The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1879-01-16
THE POPULAR LOAN BILL.

4hE tofULhh LuAN BILL.
Mr.. Wood, Chairman Of the Ways and
Means Committee, reported back the.bill
authorizing the issue ueofacertifcates Of de-
post in aid Of retunding the public debt.
Tho bill authorizes the Secretary of the
Treasury to issue in exchange for lawful
money United States certificates of dc.
post OF the denomination Of SO, bearing
interest at the rate OF 8 per cent, and con.
vertible ut any time with accrued interest
into 1 per cent bonds authorized to bo
Issued, and directs that the money SO re-
ceiSed shall be applied only to the pay
ment OF $40 bonds. Ei Ntii i.Ili!li
Mr. Kelley, (pd) submitted an amend.
mentso as to make certificates convertible
with accrued interest, after months, into
lawful money, and at any time, into per
Mr.. Woods called attention to the bill rs
introducing novel features into the affairs
OF the goveTnment-so so far-as producing
classes were concerned. 1t would afford
poorer classes m opportunity ofinyesting
small earnings wherG theywould- be sale
and secure, and not subject to the instabil.
ity OF private corporations. ltwas propos-
ed by this bill to make national saHings
banks where there would be positive aud
absolute securityfor every dollar deposit
ed blythe poorer classes, and the result Of
which would be-to' make these 6lassesb bf
people Co.partners in the Government it.
self. Another eIeCtJof it would, be to &C.
ment fraternal concord throughout the
land. .gg.blEg IA 1s'
The bill was discussed by &Iessrs.
Kelly, Butler, OF Mass, and Hewitt in OPP.
position, and Alessts. ButclIard md Gar
field in favor. The latter said that the less
legislation there was on finance the better.
The country was getting on we'll, and he
would not favor any radical change in the
present order Of the currency law, but
here was bill that was greatly misunder-
stood. In the work OF retunding, the
present Secretary Of the Treasury Ind
abandoned tile Syndi dicate and inViled an
National banks 1mdfkedly an depository
banks) to take hold OF the work and aid
him in transterringsix per cent bonds into
four per cent bonds.
He now believed that he could make the
work otrefundlng proceed yetHnpfe MP
idly bygoing beyond the banks and deal.
ing with the people direct. This bill pro.
posed just that thing 1t was, a pro-
posal to make asavings bank Of the Treas.
ury. The amendment of,the gentleman
from Pennsylvania put a savings bank fea-
ture into It, hut not one, broad enough to
till the idea Of a savings bank, while it sub
stantially took away the purpose OF re-
funding. He believed that the bill, as it
stood, would be very etlicdcious in hasten.
ing refunding. '''a,i' a'T'''7
The gentleman from Massachusetts (But-
lerl said that-the, bilbWOuld distress the
poor man. SHe fGarfeldf had more faith
in the poor man. He was willing 10 be-
lieve that il a man determincdtto save $50
he could do so, One Of the elements Of
strength in France arose from the fact that
5000, 900 Erepchmen held bonds OF France,
and tho dayioniwhich 5000, 900 American
laboreB were kholders Of Y, s., bonds
would,be d day when tho OCCUPATION ot
those gentlemen who tried to raise o, row
between the b6ndholders and poor ,peo;
pie would be gone" 'He'was anxious f8r
the d6ath Of 'llemagognefy, and that the
people should hec6metinterested In the
debt oftle nation, That would be q great
protection TOR public credit, It would
hasten tho day for rciundlpg the tdobt.. II
labor and industry were to be encouraged
the government must get out Of the way
IS the competitor for loans. y,ilspt i
Mr.. Rlillips opposed the bill, he desired
TO oIer an amendment providing for q
deposit in the pOstotliCe Cewiiith Ii money
orderoffiee of any,amouut not less that:25
| aants tobp forwarded to the United States
Treasury anll an tgepanpt kept, With the
dcposItor who. sllalf froCeiYp Et IntGrbst ~ tbq
rsta Of / per cent aud that when this sum
shall amount e $40 twill be converted in
to certificates provided for blythe bill. -
Mr. Wood declined to yield for the
i Nj sTSWnsend( send (ohiol favored the LII. =,
The debate having closed, Mr.. RurclIart
offered an amendment that ip liou Of thf
certificates pnovtdptl tof, tho Secretary o
| tho Treasury shall IL dpsira1s antes on Nh
books ot The pteashrS 10 the credit Dt hi
person presenting or forwarding 1t to thi
Treasury, any sum OF not less than on,
ldollar, aud shall allow interest thereon
land credit the lsatn6 quarterly OF the rat
OF g nor cent per annuln, and shall establish
.irnles and regulations for the Withdrawal
or payment Of such lepqSits; provide,
that when the sum OF 81 200 shall HAY
accumulated 10 tile credit oil anyparson,
PEI cent bondss sball bs sisspe4i 4ie. .aisebars
J and payment Of II. !,
IT TltS previous question was sesonded sn.
the pain a question: oFSSrS4i yeas ls2
ihp tirst yote was taEoa on Mr.. Kolley'
iamsndmppti YQertifeatas shall be con
vertibl0 alter stg mouths into lsEtr
: money and time into EolF par eth
bonds The amendment was rejected