Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1894-01-16
HIGH RATE OF INTEREST

exercised since 1879, Anu on account or
the
HIGH RATE OF INTEREST
provided for. aud the length OF time
such bonds would have to r1n. have
not been satisfied that such an emer-
gency has heretofore existed IS would
clearly Justify their issue. But the
necessity for relief at this time is so ur-
gent and the prospect OF material i'm
provement in the financial condition of
the government is so predetermined
that, unless authority to issue and sell
shorter bonds. or other OBJ
legations, bearing lower rate Of
interest than that specified
in the existing law is granted by Con-
gress at q very early day / shall feel
constrained by sense OF public duty
TO exercise the power already conferred
TO the extent at least Of providing an
adequate coin reserve. III this action
should be taken Congress ought, never
theless, TO provide promptly for the de-
hciency In the revenues during the cur
rent fiscal year, and / will from time to
time advise your committees Of the con-
dition OF the Treasury In order that
this subject may receive due considera-
tion.
l have the honor to be, yours very
respectfully, j. q. CARLISLE,
Secretary.
Section B. 7Ol OF the Revised Statutes
provides that "all stocks, bonds, treas
ury notes aud other obligations OF the
United States shall be exempt from tax
alton by or under State or municipal or
local authority"
On account of this general statute 1t
was not proposed in the bill which the
Secretary of the Treasury laid before
the Senate Finance Committee in the
early part OF last week, TO make any
provision concerning the taxation OF
bonds, which he Is asking Congress To
authorize him to Issue. The House OF
Representatives, by rule adopted
some time ago, has dedicated all its
time until the Goth OF the present
month, TO the consideration Of the VIII
son tariff bill, and therefore, IL would
have been Impossible for the Secretary
OF the Treasury To procure any legisla-
tion In that body before that time, and
for this reason Secretary Carlisle
thought IL necessary to make the APP
plication, first to the Committee on
Finance OF the Senate, which he hopes
will act upon the measure in time to
provide the necessary means for the
government. The Gill. which is re-
ferred to in the foregoing letter, and
which he referred to, is as follows:
SECRETARY CARLIsLE's BILL.
IAN act to amend section Of AN act
to provide for resumption Of specie pay
ments, approved January II, 1875.
"Be it enacted by the Senate and
House of representatives. OF the United
States OF America, In Congress assem-
bled, that section ? OF AN act to provide
for resumption OF specie payments APP
proved January l3, 1875, be and the
same is hereby so amended that in lieu
OF the descriptions OF bends therein au-
thorized. the Secretary of the Treasury
is hereby authorized TO issue from time
to time as he may deem necessary, and
in such form as he may prescribe. cou-
pon or registered bonds of the United
States in denominations of
twenty-five dollars and null
tiples thereof redeemable in coin
at the pleasure of the United States
after -- years from date, bearing
interest at rate not exceeding three
per cent. per annum, payable quarterly
In coin, and to sell the same at not less
than par In coin; and, the proceeds of
such bonds shall be held and used TO
maintain the parity OF all forms Of
money coined or issued by the United
States. but the Secretary OF the Treas
ury is hereby authorized to use from
time TO time such part OF such proceeds
as may be necessary TO supply deficien-
cies in the public revenues during the
fiscal year eighteen hundred and nine
ty-four
Section second-a sum sufficient to
carry the provisions Of this act into ef-
feet is hereby appropriated out OF any
money in the Treasury not otherwise
anpronrfatad