The Caucasian. (Clinton, N.C.) 188?-1913, 1896-01-16

been deposited in the postal money
order Offices there Is nothing to do
but for the Secretary of the Treas
ury 10 print the postal notes and
send them to the designated deposi-
tories Of the United States. The
note during the first year IS worth |
800; at the end Of the first year it is
worth $lOJ; at the end OF the second |
year it is worth $lOO 10; that is to
say, the interest is compounded; 10
cents is paid for one years interest |
on So, and so the interest is com
pounded during the five years SO 80 |
at the end of the third year; $l2 60
at the end of the fourth year, and |
SIC at the end Of the fifth year. Ifl
the interest had not been compound |
ed tho amount would be $ll5-five |
times threat the end of the fifth |
year, but per cent. has been added
by way of compounding the interest, |
and at the end Of five years the note
is worth SIG. Thereafter it is
worth ~ for every years delay Of
presentation, and that 81 is 3! per
cent. interest upon the $llG That
runs until the holder Of the note
shall see fit to realize upon it.
| Mr.. BUTLER. Will the Senator al
low me to ask him a question:
Mr.. CHANDLER. Certainly.
Mr.. BUTLER. What kind of money
do | understand the people are to
pay for the postal notes9
Mr.. CHANDLER. SO far as | have
read the bill already, they would
pay IN lawful money. The Senator
will hear the whole bill in mo-
ment, and then ! shall be very hap
py to have him ask me any other
questions.
continue to read the bill:
Such note may be issued with the
uame of the depositor inserted, or it
may be issued in blank, as above de-
scribed, and any holder may after
wards insert his name in the blank
, space.
Now ! call the attention Of the
, Senator from North Carolina to the
{ next clause of the bill, which reads:
$ In case any deposit is made in
| gold coin, the note may, If deposi-
, tor so desires, be made payable il
+ gold coin as to the dollars winch
may become due thereon.
@ This feature of the SYSTEM may OF
4 may not be adopted, as Congress
}, sees fit, but it seems to me tina
: there is gold enough in this country
r to supply the needs of the Treasury
v if you will give every man who ha
/ 800 in gold, or who can obtain $lO'
# in gold the privilege of putting /
= into the Treasury AMI receiving on
: of these notes and receiving his golC
r. back again when the note become
n due.
@ Mr.. BUTLER If understand th'
q Senator's bill, it allows these posta
d notes to be paid for in ''lawfu
,r money" but permits a person VIII
N may happen to have hundred dol
es lars in gold, and sees fit, to deposi
r it and get postal notes with specis
ye favors attached. But little gol
rs would 60 into the Treasury unde
s. this bill. The difficulty with the &C
t. ministration is not that they wal
st revenue, they say, but because the
in need gold to redeem greenbacks an
to pay the coin obligations Of til
= government. Will the Senator's bi
remedy thatP The executive depar
III ment of the government says it
a. a. absolutely necessary to pay In go
-. under their construction of the Law
a. Mr.. CHANDLER. | am not SUI
=, that it will, but l say to the Senate
49, 49, from North Carolina and to the Sc
% ator from Nebraska that unless the
az l propose to exclude the use of go
vi entirely as a part of the money
the United States there certain
~ can be no harm in allowing cltizt
eII who has 800 in gold, or $50 in gol
GU to deposit that in the Treasury, al
tays promise to pay him back within fl
70 20 or seven years in gold in return t
io isJ the gold which he deposited. 1t
w w not a case of long bonds-I call t.
nS Senators attention to that fact-b
&c. case of short-time postal-savin
ID a' notes, which, if the gold is deposit
lu. l. for them, we pay in gold when t
~ note is redeemed.
60 Mr.. BUTLER. l want the Senat
,od to understand that | much prefer
plan to the administration plan, b
=. | should like to get the informatl
no m | have asked for.
~ Mr.. CHANDLER. Then, can l +
the Senator down in favor OF t
~ bill9
ley Mr.. BUTLER No, and | will
''n plain to you why not in few wor
IN am opposed to increasing the int
.Jnn Iair est bearing debt of the governme
.i .aa. | would prefer to see expenses
'c., duced and taxes lowered. The s
i'' ator Just now said that the admir-
tration had made a concession in
=. sponse to the wish of the people
CIV popular loan. If it were In acco
Suni ance with the peoples dems
re- there would be no bonds issued
''oo all. But the point | wish to ge'
400 is, does the Senator approve
~, construction of the law made by
nis Secretary of the Treasury un
Wing which he redeems the greenback
gold and pays the coin obligati
,ula' .n"' of the government in gold; and if
.lon does he expect enough gold to c'
'oss- into the Treasury through his bill
VI meet the requirements OF the gov
10 ment?
NOR Mr.. CHANDLER. No, Mr.. Pl
slgo dent, | believe if we will take .
oo in small sums from the people
Sluo, this country and promise to
wing the frst second. or third wear,
the 81 su III ~ ao,J - wonts and that
t i'm ooae;.;eS , of tho Treasury will
cd IN wholly relieved by the adoptio
, this bill.
enta. Mr.. BUTLER. think the Sen
- "' is mistaken about that; but 1t W.
where eohns - ha !. ~ ..n"rU,ar n" ~ loann in fact
Ill be 60 81 Do oio Hop o.n ra;se s1OO- and
ostal- -, fau CON also that n
ID in ~old 1f wo are CONG to ha,
. popular loan, l would like to asl