The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1888-01-19

lOm g BILL. to extend the application OIL
the interstate commerce law to express
companies. .'Af
RAILROAD BILLS.
Plumb's bill, prohibiting granting
passes by railroads to official persons
that IS, members of Congress and gov
eminent employees; and Butler's bill
to license railroad conductors, were re-
terred to the subcommittee
FARwELL's SURPLUS BILL.
Farwell introduced bill to authorize
the Secretary of the Treasury to apply
the surplus money in the Treasury to
the purchase OF United States bonds,
and to perpetuate the national banking
system by providing further securities.
The first section provides that the
Secretary of the Treasury issue to the
National Banking Association, - bonds
of the United States in such form and
denomination as he may prescribe, re-
deemable after fifty years from date of
their issue, bearing interest payable
semi annually, at the rate of 8 per
cent. per aNnum, to be used by the
National Banking Association as Sc
curity for their circulation notes. Such
bonds, shall be exempt from taxation by
or under State or municipal authority
ANY national banking association shall
after the passage of this act, be autho~
lied to issue circulating notes to the
amount of 100 per cent. of the par value
OF said bonds. . t.t. .a - H..
Section 2-That any national banking
association shall be authorized to de-
liver to the Secretary of the Treasury
any of the outstanding bonds of the
United States, in exchange for 3 per
cent. bonds provided for in this act
money not otherwise appropriated
The difference in the value of the bonds
is to be ascertained by taking the aver
age premium as shown by the New
York market for twenty days prior to
such exchange.
Section 3-The Secretary of the Treas
ury is hereby authorized and directed
to receive from the national banking as
sociations, United States notes in pay
ment for the per cent. bonds herein
provided for, such bonds to be delivered
a. their par value. XII l5
Section 4-The Secretary of the Trea-
sury j. authorized and directed, at the
end of each month. to invest the surplus
funds held in the Treasury, not other
wi appropriated, in the puIchasey in
the open n arket, of any United States
bonds. Bends so purchased shall be
cancelled ana destroyed.
Section 5-The Treasurer is au-
national banking ssspciation, to secure
its circulating notes, an amount equal
in value-value hereinafter provided
20 TO tho NJ rooiokoroA y1nfoc
so purchased, cancelled and destroyed,
and the State or municipal bonds of the
United States upon which interest has
been heretofore promptly paid, and
whose market value is equal to, or
greater than their par value, and bear
ing interest at the rate OF not less than
per cent. per annum; provided, that
the Treasurer shall not receive such
State or municipal bonds at more than
rs per cent. of their par value; pro
Vided further that the Treasurer
shall not receive such State or mum
cipal bonds until such bonds snail have
endorsed upon them the approval of
the Secretary Of the Treasury and the
Comptroller of the Currency.
Section 6-That all laws and parts of
laws relating to the establishment of
sinking fund for the payment ct the
public debt. be and the same are hereby
repealed.
TRANSPORTATION OF IMMIGRANTS.
The Inter tate Commerce Commits
sion will institute an inquiry at NV
York, on February 7th. in the matter of
inland transportation of immigrants
from the port of New York, many COM
plants having been made by private
parties.
THE ToBAcCoNIsTs.
The National Tobacco Association of
the United States met here in conven-
ton to-day. There were about thirty
members of the association present from
different parts of the country. After a
ief and informal discussion, the fol-
lowing was adopted:
5ResolUed, That the National Tobacco
Association, having met in conference,
and finding that the views of Congress
and probable action on the tobacco tax
question are uncertain and undevel-
oped, psf"~
Therefore, We believe it advisable that
the conference at the present time take
no action thereon, isl7{f 211tI {ls} T..
An executive c0mmlttee was ap-
pointed. A sub committee was in
stfueted to give careful attention to any
proposed legislation by Congress, re-
latiDg to the tax on tobacco, and to |
regulations governing the same. The
association adjourned. and in the after
noon paid their kind respectsato the
President. In the course of an inter-
view, this afternoon, with q prominent
member of the association, he said,
while some members are in favor OF the
total abolition of the tobacco tax, it
could be safely said q large majority
for, the purpose of protecting the trade
andpubliclfrom impositions! Sliu0
sH1PP1Es AEp51EDusrRiAL iLEAeuR.d
The American Shipping and Indus-
trial League resumed It's session to-day
Off1oorc for tho aporipo voop yoro