The Jasper weekly courier., 1874-02-06
The Indiana Plan,of Finance.

The telegraph anLoGrces that Hon.
Godiove :. Orth. OF this State, has in
troduced In the House bill 10 provide
for furnishing the necessary circulating
medium TO the country. and for the re-
tiring Of The national bank notes and the
final redemption ia coin OF the currency
which il contemplates.
The main features of the bill may be
epitomized n follows: IL provides for
the preparation by the Secretary OF The
Treasury and the Treasurer of the Uni
tea STATES OF lareg amount. fixed in the
lin at Two. thousand millions OF gold
bond notes" analogous in all respects
10 the present greenback issue, being a
legal tender for all debts public ur pri-
va,c. except duties on imports and The
payment of the interest Oh the public
debt. When prepared. these notes shall
be deposited for issue with repositories,
assistant treasurers in from one to three
of the principal cities in each state OF
tic Union. which cities are designated
in the bill. and are about fifty in number
aud the said notes arc to be issneh there
from only on presentation and deposit
by the individual or corporation desir-
ing the currency. of gold bearing bond
of the United States Of the issues AZ pre-
sent outstanding and only to the amount
of the face of such bond
When an individual or corporation
deposits such bond at any of the de-
po>iiories named. he or they shall re-
ccivc iis face in this currency aud also 4
certiti cate transferable by delivery and
entiiling the holder on the presentation
at the depository thereof where issued.
together with amount of currency there
with, 10 again take up the bond.
The bill further provides that the IN
ierest which shall accrue upon the bOna.
while they are thus deposited in the sew
ereral repositories. shall accrue 10 and
he retained by the Government, and the
coin representing that Issue shall be set
T apart in the Treasury of the United
States as a sinking fund for the redcnp-
ZION of these gold bond notes. This
sinking fund shall be further augmented
by the addition OF one half tie coin re-
manning IN the general fund of the
Treasury al the end of each six mont h..
after the seini-annual payment OF all
The coin obligations of the Government.
Mhen'the sinking fund shall amount To
the sum of four hundred millions (which.
according 10 tie estimate. Of tie lrienas
Of the measure. will be in less than six
years.. one-lalf that amount. viz two
hundred millions. shall be distributed
amongst the various Repositories in the
proportion in which each shall have
T ISSUED .notes. that are outstanding. anh
The Secretary of the Treasury shall then
give ample notice by publication thri on
the fourth "Wednesday OF the mon.h
succeeding that ia which such notice
shall lie gwen. two hundred million, uf
these notes shall be redeemed on prt-
lsentation in coin. The notice before
mentioned shall specify the precise
amount TO he redeemed at each OF the
several deposiiorie-. aud such reacmp-
ton OF the notes shall be in the order ia
which they shall be presented bv The
holders. This process of redemption
shall continue until two hundred mill
ions or coin shall be exhausted and the
frienus ot tho Treasure claim that a. tI.
gold thus devoted TO that purpose viii
equal one-fourth or at least one-tllh tho
volume Of notes which will. in an proh-
ability. be outstanding nj the time. that
but small portion of the coin will be
called for. and from that time forward
The process of redemption will be con-
tlnuous. and the country will have ar
rived nj that much coveted era of snorie
payment. But whether the coin viii an
oe called for or not. the bill creates no
loblgatlon on the part Of tho Goyeru-
ment 10 redeem more than the specific
amount Of the notes. and the process
VIII be repeated rs often as four Lunl-
red millions of coin accumnlafes IN the
sinking fund.
Y The MI further provides that anv ma
ional bank may surrender to the Gov
erntneni ten per cent. Of the amount of
IL bonds which are now on deposit with
lSecrei"ry Of Treasury A. security Tor
circulation. and receive therefor the farc
value thereof IN the gold bond notes
.pr Divides for in the bill: aud il also
provided that any national bank may M
any time surrender 10 the Treasurer of
the niief states any amount of naiiou-
al bank nOtes of iis own or those orany
other national bank. and receive there
Tor like amount Of these gold bond
lnoies, and IL Is made the duty Of the
Treasurer TO assert the notes 80 receiv-
ed. and those belonging to the bank
making the surrender. shall be cancelled
.and DESTROYED. and those belonging to
other banks shall he forwarded to such
banks for redemption in the present
legal tender notes. as the law provides.
The national banks are relieved Of ali
taxes and other burdens incident 10 their
privileges under the present hw. rs the
iorce and effect Of this bill l. TO retire
aud cancel all national bank notes. ani
lmakc tho notes rrOyided for IN the hiit