New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-08-23

much opposition, the necessity for It's pas
being apparent 1t T"' s Ss no Stock
I5 1872, should hereafter be sold at less than par
and in case the stock conld not pe sou ~ o
oar and the ex gencles of tho public service shouu
rreanjre il. The Secretary of the Treasury
l was authorined to issue in lieu thereof sOi
Treasury notes TO the amount or not
more than So 900 600 under the provisions ana
limitations contained IN tho acts OF OCTOBER; Isl
and March, 1910. The notes when aiea i" rn
| none were to be issued alter April 40.
1918. and the amount outstanding oo at oo any
| The treasury notes issued under the act OF
| March 3 1913 were simply issues OF new notes III
place of such as had been issued under any prevons
| acts of Congress, aud which had been or might ue
| redeemed at the Treasury. or received Ill payment
of Ines The necessity for the was IN the facI
that the estimated revenues for inc year were very
| little excess of the current expenses. .. 10
SOY 400 35s of which S11 ,O6S 977 fell due during
| the year, aud might be presented Tor payment,
| Under these circumstances 1t became necessary
either to obtain new loan, 10 increase the .aA,S
| always unpopular cSpedlent-or 70 lsShe
! new Treasury notes, as bad been done at
each session for the past six years lne course was
| adopted of giving authority both TO obtain new
loan and to issue Treasury notes tGouGh ms l"V'oi
| expedIent was characterized IN ueoa'oo ~
mere makeshIit to enaP 1roo '' dav '' 10
| DAY and TO maintain its credit W.T. ont repuolai9p;
| The bill was approved March 3, 1913 Ii provided
| thai when any outs andIne lIeasuiS no'', 90 30
uuo. - nf fIn act be redeemed the Secretary OF
the Treasury If the public luleu H. l4l'
| cause other notes to be ISSUED IN thel ete3,
under the limitations and OF the acts unner
| when the notes were originally issued III aUihor-
lzcd the payment OF interest on notes issueu ;,d
TINS act af cr maturity, ara also on th'Ss I5Si,u
under the act of August 81, 1oi2. Inc thirj ser
! lion of tbs same act authorized the iI,oi-
| dent if, in his opinion, 1t should Dc ioI
I rhe interest of the United states so 10 10
! 10 redeem such of the notes then outstanding
| rs they became due by the issue OF stock of lie
| tp.a
of the act of April 49, $50, except that no com
! missions were to be allowed 10 agents, ana the
| stock should he redeemaDle at pcrlod nOt iatef
than ten wears from the issue thereof Unuer thls
| act stock to the amount Of $7,O04 23I 20 was
issued most OF which was sold at small premium
| rMLACIOUs TREASURY ESTIMATES.
| War with Mexico was declared May ID, 1876
On the 18th of June Secretary Walker Informed
Conere,, that If the war should continue until July
1. 1897. there would be deficiency in the Treasury
Of S12 5s7. 900 10 prevent this threatened disas-
fer bill was introduced IN the louse
of Representatives July 6, 1916, and passed
both Houses although opposed on the ground
| that the oplv honorable way OF providing Tor the
increased expenses necessary while the war lastcu
was by increased taxation; that tho feature OF
the bill which allowed the reissue OF Treasury
| notes as fast they ere redeemed was convert
| ing the Treasury into a National Dahh, anu
| that the course OF legislation showed tue lhcoh-
| sistency Of the Democratic party. then IN power
which mad originated tne SuO- treasury Dli Icpuii
ing payments 10 or by the Government 10 Ie h'ue
in gold or silver, and was now asking auihorIy 10
issue paper money. after having, at the outbreak Oh
the war 50 reduced The larlu ihal ne revenue was
likely to be lowered at least @lOOOO,Ooo
! he blli was approved july -. 1916. IL author
;,,, .t,a ,ssue of treasury notes according to
Veney of tie Government, and IN place OF the NOT =
redeemed others were 10 be iSsued but the amount
OF this emission outstanding NJ any one
time was not TO exceed SlO'OOoOJO' Inc
notes were to be issued under the INIT +
mons and provisions of the act Of
October -. 1887, except thai the anth9i.ly siVen
was to expire al the end OF year from me pd,'d9e
| of the act The same act also authnrzed the Iies-
dent If in his opinion the country needed IT, 10 Dol
| row on the credit OF the United states
snch a sum n might deem proper Instead
of issuing the whole amount Of INasufy
notes authorized, but not exceeding, together Win
the treasury notes Issued, The sum OF 1lOOOo,OOO
the stock IT, be Issued under the limitations ana
proylsons o. the act of April l5 ~ and TO be re-
deemable at period not exceeding ten years rom
the date of ISSUE no commissions were TO Do pald 10
agents. -
| TO- proved very laaclOus. sum larger than MS
estimate of the amount needed to prevent denclt
was obtained; yet III his annual report dated
| Dec.mber O. 1916 the Secretary Obliged to
inform Congress that deficit OF $4.779 042 OF was
stul probabo In January, 1917, he appears to nave
informed the Chairman OF Ways and Means that the
Treasury was nearly empty, and that
there was an immediate necessity for
hOrty 10 issue more Treasury notes or 10 Obtain
| new loan. A bill authorizing the Issue OF new
Treasury notes or loan TO the amount OF To,oou,-
600 passed both hOnses and became Law January
2S lS47; but the Origin ana conduct OF the wal
Win Mex co had been review ed in debate and vari-
ous PROPOSITIONS made TO so amend the tari on
fore IN goods imported as to increasa TIE revenue
especially TO Jay heavy duty on tea and coffee.
il authorized the President to cause treasury
notes to be issued for such were required,
but not exceeding IN the whole amount Issued the
sum of 500, 900 900, and no note was 10 be OF less
denomination than $50. The notes were TO bear
such interest from date of issue until redee ned as
s spT and nd H We're redee@a0le at one and
two years after date. The SECRETARY was authorized
TO borrow money the credit OF the notes, Dut no
notes were to be pledged, hypothecated OK SOFA al
less Iban their par value with accumulated interest.
They were to be paid 10 such public creditors as
chose TO receive them at par and made Tecely-
able Tor ali duties taxes and debts due the United
States The Secretary was authorized TO purchase
said notes at any tme put only at
| mar for the principal and accrued interest when
any of the notes authorized by the act were re-
deemed other notes might be issued In their steal
but the amount of said notes outstanding at any
tlme together with the stock authorized by the
same act, was at no tune 10 exceed
sos. 900. 900. The principal of the n0Ies
could be funded at any time III stock bearing y per
GEM interest redeemaOe al any time after Deceul-
Der 81, 1867, and this privilege was extended TO
the holders Of any treasury notes Issued under pre-
yIous acts. The authority gwen Dy the act
OF July %, 1916, to Issue treasury NOES
was extended by the fifteenth section to the
perod fixed by tins act the same terms and con-
dons. bus the issue under this section was not TO
exceed 20, 100000. section 16 OF the same act
gives the usual authority to the President IL neede
to money instead oil issuing the whoie ahouhl
of treasury notes, and TO therefor STOCK bearing
interest OF not exceeding u per cent, redeemabie
after December l. 1867.
SILL ANOTHER LOAN.
President Polk. in his message OF December 4
1S47 informed Congress that if the war with
Mexico continued until July l. 1s4S, the expendl-
ture would probably exceed the revenue
about $1G,O0OOOO. while Secretary Walker,
in his report of December 8, estimated
that the sum necessary to be kept in the Treasury
to meet the wants Of the Government.and maintain
the enlarged operations at the NUTS would require
s1S 729 ia o. in addition TO the probable revenue.
4 bIil TO authorize a loan not to exceed SlSoOo.OOU
was accordingly introduced III the House.
January 10, 1o4o, The Chairman OF the COMMITTEE
If Ways and Means informed tae House during he