The Portland daily press., 1878-01-16
WASHINGTON.

grafton 10 San Domingo.
WASHINGTON, Jan. 15-President Hayes has
written the following letter to the agent of the
colored people, who has been to Hayti and San
Domingo:
To ReJ. Mr.. iStdTkS:
Dear Sir:-I have given some consideration
to your question as to the emigration OF colored
people from Florida to San Domingo. am
not we'll Informed as to the advantages offered
by San Domingo to immigration, but my i'm
preston is that your people should not be hasty
in deciding to leave this country. The mere
difference in climate is very serious objection
to removal. The first generation in all such re-
movals suffer greatly. 1t is my opinion also
that the evils which now affect you are likely
to steadily, and, hope, rapidly diminish NV
advice is therefore, against the proposed emf
grafton.
Very truly yours,
r. B. HAYES.
Secretary sherman's PLAN to Promote
Savings and the Refunding of the Ma
tionaI Debt.
Secretary Sherman appeared before the Ways
and Means Committee today. He said it was
known that there had been Syndicate for the
sale of the per cent, bonds, but in Difference
to what was regarded as the popular sentiment
aud also for the convenience of negotiation, it
was deemed best to terminate that contract and
place these bonds on the market on somewhat
different plau, namely, to employ as far as pos
sibe all national banks and bankers of estab-
lished credit who would give the requisite Sc
curity on sale of the bonds. to reach, if posi-
BILE all classes of people, to treat them all alike,
to allow them all the same commission, to de-
liver the bonds to them in any part of the coun-
try free of CHARGE and to invite popular sub
scrlptions for that purpose. When, however,
the Treasury Department came to put that plan
in actual operation, it was found under existing
lawsIthere were some embarrassments which, if
Congress should see proper to remove, would
enable it tU very largely increase the loan and
distribute it more rapidly than could be done
under the preset law.
The Secretary then proceeded to show the ex-
listing embarrassments, and presented to the
consideration OF the committee draft of the
bill ito promote the deposits of savings aud re-
funding of the national debt"
Commenting on the provisions of this bill, he
said if Congress would pass it he would be able
to refund the public debt very rapidly and carry
out the operations of the treasury with increas-
ed advantage to the public. He preferred this
mode to one he had previously indicated for the
popular loan. 1t proposed that any holder of
United States notes may deposit them at any
postal money order office in the United States
and shall be entitled to receive, free of charge,
postal order on the Treasurer of the United
States. Such postal orders when presented to
the Treasurer at Washington in sums of $40, or
any multiple OF that sum, shall be convertible
into certificates of deposit of the United States
of the kind and description provided for in the
bill. Such certificates may also be issued in
exchange for United States notes at the Treas
ury of the United States, at the Office of any
assistant treasurer, or at any designated depos-
itory of the United States
The certificates of deposit to be issued BY the
Secretary of the Treasury of such form and de-
scription as he may prescribe and of the de.
nominations of $40, $50, $50 and 800, and
bear interest at the rate of $50 per cent per
annum for a term of one year and no longer,
and shall be received and redeemed by the
United States in payment of such, and be held
by any national bank for that portion of its re-
serve not required to be kept on hand in specie
or legal tender notes. The Secretary is author
lied to receive either United States notes or
postal orders or certificates of deposits at their
market value i'll coin in payment of u S. bonds
issued under authority of law, or in lieu of
such bonds, registered or inscribed debt on
the books OF the Treasury similar in character
leaving the interest to be compounded every
six months. All q. S. notes received into the
Treasury are to be applied exclusively to
payment of any bonds of the United States
redeemable at the pleasure of the United States
or to the purchase of coin or bullion to be ap.
piled exclusively to the payment of such
bonds.
Several questions were asked by members of
the committee with regard to the intent of
the bill.
The Secretary referred to feature of the hill
which be deemed of great Importance, and
that was the French system of receiving mon
eys into the Treasury, recording them as in
sCiipcu uepb anu SfiuE Cohpouuu Interest.
This feature was generally approved by the
committee.
After some further discussion the committee
adjourned.
Cabinet Meeting.
At the Cabinet session today the subject of
national finances was earnestly considered. 1t
was determined to give notice to the Syndicate
that the Department intends to terminate its
contract with them. Secretary Sherman will
Immediately prepare an advertisement for the
popular loan The Cabinet also gave attention
to the Chinese question The President will