Rock Island daily Argus. (Rock Island, Ill.) 1886-1893, 1892-01-08
HOLSTERS IN LUCK.
One f1unGred Millions to Loan
to the Changers.
IF PETERS BILL GOES THROUGH.

Summary of a Measure to Make the Al
lance Man II 8ppy-Culberson Proposes
Easy Way to Pay National Detcien-
cies-Secretaty Btaine Rapidly Recov-
ering from His IndispOsition-Certai
, Nations Notified That They Must In
dorse Reciprocity or Pay the Freight"
-Do'ngs of the Statesmen.
measure Was introduced yesterday in the
senate by PETER 1t is entitled a bill for
the relief Of the people Of Indiana" Ina
preamble the nature of The relief proposed
Is explained
The people o. Indiana, the preamble
says are now labOrng under the "grieyous
burdens of enormous interest charges
made possible by great scarcity of money,
the direct conseq hence of legislation favor
ing the credit-owing capitalist and hostile
to the wage Garner and producer, resulting
in the enforced mortgaging of the lands of
the people of Indiana TO such an extent as
threatens the loss of such lands to their
present owners and occupants
The scheme Detailed Briefly.
The bill provides that the secretary of
the treasury shall issue SlO0. 600 600 iu treas
ury notes directly 10 tie people of Indiana
upon first mortgage securities upon any
and al real estate lying within the state,
t. the amount of one-half the cash value
o. lands, fixed by the board of tax commits
sioners of Indiana For this Issue the gov.
ernmeut Is TO receive a tax of , per cent.
PER year. Citizens to whom these treasury
notes shall De issI ed are to mortgage their
lands TO the government to secure a prom-
issory note payable into the United States
treasury in twenty years or sooner at the
option If the mortgagnr, the amount of
notes TO be not more Than two-thirds Of the
cash value o. the lands.
How unole sam viii Collect.
For failure to pay the Semi-anuual tax or
the principal When due, personal property
may be levied on and if this il not sufli-
Client tn pay the auOGnt, then the county
auditor Ii directed To sell the property at
auction or the lands may I've rented by the
government.
There We're several bills Of financial
Character iRtruGuc "a in the house One bv
Bushnell OF Wisconsin provides for the
coinage of silver dollars containing each
one ounce troy of pure silver; another ~
Stewart Of Texas for free coinage. and an
other by Cui1erSol of Texas to prevent
contraction of the currency.
CuIberson', Currency Bin.
Culberson'S bill provides that whenever
the circulation OF any national bank orauy
portion thereof shall be surrendered the
secretary OF the tn, asury shall thcreuyon
prepare an equivalent amount of legal
tender treasury notes Of the legal dcnomi-
nations now provided 10y law, for national
bank notes. They hall be legal tender for
all debts. The second section authorizes
the secretary of the treasury in the event
of n deficit in the revenues of the govern
ment from reduction of taxation. to pre-
pare lega. tender treasury notes in amount
sufficient to cover such deficiency. 1t
further authorizes the secretary of the
treasury To cause 10 be coined of the silver
bullion now in the treasury, or which may
be, such an amount of standard silver
dollars as he may deem necessary for
meeting such note, when presented for r,.-
druption.