelnburg, Fisher, Garfield, Gilfillan, Hale, Hamilton, Hawley, lian, Kelley, Kellogg, Kelsey, Ketcham, Knapp, Lash, Heaton, Heflin, Hill, Hoar, Hooper, Jenckes, Judd, JuLawrence, Logan, Lynch, McCarthy, McCrary, McGrew, Mercur, Eliakim H. Moore, Jesse H. Moore, William Packard, Packer, Paine, Palmer, Peters, Phelps, PoMoore, Daniel J. Morrell, Myers, Negley, O'Neill, Orth, land, Pomeroy, Potter, Prosser, Rools, Sargent, Sawyer, Scofield, Lionel A. Sheldon, Porter Sheldon, John A. Smith, William J. Smith, Worthington C. Smith, Starkweather, Stevens, Stokes, Stoughton, Strong, Taffe, Tanner, Tillman, Townsend, Twichell, Tyner, Upson, Cadwalader C. Washburn, William B. Washburn, Welker, Wheeler, Wilkinson, Willard, Williams, John T. Wilson-114. NAYS-Messrs. Ambler, Ames, Armstrong, Asper, Bai LVIII. THE FUNDING ACT. AN ACT to authorize the refunding of the national debt. tion the Secretary of the Treasury shall give public notice; and the interest on the particular bonds so selected at any time to be paid shall cease at the expiration of three months from the date of such notice. Be it enacted, &c., That the Secretary of the Treasury is hereby authorized to issue, in a sum or sums not exceeding in the aggregate $200,000,000, coupon or registered bonds of the United 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 sue, 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 thirty years from the date of their issue, and bearing interest at the rate of four per cent. per annum; all of which said several classes of bonds, and the interest thereon, shall be exempt from the payment of all taxes or duties of the United States, as well as from taxation in any form by or under State, municipal, or local authority; and the said bonds shall have set forth and expressed upon their face the above specified conditions, and shall, with their coupons, be made payable at the Treasury of the United States. But nothing in this act, or in any other law now in force, shall be construed to authorize any increase whatever of the bonded debt of the United States. SEC. 2. That the Secretary of the Treasury is hereby authorized to sell and dispose of any of the bonds issued under this act at not less than their par value for coin, and to apply the proceeds thereof to the redemption of any of the bonds of the United States outstanding and known as 5-20 bonds at their par value; or he may exchange the same for such 5-20 bonds, par for par; but the bonds hereby authorized shall be used for no other purpose whatsoever. And a sum not exceeding one-half of one per cent. of the bonds herein authorized is hereby appropriated to pay the expense of preparing, issuing, advertising, and disposing of the same. SEC. 3. That the payment of any of the bonds hereby authorized after the expiration of the said several terms of ten, fifteen, and thirty years shall be made in amounts to be determined fron time to time by the Secretary of the Treasury at his discretion, the bonds so to be paid to be distinguished and described by the dates and numbers, beginning for each successive payment with the bonds of each class last dated and numbered, of the time of which intended payment or redemp public notice the interest on the bonds so selected and advertised to be paid shall cease. SEC. 5. That the Secretary of the Treasury is hereby authorized, at any time within two years from the passage of this act, to receive gold coin of the United States on deposit for not less than thirty days, in sums of not less than $100, with the Treasurer, or any assistant treasurer of the United States authorized by the Secretary of the Treasury to receive the same, who shall issue therefor certificates of deposit, made in such form as the Secretary of the Treasury shall prescribe, and said certificates of deposit shall bear interest at a rate not exceeding two and a half per cent. per annum; and any amount of gold coin so deposited may be withdrawn from deposit at any time after thirty days from the date of deposit, and after ten days' notice and on the return of said certificates: Provided, That the interest on all such deposits shall cease and determine at the pleasure of the Secretary of the Treasury. And not less than twenty-five per cent. of the coin deposited for or represented by said certificates of deposits shall be retained in the Treasury for the payment of said certificates; and the excess beyond twenty-five per cent. may be applied, at the discretion of the Secretary of the Treasury, to the payment or redemption of such outstanding bonds of the United States heretofore issued and known as the 5-20 bonds, as he may designate under the provisions of the 4th section of this act; and any certificates of deposit issued as aforesaid may be received at par, with the interest accrued thereon, in payment for any bonds authorized to be issued by this act. SEC. 6. That the United States bonds purchased and now held in the Treasury in accordance with the provisions relating to a sinking fund, of section 5 of the act entitled "An act to authorize the issue of United States notes, and for the re demption or funding thereof, and for funding the| Be it enacted, &c., That for the purpose of floating debt of the United States," approved funding the debt of the United States and reducFebruary 25, 1862, and all other United States ing the interest thereon, the Secretary of the bonds which have been purchased by the Secre- Treasury be, and he is hereby, authorized to istary of the Treasury with surplus funds in the sue, on the credit of the United States, coupon or Treasury, and now held in the Treasury of the registered bonds of such denominations, not less United States, shall be canceled and destroyed, than $50, as he may think proper, to an amount a detailed record of such bonds so canceled and not exceeding $400,000,000, redeemable in coin destroyed to be first made in the books of the at the pleasure of the Government at any time Treasury Department. Any bonds hereafter ap- after ten years, and payable in coin at twenty plied to said sinking fund, and all other United years from date, and bearing interest at the rate States bonds, redeemed or paid hereafter by the of five per centum per annum, payable semiUnited States, shall 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. Approved, July 14, 1870. Final Votes. IN SENATE, July 13, 1870. The bill, being the report of the committee of conference last appointed, was agreed to without a division. I HOUSE, July 13, 1870. Previous Votes. IN SENATE. 1870, February 7-Mr. Sherman, from the Committee on Finance, reported the following bill: SEC. 2. That the Secretary of the Treasury be, and he is hereby, authorized to issue on the credit of the United States, coupon or registered bonds to the amount of $400,000,000, of such denominations, not less than $50, as he may think proper, redeemable in coin at the pleasure of the Government at any time after fifteen years, and payable in coin at thirty years from date, and bearing interest not exceeding four and one-half centum per annum, payable semi-ansection may be disposed of under such regulations nually in coin; and the bonds authorized by this as the Secretary shall prescribe, in the United States or elsewhere, at not less than par for coin; or they may be exchanged at par for any of the outstanding obligations of the Government bearing a higher rate of interest in coin; and the proceeds of such bonds as may be sold for coin shall be deposited in the Treasury, to be used for the redemption of such obligations bearing interest in coin as by the terms of issue are or may become redeemable or payable, or to replace such coin as may have been used for that purpose. SEC. 3. That the Secretary of the Treasury be, and he is hereby, authorized to issue, on the credit of the United States, from time to time, coupon or registered bonds of such denominations, not less than $50, as he may think proper, to the amount of $400,000,000, redeemable in coin at the pleasure of the Government at any time after twenty years, and payable in coin at forty years from date, and bearing interest at the rate of four per centum per annum, payable semi-annually in coin; and such bonds may be disposed of, either in the United States or elsewhere, at not less than their par value, for coin, or, at the discretion of the Secretary, for United States notes; or may be exchanged at not less than par for any of the obligations of the United States outstanding at the date of the issue of such bonds; and if in the opinion of the Secretary of the Treasury it is thought advisable to |