Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1878-03-20
The LITTLE BONDS,
LONG BONDS FOR SAVINGS INVEST
MENTS.


Or
LONG BONDS roH M sA'iN'SiN'Esr'
In the United States Senate on the
) eth day of March, that body, during
the morning hour, had under ccnsid-
Grafton the "worthington and Sioux
Falls Railroad bill, and at the close
of Mr.. Maxey's remarks, several Sena.
tors addressed the Chair.
Mr. Wallace. shall have to ask
that this bill go over.
. Mr.. Mcmillan. May appeal to the
Senator to delay q few lninutes2
think we shall come to vote soon.
Mr.. Wallace. No Think 1t Is like
" TO occupy all the afternoon.
M ",nuom. am SURE lnc goou
. nature oi .no oeha'or iIoni rcnnSyi'h'
ma canno, pe appca'eu 10 ~ vh'n;
% M " "" h'iaoe' pa' y psos.'o'a
n,' o"e"oo' ony T "ans ~
,"u u; ,no oo"a'o, hon 0Aas a. y, ,.;sin sn'
.aw wn'on now aurnor,ees s'' ''s''"'
uVv Power VI 'nv I.ri''o'les. ~, ,.
.,ar c.on C,iorada 40, ,h;nI ,ho
A.or ,ro'i oylorauo 'nas 'n'nh 'ne ns
. b.oad =. n L. s" .aa'',aas as 'e' . 80 ~
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cna'r'na, ., 'ne Oo"''n'''eo vh ri'
',a M -o,"l e. nos'oo ~ Ia .h Ian M
ronor,od Y a. r,dr, ~ ~ ,ha, % onmyn;tteo 70 20 an
: MIN, a comm;ssion 10 consider tbs
. pnas,;o, 81 ,ha saio ~ ;n,ov;oa,;na
IorS ,ion~rs hano - g., h;n, sa,.
nds ;nr ,ho, bs % - TOO m M 70 % ho n ,ha scn.
o,s s oday hut homes 70 be hero 10
norro "a do ~ orrou ,rLa, La
aova notice he would do todav
So, - ....'
losu BOND FUR sA'iNas iS'tsrNhNrs'
Mr. wallace l call tor the regular
order
The wee President. The unfinish-
cd business Is the bill (S. NO. 1867 to
authorize long bond Tor the invest
ment oi savings, which is before the
Senate as IN tommittee OF the Whole
Mr.. Wallace. Perhaps ~ would be
Wen that The oill should bereed again
Mr.. Cockrcii' desire to bave the
bill read at length.
The Vice President. The bill will
be read at length as 1t has been amend.
cd:
The Secretary read the amendment
reported by the Committee on Finance
as q substitute for the bill as amended.
The bill was reported to the Senate,
as amended, and the amendment was
concurred in.
Mr.. Bayard. suggest that IN Sec
ton 2, line 8, after the word estate"
the insertion OF the words "court of
record" d" The object Of this bill is the
protection of a helpless class of per-
sons. The bill provides very literally
for the record of the registration of
the bond and its assignments. 1t seems
to me that If we permit these assign.
ments TO take place and be certified
uhuer tne seal Oh tne state court, u Is
peiter tnat u shouio DC court OF rec
cru IN oruer lnal some memorandum
snali oe tnere maze tnat tney may
niakc US u were = uouo'e record Q, .ne
assignment ior tne protection OF ine
reai owner; ! oeneVe the amendment
u acceP.aole 70 'he senator VINO mas
'he p'ii ~ cnarge'
Mr. wallace. Inc amendment IS
merely 10 require the o'ate court oi
record L think " IS proper.
Inc amendment was agreed TO-
Mr.. Hear, l desire to ask tho au-
thor OF TINS olll what perhaps greater
familiarity with hnanclai Legislation
would enable me TO answer ior myself,
what the phrase "redeemnole ~ com
after MY years mcansf Docs that
phrase create any obligation on the
part OF the United States ever to pay
these bonds at any timer
Mr.. Wallace. l can only say that
the words here used are the words used
IN the statute authorizing the issue OF
our present bonds.
Mr.. Hoar, 80 understand as sp-
picaoie to the payment oil a bond at a
; particular day l suppose an authorl-
" TO issue a bond payable on certain
day imports the obligation to pay as
well as the obligation to receive pay
ment: But does the phrase "redeema-
bic after a certain day import any OBJ
ligation ever to pay Does 1t not
SIMPLY reserve the right, alter that
time has expired, on the part Of the
United states to redeem the bondY
Mr.. Wallace. The criticism of the
Senator IRON Massachusetts, may be
correct, but It seems to me the phrase
ology is very direct of course II
means redeemable at the pleasure OF