Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1877-10-31
THE NEW NOTE AND COIN
CURRENCY FILLS

shcmDltu. DUN phiho' '~~'" w
encing--waiting for tho November
lec!ions and the announcement OF the {
espective committees. Senator Wal
.<2N@sSv~ -~S
'urrensy an, the rinances OF the Treas /
Try ON the 23d, which seem TO attract
more attention than any other two
projects that have been introduced in
,ither House. fne Bills in question
provide for lawful note and coin cur
rcncy for the United States. The onel
bill provides for the coinage OF Fur
million dollars in val ,e of n
coin metal patented by W. H. Hub.
bell, Of Pennsylvania, c'.,led ogoloid,"
and consisting of golca, silver and cop.
per, to be paid ter by issues of four
per cent. bonds., rcdeemable in ten and
payable alter twenty years, and to be
paid out in exchange for bonds bear
ing a higher rate of interest as the lat
ter are retired. The bill also requires
the Secretary of the Treasury to cause
to be issued four hundred millions Of
legal.tender notes in exchange for
those now outstanding, and to keep at
least three hundred and fifty million
dollars of the new issue out of the
Treasury in circulation.
The other Bill directs the Secretary
of the Treasury to issue, in lieu of an
equal amount of the four per cent.
bonds authorized by the act of July
-, .o'v, suni nvs oAvveuing one nun
dred million Of dollars of United States
coupon bonds, in the denominations Of
twenty-five dollars and one hundred
dollars, redeemable IN coin of the pres
ent standard value after sixty days
from the date Of their issue, and bear
ing interest payable semi.annually in
such coin, at the rate Of 3 and 65-100
per cent. per annum. These bonds
are to be exempt from all taxation,
and the proceeds shall be applied to
the redemption Of the 500 bonds. The
remainder of the bill is as follows:
SECTION 2. The Secretary of the
Treasury shall keep said bonds for sale
at the different sub-Treasuries of the
United States, and shall dispose of the
same at par and accruing interest for
coin or for United States legal-tendcr
notes. at the rate at which they may
then stand in the market, and such le-
galtender notes shall be reissued; but
the proceeds and the coin received for
such bonds shall be applied to the re.
demption Of outstanding 500 bonds Of
the United States.
The editor of the Philadelphia Times,
in alluding to the measures in question,
says "SenatorWallace has introduced
two important bills in the Senate which
should receive the early consideration
of both branches of Congress. One
provides for the issue OF 100000, 600
of silver coin in dollars, halfdollars
and quarters, to be legal tenders for
all debts, public and private. Be sure
that the silver dollar to bo coined shall
be made worth dollar, and then 20
ahead. There is no reason why peo-
pie shouldn't have just as much silver
currency as they want to use. With
this point well guarded, and equal care
to avoid even the suspicion of impair
ing contracts with creditors, which
Senator Wallace doubtless has well
considered, the bill should be speedily
passed. The more important bill OF
the two was one to authorize the issue
of s100,0O0,0O0 OF sixty-year bonds,
bearing 3.65 interest, in lieu OF that
amount of four per cent. bonds, to be
exchangeable for coin or legal-tenders
at the option of the holder. 1t would
have been better, we think, to provide
for s400, 900, 900 OF the 3.65 bonds and
less amount Of silver coin, for in the
end the convertible bond must solve
our financial problem and be the source
of our national currency. It's rooodod
Ia. MI. TO ahea.i,s--,,t,--r---.-A'' -
'7I0t Unfy 10 ays0rb the earnings OF la'
Dor, now SO precariously held in saw
ings institutions, but also to absorb
the balances of banks, corporations
and business men, and to become grad
!. ually the basis of our entire paper
money, which will always be preferred
to gold or silver if issued by the gov
ernment. Senator Wallace has mad,
q prompt start in exactly the right di
rcction, and we hope to see some sucl
/. measures enacted into laws at an early
day"