New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-03-22
GOTERNMENT SAYINGS BONDS.
MIR. BuRcHARp's BILL AS AMENDED IN COMMITTEE
IBY TELEGRAPH TO THE TRiDUNE.l

MIR. BCRCHARDS BILL As AMENDED IN
REPORTED TO THE HOUSE.
IBY TELEGRAPH TO THE TRIDUSE.l
WASHINGTON, March 2l.-Mr. Robbins, from the
House Committee on Ways and Means. has re-
ported back with amendments. Mr.. Burchards bill
TO promote the refundiDg Of the National debt and
the loan of savings to the United States for that
purpose. The following is the text of the amended
bill:
Re enacted etc., That for the purpose OF rcfundng the
outstanding d per cent bonds Of the United states
INTO bonds bearing lower rate of interest, ahd ubu
slch per cent bonds shall have been redeemed or
refunded any person may deIT5 al y pIs' .s G
less tuau 81 an for the purposes othis Act snail Do en-
titled to therefor free OF charge postal money
order on the Treasurer OF the United states the
sary blanks to he Prescribed and furnished and the
The p9stmaster under he prescribed
Secretary OF the Treasury and the Postmaster Gcncrnl
a hcv 'n are s psned co the Treasurer al
shall be entered the credit Of such depositor the
suc postal money orders shall be presented in sums Of
$40 any multiple Of that sum, shall. at the option OF
inc United state or into certificates OF deposit Of the
kind aud description herein provided; and such bonds
sums due on deposit account when demanded by any
such deposltor or 10 exchange Tor lawful money ' Tue
ant easnrer or at any designated depository OF the
SIC . The certificates Of deposit herein provided for
shall he issued b. the secretary of the Treasury OF such
form and he prescribe aud Of the de-
nominations OF 80, $40 $50 aud 500. and shall bear
interest at the rate $500 per cent per annuin or
cent each day after Its issue. for the term OF
one year and longer. and shall AT ANY time with ac-
crued interest converted into and received and re-
deemed by the United states In exchange and payment
for per cent bonds OF tac United States heretofore
hurize be issued under the provisions OF existing
iws and such certificates OF deposit may he held by
amy Naioual bank pati ~ ito reserve not required TO
be kept on band IN specie or esnl-tcnder notes. . -,
SIC. g. Whenever there shall have accumulated To Tue
credit OF any deposition deposit account tho sum OF
II 900 upward. III" Secretary Of the Treasury may
at his option payment Of like amount due upon such
account issue registered per cent bonds OF the United
States OF the same donomaiion and chaTaeter AMI IKE
wise payable authorized 10y act of July H. 1870 en-
titled IAN Act TO authorize the rounding 81 ho National
Debt"
OF yer cent per aunum and shall he computed and
credited quarterly at the close OF each calendar quarter
at the rate Of = per ccut 10 each depoao upon the Dd
such part " the balance az shall have rcmned
TO bis credit deposit account during the whole oil the
quarter.
Sections :, @ ard provide for Withdrawals; a
reserve OF 10 per cent OF the amount OF deposits to
maintain which per cent bonds may be sold; and
for paying expenses under the act.
Mr.. Waddclrs bill, reported to the House
to-day contains entire plan Of the Robbins bill for
re,undin2 the National debt at per cent who In adj
dition thereto provides for postal savings depository
TO be managed by The Post Oco Department, subs,an-
italy upon the English and Canadian plans. Deposits
Of any amount from 2j cents 1900, may be- received
designated money order Offices for which the depos
itor is entitled 10 u pass-book credit. and aso
to n certificate OF deposit from the Postmaster
General. These deposits pay per cent interest
and may be Withdrawn at any time
application OF the deposition his legal representative
Absolute security Ia guaranteed to dcpostors, and no
charge made for deposils or withdrawal. while every
facility afforded Tor convenience. DepOsitOrs who
desire have tPeir deposits, after they rcach zoo,
converted 3G5 certificates ord per cent bonds The
b Ia strai gtfOrwaTd and PLAN, ANA provides for all the
details Of cement. II covers all the ground OF
other bills having IA view popular per cent loan.
while The time II proposes to give The poor cln-ses
genuine postal depository where their small savings
viii be protected aud subject 10 withdrawal at Will.