The Big Stone Gap post. [volume] (Big Stone Gap, Wise County, Va.) 1892-1928, 1895-01-24
SENATOR SHERMAN
Introduces Btu for Temporary
Relief OF Deficient Revenues.
70 Authorizes the fasoe OF Three Ter Csaes
Donds or Certatearcs-Eith~s or fsosh
to ne Used &c . Basis for the
National Currency.

WASHINGTON. Jan. Ex-senator Sher.
nam introduced bll in the senate
Thursday the $iala of which wax: TO
provide for temporary deficiencies OF
revenue"
Mr.. Sherman's bill authorizes the Ia.
sue of per cent. bonds for the TO-
dempsion OF United States treasury
notes and to pay current expenditures;
also the issue OF per cent. certificates,
to DO sold at public depositories and
post Offices, and allows the Issue Of
national bank currency OF the par
value Of the bonds or certificates de-
posted therefor.
The full text Of the Sherman bill fol-
lows: -
Re IL enacted BY the senate and house
Of representatives of the United States
Of America in congress- assem- led'thas
TO enable the secretary Of the treasury
to provide for and maintain the re.
compton Of United States notes &C.
eording to tho provisions OF the acs
approved January IL. 1878, entitled:
"An act to provide for the resumption
Of specie payments" and also to en-.
able him 20 psy current differences IN
the revenue. he is authorized, from
time to time, at his discretion. 70
issue, sell and dispose OF At not
less than par in coin. either Of the
description Of bonds authorized IN
said act or coupon or registered bonds
Of tho United States TO an amount sufa.
eient for tho object herein stated. mot
exceeding the current deficiency OF
revenue. bearing not to exceed per
cent interest per annum. payable
semi-annually and redeemablc at the
pleasure Of the United States in coin
after Ave years from their date, with
like qualities, privileges and exemp-
tions provided In said act for the bonds
therein authorized. And the secretary
Of the treasury shall use the proceeds
thereof for the purpose herein pro-
v!ded and mono other.
Sec. 2. That in lieu of sny Of
the bonds described in the frss
section OF this act the secrs.
tary OF tho treasury is hereby
authorized, ut his discretion, to issue
certificates Of indebtedness Of the
United States payable to the bcarcr In
coin after Ave years from date at the
pleasure Of the United States OF the de-
nomination, OF e25, $50 and 800, with
annual coupons for interest at tho rate
Of per cont. per anuu,a, and to sell
and dispose OF the same for not less
than an equal amount Of lawful money
Of the United States. ut designated de-
positories OF the United States, and NJ
such post offices as he mny select. And
such ccrtiAcates shall have the like
qualities. privileges and exemptions
described In such resumption acs for
the bonds therein authorized. And the
proceeds thereof shall be used Tor
the purpose prescribed in the Hrst acc'
ton OF this act and for none other.
Sec. 3. That upon any deposit al
ready or hereafter made In the man
ner required by law, OF any United
States bonds or certificates bearing In.
terest, any national banking sssocis'
ton making the same shall be entitled
20 receive from the controller OF tho
currency circulating notes OF different
denominations in blank. registered
and countersigned as provided by law.
not exceeding in the whole amount
the par value Of the bonds depositcd:
Provided, That at no time shall the
total amount of such notes issued TO
any such association exceed tho
amount at such time actually paid in
Of its capital stock.