The daily intelligencer. [volume] (Seattle, Wash. Territory [i.e. Wash.]) 1876-1881, 1878-03-28
official Press Of King County.
Thursday, March %. 1878
THE SAVINGS BILL.

The recsntly developed rottennes. Of
private savings banks, has had the
usual result of private dishonesty, to
snure to the advantage of established
power, and established repute.
The common people. holders Of small
accommodations. are looking 70 the gov
ernment as q tiduciary of their little
gains. ia which they can repose conf
ienca and for that reason willing To
accept q very small usury of interest
for the accommodation Toe bill in
PRODUCED TO answer this demand goes
TO provide long bond TO run thirty or
fifty years and 10 bear low rate OF In
tsrest, issuabe 10 the amount of $780,
100000.
The interest at first proposed was
3e5 per cent. per annum. or one cent
day on ono hundred dollars. 1t was
after ward amended in the Senate, so as
TO draw per cent, for convenience in
making subdivisions for the interest
coupons. which are TO be for every half
year. Cockrell, Of Missouri, insisted
that three per cent. year was high
enough. The bonds are to be both
coupon and register. combining the ad-
vantages of both systems.
The proceeds of the sales of these 4
per cent. b )nds are to be applied to
tho redemption of other bonds of the
United States. for which payment may
now be lawfully rendered. that bear a
higher rate of interest. The denomi-
nations are to be s25, $50 and 800,
and it is proposed to sell them at all
money repositories of tho United States
for coin or in exchange for greenbacks
at par. thus facilitating resumption.
The following is the full text of the
bill as it stood after the debate in the
senate:
BE Il enacted. de-, That in lieu of that
amount OF 4 per cent. bonds of the
United States authorized to be issued
by the act of July ii, 1870, tho Secre-
tary of the Treasury is hereby author
lied anil directed to issue q sum not
exceeding 800. 200. 900 of coupon bonds
Of the United States, of the denomina.
tions OF twenty-five, fifty. and one hun
dred dollars, and of equal sums Of each
of said denominations, redeemable in
coin fifty years faom the date of their
issue. and bearing interest, payable
at tho rate of per cent
per annum and the said bonds shall
he exempt from taxation in like man.
ncr - those in place of which they are
to DO issued.
Section 9. That tho said coupon
bonds shall DO made payable to the
order Of the person who shall pay the
money therefor; and the name Of such
person, or his or her assignee or of any
subsequent assignee and his or her resi-
dsnce. shsll be registered as the owner
Of such bond. in like manner as If the
same WAS registered bond; and such
coupon bonds shall be transferable only
by assignment duly acknowledged be-
fore aud certified under the seal of the
clerk of State Court Of Record or
Federal Court or United States Com
missioner, which assignment shall also
be executed in the presence of two sub
scribing witnesses and such assign
ment may also be made leaving the
name Of the assignee blank, and when
20 made in blank and executed as here
lnbefore provided. the said coupon
bond shall be transferable by delivery
In like manner as if payable to bearer.
Section 3. That the coupons attach.
ed tn said bonds shall be payable either
in United States legal tender notes or
in coin, ct the option Of the United
States; and the same shall be paid at
any Of the sub treasures or money de-
positories Of the United States, or at
any national bank; and it is hereby
made the duty Of each of the said ma.
tional banks to pay the said coupons
upon presentation. without charge, aud
remit the same to the Treasury for re-
demption but the said national banks
shall only be required to do SO upon
the production of the proper bond to
which the coupon presented shall have
been attached
Section 4. That the Secretary ofthe
Treasury shall keep said bonds for sale
at the different subtreasuries, national
banks. and money repositories Of the
United States, and shall dispose of them
at par and accrued interest. for coin or
tor United States legal tender notes. at
their nominal value; and such legal
tender notes shall be reissued, and their
proceeds. and the coin received for such
bonds shall! be applied TO the redemp-
ton OF outstanding bonds of the United
states which are redeemable and bear
tho highest rate of interest of such
bonds.
Section 5. That the provisions Of
sections 8. Io4 and 3.705 OF the Revised
Statutes Of the United States, author
izing the issue of another bond in the
room of any registered bond lost or de-
stroyed. are hereby made applicable 70
the bonds 10 be issued Under this s,a,ute
bat only in case of loss or destruction
thereof before the execution of an as
signmsnt in blank thereon. The Secre.
tary OF the Treasury is authorized 10
make such rules and orders as NAV he
necessary to carry out the provisions of
this act"