The Leavenworth weekly times. [volume] (Leavenworth, Kan.) 1870-1880, 1878-01-17
BY TELEGRAPH.

BY TELEGRAPH.
Secretary sherman before the Com
miitee On Ways and Means-His
Views ON What OuglI a tO be Done
WAsBIsGTIN, ID. C., January 15.-Secre-
tary Sherman to-day appeared before the
committee on Ways and Means. He said it
was known there had been no syndicate for
the sale OF the 4per-cent bonds, but in diier-
ence TO what was regarded As the popular
sentiment. and also indicated for a popular
loan, proposed that any holders Of Unit
ed States notes may deposit them at
any postal money order Office in the United
States. and shall be entitled to receive
therefor free of charge, postal order on
the treasurer OF the United States, such pos
| tai orders to be presented 10 the treasurer
at Washington in sums of ten dollars or
any multiple. That the sum shall be con-
vertble 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 change Tor L. 5. notes
at the treasury OF the United States, or at
the
OFFICE OF ANY
assistant treasurer or at any desi gnated de-
pository OF the United States. The certiti-
Gates of deposit to be issued by the Secre-
tary OF the Treasury OF such form and de-
posted As he may prescribed, AMI of denom-
nations of So SO, $50 and 500, and
bear interest at the rate OF 800 100 per cent
per annum for the term of one year, and
no longer, and shall be received and re-
deemed by the United States, in payment
only for bonds, and the certificates NAV be
held by any national bank for that portion
of its reserve. The note required to be
kept on hand in
SPECIE OR LEGAL-TENDER
note. The Secretary is authorized to re-
ceive either United States or postal order
or certificates of deposit at their market
value in coin payment for United States
bonds issued under the authority OF the
law, or in lieu of such bond, registered
bond or inscribed debt on the books OF the
treasury, similar in character, leaving inter
est to be compounded every for convenience
of the negotiation. Ii was deemed best 10
terminate the contract and TO place the
bonds on the market upon a somewhat differ
ent plan, namely to employ as far as pos
sible all National bankers of established
credit who would give the requisite security
in the sales of bonds, to reach ii possible,
all classes OF people, TO
TREAT THEM ALL ALIKE
to allow them the same commission and to
deliver the bonds to them in any part OF the
country free of charge and TO invite popu-
lar subscriptions for that purpose, when
however the treasury department came 10
put the plan in actual operation, it was
found under existing laws there
were some embarrassments, which if Con-
gress should see proper to remove
would enable 1t to very largely increase the
loan and distribute it more rapidly thou it
could be done at present under the law as
it now stood. The Secretary then proceed
ed to show the existing embarrassing nts
and presented to the consideration of the
committee
DRAFT OF BILL
to promote the deposit OF savings and the
reiunding OF the national debt. In com
menting on the provisions of this bill he
said il Congress would pass it he would be
able TO refund the public debts very rapid
ly and to carry out the operations OF the
Treasury with increased advantage
to the public. lie preferred this mode
the o"e nc r;I PREVIOUSLY
SIX months al 'ne onou ota'es ne.es
received mo the treasury 70 pe aPPIed
exclusive! 70 .he payment Vi any ,1nos
oi 'ie 'hiteu Sta'eS treasury reueeniaoie al
the pleasure OIL lie hiIed S'a'eS, OF 10 !he
Purchase on COIN OF puiilon' 20 oe aPpIed
exclusively 10 the payment Oh such pohds.
SEVERAL QUESTIONS
were asked bv the members Of the commit
TOO With roG,rJ % tho ,rra r.au;ul, 81
;n,sn, 81 ,b;s Hill .mon, n,h.rs ono H., NJ.
WoaJ cb.;rm,n Who ;n,U;rad whs,h.r ,ho
s.ors,,rr Ala nn, hi H. ,ho oar,;sa.,as
,n,bor;1aJ ~ be ;ssnsJ in lien Of The nos,.I
monex orJsrs the hill called 10, conid NO,
he nssd ~ currercv e.nac;,IIv a. Tho a.
non,;r.,;ons r,n do,.n I,r ~ Nd al ,rho,ha,
after The .Xn;ra,;on 81 vear in wh;cb ,har
h.ra ;n,.r.I, thu conIj M, ,bs, h., nsaJ
mon their face with ,ccrue,I interest a.
notes now are, and ii this view was correct
whether the effect would not be to add
5000. O0O, 900 TO the amount Of the 52Os, vet
unrefupded TO the circulating medium Of