Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1878-01-17
TELE GRAPHIC.
New Scheme for Rounding
the National Debt.
SENATOR MORTON on THE CHI
NEsE QUESTION.
Terrible Railroad Accident
in Connecticut.
TRon is TO 20 LIVES LOST.
ESPECIAL Di,,Arur. TO ras ootD Huu
pAL Naval
PRox Is 10 10 LIVES LOST.
ESPECIAL D~t,rArrHr. TO ras ootD HuI
DA = Naval

man today appeared before the House
Committee on Ways and Means. Ho said
II WAS known that there had been . syndi.
cate for the sale Of four per cent. bonds.
but In Difference 10 what was regarded -
popular sentiment, and also for the con-
v~enisnce Of negotiation. II was deemed
best to terminate that contract and place
these bonds upon the market upon . some
what different plan. namely. 10 employ -
far - possible all national banks and bank.
ers Of established credit, who would give
requisite security. In the sale Of bonds, TO
reach. II possible. all classes Of people /; 70
treat them all alike. TO allow thom all the
same commission. and 10 deliver bonds 70
them In any part Of the country. and 10 In.
vito popular subscriptions for that pur-
pose. When. however. the Treasury De-
partmsnt cAmo 10 put that plan In actual
operation. 10 was found that, under tho
existing laws, thero were soms embarrass-
ments. which II Congress should see proper
70 remove. would enable u very largely 70
increase the loan and distribute II moro
rapidly than was possible ct present. The
DfELtt4Ay tiOh Etu.ohtVa w ~ NouaAlIls-
ton OF the committee the draft OF Q bill
TO promote the deposit Of savings and re-
funding Of the national debt. In COM
menting on the provisions OF the bill he
said II Congress would pass u he would BE-
able to refund tho public debt very rapidly
and carry out the operations Of the treas.
ury with increased Advantage 10 tho pub.
lie. He preferred this mode 10 the u he
had previously indicated for . popular
loan. II proposed that any holder Of the
United states notes may deposit them ct
any postal order Office In the United States.
aud shall DO entitled 70 receive therefor.
FREQ OF charge. . postal order on the Treas.
urer Of the United States. Such postal
order. when presented 70 the Treasurer Of
Washington In sums Of $40. or any multi.
pie Of that sum-. shall be convertible into
certificates OF deposits 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
81 the Treasury Of the United States, at
the Office OF any Assistant Treasurer. or ct
any designated depository Of the United
States /; certificates Of deposits 10 be issued
by the Secretary Of the Treasury OF such
form and description a. no may prescribe
and OF the denomination Of $40. $40, $50
and 500, and bear interest at the ratio OF
SOS per cent. per annum for q term Of onc
year and no longer, and shall be received
and redeemed by the United States In
payment only for bonds and certificates
may be held by any national bank for
that portion Of Its reserve not required
TO be kept ON hand In specie OF legal
tender notes. The Secretary Is authorized
10 receive silver, United States notes. or.
ders or certificates Of deposit at market
value In coin payment OF United States
bonds issued nnder authority. or In lieu
Of such bonds . registered bond or In
scribed debt on tho books OF the Treasury
similar In character. bearing interest. 10
be compounded every six months. All
the United States notes In the Treasury
ment OF any bonds Of the United States
redeemable at the pleasure Of the United
States. or to tho purchase Of coin or bul.
lion. 10 be applied exclusively TO the pay
ment OF such bonds.
Wood. Chairman. inquired whether the
Secretary did not think the certificates au.
thorized 10 DO Issued In lieu Of postal
money orders, which the bill called for.
could not he used a. currency. especially
- tho denomination, ran down y low .,
the one year In which they bore interest.
they could not then be used upon their par
face, with accrued interest. as currency.
precisely tho same ~ the legal tender
notes now are. and whether the eject
would not DO 10 add 5000. 900. 600 the
~. cissn,, Nm, m.Jinw y, ,ha corn,,y
Tha sscrstssy tbonvht NOT
w. Ia m, st,ar A.. .vri,.,,o, =,
a. 49,. d,,,a a.ins al. sn,i.,sa
- 49, hs.jnc ~ n. mo.nnhiIa
ua 80 ,onr,.s .i,.,i"n ~ .a".
Inv ~ III H. .aioh, Wv, III ~. !.
y. 49,. sns NO., mr..an,sS
suon ~ ao.i,a P
IT,. unp.e.u' .s",,sa ,ca =. .,,,,,
u",ses,.s H. "p No. 's su v'u
osn, hnna sna ,h., ,hev worIJ 10 an,ira.
=, s .n..o.n,a, ~. snos w,,,,n
III. Chs,,m.n aid Sa nnasr,tooa that.
I'm, M n.ania Ala no, recsi,e INV ,ntsrs.,
now m M limited stste. hond. csiieS
legal tcndors. anal N Tho bolders Of thsse
csr,iac,tes cbo.o IN reg,rd ther, In th.,
li9ht Anil "A currency Won wonld hsys no
control oyer tbem'
Tho Secretary replied the difference
would DO that the United States notes were
legal tender and these would not DO.
M, ~ nr..tic.i ,mHo,,sn"s w,,S rsr,,S ~