The representative. [volume] (St. Paul, Minn.) 1893-1901, 1895-01-30
MORE BONDS.

The daily papers publishes the mes
sage of President Cleveland asking
for permission to issue more bonds
and retire the greenbacks. He throws
a sop to the silver men in the shape
of proposition to retire all national
bank notes and silver certificates un-
der $40
1t seems incredible that congress
should give its consent to another
bond issue. The people are against
it. What they want is a repeal of the
provision for the redemption of the
greenbacks in gold. That done there
would be no need of gold reserve.
Wall street approves of the Presi'
dents plan, however, and its wishes
will probably control congress.
The following bill has been intro.
duced to carry out the Presidents
recommendations.
An act to authorize the secretary of the
treasury to issue bonds to maintain a sufficient
gold reserve and to redeem and retire United
States notes, and for other purposes.
Be it enacted by the senate and house of rep
resentatves of the United States of America, in
congress assembled that in order to enable the
secretary Of the treasury to procure and main
tain sufficient gold reserve and to redeem and
retire United States legal tender notes and
treasury notes issued under the act of July IA.
1890 entitled An act directing the purchase of
silver bullion and the issue of treasury notes
thereon, and for other purposes" he is hereby
authorized issue and sell. at not less than
par, in gold, except as provided in section of
this act United States registered coupon
bonds in denominations of $50 and $50. and null
tiples of said sums, respectively payable 30
S Megh an and
terest at a rate not exceeding per cent per
such bonds and the interest thereon shall have
like qualities. privileges and exemptions the
bonds issued under the act approved July IA,
of the national debt" Such bonds may be sold
and delivered in the United States elsewhere
as may be deemed most advantageous to the in
terests of the government.
Sec. 2. That whenever any other legal tender
treasury notes shall be redeemed in
gold they shall be cancelled and not reissued
and the secretary of the treasury is hereby au-
thorized in his discretion to receive United States
legal tender notes and treasury issued under
the aforesaid act of July IA. 1880. in payment for
any Of the bonds issued under the preceding sec
ton of this act and the notes received shall
be Cancelled and not reissued.
See g. That hereafter national banking asso-
Citations may take out circulating notes in the
manner now provided by law, to an amount
equal to the par value of the bonds deposited to
secure the same But this provision shall not an
ply to any bonds now outstanding bearing in
terest at the rate of per cent only.
Sec. 4. That hereafter national bank notes
Of less denomination than $40 shall be issued
and rapidly such notes of denominat tons
less than SlJ shall be received into the treasury
otherwise than for redemption and retirement
they shall be Cancelled, and equal amount of
notes of like character, but in denominat tons of
$40 and muliples thereof shall be issued in their
places. All silver certificates outstanding. in
denominations less than SO shall. when received
into the treasury of the United States. be retired
and Cancelled and silver certificates in denomin-
ations less than SO shall be issued in their stead.
Sec. s. That from and after the LIST day OF
July, 1885, all duties imports shall be paid
in gold only. and all taxes, debts and demands,
other than duties on imports, accruing or becom-
ing due to the United States. shall be paid in
gold and silver CON- treasury notes, United
States notes. silver certificates notes of ma
tional banks
Sec. 6. That all laws and parts of law incon-
SStent with the provisions Of the preceding sec
tionS to be and they hereby repealed, and a
sum sufficient carry the proviscns of this act
into effect be and the same is hereby apprOpri-
ated out of any money in the treasury not
otherwise appropriated