Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1878-03-20
CLEARFIELD, Pa, WEDNESDAY, MARCH 80 1878.

is on the amendment OF tDe oenhtor
from Missouri.
The amendment was rejected.
Mr.. Salisbury. l desire TO call the
attention of the Senator from Penn
sylvania to the provision commencing
in line Z of section /
Not exceeding 800, 100000 Of coupon bonds
J Of the United States, Of the denominations Of
twenty Ave, fifty, and one hundred dollars, and
Of equal sums Of each Of said denominations.
1t seems to me that there is no nee
essity for issuing s25, 900, 900 Of twen-
ty.fve-dollar bonds. 1t would make
vast number of bonds. A less
amount of those smaller bonds, II strikes
me, than one-fourtt of the whole sum
issued might be sufficient. A vast
number of coupons will be attached,
as they run for fifty years. 1 think il
will be found embarrassing TO have
that number Of twenty-fve-dollar
bonds, S25, 100000 of twonty-fivc dol
lar bonds with interest.coupons at.
tached
Mr.. Wallace. The purpose of the
bill OF course is TO provide as many OF
the smaller denomination as the coun-
TRY may reed to take, and great
many Senators think that the deDom-
nations should bc less than s25. 1t
seems to me that under the power
given to the Secretary Of the Treasury
he can test this question. He need
not issue the whole twenty-five mill.
ions at once. He can issue one-half
that amount Of twenty-five dollar
bonds, and if they are absorbed by the
people who will take this issue OF
bonds, he can issue more. II, on the
contrary, they are not absorbed, Con-
gress can take that fact into consider.
alton and act in the future.
Mr.. Dorsey. move TO amend in
section 4, line 5, af the words "legal-
tender notes." by striking out sat the
rate at which they may then stand in
the market" so that these bonds may
be purchased either with coin or legal
tender notes. | think that those
words requiring that there shall be a
computation OF what legal-tenders are
worth compared with gold ought to
be stricken out.
Mr.. Wallace. The objection TO the
amendment is that it changes the pol
icy of the Government, which this bill
does not propose to change. The pol.
icy of the act Of 1870 is 20 sell the
bonds OF which these one hundred
millions are proposed to be part for
coin, and to apply the proceeds TO the
redemption of the higher loans of the
government outstanding; and the al
lowances of payment in legal.tender
notes are to be reissued.
Now, if the Senator's proposition be
adopted, the effect of 1t is that it
changes to the extent of this $780,
100000 the provisions of the funding
act of 1870, and provides that we shall
redeem our outstanding obligations
bearing higher rate of interest in
legal-tender notes practically. trust
the Senator will not insist on his
amendment, but, on the contrary, will
permit the OIL 70 remain as y 49, the
reason being the convenience that the
bill gives to those who we think will
purchase these bonds. The difference
is slight; yet it changes the policy.
Ing poncy ought hot 10 10 cnanBcu
oy .n's plll >.
mr.. dorsey; 10 NOT zee now ~
in'erieres with any policy iaid down
IL IS well known now that the relation
between goiu ana legai'tender notes
ana SILVER mas changeo SO that eac q
can almost purchase the other uoid
varies only about per cent from the
price oi greenbacks, stands at preml-
um OF ABOUT per cent, ana SILVER
about the same, III seems 10 me that
we ought not TO provide Tor a difier-
ence between gold and greenoacks,
and think the wisest thing IS, II the
proposltlon Is to have these bonds tax
en- by the people throughout the coun-
Try, 70 let the people go to the banks
ana my them with what money they
nave 10 pay
The Vice President. The question
is on the amendment of the Senator
from Arkansas.
The amendment was rejected.
Mr.. Cockrell. By section 4, lines 9
and 10, the proceeds of these bonds
are to be applied ITO the redemption
Of outstanding bonds of the United
States bearing a higher rate oil inter
est. New propose TO amend, by
inserting IN line y after the words
United states, the words (which
are redeemable and, and then strik.
ing out part OF the word bearing,
so that It VIII be "bear, and striking
out "a higher ana inserting the high
est and alter Interest inserting 'to
outs'anuinS reuec'nhpie ponurj 80 ur
10 read, "tho highest rate OF interest Ui
the outstanding redeemable bonds" "
4, o,Lo,. ,,,o.J. -, 4, iii, ,,,a,or,,
1" o.uor "orusi want =, oo"sa'ory
On 'nc occrc'aIy oi ,ho treasury ~
use lhe proceeus ol .nese oonus 70 70, =,
eeemlng tnose oonus Oh tnc Vhi'cu
states % wh'Gn n now are reuee'nap'e s. . anu ~
anu wn'cp IN oear lne nigness ra's oi 'l' u
,ercs@ We nave bonus now rcuce'na, eu
pic ocarlrg 7 per cent. my w nave
Donus M Ieues"ao'o bearing Per cen. y,
interest, anu want 'ne proceeus c'
snese ocnus .u aPpl,ea 70 @ .ne eA''ngu'sn' 2
nen. mentor VI '"e oo"us oear'"g y Per oe"'
h.eie''.
Mr. Wallace. ! see no objection
whatever 70 the amendment OF the
Senator. 1t IS entirely satisfactory.
Tho wee President. The question
IS on the amendment Of the Senator
from Missouri, which will be read.
Ihe Chief Clerk. The amendment