Delaware gazette. [volume] (Delaware, Ohio) 1855-1886, 1870-01-21
FINANcIAL MEAsUREs.

FINANCIAL MEASURES
The bill introduced IN the Senate of
the United States By Mr.. Sumner to
authorize the refundine and consolida-
tion Of the national debt. provides
that the Secretary Of the Treasury
shall be authorized to issue bonds
amounting to $500, ,000. 600, Of denom-
nations not less than $50. rsdeemable
IN coin at the pleasure of the govern
ment. at any time after ten years. pay
able IN coin at forty years from date
and bearing interest payable semi-anu-
ally il coin st.five per cent. said bonds
to be disposed Of at notices. than their
par value that the Secretary may IS
sue bonds of ike denominations to
the amount of $500, 600, 900, redeem
able in ike manner at fifteen aud pay
able at forty years from date. bearing
interest at four and a-half per cent. !;
that the Secretary may issue also $780,
100000 Of bonds re5eemable at tWen
ty and payable at sixty years from date
bearing interest atfopr per cent, ia
terest and principal payable ia, coin /;
that the proceeds of such bonds a.
shall be sold for coin shall be deposited
in the Treasury for the redemption OF
such six per cent. bonds as shall not
be offered in exchange for the new
bonds that the bonds authorized BY
this act and the income therefron,
shall be exempt from all taxation,
state, national or municipal that the
present aggregate issue of national
bank notes shall be increased from
500, 600. 900 to s500.0O0,OOO, the new
issue to be distributed among the
States and territories according to
population; that for every dollar OF
new currency issued one dollar Of legal
tenders shall be withdrawn that the
national banks to which shall be
awarded any portion of the additional
circulation shall deposit in the Ma
tionaI Treasury four per cent. bonds IN
the proportion Of $50 for every 500
Of currency that all existing nation
al banks shall deposit in like manner
as security for their circulation four
per cent. bonds in the same proper
ton that when the premium on gold
shall fall to or below five per cent. the
Secretary of the Treasury shall give
notice that the legal tenders will be
received at par for custom duties, and
all legal tenders so received shall be
cancelled that the interest on three
per cent legal tender certificates shall
cease after date of such notice. and
that all acts declaring other issues oil
the United States than coin a legal
tender are hereby repealed.
Senator Sherman's bill. lately in
troduced, to provide national cur
rency of coin notes and to equalize the
distribution of circulating notes, pro-
vides that the national banking eircu
lation shall be increased forty-five
millions of dollars, which sum shall
be apportioned according to popula-
ton that the Secretary Of the Treas
ury shall retire at the end of each
month an amount Of three per cent,
certificates equal to the national bank
notes issued during the month; that aft
er notice ofredemption said certificates
shall cease to bear interest and shall
no longer be available as the reserve
of any national bank that on deposit
of United States bonds, currency
shall be issued to any banking associ-
alton in the proportion of ninety per
cent. of the gold valuation of the
bonds or eight per cent. Of their par
value that such notes shall be re-
deemable at the Office of such associa-
tion in coin that every national bank
formed under this act shall keep Oh
hand coin equivalent to twenty Eve
per cent. of its outstanding circulation
and shall receive at par the coin notes
Of every other bank redeeming It's
circulating notes in coin and that in
applying to the banks issuing gold
notes the provisions of the national
banking act. the term lawful money
shall be held to mean gold and silver
coin of the United States.
These two bills, which We have been
at some pains to summarize, constitute
the leading financial measures now
pending before Congress.