Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1878-01-25
Marketing United States Bonds.

Secretary Sherman appeared, on Tues
day, before the Committee on Ways and
Means Of the House of Representatives, and
explained plan of his for refunding the
United States debt He said that, in defer
encc to popular sentiment, and also for the
convenience of negotiation, it was deemed
best to terminate the contract with the syn
dicatc, and place the per cent bonds on the
market upon Il somewhat different plan,
namely, to employ, as far as possible, all the
national banks and bankers of established
credit, who would give requisite security. in
this sale Of bonds, to reach, if possible, 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
country free Of charge, and to invite popular
subscriptions for that purpose. When, how
ever, the Treasury Department came to put
that plan in actual operation, it was found
thai, under existing laws. there were some
emharrassmcnts, which, il Congress should
largely increase the loan and diisrlihrtc it
more rapidly than could be done under the
present law. The Secretary then presented
to the Committee the draft of bill "tO pro-
mote the deposit of savings and refunding of
the national debt Commenting on the
provisions of this bill, he said that, if Con-
gress would pass it, he would be able to re
fund the public debt very rapidly, and carry
out the operations 81 the treasury with IT.
creased advantage to the public. lie pre-
ierred Thu mode to the one he had previous
ly indicated Tor a popular loan. Itproposed
that any holder of United States notes may
deposit them at any postal mOncy-order office
in the nited States, and shall be entitled to
receive therefor. free of charge, postal or
der on the Treasurer of the United States, |
such postal orders, when presented to the |
treasurer at Washington, in sums of so or |
any multiple of that sum, to 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 treasury of the United States,
at the Office of any assistant treasurer, or
atany designated depository of the United
States, the certificates of deposit to he
issued by the Secretary Of the Treasury
in such form and description as he may pre-
scribe and of the denominations of so, so,
$50 and 800, and to bear interest at the
rate of 3. 65 per cent per annum for a term
of one year and no longer, and to he received
and redeemed by the United States in pay
ment only for bonds, and the certificates
may be held by any national bank for that
portion of its reserve not required to be kept
on hand in specie or legal-tender notes. The
Secretary is authorized to receive either
United States notes or the postal orders or
certificates Of deposit at their market value
in coin, in payment of United States bonds
issued under the authority of the law. or,
in lien OF such bonds, a registered bond or in
scribed debt on the books of the treasury
similar in character bearing interest to be
every six mouths All United
States notes received into the treasury to he
applied exclusively to the 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 applied
exclusively to the payment Of such bonds.