The New York herald., 1878-03-07
NEW YORK HERALD THURSDAY, MARCH l. l87a-TRIPE

per cent TO the interest The Senator Delaware
lMr Sausburyj quoted the District OF Columbia bonds
They should have been wiped out OF cxistcnce long
them. He argued that tho United States was to-day
nayng higher rate Of interest than any other nation
opportunity OF subscribing for the bonds, and they
should have that opportunity now.
Mr.. RANDOLPH tdsm.l Of N. said this being Ash
cial hash toduy. He would for four per cent
OF this bill should bear, because ne believed tho
bonds would be more readily akcn II they bore that
rate OF interest.
four per cent and during his remarks ho referred
the arguments against tho Silver oil recently passed
He said although our credit had been hammered by
the newspapers and BY other means yet had stood,
anc to-day our securities were as high as ever IN the
Mr. RANDOLPH said he would not enter into a debate
upon the Silver bill which was old question: but he
would say tina. the senate put nlo ihs oil rate OF
interest loss than tour cent It's object would be de-
fcpted. He was friend OF the bill and preferred to
have 1t discussed thoroughly. He therefore hoped
vote would not be pressed to-day.
MIR. BLAINE said he hoped the Senators would look
at the practical operations OF this bill II II should DO
passed AS II now stood. The man VINO bought $50
bond would a coupon calling Tor ASS cents
interest every SIX months. The man who bought n
$50 uond would havc coupon calling for 9l14 cents
interest How wers these fractions 70 be paidY
Mr. WALLACE said OF course fractions oil cent could
Mr. BLAME, resuming, said the issue OF such cou-
pons MT practical, common sense way oil deal
ing with the American people. should the bond bear
would DO or an even amount II would be but ttlc
short OF a Dapabs aDsurdIty to pass through tho
Senate popular loan having such coupons AZ 4o9s
cents
rho amendment OF Mr. Blaine, fixing tho ratio OF IN
teres Al four per cent was then agreed TO by rising
vote-yeas 80; nays, T.
Mr. PLUMB, (rcp) OF Kan, moved to amend the
fourth section of the bill, where provides that the
bon shall be sold coin Tor Cnted Stntes legal
tender notes ht The rate NJ which they may then stand
In the Market by striking out the words tat the rate
NJ which they may Then stand IN the Market and IN
serting IN lieu thereof 'rher nominal value" Agreed
TO without u roll call
The bill was then reported to the Senate; tho
amendments made In Committee oi the Whole con-
Cured IN, and it was passed without roll cali.
TEXT OF TIN BIr.I-
Tho following Is the iui text OF tho bill % It
passed.
Be enacted by tho Senate and House of Represents
sembed That in lieu OF that OF tour cent bonds
1i H. s ssy 81 70 the Ss sy s'
authorized and directed to issue sum not exceeding,
S sSns. aus o ana H Si '
from bearing Interest paysSis
!. tue ,ss. .. four per ssau% per
manner nor those % IL @ D"ss sLsh Asy are to issued
and the name o ush 2. his Or her or o.
regis.ered the such bond In like !,
se o by S s"PI
edged before ana certified .nasr the seal q OF
missioner which Assia shall executed in the
also be made the Maine OF the sssisnes bans
when made In blank executed herenbefore
provided the said shall be transfer by
| livery in like manner as II payable to bearer.
SEC 3hat coupons attached 10 said bonds shall be
payable either in United States legal tender notes IN
CON- the option Of the nited states and tho
shall paid OF the sCbtreasures money dep0s
tories United national and
IL hereby the duty of each Of said national ban
said without charge and
remit the the Treasury for redemption; but the
said national banxs shall oiy be required to do upon
production tho proper bond which the coupon
presented shall h ave been attached.
SEC 4That the Secretary Of the Treasury shall keep
sad bonds for NJ the different natona
banks and deposit0ries Of the United tatos xt
shall dispose OF the vt and sccrued interest fol
coin Tor United states legal tender notes. their
inal value and such legal tender notes sha be rsued
and and the coli receved for su,h bonds ha
be applied the redemption OF outstanding bonds OF the
United States which redeemable and bear highest
| rate OF interest ef such bonds.
Sic 5Ihat the provisions of sections 7O4 and 7Os
of tho Revised statutes o the United states authorizing
the Of another bond In the Of regsteret
bond lost destroyed hereby made applicable to tn,
bonds sued under this stauto but only In the
OF the loss thereof before The execution OF
assignment In blank thereon
The OF Treasury Is authorised make suci
rules and orders be necessary to ont the
| visions Of this Nct
On.motion of Mr.. SARGENT, (rep) OF CAL, tho Join
resolution recently submitted by him regard u
| Chinese migration taken up 10 DO the un
flushed business morrow, when he will address th
| senate IN regard therot0.
| The SENATE then, ~ twouty Ave minutes 10 fou
O'Clock T. NJ, proceeded TO the cOnsideratiOn OF
utive business. and at half-past i've r. NJ, whom tn
| doors were rcopened, adjourned