The midland journal. (Rising Sun, Md.) 1885-1947, 1893-12-29

creditors as desire to receive them,
and thus relieve the existing pressue
upon the community.
4. The issue of United States demand
notes not to be increased beyond the
$50,000,0O0 authorized by the act Of
last July, but it is desired that Con-
gress should extend the provisions OF
the existing losn acts, passed at the
extra session in July, SO as to enable
the Secretary to issue in exchange for
United States demand notes, or in
payment to creditors, notes payable in
one year, bearing 3,65 per cent interest,
and convertible into 7-30 three year
bonds, or to borrow under the existing
provisions to the amount Of $250,000,
900 or $500, 100000.
5. 1t is thought desirable that Con-
gress should enact the national currency
bank bill, embracing the general pro
visions recommended by the Secretary
in his annual report.
at is expected that this action and
legislation will render the making Of
the United States demand notes legal
tender or their increase beyond the
$50,000.000 authorized in July last
unnecessary"
The Committees of the Senate and
House never gave any assent to this
agreement made by Secretary Chase
with the delegations above mentioned,
for the reason that it was not deemed by
them adequate to the crisis, A majority
of the Committee of Ways and Means
adhered to the legal tender bill, then
pending in the House, as being a more
available plan, and on much larger
scale. They believed it was necessary
to authorize Immediately an additional
issue of $IO0,00O,000 of United States
fundable notes, to circulate as money,
and be made legal tender, and that
s5O0,OO0,O00 six per cent twenty year
bonds should be authorized, SO as to
enable the holders of the notes when
issued, to fund them at any time in
these bonds.
As soon as the plan of the delegates
from New York, Boston and Philadel-
phia became fully known to the coun-
try, it was very generally disapproved.
The press spoke out plainly against the
Secretary being authorized to put
United States bonds ION the market
without any limitation as to the price
he might obtain for them in the mar
ket," as proposed by Mr.. Gallatin.
Members of Congress generally opposed
it and numerous letters were received
by Mr.. Spaulding from bankers and
other prominent citizens in opposition
to any such scheme. but at the same
time expressing themselves in favor Of
the legal tender bill and urging its
immediate passage.
On the following Monday, Jan. Goth,
Mr.. Spaulding, from the Sub committee
of Ways and Means, reported to the
General Committee an additional sec
ton, and new title to the legal tender
note bill, which we're adopted by the
Committee of Ways aud Means, The
new section is as follows:
SECTION 2. ''To enable the Secretary
of the Treasury to fund the Treasury
notes and floating debt of the United
States he is hereby further authorized
to issue on the credit of the United
States coupon bonds, to 90 amount net
exceeding $500,00O,O00, in sums OF
500, 5000, $500, $1,000, $4,000,
$4,000 and 10000, and in such pro-
portioas of each as the exigencies of the
public service may require, bearing
interest at the rate Of sig per cont per
annum, redeemaele after twenty gears
at the pleasure of the United States.
which bonds the Secretary of the
Treasury is hereby authorized to deliver
al their par value to any creditor or
creditors having demands due against
the United States. 10 payment thereof,
and to deliver the same to officers.
employees, and individuals in payment
for services rendered, for supplies.
subsistence, and materials furnished to
the United States, aRq be psy also
exchange such bonds at any tine for
lawful money of the United States, or
for any of the Treasury notes that have
been or may hereafter be issued under
any former act of Congress, or that
may be issued upder the provisions Of
this act"
The new title to the bill adopted at
this meeting Of the committee was as
folIows /;
"An act TO authorize the issue OF
United States notes and fer tha redemp
tion or funding thereof. and for fuad-
iug the floating debt of the United
States.''
Soon after this additional section and
new title we're adopted by the Commit
tee of Ways and Means, Dir. Spadlding
submitted the bill aud additional section
to Secretary Chase and the Assistant