Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1881-12-18
eureka Dailp Sentinel.
r,,E nEFuNDING MEASURE.

THEORETICALLY VI tbC
Sherman, it is claimed or good grounds,
induced President Hayes to veto the
three per cent Funding bill of the last
session of Congress, and now proposes
the same measure himself. In the mean
while the country has lost the saving
that might have been made in a years
reduced interest on our bonds. When
first proposed, however, it was a Demo-
cratic measure, and that fact may serve
to account for Mr.. Shcrman's attitude,
unless more serious charges against him
NAV be credited. Mr.. Randall has re-
produced the Democratic measure, though
Mr.. Sherman jumped in with one very
similar to it, except that according to the
bill of the latter the holder Of bonds to
be withdrawn may, or may not, accept
the three por cents in exchange. The
measure is one Of great interest, and the
SENTINEL reproduces it. Randall, ON
Friday, was to introduce a bill to re-
deem and refund portions of the funded
debt OF the United States. Section |
provides that the Secretary of the Treas
ury is authorized and directed to retain
in the Treasury, in lawful money and
bullion, a reserve equal in amount to 30
per cent OF the aggregate amount OF the
liabilities due and unpaid, with the ex-
ception of the three following classes OF
liabilities The gold certificates, United
States notes deposited for or representing
such certificates, shall in no wise inter-
fere with, or be modified by reason of
any provisions of this Act, and, in addi-
ton, the Secretary of the Treasury shall
retain in the Treasury, in lawful money
and bullion, a reserve equal in amount to
80 per cent of the aggregate amount of the
notes in circulation, to meet any demands
for payment in coin. All gold bullion
when coined in excess of the amount
of the reserve herein required shall be
applied to the redemption of continued
6s in particular. Bonds to be redeemed
shall be signed by the Treasury Depart
ment, and bonds SO designated shall
cease to bear interest after the expira-
tion of 60 days from the publication of the
notice whenever the whole of said bonds
shall have been called for redemption.
Any surplus thereafter existing or accru-
ing in the Treasury shall be applied to
the redemption of continued 5s. except
that none of the continued 5s shall be.
come payable or cease TO bear interest
until 90 days after the publication of the
notice that the same nave been designated
by the Secretary of the Treasury for re-
demption. or any such surplus may in
the discretion of the Secretary Of the
Treasury be applied to the purchase of
any interest. bearing bonds Of the United
States; and section 2 directs the Secre-
tary of the Treasury to issue coupon or
registered bonds of the United States of
the denomination of $50, or such multi
Piles thereof as he may prescribe. re.
deemable at pleasure by the United
States after five years and payable 20
years from date, their issue bearing in.
terest at the rate Of 3 per cent per
annum. payable quarterly or semi-annu.
ally. as he may deem most expedient, in
direct or even exchange, dollar for dollar,
with proper adjustment of accrued in.
terest to date, for any bonds of the
United States bearing interest at 81 per
cent per annum, known as continued IS,
upon the presentation Of such bonds at
the Treasury Department within four
months after the date of the passage of
this ACT; provided, that the same shall
not at the time Of such presentation have
been previously called in for redemption,
and bonds issued under the provisions of
this Act, and interest thereon, shall be
exempt from payment of taxes of the
United States, as well as from taxation
In any form by or under State, mum.
cipal or local authorities.