New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-01-19
constituted within the time that Is left OF INC

constituted within the time that is left Of the
short session.
Til. frs. section Of MIR Sherman's bill author
;zcs coin bonds bearing not more than " per cent
interest bur in other respects precisely such aS
were authorized Tor the purpose Of specie 70
sImpiion. Entire discretion is given 10 me
Secretary Of The Treasury AZ To the methods ana
III. time Of ISSUES. and he is only required To
applv the proceeds wholly 20 the redemption OF
notes and to any deficit for the n"crS>dry 'N-
pcnses Of the Government The third section
proposes that the bonds may b. uso1 rs basis
Of bank circulation. and fur'h"r extends Inc OPP
portnnities OF National BANKS Ivy providing hat
notes may be- issued in amount not exceeding
the par value of the bonds deposited. This is Il
change recognized by all competent men -
highly necessary to preserve the National bank
Ing system from decadencc: ana whie i II CD
vious that . Der cent bonds might fall below
par If the present deficiency OF revenue were
10 continue. the Senator doubtless presumeS. as
the public WILL that sufficient revenue VIII b'
provided by Il Republican Congress Win 'he
approval Of the President
The second section Of Senator ShermanS bill
IS designed to provide for popular loan. ana
contains some admirable provisions for that pur-
pose II does not quite appear why II WAS
necessary 10 give 10 the new Obligations OF short
term and smaller amounts the separate name
certificates Of indebtedness. Possibly me
fact that such certificates are found necessary
and are outstanding may have trndeh'! 10
,vo,len the credit Of the Government In other
respects The certificates proposed are Ill all
essentials bonds of the United States running
FOR five years. and thereafter at he pleasure Oh
the Government. and bearing Interest al = per
cent. in denominations of 50. $50 ana slo" edch'
Why these might not have been rcckoned rs
part Of the regular issue OF bonds au'nofE'"'
and called bonds also. Is not entirely clear. bu'
the bill provides for their sale at All designated
depositorics Of the United States, ana al Such
posiofiices as the Secretary of III" Treasury
NAV select. and gives 10 the certlncal's inc
same privileges and exemptions as are given 10
bonds including their use ~ security Tor pahh
circulation not exceeding their par value
The measure. as Il whole. is 4 sensible and
direct appeal 10 the people themselves Ia sus-
tain their Government without the intervention
If any banking syndicate. and would bring the
proposed certificates within convenient reach
81 men in all parts of the country who may be
inclined TO take a Government obligation at low
r,t. inste,d Of other investments. The senator
has not included provision for redemption OF
the certificates at the demand OF holders. Whlch
would. in the Judgment of many tend 10 give
desirable facility for automatic adjustment OF
tho volume Of circulation from time 10 time. but
in all essential respects his measure VIII u" most
heartily approved. II affords adiluohai evil
deuce il any were needed. that The Republican
statesmen under whose charge the country has
80 greatly proSpercd. are moi only ahundan'iy
able to provide for the emergencies which Dem
ocratic incapacity has created but for the sake
Of The, country are willing 10 inform their OPP
moments how the patriotic work can y" ana
ought 10 be performed.