The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1895-02-08
ma. nEhn.s BILL.

II there be an exigency--as the press-
dent declares - demanding immediate
remedy. the bill proposed by Hon.
Thomas B. Reed seems 10 fill all needed
present requirements. and lis moreover
a step forward. Under the resumption
act OF 1876. 500. o00. 900 of bonds. running
ten years and bearing interest at 5 per
cent per annugn. have been issued and
sold at a premium which melted the
purchaser a little less than per cent
per annum upon his investment. This
Law authorizes the alternative issue, in
the discretion OF the secretary OF the
treasury. OF two other classes of bonds.
bearing respectively an interest charge
of IL and 1 per cent. per an
mum. The IL per cent. bonds may
run fifteen years. those bear
ing 4 ger cent Run for thisgy
years. The president has asked con-
gress to authorize the issuance and
sale of 500. 00a.coo per cent. bonds,
payable. principal and interest, in gold.
and TO run for fifty years. It is stated
that IL congress shall refuse such ap-
tlurity Secretary Carlisle will at once
negotiate the sale of 500. eoa. 900 or more
OF the th.rty-ycar per cent bonds.
10 be issued under the authority of the
resumption act.
Mr. Reeds bill provides for the issu-
alice or IA series OF bonds bearing 3 per
cent. per annum interest. payable yrsn-
eipal and interest IN coin, Ia such
amounts and at such times as may be
requisite 20 maintain an adequate gold
reserve fer redemption OF treasury notes
and e@nhasks. These bonds are 20 be
resieranahlc after five years at the
option Of the government. The bill also
ipsoyides-what is tar more essential-for
the issue Of excfaequer bflis or treasury
certificates. bearing 5 per cent. interest
and reSeesnshse ifs coin. to meet de-
iiciencies in revenue receipts under the
Havenieyer bin, This would also pro
text the gold reserve. As the case now
stands ail redeemed currency and notes
are immediately paid out again fer cur
rsat expenses. IL provision for the
revenue deaclt, 60 meet which these
notes are used. were made IA the s,s~ie
proposed by Mr.. Reed. che notes re-
deemed would remain IN the treasury
end thus not be again immediately
available ~ a demand upon the gold pc
ssxve. Instead OF being Cancelled "a
psoposed By che president they woala BE
he'd by the treasury until the run upon
The gold fund had CEASED.
This viii oc-sir when the gavevr.gnegs.
Is In reeetfst cf revenue sufficient 70
snees Its cusxcgsS obligations. The bin
viii Involve q CERTAIN sort OF cxsrtrac-
ton. OF 10 b. more exact. substitution.
that Ia so-Say. ;fe legal tender cfr,,,aa.
zion viii be rcfueed by the amount re-
deemed BY the reserve <ina. On the
other hand. however. tia treasury GER
tsfscatcs, or excAeane~ bills. issued in
currency fur<n ard in ssslali dessosY1trsa-
lions. win be substituted 20 the extent
sc such ISSUE. They VIII he eagerly
accepted because OF tfr interest rhey
carry. The natural ard probable effect
~ such an iSssse % cerssficaxes woaii
he 20 unfeck an equal assseurss os gold
ana hsgal tenders now hoars.ed sn safe
deposit vaults and elsewhere IN ex-
change for this form OF interest bearing
paFer
OF coarse the bsa os SIR, Reel Is
nxre temporary measure. 1t Is de-