Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-03-14
WASHINGTON NOTES
IN INTERESTING MELdNGE or
NEWS.
Sa" SERENE for Funding the National
conference.-the Caucus to Make the
'lnIary Bill Party Question Changes
IN the New Tariff Scheme---Committee
Work.
Nt,o Eundino Scbea,s

WASHINGTON, March l3.-The bill introduced
W senator Gordon to-day to promoted the de-
peslt OF savings, and refunding of the nationai
debt, provides for the issue of new aar;as ,s
United States coupon bonds in denominations
Of Szo, soo' sloO, $500 and $1,000, bearing !:
per cent interest payable semi-annually, tho
bonds being payable at the option of the
United States, either at the end Of a twenty
years or may then be renewed for further
twenty years. Payment at either date is to be
made In coin of the then legal standard. In
order to facilitate the exchange on
d den ana on of these bonds tho
slo,oV,OO OF treasury notes made
special tnnd by the joint resolution of the first
session OF the 44th Congress, are to be replaced
by . Ike amount Of the now issue. and made
q SPECIAL fund to secure the prompt exchange of
these bonds, to which fund shall be added
iurther htteen million dollars, of this amount
twenty five million is to be the maximum to be
"tnnelo rom circulation so long as there are
bonds payable or subject to CALL bearing a
higher rate of interest than four per cenr. Der
annnm. The bonds herein directed to be ia
saed shall state upon their face that they
are payable on demand with secured interest
IN any legal paper money issued directly by
the United States treasury. The secretary Of
the treasury Is required to cease the further
reduction of treasury notes below the sum of
three hundred and fifty millions, and to re-
place old and worn notes, he shall issue new
series OF notes. bearing simply the legend that
| they are fundable into bonds herein authorized
| at the option of the holder, and receivable for
all public and private dues All United states
notes received into the treasury under this act,
except such are required to keen
the bond redemption fund M 70
twenty-five millions. shall be appiid
exclnsiveiy to the payment of any United
states bonds redeemable at pleasure, or to tho
purchase of coin ur bullion to be applied ex-
| clusively to the payment of such bonds. but
| new notes shall be substituted for those O,
previous issues when the latter come into thu
treasury. The coin in the treasury shall ba
held for the sole purpose of paying the coin
| interest upon the public debt, and II it shall
appear to the secretary of the treasury that the
present supply of coin is insufficient
to meet tho coin interest which NAV
become due before the paper money herein
authorized becomes exchangeable with coin AT
par, ne shall dispose of such bonds AZ NAV be
Issued under the acts of Congress, at such time
lot com In Europe or elsewhere, if it can ba
done to greater advantage, in quantities suia-
| cient to meet such demand for coin from vaar
to year. National banks may hold the honds
herein authorized. and the new issue Of 0rean
backs for their legal revenues in place Of
present reserves, except coin, and after
| passage OF this act no tax shall be levied I,
| deposits in national banks