The diamond drill., 1895-02-09
HELP FROM SHERMAN.
no Introduces a Financial Mn Based on
Common sense.

Common sense.
A welcome break In the long list OF
quaelx remedies offered for the relief OF
the treasury's embarrassmcnts came
whom 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-
pecred, was 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 10 tho
free-silver vagaries Of Senators Jones,
Vest and Pugh. The new measure was
introduced by Senator sherman, but IL
expresses the united sentiment OF tho
republican members OF the finance com
mittee and is indorsed by the general
sentiment of the republican side. IL
proposes % relieve the wants Of the
treasury In n direct and straightfor-
ward manner through the issue OF
per cent. bonds and certificates, tho
latter In denominations small enough
20 reach the general public. Enough
obligations Of these two classes are To
be foated at the discretion Of the Sec
current deficiency In the revenues,
while TO enlarge the general circula-
tion national banks are authorized to
issue potes TO the full value of tho
bonds deposited by them in the treas
ury. The text of the bill is as follows:
BE it enacted by tho senate and house OF
representatives OF tho United States OF Amer
lea in congress assembled, that 70 enable tho
~ N for
maintain the redemption OF United States
notes according 20 the provisions OF tho act
approved January a. 1873. entitled An act 10
provide Tor tho resumption OF specie pay
mcnt, and also 20 enable him 20 pay current
deficiencies In the revenue. he Is authorized.
from time 70 time. nt his discretion. 10 issue,
sell and dispose OF, 40 not less than par In coin,
either OF tho description OF bonds authorized
IN said actor coupon or registered bonds OF the
United States, 70 an amount sufficient for the
objects herein stated not exceeding the cur
rent deficiency OF revenue. bearing not 10 ex-
ceed per cent iuterost per annum payable
semi-annually and rcdoemablo at the pleasure
OF the United states In coin after i've 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 uso the proceeds thereof
for the purposes herein provided for and mono
other.
"Soc. . That in lieu OF any OF the bonds do
tftlDtu IN the nfht section or TINS act thc sec
retary oi the treasury Is hereby authorized no
his discretion 70 issue certificates OF indebted-
ness OF the United States payable TO tho
bearer in coin after nvo years from date. 'at
the pleasure of the United states. OF the de-
nominations OF eej. $50 aud siOO. with annual
coupons for interest az the rate OF per ccntum
per annum. ana 70 sell and dispose OF the same
for not less than an equal amount OF lawful
money on tho Unltcd States az designated de-
positorios OF the United States. and at such
post Offices as he may select And such eor-
tincatos shall have like qualities, privileges
and exemptions described IN said resumption
net for tho bonds therein authorized. And tho
proceeds thereof shall be used FOR the purp0ses
prescribed IN tho nrst section OF this act and
for none other
See 3. That upon any deposit already or
, hereafter made IN ihe manner required by law
/ OF any United states bonds OF certificates
i bearing interest any national banking asaocia-
n tion making the Same shnll bo entitled so re-
j ceivo FROM the comptroller OF the currency
circulating notes OF different denominations,
\ IN blank, registered and countcrsigncd as pro-
i yldcd by law. not exceeding IN tho whole
amount the par value OF tho bonds deposited.
Provided. That at no time shall the total
amount Of such notes issued 10 any such ASSOC
citation exceed the amount at such timo actual-
\ ly paid IA or It's capital stock"
N a. Tribune.