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

Woulu Oruinhrily 10 N~iiiou hpiouu ioi
purposes Of sale or negotiation. !
think $50 better than s25 as the mini
mum.
Then there is another object that l
have in view, and that is this Very
many of tho savings-banks in the Uni
ted States, If this interest is put at 4
per cent, would invest in these bonds.
They can invest in these bonds and
yet pay per cent. 70 their depositors,
because taking q savings institution of
$40, 100000, ii would have s1,000,000
of these bonds at 4 per cent, while 1t
would have assets of real estate pay
ing 6 per cent, and therefore it would
be enabled to pay its depositors . per
cent. You will End, II this bill is al
tered in the manner in which | sug-
gest that the savings-banks Of the
United States will Be glad to take up
limited amounts of 2bese bonds. l
know that just before the session OF
Congress one of the savings societies
in my city purchased two hundred and
fifty thousand dollars worth of the 4
per cent bonds.
cannot consent, as one OF the Rep-
resentatives of the State Of Connectl-
cut, to undertake to force bonds upon
the people of my State at less inter-
est than we are glad to negotiate
bonds with capitalists abroad. II is
not right; il is not Just. That there
is large amount OF money in the Uni
ted States that could flow into the
Treasury of the United States for the
porpcse of redecmlng that class OF Sc
curities alluded TO in the amendment
OF my honorable friend from Missouri,
l have no doubt. did not have any
doubt of it the other day in the silver
discussion; have no doubt OF 1t now.
My honorable friend from Pennsyl-
vania informs the Senate-and am
very glad to hear it--that there are
s20,0OO, OOO that viii seek Investments
in this security in the State OF Penn
sylvania alone. II there be S20,000,-
900 in the State OF Pennsylvania that
viii seek investment in government
securities, say let us pay the people
OF Pennsylvanla what we now pay the
capitalists OF Europe. | cannot vote
for this bill as it is now.
Again, the twenty-fve-doliar bond
is obnoxions to me. ! undertake to
say, believe | know II to be so, that
there will be nobody in tho United
States who desires government Sc
curity that will not desire as much as
500. see my friend from Missouri
smiles. do not mean that he or
would not be glad to have somebody
give us a twenty-fve'dollar bond. |
hope l made myself understood, that
there is nobody in the United States
who desires to purchase the public se-
curlties Of the United States that
would desire less bond than a fifty
dollar bond. That is what l mean to
say.
Mr.. Conkling. viii my honorable
friend allow me a momentr
Mr.. Eaton. With great deal ol
pleasure.
Mr.. Conkling. How does 1t occur
in France for example, that great mum
bers OF people like o bond which costs
and promises only iiity francs, which
is about $40; and how does it occur
as IL docs sometimes and did on a re-
cent occasion OF which 1 was WIZ
ness, that men ana women sit on tn'
curpstohe nours, large part OF ,n'
night, IN order tnat each may nave h''
or her turn IN getting oona OF oniy
Slo, and bearing very cheap IN
terestr
Mr. Cockrell. How much interest
What was the rate Of interestY
Il Mr.. Conkling. Sometimes 3 and
fraction, and sometimes 4 per cent.
Mr.. Eaton. will answer my hon
orable friend from New York. In th'
first place, if be is advised Of the fact
that the good people OF France sat al
night on curbstones for the purpose o
getting one bond OF forty francs be
has information that do not possess
Mr.. Conkling. The honorable Sen
ator's statement is that all the people
OF France sat on the curbstone all thu
night TO get one bond of forty francs
Mr.. Eaton. Each
Mr. Conkling. ! commend his ex
actness,
Mr.. Eaton. II was doubtless as ex
act as the statement OF the Senate
from New York was correct let th,
two 20 together. There may hav,
been some ten-dollar bonds sold il
France; but where there was per
son who purchased ono bond Of tha
character doubtless there were on,
hundred who purchased bonds OF |
larger amount. Now have another
answer to my friend, and that is this
! IL the worklngmen and workingwomei
of France who get one or two francs
day desire bond of $40, so be il; bu
the working men and women of tn,
United States, whose wages rang,
from fifty cents to $3.50 and $500 I
day, do not require to deal in any sc
curitics of that character; and that i
an answer to my honorable friend iron
New York, which he will doubtless
well digest and understand | say
again what | said before, take a thou
sand bonds for sale, FIVE hundred Al
s25 and five hundred at $50, and il
my judgment tho FIVE hundred at s5(
will be sold when there will be foul
hundred of the twenty five dollar bondi
on hand, unless two bonds at a tim'
are taken. l know l am correct &C
far as the people OF my own sector
are concerned 1 believe am correct
so far as the people OF the United
States are concerned.