National Republican., 1888-04-25
Senator Tarwcll ON Finance,

In speaking upon the financial situation,
Senator Farwcll offered an amendment pro-
,idnG for the issue Of llfty-ycar bonds bear
ing p per cent, interest This amendment
reads as follows;
That the Secretary of the Treasury be, and
hc hereby Is, authorized and directed 20 issue
and sell, to national banking associations
heretofore organized, or that may hereafter be
organized, at par for United states notes.
coupon or registered bonds OF the United
States rcducmabe after fifty years from the
date of their issue, bearing interest, payable
Scni.annualy. at the rate of y per cent, per
annum, TO he used hy them as security for
their circulating notes. such bond, shall bc
exempt from taxation by Or under state or
municipal authority. Said banking associa.
iiuns are hereby authorized to issue circulut.
ing notes to the amount of 100 per cent. Of the
par value Of said bonds.
There is no question Of the power Of the
government to place its 50year bonds bear
mg p per cent. on the market at par. The
NATIONAL REPUBLICAN has claimed that
the Secretary has the power under existing
laws to refund the debt at lower rate Of
interest than is now paid, though not that
The power existed 10 extend the time Of It's
payment.
This amendment authorizes the refund
ing Of the debt. extends the time for It's
payment, and reduces the yearly interest
,harec lUutsidc OF the Pacific railroad
bonds from about S4O,ODO.OOO to less than
S25,G0O,OOO This would effect saving in
Interest, for the lime the present debt h0, TO
rum Of nearly >?iO, 100000,
Ili. plan meets with the approval Of
vast number Of business men, To- which class
Mr.. l'arwcll belongs. and deserves careful
and serious consideration.
senator Farwcll says. II am IN favor of
ihc largest possible baml, circulation which
T. rcdccmuhlc in gold ON demand, and no
circulation would be too large which /, re.
,!Crmuhlr in thi, manner" That propo,i-
tiun will he ndor-cd by every one, and
The Succeeding one, that the national bank
ing .y>tcm Is one Of the best that ever rX-
istcd,
No one will agree Iu a suggestion that the
%rocnhach- should be retired even when the
hou3rd debt Is glI paid OF. This Is form
"f "iudchtcdn"s-" which, bearing no inter.
ct, Instead Of bcng a bmdrn, Is a con-
Nrnlrncc, alld senator tarWCll, able linanCrr
as he unqucNtionahly is will argue in vain
Tor any such conclusion,
senator Farwcl Is right when he ,ay,
"hauk, are not monopolicS" They are not,
and IT," cry Of monopoly in this, a, in
many other instances, + simply the cry of
HE designing dcmagogue or the wulhinEmg
man.
While the NNToN T. RErCRLrcNN cannot
HgIrr with some Of the conclusions at which
The senator arrives, he undoubtedly cN-
presses the views Of thc very large class Of
which hc j. mCmbcr-thc successful linum-
'irrs and business men Of the country
Coming from such u Sourcc--thc result Jr
experience and -iUdy-thc ideas advanced
BY Senator f0iwcll are well worthy Of the
consideration of Legislators, and the plan
for rciunding the debt, or at least portion
Of il, as u basis for banking capital, must
commend itself 10 every one who believe, In
ne necessity Of national bank currency.
Tie NATluNAL HrrBLIvAN fayors the