The farmers' union. (Memphis, Mo.) 1891-1895, 1894-01-04

lars, as may be determined upon by
the Secretary OF the Treasury, or in
sums not less than $500; for whicl.
il requested, the Secretary of the
Treasury If he deems it expedient,
may issue similar bonds, the princi
pal and interest Of which may be ex-
pressed in the interest o! any foreign
country; ahd payable there. The
Secretary IS authorized to issue sale
bonds q: their par value to any credi.
tor or creditors of the United States
who may elect to receive them ir
satisfaction of their demands; pro-
vided that all such claim or demands
shall have been first audit ed and
settled by the accounting officers OF
the Treasury may also exchanged such
bonds at any time 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
he issued under the provisions of this
act.
The bill is simple and perspicious
in its terms, and esay Of execution.
1t is government measure, and the
officers of government are required
to execute its provisions.
By the time The Secretary of the
Treasury can get these notes engraved
printed and signed ready for use, all
other valuable Means at his command
and in the treasusy will b. exhausted.
This measure is therefore presented
under the highest prerogatives of gov
ernment. The army and navy now in
the service must be paid. They must
be.supplied with food, clothing, arms.
and ammunition, aud all other material
of war, to render them effective in
maintaining the government and put
ting down the rebellion. Having
exausting other means of sustaining
the government, this measure is
brought forward as the best that can
bc devised in the present exigency
to relieve the necessities of the treas
ury; and l trust it will pass without
delay.
At the extra session in July last,
Congress authorized the Secretary of
the Treasury to borrow $3.50, 600, 900
for which he was authorized to issue
cupon honds or registered bonds, or
Treasury notes, in such proportions
of each as he might deem advisable.
The bonds were to be issued fol-
twenty years, at a rate not exceeding
seven per cent interest per annum,
payable half-yearly. and the Treasury
notes were to he issued in denomi
nations of not less than $50 each
at three years, with interest at Z 3-1C
per annum, payable half-yearly, and
exchangable at any time for twenty
year six per cent bonds. Or, at the
option Of the Secretary, he was per
mited to issue SO, 100000 of the
above loan in Treasury notes, on de
mand, In denominations OF not les:
than five dollars, without interest
and made receivable in payment o.
salaries or other debts owing BY th'
United States, or, in his discretion
he was authorized to issue Treasury
notes at one year bearing interest u,
13 65.1OO per cent per annum, ex
changaole at any time in sums o
800 or upwards, or tue three year
Treasury notes bearsug I 3-lO pc
cent interest; but il tue aggregate
not to exceed 25O, 900, 900. 4 further
provision, was made however, to wit
that the Secretary OF the Treasur,
might negotiate any part ct the loa'
for six per cent twenty year bonds
1T rate not less than the equivalen
Of par, for the bonds bearing seveI
per cen: interest per annum. hal!
yearly, payable in twenty years.
Under these provisions the
Secretary Of the Treasury
has borrowed on the ! $40
per cent Treasury notes,
payable in three years 800. 600, 90