The farmers' union. (Memphis, Mo.) 1891-1895, 1894-01-04
A FINANCIAL HISTORY.
Course and Eject of Legislation
Since 1861.
No T..

u pAOAuauCuG k1SSAssOA AAS 0VS~S",
though lengthy, will be printed, nearly
complete. 1t should be read with
great care.
On the 2Sth inst, the bill being the
special order in the house Mr. Spauld
ing opened the debate upon it IN tue
following speech:
Mr.. Chairman: This is an i'm
portant measure. and l may be in
dulged for few moments in cx--
planning its object, the situation of
our finance and the grounds upon
which W. rest this measure, and ex-
pect it to bc adopted. In the first
place, l will refer to the loan bills
passed at the extra session of Con-
gress, in July, iu order to show how
we obtained the means to carry on
the government from that time to the
present, and to show how the Secre-
tary of the Treasury has performed
his duty. These bills were passed,
the first on the 18th of July, and the
other on the 5th OF August. They
gave the Secretary Of tue Treasury
power to pledge the credit of the
United States to the extent of $3.50,
600, 900. Reflection have been made
by some gentlemen on the manner in
which the Secretary of the treasury
had performed his duty in borrowing
that money, and with some dispo-
sitiOn to crlticise his actions. As y
general reply, will say that the Sec
retary has acted in stlict conformity
with the law, and borrowed money ut
the rates authorized by Congress.
And, sir, l am disposed, upon this
floor and elsewhere, to sustain the
Secretary and all departments of the
government where they have dis
charged their duties in accordance
with the laws which have been passed
by US.
The Secretary of the Treasury first
borrowed 500, ,OO0, 900, giving Treas
ury notes bearing seven and three
tenths per cent interest and he next
issued United States bonds at six
per cent interest to the extent of
$50, 100000 at the equivalent Of par
for seven per cent bonds, and raised
about $44, $4,000; upon such loan, a
discount Of over $4,000, 900 was sus-
tanned. These were the best terms
that could be obtained. and were re.
gartled ut the time as very favora.
ble to the government.
This bill, in addition Ito the fifty
million of demand notes authorized
By the act Of July last, authorizes
the Secretary Of the Treasury to issue
GU tue credit OF tie United States
ono hundred million dollars o. Treas
ury notes, not bearing interest, pay
able to the bearer ut the Treasury, OF
ut tho office OF the Assistant Treasury
in the city Of New York, at the pleas
ure of the United States, and Of sucl
denominations as he may deem ex
pe6ient, and not less than five dollar:
each, and such notes and all othel
United States notes payable on de
mand, not bearing interest, hereto
fore authorized, are made receivable
for all debts and demnds due to th'
United States, and for al! salaries
debts and demands owing by th'
United States to individual, corpo
rations and associations within th'
United States, aud are also declared
lawful money and legal tende
in payment Of all debts, public
aud private. within the United State
making altogether $3.50, 900. 900 lega
tender demand notes.
Provision is also made for the con
venient exchange Of such notes 70
six per cent bonds of the Unite'
States redeemable in twenty years.
Further to enable the Secretary O
the Treasury to fund the Treasur.
notes and floating debt OF the Unite'
States, he is authorised to issue, o
/. the credit of the United, cupon bond
or registered bonds to an amount No
: exceeding FIVE hundred million do
lars, and redeemable at the pleasur
l op<or e-onta- s.oor