Cleveland daily leader. [volume] ([Cleveland, Ohio]) 1865-1873, 1866-01-10
FINANCIAL & COMMERCIAL.


Il
TUESDAY EVENING, Jan. 3, 1906.
The first practical step toward funding
and contraction was taken yesterday in the
introduction of a bill by Mr.. Merrill, from
the Committee of Ways and Means, and I'M
derstood to have been framed by Secretary
McCulloch, providing for the issue of long
bonds of the United States to be sold in the
open market and exchanged for other bonds
of the United States. The following abstract
of the bill was inadvertently omitted from
our telegraph columns this morning. The
bill provides: eal
First-That the Secretary of the Treasury
be authorized to issue to the amount that
may be required, coupon or registered bonds
of the United States, payable in not over
forty years from date, mt fredeemable in
such time after date as may be fixed by
him that such bonds may be sold, and
principal and interest be made payable
either in the United States or in Europe, and
such bonds as are payable at the Treasury
of the United States shall bear interest not
exceeding six per cent. per annum payable
semi-annually, and such as are made pay
able, principal and interest, in Europe, shall
bear interest not over five per cent per an
mum, payable s~emi-annuaily.
The portion payable at the Treasury shall
be paid in coin of the United States, D
that payable in Europe shall be paid in the
coin or currency of the country in which
they shall be made payable The Secretary
Of the Treasury shall fix denominations to
be issued, and may dispose of bonds at the
market value for foreign coin, or exchange
United States notes, Treasury notes, or notes
of National Banks, or other obligations OF
4ba TTnffad Gfafac ord NAV avohanOa them
for any other bonds of the United States.-
The bonds shall not be taxable by State or
municipal authority.
Second-That these bonds shall be in such
form as the Secretary of the Treasury may
direct, and shall bear the written signatures
of the Register of the Treasury, er other Off
GERS appointed to sign the same, and also a
copy of the seal of the Treasury.
The sixth section provides that interest
bearing Treasury notes shall no longer be
legal-tender.
The seventh section repeats the provision
for one per centum sinking fund
The bill is agreeable to the recommends
tions made by Secretary McCuIloch in his
sAnuai report. We hope it will receive the
prompt and favorable consideration of Con-
gress1 Trs
AOcd4 AfOHebaFy AHdIS eAAioiOcu U oepo-
ciaI change to-day. There was rather more
inquiry noted fof currency, but on the whole
the market ruled quiet The ease in money
increases, and the banks generally are in a
more comfortable condition than for some
time past. sfH
In Eastern Exchange there is nothing
new. The market is close and there is very
little making. The increasing ease in cur
rency will probably induce bankers to re-
plenish their Eastern balances. Rates are
steady at par buying and Ito premium
selling.
The effect upon financial matters in New
York of the proposed loan, noted above, was
very decided Gold was very much unset
tied, and declined early in the day, but be-
ing largely oversold, rallied and closed at
an a~dvance-139. Government securities
appear to have been unfavorably affected,
and fell off 3@I per cent. The general
stock market was very feverish, and rail-
way speculation was all on the downward
course. Our New York dispatches give in
teresting details.
DID, r - II =. a..