, 1877-12-05

ratnr,, ri Tho rrranxrrv II, h;a animal rcno-t
.,..., ,.,,,, H., ,,,,.. .,,.. .,,,.a 49,.
."J e'e"' ss's. "fS" ~N' F0 49,
$'@9,oo"''7"ot OF per cont oonos BILL Out"
standing, and TINT the funding Of these
t,oufls il, others bearinr A lower rnto OF i'll.
4orost ,,,r1,7 o,co,rrt;ah n ,o,ca onrnot va.
ductlon III interest; anu Ill she't ze"I ~ ae-
Giro this reduction ct interest they propose
the iss,o of cilt-et}Vct1 bond, to be exclusive
tv ,,ovott, In oo1d with n enec;o1 f1,oronteo
- f.. H.. .t1 1u,.
.b"'t1s' "ns "ee''no ~ *i'' 'a.ao oA se'tA' 4.o
President, howevar, III another part OF lis
message, proposes tho issue Of a savings
hnntl.-a norn]nr 1,ont].-a,,d uses t1,is Inn.
6""s''
Recommend That suitable pros's!on be mns'e 10
enable tho people 10 easily convert their savings
Into Government securities ~ the bcts mode In
witch small savings nay bo well secured AMI yield
moderate tnscrtsf. II tn IN phjcct OF public
policy to retain among onr o" people tho securities
Of tine United statcs In this war our country 1s,
guarded aculns: sAclr sudden return from foreign
countries caused by war or other disturbances be-
yont our limits.
The Secretary Ut tho Treasury discusses
tho sa,ne unestion moro at 1arre. Ha sayg.
trhc a,trnt,nn ~ conrrs,. I. r,ilc5 IN thc crr,t
vaInc Ia arr f,w. .ci,,,nn. ~ III. nrv,r,,.,tnr ~
xurn t,1tu f,rf ftn rni1nrinn +sfa.kNentnv opi
nrua,,,in .tn,,toym,rt ~ .m,,i t,oo,,,. ~ ,I,o
rcnn,r 4t,v f. ,hts ram n. ,lo, ,v,,hnn, ,rench.
inv ,,nnn tha nrupcr fuuctlnn. nf In, s,,tc inv,
c,nm.nt. +. nu,st,on nj dit,cu,tv, vol II r. ,n.
un,,rut IN .,cuy,. n p,s,tbir rcns,,I ,y.tou
th,o,,,rnrt N, 1.ntto s,.ta~ Th,s cnn l.. .,ix H.
cnretr1 hv thc ,,,nIyn,ion m nu,t,t,r NJ nv.
tn,. n,rts ,,nncn,iny unor tho n,IrIi,v tn,..rttv
mi .xI ~, thcr oa,ce,. bu. tho rcnesc,.i ,i,.cct
Of susl, hanks uirI,, c secured by autho,,znI tbs
deposit Of small sums With auy postal moncy .or.
der oIscs In the chitcd stntct, and the issue of
Government certificates. convertible on dasnand Of
tho hul.ler Into per cent tonds Of the Un,tcl
sates u such character. description. and amount
swsll enable and Induce prudent persons to cum
vert their eAsnnga Into public security Of stable
value. Thu money thus received could Us en-
po5cd In tlic redemption uf outstanding bonds beas
tng higher rats ot Interest. Dy son,c such ayA.
ten It s believed shat ths great body OF our public
dvbt. reduced to Its ssnal1ast possible burden,
could bc distributed among "ur own people. With
slight snodtdca'"n Ut existing law ihis beneficial
result would 10 secn!ed Tho deposits now held
by savings ba~ss tl'oushout 'ae country amount
~ o s ,sr,. "pgse% a'.,: ~ 'u wy peasons,
seek 10 prs,eIye ..n. savings for futu,e % nre % M
object cnul.t moro strongly appsal to tho con.
"!icrasc judgment Of Congress-. Tls heavy Losses
tnas hase Gtn H.. sustained .asoasa savings banks
w."sS linus nasS useh loaned upo"
t"rS ,r,,n tho ,,.n,,n,. ton ,sna sia,i,as ,n ln
suffered by pcs.ou4 engaged IN banking vr com.
esclal pursuits. rhu socretaty, tl,urefo'e. recon.
enos snss aathost5ns u sfansea tols.us certificates
bonds now authorized by !uw, tue proceeds to % bo
used solely for the redemption Of bonda bearing
higher ras Of tntetc"t. anl now reaecn,ablo at par
The Comptroller Of tho Currency also dis
c,kscs the subject. mud says;
The French Government iHsues small coupon
eonas' OF tsnsss ~ ~ denominations ~ 10" rs loo