The New Financial Plan Of The Government

Wavbingtou, Deo. 8, 186S. Thu lollowiog is the Lul 1 introduced to-day by Mr. Su-vens from ihu Cominittce of Ways and Jlcüns : - Be it enacted, by the Senate and House of Keprcseutatives ot' the United States of Araoiioa, in Congrega ussembled, That the Secretary of tlie Treasury sliall, as far as possible, redecm and cali in the fivo-twouty b Jiids aud all sevcn thirty bonds whicli havo been issuod sinco the 4th of March, 18G-, and cancel tho same. Sec :'.. And bc it. furüner enacted, ïhat the Secretar of the Treasury shall redeem all United States tender notes whieh shall be held as a loan beariug interesé, trie law avithorizing such loan or depoüit a hereby repealt'd. Skc. 3. And be it lurther enacted, That the law authorizing and reouiring tho p&ymeot of interest cmj Uuited States bonds iu gold, and which authorised the issuing oí' the íive twenty büuds, is hereby repeaíed. Sec 4. And be it farther enacted, That in order to enable the Secretarv of tho Treasuty to carry into effect the foregoing provisions, he s hereby au thorized to issue 81,000,000,000, if so muoh is needed, of bonds of thc United States, similar in amount and form to those authoriaed by the act entítled, " An act to authorize the issue of United States notes, and for thc redemption, or fundiug thoreof, and for funding the floatuig debt of tlie United Stares," ap proved Febraary 25, 1862, wi'.h interest payabla seiniannually, in the lawful moiiey of the United States, npd the principal p.iyahle in tweuty vears in gold or silver coíd of the United States; also to issue legal tender notes oí tlie United States, the aniount not to exceed, with those already authorizod, five hundred uiillions. Sec. 5. And be it further enacted, That, instead of tho bonds bereby authorized to be redeemed, the Secrotary of the Treasury he authorized to exchange the bonds autboriscd hy this act upon sueh toruis as he niay doem advantagoous to the üoveruiueut, or pay them in k'tjal tender notes. Skc. 6. Aud be it further enacted, That all bauks, savings iustitutious or persons who havo authority to issue notes as a currency hhall pay a tax, to be assessed as other taxes, of fifty per centum on all tlieir circulation which shall exceed one half of their capital paid in ; provided that this sectiou shall not go into operation until uinety days after the passage of this act. Sec. 7, And bo it further enacted, That whenever the government requires more irouey than is hereby provided, the Seeretary of the Treasury may se 11 any portion of the billiou of bonds hereby authorized at such prices as he may be ablö to obt.iiu fur the same.