The daily mountaineer. (Dalles, Or.) 1861-1866, 1866-05-12
Aailp 1lonstauccr.
EpltOme OF Telcgraphic News.
COMPILED FROM THE oREaoNIAs.l
DATES TO MAY 8.

LA Els Az ttA
Chicago, May 5-oherman loan bill au-
shor'z's the Secretary OF the Tr~asury to~is-
sue registered or coupon bands in such form
or denomination rs he may pl escribe, interest
payable in com, braring Interest not exceed
ing five per cent per annum, payable semi-
annual! the bonds to rnu not txcte ling 30
years, aud 10 be Disposed of ut not less than
par; proceeds To be used exclusively in te-
duclnE the bonds or other iud, btedness Of the
United States, except U. S nutes
Sec'ion sec nd provides tnat the bonds is-
sued under this act sLa lOe known as the
consolidated dent Ui the Uniled SAFES snail
be exempt Tron t"xauou by or unuer State
or MUNICIPAL au hority. ami IN consideration
Of the reduced rate Vt Interest, shall also he
exempt frpui the tax GU tucume derived there
from. -
Section three requires that the amount of
interest paid to the Government shall be ap-
Piled to payment ot tue principal, and that
tor the purl ose OF nsuring the payment,
those OF and III iielhot the sinking fund con-
templated by act of rs o! February, 1862,
the sum vt 1T least thirty millions including
the saving of interest aforesaid, stall be au-
nually applied 10 the redrmp ion of the deot.
Section fuu: requires The holders of seven
thirty treasury meter to info m the Commis.
sioner AZ least six mouths before the matur-
ity VI such notes whether they desire $50
bonds in lieu thereof, aud n Milure to give
such notice will be- de- med conclusive that
tue said seven lhrtys sh 'uli be paid in lieu.
Senator Sherman in Offering tue bill said
1t contained two propositions likely to excite
opposition, namely, the exemption from taxa
,ion, aud the option of the ho ders of seven.
ihirtes. He said strong feeling grows out
~ ~ l..,,,
large an amount of property, and while the
United States bonds bear interest equal to
that paid in most Stat On notes aud securi-
ties SUBJECT to taxation, this feeling will con-
tinue 10 increase. Tiese bonds are now SUBJ
emption claus, wnich it Is proposed to in
crease to ST. 900. aud also to the Ia ge amount
held abroad, winch cannot be reached and
the readiness with which the TAX is avoided,
IL comes to less than One-tenth of one per
cent. on the aggrtg tte debt. This bill by re-
ducing the rate Ut interes, will save one sx,h
per cent. interest, and vii involve but trifling
loss on the revenue from the income tax
Sherman in,imates that by the saving thus
made, fur thrr sum eqlal to three cents on
she dollar will in thirty live years wipe out
she whole debt thus IN effect paying tue debt
BY the saving of interest.
The secoud proposition likely to excite op.
position Is that which gives option TO the
holders Of seven thirties. This option will
compel the Secretary OF the Treasury to accu.
mulate vast sums tor the contingency tha
may not happen, and il places him at The
mercy Of sudden combination when the note.
mature. To avoid tins the bill requires Ia,
Observance of the common custom aud Law
ofgiving reasonable notice. Ii no option b,
taken, then it is held to be II choi g Of ih
money, and the Secretary will have six month";
TO prepare for II.
Sherman says thrt the bill was approved b,
the Secretary Of the Treasury and had beef
partially considered by the Finance Commit
tee. II is expec'ei that the holders Of tn
present bonds will convert them, hut fortu
nately nearly all our securities will soon b
within reach by their maturity. 1t is the con
fident belief that this proposition reducing
the rate of interest vii! be so lar adjusted ue
tween the conflicting interests of the bon,
holder and tax payer that it will be accepte,
by both, and tnus consolidate the debt Of th
United States. AL the advantages propose
by the bill will be more properly considers
when IL is reported to the Senate. In tn
meantime II is but right to submit it to tn
partial test Of pubic judgment and to tn
csnsidernt on Of those who pay taxes or VIII
hold national securities. The bill was re
ferred to the Finance Committee.
~
DANGEROUS NBIGHBonHooD.-Ba Darlington g
on Reynolds creek, is getting a bad reputa
tion. It is dangerous place for eit1er stocl
or VIII sky to be laying around loose Las
Fehruarv Kale's nets moved aboul every hoo