The Fulton County news. [volume] (McConnellsburg, Pa.) 1899-current, 1900-01-11

Washington, Especial. y The Republican
members OF the Senate Finance Committee
authorized Senator Aldrich to present
amendments to tho financial bill which no
offered In the Senate. Tho most important
relates to the grGenbacks, and Is as follows
Tho New Clause.
After the word authority, in line 3, page
IL. strike out remainder OF tho section, and
insert "and the gold coin received from the
sale OF said bonds shall first bo covered into
the general fund OF tho Treasury and then
exchanged, In tho manner hereinbefore pro-
ylded, for an equal amount Of the notes re-
deemed and held for exchange. aud the Uni
ted states notes exchanged in accordance
with the provisions of this section shall,
when covered into the Treasury. be reissued
az now provided by law. and the gold coin
In the reserve fund, together with tho re-
deemed notes held for use as provided in
this eection, shall Mt no timc exceed the
maximum sum of Sl5O, ,0O0,0 ,0c0'
An Eliminated Section.
All of Section Is eliminated. and the fol-
lowing new section substituted;
Sec. G-That the Secretary of the Treasury
Is hereby authorized to receive ut the Treas
nry any Of the outstanding bonds Of the
United States bearing interest at per cent.
per annum, payable February /, 1904. and
any bonds OF the United States bearing In
terest at per cent. per annun, payable
August |, 1908, aud TO issue in exchange
therefor an equal amount OF coupon or reg
stered bonds of the United States. in such
form ns he may prescribe. in denominations
OF $50, or any multiple thereof, bearing in
lercst ut the rate OF 2 per cont per annum,
payable quarterly, such bonds to be payable
NJ ha Ifnil tnfa uft
years from the date OF their issue. and said
bonds TO be payable, principal and interest,
n gold coin OF the present standard value.
and to be exempt from the payment of all
lakes or duties OF the United States, as
well as from taxation in any form by
or under State, municipal or local au-
Ihority; provided that such outstanding
bonds may be received in exchange at u
valuation not greater than their present
worth to yield an income OF 20 per cent.
per annum, and In consideration OF the re-
auction OF interest effected. the Secretary OF
the Treasury Is authorized to pay to the
holders Of the outstanding bonds surren-
dered FOE exchange, out OF any money in
the Treasury not otherwise appropriated. n
sum not greater than the difference between
their present worth, computed as Aforesaid,
and their par value, and the payments to be
made hereunder shall be held to be pay
ments on account oi the sinking fund cre-
ated by Section 1854 OF the Revised Statutes;
aud provided further, TINT the 2 per cent
bonds TO o issued under the provisions OF
this act shall be Issued at not less than par
and they shall be numbered consecutively
in the order OF their ISSUE and when pay
ment smade the last numbers issued shall
be first paid. and this order shall be followed
until nll the bonds are paid and whenever
any of the outstanding bonds are called for
payment interest thereon shall cease three
months after such call
The Gold Reserve.
Another amendment is to the second Sec
ton OF the BILL where 1t provides for MUM
tanning the gold reserve. The bill as re.
| ported made It the duty OF the Secretary OF
the Treasury to maintain the gold reserve at
slOO,O00,O0 by the sale OF bonds. The
amendment provides that when the reserve
| falls below that amount it shall be his duty
| to restore 1t to the maximum OF $3.50, ,000,0 0.
1t il stated by tho members Of the COM
mittee that the amendments are for the pur-
| pose of raking more clear the intention OF
| the bill, and to leave no question as to the
construction Of the law Nvhen