Dodge City times., 1891-10-16
THIRTY YEARS AGO.

THIRTY YEARS AGO.
From The Monthly Sentinel.
5. 1t is thought desirable that Con
gress should enact the national curren
cy bank bill, embracing the general
provisions recommended by the secre
tary in his annual report.
6. 1t is expected that this action
and legislation will render the making
of the United States demand notes le
gal tender on their increase beyond the
$50, 600, 900 authorized in July last
unnecessary.
This proposition met, at the hands Of
the Ways and Means committee, the
same fate that the offer of January 7th
did. They insisted upon the enactment
of the legal-tender clause, and would
not consent to report bill providing
for national bank system.
But the associated bankers" al
though temporarily defeated, did not,
by any means, give up the contest "a
contest in which, unfortunately, they
won!
The history of the manner in which
they accomplished their purpose is very
interesting indeed. 1t is worth follow
ing to the end.
On January 20 the sub com mittee of
Ways and Means submitted an addition
al section, providing for the issuance
of $500, 600, 900 of 500 bonds copy
of which, as amended. will be published
in subsequent issue.
On the 2sth Of January the deba te
upon the bill was opened in the House
by a speech from Mr.. Z. G. Spaulding
for many years thereafter land We
believe stilD national banker In Buff
alo, N. Y.-from which we make the
following extracts:
In the first place, l will refer to the
loan bill passed at the extra session of
Congress, in July, in order to show
how We obtained the means to carry on
the government from that time to the
present, and to show how the secretary
or the treasury has performed his duty.
The secretary of the treasury first
borrowed slOO,OOO,OOO, giving treasury
notes bearing seven and three tenths
per cent. interest, and he next issued
United States bonds at six per cent. in
terest to the extent of $50, 5000 at
the equivalent Of par for seven per cent.
bonds, and raised a5out ~, $50, 900;
upon such loan a discount of $5, 300,
900 was sustained. These we're the
best terms that could be obtained, and
we're regarded at the time as very favor
able to the government.
This bill, in addition to the fifty mil
lion of demand notes authorized by the |
act of July last, authorizes the secre-
tary of the treasury to issue, on the
credit of the United States, one hundred
millions of dollars Of treasury notes,
not bearing interest, payable to the
bearer at the treasury, or At the Office
IF assistant treasurer in the city Of New
York. at the pleasure of the United
States, and Of such denominations as be
may deem expedient, and not less than
i've dollars each; and such notes, and
III other Uuited States notes, payable
IN demand, not bearing interest, here
ofore authorized. are made receivable
or all debts and demands due to the
United States, and for all salaries, de-
nands owing by the United States to
Individuals, corporations and associa-
ions within the United States, and are
lso declared lawful money and legal
endsST in payment of all debts, public
nd private wisi;p the United States.
,sking altogether sl5e,06v, 400 legal
snder demand notes. |,
Provision is also made for the con-
enient exchange Of such notes for six
er cent. bonds of the United States,
'deemable in twenty years. ,
Further, to enable the secretary Of {
lie treasury to fund the treasury notes Z
,d floating debts Of the United States, I
Is authorized to issue, on the credit !,
the Omitted States, coupon bonds or /
gistered bonds to AN amour. not tx t
eding five hundred million dollars,
'e redeeniabir at the pleasure of the :
'sesa.acat sf:er twenty Years from :
'te, and tsas"g irisr.,s. =, ,hs rate Of o