This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1884 edition. Excerpt: ...offered. The portions of the debt accruing before 1869 it was the intention of the secretary to fund into 5 per cent, stocks, and a like method could be used in 1871 when other portions fell due. Two results would be accomplished by such a policy: the treasury could be put and kept in such condition as not only to be prepared to pay all claims upon presentation, and also to take up in advance of their maturity, by payment or conversion, such portions of the temporary debt as would obviate the necessity of accumulating large currency balances in the treasury, and at the same time relieve it from the danger of being forced to a further issue of legal tender notes, or to a sale of bonds, at whatever price they might command.--The second section of the loan act of March 8, 1865, authorized the secretary to "dispose of any of the bonds or other obligations issued under this act, either in the United States or elsewhere, in such manner, and at such rates, and under such conditions, as he may think advisable, for coin, or for other lawful money of the United States, or for any treasury notes, certificates of indebtedness, or certificates of deposit, or other representatives of value, which have been or may be issued under any act of Con gress." In February, 1866, a bill was reported from the committee of ways and means, which proposed to construe the law of 1865 as allowing the secretary to receive any of the issues of the government in exchange for the description of bonds contained in the first section of the act, provided there should result no increase in the amount of the public debt. This would amount to an authority to fund all outstanding obligations of the government into bonds. The debates that occurred on this bill...
|Author||John Joseph Lalor|
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