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


ace presented two bills relating TO the
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more attention than any other two
projects that have been introduced in
either House. Tdo Bills in question
for q lawful note and coin cur
roncy for tho United States, The onol
bill provides for the coinage OF fs,ur
million dollars in val "a of n
coin metal patented by W. II. Hub.
bell, OF Pennsylvania, c'.'.led "goloid,"
and consisting of gols, silver and cop.
per, to be paid ter by issues of four
per cent. bonds, redeemable in ten and
payable after twenty years, and to be
paid out in exchange for bonds bear
ing a higher rate of interest rs the lat
ter are retired. The bill also requires
the Secretary of the Treasury to cause
to be issued four hundred millions Of
lcgal.tender notes in exchange for
those now outstanding, and to keep at
least three hundred aud fifty million
dollars of tho 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, a suni nve vAoveuIng one nui.
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 65.10O
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
gal.tender notes shall be reissued but
the proceeds and the coin received fol
such bonds shall be applied to the re
demption of outstanding 500 bonds o
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. On,
provides for the issue of s400, 900, ,OO(
of silver coin in dollars, halfdollari
and quarters, to be legal. tenders FOL
all debts, public and private. Be sur,
that the silver dollar TO be coined shal
be made worth a dollar, and then e
ahead. There is no reason why peo
plo 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 wei
considered, the bill should be speedily
passed. The more important bill o.
the two was one to authorize the issue
of sl0O,OOO,OOO OF sixty-ycar bonds
bearing 1865 interest, in lieu Of that
amount of four per cent. bonds, to be
exchangeable for coin or legal-tendert
at the option of the holder. 1t would
have been better, we think, to provide
for s4OO, 1000, 900 OF the 1865 bonds and
q 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 needed
not only tc absorb the earnings of la
Dor, now SO precariously held in saw
ings institutions, but also to Absorb
the balances of banks, corporations
and business mon, and to become grad
ually the basis of our entire papel
money, which will always be preferred
to gold or silver if issued by the gov
ernment. Senator Wallace has mad,
a prompt start in exactly the right di
rection, and we hope to see some sucl
measures enacted into laws at an early
. day"