. The Fortieth Congress of the United States: historical and biographical. x-change them for new bonds at 3,05 running forty years, principaland interest payable in gold, the bonds and interest to be free fromall taxation. This bill passed both Houses, but at so late a daythat it was held by the President until after the adjournment,and thus failed to become a law. A bill was proposed by , providing for a return to specie payments July 4, 18G9, 6 THE FORTIETH CONGRESS and for funding the National Debt at a lower rate of bill V as proposed by Mr. Morton, designed to render a
. The Fortieth Congress of the United States: historical and biographical. x-change them for new bonds at 3,05 running forty years, principaland interest payable in gold, the bonds and interest to be free fromall taxation. This bill passed both Houses, but at so late a daythat it was held by the President until after the adjournment,and thus failed to become a law. A bill was proposed by , providing for a return to specie payments July 4, 18G9, 6 THE FORTIETH CONGRESS and for funding the National Debt at a lower rate of bill V as proposed by Mr. Morton, designed to render at as earlya date as possible the currency convertible into and therefore ofequal value with gold. A directly opposite plan was proposed byGeneral Butler in the House, looking to the indefinite prolongationof paper currency. No definite and final action was reached uponany of the financial plans proposed. It was thought proper to deferaction upon these important questions until such time as the Legislativeand Executive Departments of the Government should be in
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