The weekly miner. [volume] (Butte, Mont.) 1878-1881, 1881-12-20
SHERMAN'S SCHMMB.
The Ex-Secretary Who Advised
Hayes to Veto the Democratic
3 Per Cent. Funding Bill
Now Introducing
One Himself

WAsHrSGToN, Dec. 5.--A special dispatch
to the New York World says: Senator Sher-
man, of Ohio, created some surprise to-day
by introducing 8 per cent. funding bill.
John Sherman as Secretary of tie Treasury
had opposed such bill during the admins
tration of President Hayes, and President
Hayes, under the influence of his Secrstary
OF the Treasury and the national banks, had
vetoed the per cent. refunding bill which
had been passed by Congress after much de-
liberation and much debate After the de-
feat of this measure by the veto of
Mr.. Hayes, Secretary Window issued
his private loan, giving his personal
security, agreeing to pay 81 per cent.
upon loan Of about 100000, 900. Ex-Sec-
resary of the Treasury Sherman and ex-Sec-
retary Of the Treasury Window are both
Senators of the United States, and on the
Congress John Sherman introduces a meas
ure which kindly proposes that the Govern
NEST shall take this portion Of Mr.. Windom's
private loan off his hands, assume Mr.. Win
denis personal legation 10 the amount of
| $500, 900 900 at rate of interest somewhat
reduced, which is an interesting piece of
Senatorial courtesy from one ex. Secretary of
the Treasury to another. But this extraor-
dinary bill must have been framed in the ex-
pectation that the present enormous surplus
revenues of the coun are to be imned-
ately and largely reduced so that moneys are
to he riip0 nsplaaSly in tha
that bonds not yet matured and not SOON to
mature are to be purchased in opan market
at high premium. During the past fiscal
year we paid 100000 900 of the debt. The
only bonds payable at the pleasure of the
Government are the three and one-haif per
cents. issued by Mr.. Window. The passage
of Mr.. Sherman's bill would very soon leave
no bonds at all payable at the option Or ceE-
venienco Of the United States. What
then woulG be done with the enormous
surplus revenues which the Government is
raising by taxation. To pay the notes Of
Mr.. Window by equal annual payments
ten years would only require about $50 900,
600 year. At the present rate of taxation
Mr.. WINDOWS notes could all be paid in abou
three years. Should this Sherman bill pass il
u little more than year there will be M
bonds payable at the option of the Govern
ment. There are $25o,OO0,O00 of four ant
one-half per cents. maturing tenyears hence
What i'll the meantime is to be done with tin
tremendous surplus revenue which our over
taxed people al pouring Into the treasury
) The Sherman bill has this merit, that it sug
gests by indrection the necessity of an enor
NOUS reduction of our enormous taxation
The following is the full text Ct the bill
Be it enacted, &c. SECTION 1. That th
I Secretary Of the Treasury is hereby authsl
lied to receive at the treasury and at the ot1ic
t Of any assistant treasurer of the Unite
/, States lawful money of the United States 6
the denominations of $50, Sl0C, $500, 400
r and $4,000, Of such form ss he may pre-
4 scribe, bearing interest at the rate Of pc
If cent. per annum, payable quarterly or sem
y annually in advance at the treasury of th
" United States. Such bends shall be exeml
d from all taxation by or under State authcrlt
7. and be payable at the pleasure of the Unite
S. States after January l, 1877, the order Of the
payment 10 be determined by law, or, i'll tt
W absence of such legislation, by rules and re-
p ulations prescribed by the secretary OF IL
le treasury. The money deposited under til
es act shall be promptly applied sslely to the I
demption of the bonds of the United Stat
r bearing 81 per cent. interest, and the aSgr
at gate amount of deposits under this act sh'
10 not exceed tbs sum Of $500, ,OO0.0S0.