The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1868-01-09


demand ten-forties in exchange for five
twenties; to apply the surplus revenue each
month to the purchase of ten-forty bonds
at the market price; to tax the national
banks % per cent. per annum in gold to be
deducted from the interest on the bonds de-
posted by them for the redemption of their
notes, banks which refuse to pay the tax to
be made to surrender their circulation, the
same to be given to new banks in States
which have not their pro rata of banking
capital.
Mr.. VAN BUREN proposes To forbid any
contraction or imitation and the sale of gold;
to suspend the payment of gold interest on
the debt for two years, paying seven and
three-tenths in paper instead of six per
cent. in coin and six and quarter in paper
instead of FIVE in coin; to allow one half Of
all duties at the customhouse to be paid in
preenbacks or national bank notes at par.
This. it is claimed, would leave clear in
come of $50, ,O0O, 900 to 500, 10000 900 in gold,
or o reserve at the end of two years of from
$500, ,OOO,OO to S26O,OOO,O0O, with which
the redemption of the legal tenders could
be maintained.
THE FINANCE COMMITTEE OF THE SENATE,
through its chairman, Mr.. SHERMAN, pro-
poses To authorize the issue of new bonds
payable, interest and principal, in coin,
having forty years to run, but redeemable
at pleasure after ten years, and bearing in
terest at six per cent, to an amount suffl-
cient to take up and cover all existing se-
curities of the United States; to exempt
| these new bonds from all taxation, in con-
sideration of which the Treasurer of the
United States TO reserve one-sixth Of the
interest which shall form special fund.
one-half to be distributed among the States
according to their population, and the re-
mainder to be applied to the payment of the
national debt; to appropriate yearly the
amount necessary for the payment of the
interest and maturing debt, and one-half OF
the aforementioned tax, to the reduction
of the public debt; to authorize the ex-
change of fve-twenty bonds, at option, after
five years from their date, for the new con-
solidated bonds; to authorize the conversion
of legal tenders into bonds, to authorize
the holders of fve-twenties to demand their
redemption in legal tenders unless the whole
amount of United States notes then out
standing shall be equal to $40O, 600, 600; to
authorize the issue of new bonds payable
in coin in Frankfort or London at a fixed
exchange, bearing interest at four-and-a-
half per cent, running forty years and re-
deemable after twenty years, to an amount
not exceeding $500, 900 to be exchanged
for fve-twenties or sold at par.
SENATOR HENDERSON, of Missouri, as
substitute for the foregoing, proposes: To
consolidate the national debt in long loan
at 80 per cent, payable in gold, and exempt
from all taxation; to require that oil national
banks, now having bonds filed with the
| Treasu' secure circulation, shall SUBJ
stitute for them the new bonds or have their
circulation withdrawn; to prohibit the
giving of more than seventy-fve per cent.
n"Gds Cd ms29 a29sSat bsSt S ssRz Is SFsH
business; to provide for the gradual with
drawal of greenbacks so as to enable the
banks to supply themselves with coin pre-
paratory to the resumption of specie pay
4 ments: to constitute financial board to
determine the mode, manner and time OF
Withdrawing the greenbacks, and with pow
er in case of great commercial distress or
panic to supply the banks, on deposit OF
bonds as collaterals, with legal tenders to
an amount not exceeding fifty millions; to
remove internal taxes from all articles OF
manufacture except tobacco and whiskey;
to continue the income and stamp taxes,
license taxes, the tax on railroad and steam
boat receipts and some others, and in o
large measure, to abandon the present ex-
pensive system of tax collection.
These are the principal financial plans now
before the country, and their perusal will
enable an understanding of any modified or
new scheme that may be discussed and car
ried. Upon the disposition to be made of
the national debt will mainly depend the
coming Presidential election, and repudia-
ton or non-repudiation, expansion or con-
traction, will be as important elements in
the contest as the troubled question Of
Southern reconstruction.