The Iola register. [volume] (Iola, Allen County, Kansas) 1875-1902, 1895-02-08
SHERMAN TO The RESCUE
He Introduces q Financial Bill Based O.
Common Sense.

|
Awelcome break in the long list OF
quack remedies offered for the relief OF
the treasury's embarrassments came
when the first rational, practical and
feasible scheme yet suggested was put
forward in the senate. The author OF
the new bill, as might have been ex-
pected, was a republican, and in its
few and simple provisions are con-
tanned more common sense than in all
the democratic projects taken together.
from Mr.. Carlisle's currency bill to the
free-silver vagaries of Senators Jones',
Vest and Pugh. The new measure was
introduced by Senator sherman, but it
expresses the united sentiment of the
republican members of the finance COM
mittee and is Endorsed by the general
sentiment of the republican side. Is
proposes to relieve the wants of the
treasury in direct and straightfor-
ward manner through the issue of }
per cent. bonds and certificates, tho
latter in denominations small enough
to reach the general public. Enough
obligations of these two classes are to
be floated at the discretion of the Sec
rotary of the treasury to wipe out the
current deficiency in the revenues,
while to enlarge the general circula-
| ton national banks are authorized to
issue notes to the full value of the
bonds deposited by them in the treas
ury. The text of the bill is as follows:
BE IL enacted by the senate and house OF
representatives Of the United States OF Amer
lea in congress assembled. that to enable the
secretary Of the treasury to provide for aud
maintain the redemption OF United States
notes according to the provisions Of the act
approved January IL. 1875. entitled An act to
provide for the resumption Of specie pay
ment,' and also to enable him to pay current
deficiencies In the revenue, he is authorized.
from time to time. at his discretion. TO issue,
sell and dispose Of, at not less than par In coin.
either of the description OF bonds authorized
in said actor coupon or registered bonds Of tho
United States to en- amount suiiclent for tho
objects herein stated not exceeding the cur
rent deficiency Of revenue. bearing not to ex-
coed per cent interest per annum. payable
semi-annually and redeemable at the pleasure
Of the United States In coin after five years
from their date. with like qualities. privileges
and exemptions provided In said act for tho
bonds therein authorized And the secretary OF
the treasury shall use the proceeds thereof
for the purposes herein provided for and mona
other.
=
scribed IN the first section Of this set the SEQ
rotary Of the treasury ls hereby authorized 40
his discretion to issue certificates of indebted
ness OF the United States payable to the
bearer In coin after five years from date,'at
the pleasure of the United States. Of the de-
nominations OF s2J. $50 and 500. with annual
coupons for interest at the rate Of per eentum
per annum, and TO sell and dispose Of the samS
for not less than an equal amount OF lawful
money Of the United States at designated de-
positories Of the United States. and at such
post ofices as he may select. And such GER
tihcstes shall have like qualities. privileges
and exemptions described IN said resumption
act for the bonds therein authorized. And thu
proceeds thereof shall be used for the purposes
prescribed In the first section Of this act and
for none other.
Sec. g. That upon any deposit already or
hereafter made in the manner required By law
Of any United StsteA bonds or certificates
bearing interest any national banking associa-
ton making the same shall be entitled 70 re-
ceive from the comptroller Of the currency
circulating notes Of different denominations.
in blank. registered and countersigned IS pro-
vided by law, not exceeding in the whole
amount the par value Of the bonds deposited.
Provided. That at no time shall the total
amount Of such notes issued TO any such assoc
citation exceed the amount at such time actual
ly paid in Of its capital stock"