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Updated: June 27, 2025
Two months later, on the 21st of February, 1866, Mr. Morrill, from the Committee on Ways and Means, reported a bill which, as he explained, would expand the authority provided by the Act of March 3, 1865, for funding interest-bearing obligations, so as to include non-interest-bearing obligations.
If the holder of the United States note prefers the gold and gets it from the Government, he should not receive back from the Government a United States note without paying gold in exchange for it. The reason for this is made all the more apparent when the Government issues an interest-bearing debt to provide gold for the redemption of United States notes a non-interest-bearing debt.
Surely it should not pay them out again except on demand and for gold. If they are put out in any other way, they may return again, to be followed by another bond issue to redeem them another interest-bearing debt to redeem a non-interest-bearing debt.
Surely it should not pay them out again except on demand and for gold. If they are put out in any other way, they may return again, to he followed by another bond issue to redeem them another interest-bearing debt to redeem a non-interest-bearing debt.
Surely it should not pay them out again except on demand and for gold. If they are put out in any other way, they may return again to be followed by another bond issue to redeem them another interest-bearing debt to redeem a non-interest-bearing debt.
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