The age-herald., 1898-06-04
COMPLETE DESCRIPTION
 OF PROPOSED NEW BONDS

Washington, June B. Following is the provision for the issue of bonds inserted by the senate in the war revenue measures:
 "That the secretary of the treasury is au- thorized to borrow from time to time at a rate of interest not exceeding 8 per cent. per annum, such sum or sums as in his judg- ment may be necessary to meet public ex- pendtures and to issue therefor certif- cates of indebtedness on such form as he may prescribe and in denominations of s5) or some multip of u at sum, and each certificate so issued shall be payable wi h the interest accrued thereon at such time not exceeding one year from the date Of lts issue as the secretary of the treasury may prscribe; provided, that the certincates or indebtedness authorized by this section shall from time to time be first S4t red whenever practic able at popular subscrlp- ton under such regulations to be prescrib- ed by the secretary of the treasury as will g.ve opportunity to the citizens Of the United States to participate in the SUD scriptiens to such certificates; prov ded. further that the amount of such certifi cates outstanding shall at no time exceed slOO 900 ,0jO; and at least s5D,OOO,00O of said certificates herein au .erized shall be issued before any of the bonds provided for in this act shall be f.cled, sold or dis posed of, and the provisions of exist ns law respecting counterfeit'ng and other fraudu ent practices are hereby extended to tn bonds and certificats of indebtedness authorized by this act.
 That the secretary of the treasury IS hereby authorized to borrow on the credit of the United States from time to time as the proceeds may be required to defray ex- penditures authorized on account or the existing war (such proceeds will be re- qured to be used only for the purpose of meeting such war expenditures) the sum of $500 000 000 or so much thereof as may be necessary and to prepare and issue there- for, atnot less than par value, coupon reg ular bonds of the United States, in such form as he may prescribe and in denomina- tions of $5 or some multiple of that sum, redeemable in coin at the pleasure of the United States after ten years from the date of their issue and payable twenty years from such date of three per cent. per an- mum, and the bonds, herein authorized shall be exempt from all taxes or duties of the United States as well 6s from taxation in any form by or under state, municipal or local authority: Provided that the bonds authorized by this section shall be first off, fered as a popular loan unuder such regu- lations, to be prescribed by the secretary of the treasury, as will give opportunity to the citizens of the United States to participate In the subscription of such loan; Provided, further, that such bonds and certificates shall be issued at par, no commissions shall be allowed thereon and in alloting said bonds and certificates the several sub scriptions of individuals shall be first &C., cepted and the subscriptions for the low est amounts shall be first allotted and sum not exceeding one-half of one per cent. of the amount of the bonds herein author ized is herby appropriated to pay the ex- pense of preparing, advertising, issuing and disposing of the same"