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History of the Currency, 1848 - 1873 by Walter G. Watt, 1898

History of the Currency, 1848 - 1873 by Walter G. Watt, 1898, Page 19

17.
in payment of all debts both public and private within the United States. The Secretary of the Treasury was empowered to issue $500,000,000 of coupon or registered bonds, redeemable at the pleasure of the United States after five years, and payable in twenty years from fate, and to bear interest at the rate of 6 per cent per annum. These bonds were intended to furnish a means for funding all the floating debt of the government, including the notes provided by this bill. The bonds might be sold for either coin or treasury notes. A new feature appeared for the first time in this bill by which it was provided that the notes might be deposited for periods of not less than thirty days and in sums of not less than $100 with the assistant treasury or in the national depositaries, and while so deposited should bear interest at the rate of 5 per cent. The aggregate of such deposits was not to exceed $25,000,000 at any one time.

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17. in payment of all debts both public and private within the United States. The Secretary of the Treasury was empowered to issue $500,000,000 of coupon or registered bonds, redeemable at the pleasure of the United States after five years, and payable in twenty years from fate, and to bear interest at the rate of 6 per cent per annum. These bonds were intended to furnish a means for funding all the floating debt of the government, including the notes provided by this bill. The bonds might be sold for either coin or treasury notes. A new feature appeared for the first time in this bill by which it was provided that the notes might be deposited for periods of not less than thirty days and in sums of not less than $100 with the assistant treasury or in the national depositaries, and while so deposited should bear interest at the rate of 5 per cent. The aggregate of such deposits was not to exceed $25,000,000 at any one time.