Grand Rapids herald. [volume] (Grand Rapids, Mich.) 1892-1959, 1893-02-18

shsrm.n Wants Per Cent Bonds
Issust.

lssu=t-
wk.atSoto~. Feb. i7.-Nr. sherman
offered b. per cent bond issae
auendmsot 10 sAe sandry cisi. ball 40
the senate tnis sftegnoos. As soon As
issas read = POINT Of order was made
hy Mr.. S-ewsTt sgAirst tae amendment
- general legislation o. al srpro-
prlat.on bill
Il have carefully examined the
rule" Mr.. sherman sad. "xni am
quite satisfied that tn- point of or.er
u act veil taken. The senator from
Nevadk thinks mat the amendment
would afsct the saIses question. How
% does cxnnot imagine. TIE oaly
oblect OF the smenament y TO enable
the sscreusFy Of the treasury, IN case
OF emergency. 81 issue per cent
oonds. fedeemaf.e AZ the treasury Of
the United states .~r five years, in
ststd OF per cen. bond running
for thirty years. or a per cent boad
running for niEscn years. Ny dssire
= 10 xiye 10 the Incoming sdministra-
ti.,n ali aId 70 enssie u 10 SUSTAIN the
pcbl.c crvdi. snd % sell 3 per cent
bonds instead Of a.. or tl's. or 5's."
Mr.. Gorms0-The effect of this
smenfmeut sould be amply % save
tie q dstfsfvace 70 interest," between )
Per cen. boads aud or y per cent
londa
Mr. sherman Exsc,iy.
Mr.. Cockreii Are not the Der cent
boods G. fIpsntiDg GOV. ~ the market.
zpsemlam. mak4GS tae rate ot .ateress
received from them ices than per
cent
a oae.tisa OF Interest.
Mr.. snsrmsn--It may lie 40 es 10 the
outstanding bonds, but II new per
cent bonds came 10 % issued. do no.
deem that the effect will he 80. IL the
serstor from Missouri desIrous that Ne
should lssue = per cent twenty year
bond a. any rate o. premium Ny idea
- that no government bond should i-s
issued running for any considerable
perind time; and sm perfectly
~Hiirg that the proposed bonds should
D. Reasonable IN three years.
Mr. Coc<reii--There . no econc my
in suing ; per cent bonds. On tae
contrary = Der cen, bonds would bring
more IA the market and the invest
mcnt ~ them would pay less than )
pr cent.
Mr.. Shsrman-Ass matter OF course.
the secretary Of the treasury would not
bs pr~cl AIDED. under tLis Amendment,
from issung per cent or : per
cent bond z ne hnds . market Tor
th~gn. II tngiand nov tn consols are
wortn : Ter cent. that -. that bond
drawing pef cent .ntsfest command
u - -. II
me treasury ~iii te able 20 ssll - per
cent bort IA this country.
Mr.. stewart argued q snpport of hls
point Of order and nAd tie rule on the
scflecf read a. to- CLERKS.
Tee vlce president made the ruling
thst t1st hsnsn1nignt was IA order.
Nr. Nsii- moved 20 strike out OF the
suendm meut the w0rds. ave years
sfter th@lr date go AZ 10 ieave the
torfs r~f~emabis at th- pleasure Of
ne government. ard he argued n sup-
rcrt q tnat motion.
Ar. sherman ssi that IL the propo-
stien sts a { one "a provide fof An
enierzencr. - should feel dispo-ef &c
a1rsfion Mr.. Mile srneodment. hut be
tnon<nt tnst 3 would not be wise g.
venturs on s. ncu tie did not believe
tnst snT considerable amount Of TIE
per csnt honts would ever - issasa
a. ne sane tfae sne contingency
sboud - provided FOR. Tne power 40
iss8e tns honds ~ould. he thought.
ensbis The secretary ~ tne treasury &c
rra.ntsn The gold reserve wtaout his
ls-u.ox tbens.
Mr. ffsfer opposed both the amend
nnsnts tecsnse 80 thought there wss
no recesstv az thls time fsr tn- issue
~ eords He regarded the Shernsn
ssieudDect a. . preparatory measures
20 accommodate me hsnk@rs 1ns
~hernta srnend nesat wss opposed hv
Mr. Teller snd Nf. Nls
Nr Hsrrls % fennessee fsveret lhs
sm~ad rrent - enc - the sttaorisf
exssfef for The secretary - issu- sut
.ai bonris. Sc Mr. asrr. - fsvart 4 49,
lertsstIon thst e4t~Dded thst sathef-
Nv - fns issuance 81 tonds a. iHe las
- ,<.-.,f,le rsts - nser-st snd sita
ta- - srfest nsrsod "a rucs snd that
.sss tner- wss ~ the ses~ad meat
M s.n frted 10 Eet ~ amend
re@af - ts fne no1f ~Aen sef,s shossii
~ iaksn fernefro~ 90 tne ~bsfn1sn
srnen.frssnl rat otieetaa SIS nisfe.
He then ssked ansnsm3ns essls~nt
tnst tae tsi shen.d b. isuos@s ~ 90.
Eaafre~ sn.i tnst ~ss ebfecisd - 1e
stan <ses act.fa a. a1it.d trs -
nsre u,Ert se.zan. TIE senate seen
a. - a. rarsed unfii tnclofrs's az ! :