Bradford opinion. [volume] (Bradford, Vt.) 1874-1881, 1876-02-05
THE FINANCIAL QUESTION.

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The Financial bill introduced in tn
United States House by Mr.. Wood, O
Now York, to amend tho acts In relation
u tho rcfunding Of tho national debt
provides that In liou Of the $500, 00O, O0
Of bonds bearing interest at the rate o
four and ono-hnlf per cent, payabl,
semi.annnally, authorized by the act on
titled can act to authorize the refund
ing of the national debt, approved july
IA. 1870" the secretary OF the treasury
| is hereby authorised, for the purpose O.
said refunding, as authorized by sale
act, to issue, in q sum or sums not ex
ceeding in the aggregate $500, 000, 900
coupon or registered bonds Of the Uni
ted States. in such form as no may pre-.
scribe, and of the denominations OF $50,
or some multiple OF that sum, redeem.
able in coin Of the present standard
value, at the pleasure OF the United
States, after thirty years from the date
OF their issue, and bearing interest pay.
able quarterly in such coin, at the rate
OF four and half per cent. per annum,
which bonds and the interest thereon
shall be exempt from the payment Of oil
taxes or Duties of the United States, as
we'll as from taxation in any form by or
under State, municipal, or local au-
thority; and the said bonds shall have
set forth and expressed upon their face
the above specified conditions, and shall
with their coupons be made payable at
the treasury of the United States. This
act shall not be construed to authorize
any increase of the total amount of
bonds provided for by the act to which
this act is an amendment, nor to author
ize any increase whatever OF the bonded
debt Of the United States; and all pro-
visions of the act to which this act is
amendatory, not inconsistent with the
provisions of this act, are hereby con-
tinued in force and effect.
Mr.. Wood also introduced bill pro-
viding that all laws providing for or re-
lating to the sinking fund shall be and
the same is hereby suspended in their
operation from June 80, 1876, to and in
Guiding June 80, 1880.
Mr.. Chittenden introduced bill for
funding the legel tender debt Of the
United States. 1t provides:
First-That the secretary of the treas
ury be and is hereby authorized and di-
rected to sell to the highest bidder for
legal tender notes Ito be Immediately
cancelled and estroyed), by such meth
DDS as are now employed in the sale of
government gold coin, the bonds of the
United States, for 81, 900, 900, per month
for eight months of each year, beginning
with February and including September,
the bonds to be coupon or registered, as
may be most for the advantage of the
treasury for the time being, to bear in
terest at q rate not exceeding four and
one-half per cent. in gold, per annum,
the principal to be payable in gold
coin forty years from the first of Janu-
ary, 1876.
Second-The bonds hereby authorized
shall be available by the national banks
for deposit in the treasury of the United
States as security for their circulating
notes and other liabilities under the
provisions of existing laws to national
banks.
Third-This act shall take effect i'm
or as soon as the bonds au-
thorized by it can be prepared.
Mr.. Morrison, of Illinois, introduced
a bill preparatory to the redemption of
United States notes and the resumption
Of specie payments.
It provides that from the passage of
this act the secretary of the treasury
shall retain in the treasury, for the ul-
innate redemption in coin at par of Uni
ted States notes, the coin received from
all sources in excess of the requirements
Of the public debt, until the coin SO re-
tanned shall amount to thirty per centum
Of the United States notes then out
g; and until such coin shall
to thirty per cent. of the out
United States notes SO much of
section three of the act entitled can act
to provide for the resumption of specie
as provides for or relates to
the redemption in coin of United States
notes after the first day of January,
1879, is hereby suspended. That from
the passage of this act every national
bank shall be required to retain the
coin interest payable to such bank on its
bonds deposited as security for its Cir
,ulation to the amount of its legal re-
serves now required by law, and Of such
sum in addition thereto as, together with
such legal reserves, shall equal thirty
per centum of its circulation, which
amount of thirty per centum of its Cir
,ulation shall thereafter be retained by
every national bank as security for the
in coiu of such circulation;
md all acts or parts of acts making any
other legal tender than coin are hereby
repealed such repeal to take effect
rom the date when the amounts so to
Do retained by the national banks shall
equal such sum of thirty per centum of
rational bank circulation, to be made
Known by thirty days notice thereof, to
De given by the secretary of the treas
Try. Provided, that United States ma
,ional notes shall be receivable for the |
'ame demands of the government as
low provided by law. And all other
acts or parts of acts in conflict herewith
ire hereby repealed.