Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1870-02-24
..,,I,o, viii for Funding the Pie-
tic debt.

W. haze had occasion recently 10 can
p,ion to various bills for funding the
,a,b ,r debt and as tho subject Is one %
,bserbin, interest and Of measurable i'm
portanc5 to all the people, who naturally
desirs to know the general outline at
least, Of the various propositions, we give
the latest project presented before Con-
gress.
NJ. wrence of Ohio, has introduced
into the House bill TO provide for fund
~ the public debt at lower rate Of in
tsrost. to secure uniformity in the value
81 the national currency, and to deter
mine the time and mode of resuming sPe-
Gle payment. Which proposes TO author
ize the Secretary Of the Treasury to issue
ooupon or registered bonds to the amount
Of ST 100000, redeemable in gold coin of
eaual value and finensss with the present
gold coinage of the United States, re-
deemable at the pleasure of the Govern
ment, in three equal portions, in twenty,
thirty and forty years; and payable in
ten years after such times respectively !;
bearing a semi.annual gold-bearing inter-
est not exceeding four and half per
cent. and exempt from National or State
Taxation.
These bonds are to be used exclusively
par for par in the redemption of the Five
twenty bonds, or for gold coin, which shall
be applied to the purchase or payment of
said bonds. 1t also provides for the issue
of $100,000,000 in notes bearing two per
cent currency annual interest, which shall
be exchanged par for par for the Five
twenty bonds.
1t is also made the duty of the Secretary
of the Treasury to redeem and cancel the
$45, 100000 outstanding. Three per cent
certifcltes or such amount as may be out
standing. The Secretary of the Treasury
IL also required to redeem all United
States otes presented in sums OF one hun-
), ~ dollars at the rate of eighty dollars in
'nr one hundred dollars in currency,
81. first of July 1870, and at an adj
So 70 no4 Of one per cant, each six
49,, .t'.oo, FER, until par value is reach
:, ' rrs I'll a1,, provides that the Secre-
~ n. I,au ,,o surplus funds OF the
tary may j. Ill '.'o cent. on certain
government, at six PEI ,.Lo.;nod a. bic
Conditions. He is also AZ ~
discretion, to receive currenc. ..
ment of internal and customs
the rates fixed by the bill. 4.,
However desirable it may be TO -
the public debt, it is uncertain whothe.
will be accomplished at the pre"ent Session
OF Congress, amid the multiplicity Oh
schrmes. presented and the various niVl-
hons of opinion that exist among >"s
sm} ers in reference to these various pro"
uDstons, although the able committees 81
uav, and means could undoubtedly agree
upop soue plan that might be feasible
mi las, comes "A rtunor that Be2retary
Boutwell,, announces that no action had
Better be taken. for he fears that he can
bot at present negotiate This way how
eyer may prove only Washington rumor.
I'VE believe the President and the people
aesire the funding of the public debt in
some form at an early day. and it is great
~ to Is hoped that it may be done to sum
It, the business of the country AS such
-. re would unlock the boarded capt.
i ~ tho o. ouptry, and it would find am
ID -, 'etiye employment in bust
nsss circles