The sun. [volume] (New York [N.Y.]) 1833-1916, 1870-02-23

This Hill, as repeatedly Senator Sherman on
the OIL lnst comes up In The Senate to-day.
IL proposes new issue Of S4D0,GhO)0 of 1910
per cent. bonds, $i0l,0oO,No ofi53l ~ per cents,
and tiOlGOO,O0O or more, at tho discretion OF the
Secretary OF tho Treasury, Of ~ 20 Der cents
The per cents may be exchanged at par for coin,
or for any outstanding $40 bonds The ~ per cents
be exchanged at par for coin, for any ou,stand
ing . - 1910 Tor other eoiu interest bopds The
per cents may be exchanged at par coin or for any
outstanding onds; and ut the discretion of the Sec.
rotary, or when proseued by national banks in sums
OF $4,000, for lawful money.
The new bonds arc to he payable. PRINCIPAL and
interest in coin They are to be exempt from all
taxation. The interest may be made payable in
Europe, and per cent. Ia appropriated to pay tao
expense OF preparing and NEGOTIATING the bonds
The new bonds, and no Others. are hereafter TO DO
received from tho national baaks, security for
paper currency Not more than oue.third In either
the ~ or p cen.s- and only 50 per cent of eur.
rency upon the bonds pledged, is to bcIssued upon
them.
Existing national banks are required 10 change
their bonds now deposited In the Currency Depart.
ment for the new bonds within one year or be de-
priyed OF their right to currency. National banks
may exchange lawful money for the per cent
bonds IN sums OF 10000, and then take 50 per
the present restriction to SJ 0OOO01 but dollar IN
Lawful money IL to bo destroyed Tor dollar in cur.
rency thus turn shed.
The so bonds now held by the Sinking Fund.
SC, arc TO be destroyed, aud $50 OOJ is set
apart annually to pay the interest and redeem the
| principal Of the public debt.
such Is the substance VI this bill and suggest tho
| following amendments:
l. Only one class of bonds. and they bearing 5
per cent, interest and limited in amount only by the
| amount Of the Outstanding Goyernmcn. debt.
Each bond to mature within ten years, and he
payable at the option of the Government at maturity
| In coin or in another bond for the same amount
bearing the same rate Of Interest and upon the same
| terms.
B. Not exceeding $9iOOOO,OCO OF the new bonds to
mature any one year; or, better still not exceeding
| $20,0OO,0OO any one month.
| L. Reserve the right GU the part of the Govern.
ment to retain per cent. of the interest as 1t ma
| lures upon an bonds Of the new issue and make
the interest rs well as principal payable at the United
states Treasury. II n shame and disgrace for this
Government to make IT, debts payable anywhere ex
cept NJ lis own Treasury. II is entirely ssary
nnd humilianng to attempt to dot.
We raised and PAID Ss,Oo0OOO per day for years 10
crush The rebellion notoGly without the aid OF Europo
| but Notwithstanding their cold b,ood.I selfish hos
ulty; and now, in lepslatng for this debt would
legisate as though there was no Europe, exc p, VIC
faust remember that Europe holds $l,OCO00OO00 OF
our jcb now and ba, because o. our unwi,e aud IN.
| state smanke legislation. The whole amount held
there ought To haya been and could have been under
proper legislation in our savings banks, trust com.
Ianios, Insurance companies, banks Of Giscoun. and
| deposit, and in the hands Of our own capitalists.
| Feb 30, 1870. JAG