New-York tribune., 1872-12-13
Horsg OF REPRESENTATIVES,.

INTERNATIONALLY COUPON AND REGISTERED BONDS.
Mr. DAWES Rep, Mass.), from the Commit
tee on Ways and Means, reported bill authorizing the
Secretary Of the Treasury to issue coupon bonds in ex
change for registered bonds provided that the expense
Of such exchange shall be paid By the thereof.
He explained that while the Secretary had authority
change coupon bonds into registered bonds he
han not the cOrreatve authority TO change registered
bonds into coupon bonds and consequently the latter
class Of bonds account OF their facility OF transfer
commanded higher prices in Europe than registered
bonds. This bill would place the two classes on an
equality By making them Interchangeable.
Mr. HOLMAN Dem. IDd) opposed the bill as tending
10 facilitate the acquisition and absorption OF our bonds
Mr. cox Dem, " " saw no objection TO the bill,
except that perhaps it would open up new kind OF
brokerage aud might facilitate fraud.
Monday introduced bill, and had 1t referred 10 the
Committee on Banking and Currency, which he thought
would meet all the objects Of the pending measure.
His proposition 10 allow certain designated mum
ber Of national banks in each state 70 hold registered
winch such bonds and the OF their owners shall
be inscribed. The banks would issue TO the owners
sig2ed by the pgesideBt A'd and Cashier T1A Of the
bank that they hold certain bonds in trust.
market without 'any change the registration of the
bonds, Just railroad ana bank stocks are now solo,
al the bonds thus held in trust and the ordinary de-
posts OF that seanuual interest in the course OF bust
1t to remain would be sufficient compensation 20 the
bank for the transaction Of the business The only dis
the interest in advance Of its falling due, as can
could discount it with the bauk holding the
bonds. He would be very giad if his colleague
duced and postponed for few days in order that the
other proposition might be considered.
Mr.. DAWES said he had no objection 20 that.
mr. HOOPER Rep, Mass.I agreed with his colleague
tMr Hoan as TO the measure introduced by him. and
hoped that the pending bill would be postponed This
same question had been presented TO the Committee Of
Ways and Means In former years. and had met its
approval the objection to 1t being that the Government
perfectly with registered bonds ana was
liable 70 paw counterfeit coupons bonds
Mr.. DAWES did not the slightest conflict between
the measure suggested by his colleague (Mr HOar and
the pending measure He could some advantage In
The pending bin had design affect that at ALL
His colleague could not expect that bonds which go into
uated abroad could be tied 70 bank Massachusetts,
or any other State TO that bank TO which his friend
gwen much credit. His colleague did not seem to
comprehend the yastness Of the money transactions OF
THE ADVANTAGE OF THE MEASURE TO TRADE.
Mr.. WOOD Dem, n. " could see no possible obiec-
tage 10 It in the facilitating Of trade and commerce. To
The Government there difference IN the value OF
The two classes Of bonds but 70 the trading community
10 the brokers' and TO the public generally there was
very material difference Registered bonds had value
value Of registered bonds % far as security was con
readily nom hand 10 hand He could see no detr-
ment 70 the Government In permitting TINS
could zee material advantage in It 70 the commerce and
trade aud money facilities OF the country. He would
IKE the Government, COu0 40 lcHlL
imatey consistently with its limited powers. grant
facilities 20 further develop the commerce and re-
sources OF the country. In the City OF EewYork the
money center Of the country, there was periodically
most lamentaDle condition Of things, where few cap
iiasts by the manipulation Of few million dollars.
absolutely controlled the whole money interest Of the
nation and could evade the power OF the Secretary
Of the Treasury himself While he did not believe
10 be the province prerogauve OF the treasury Dc
psrtment 70 interfere In way with private individual
Interests yet believed that the secretary eond 80 use
those bonds and the coin aud currency OF the country "a
" grant facilities by loans 10 individuals on the hypothe
cation Of Government bonds at gwen rate OF interest,"
which would prevent the lamentabe Destructive TeyO
tOnary condition things that existed to-day Ia tht
city OF SewYOrk, where money Was from one~sx xteentn
70 Oneghth OF cent per day loaned on the very
best security.
M. cox (Dem.. N. ~ asked Mr.. DAWES TO state why
II that the Secretary OF the Treasury desired 70
change this class Of public securities when he was Az tne
time eDdeayOng 10 negotiate for the u and per
cent bonds with the Syndicate OF which the country nSs
heard something =, =,
Mr. DAWES replied that II was the principle indi
Gated by Mr.. CoXs colleague tMr. WOod), tbat every
thing which facilitated exchange contributed 10 prosper
ity see no connection at all between this ol ana tne
negotiation OF bonds This condition OF things has
been growing up every year bonds nave more ano
more entered into the commercial transactions OF tine
people. The law proposed will enhance tneir Nhiue
make Of more interest 20 the people, ana WIZ give ent
Government greater hold the people. cannot see
why should he the slightest objection 10 the p
AksTEucnoRs ON THE SECRETARY OF THE TREASURY
Mr.. OOX-My objection 10 he BILL 10 tat 90 ~