The morning news. [volume] (Savannah, Ga.) 1887-1900, 1900-03-15
FINANCIAL BILL MADE LAW.
PRESIDENT AFFIXEs SIGNATURE
TO THE DOCUMENT.

Circular Issued by Secretary Gage
Giving Notice That He lis Ready to
Receive Outstanding Government
Bonds in Exchange for the New
Ones-fIow the Exchange viii he
Made-Secretnry Can suspend Ex-
change at Amy Time.
Washington. March 14.-At fourteen min
utes TO / O'clock this afternoon the Presi-
dent affixed his signature to the financial
bill, thus making il law of the land
Mr.. Overstreet of Indiana, who had the
bill in charge, arrived at the White House
about five minutes before that time and
was shown into the cabinet ROOM where
he was Joined by the President, who. aft
er inquiring If the bill had been compared
with care, affixed his signature TO IT,
AT the same time he recalled to those
who stood by the fact that many of the
important financial bilIs, which had been
passed by Congress had been approved on
the 14th of the month. He spoke of the
Sherman act the resumption act, and now
the bill which was before him. In signing
the bill, the President used new gold pen
and holder which Mr. Overstreet had
brought with him for the purpose
Gage Issues "a Circular.
Immediately upon receiving notice that
the financial bill had been approved by the
President, Secretary Gage issued a circular
to holders of United States 5 per cent
bonds of the act of Jan. IA. 1876; per cent
consols of 1907 act of July IA, 1870 and
Jan. 20, 1871 and 9 per cent. bonds of 1908
of the act of June 13. 1898, directing attsn-
tion to section II of the act approved to-
day
Secretary Gage directs that in order to
effect the exchange of the old bonds for
the new per cents the outstanding bonds
will be accepted in the order of the sur
render of them to the secretary. and the
new bonds will be issued in the same order
in, lieu thereof. The circular says:
"Bonds held by the treasurer of the
United States in trust for a national bank
may be surrendered by letter addressed
to the Secretary of the Treasury, accom-
panied with the treasurer's receipt repre-
senting the bonds, together with resolu
ton of the board of directors of the bank,
authorizing the treasurer to assign the
bonds.
ANY registered bonds forwarded should
be assigned to the Secretary of the Treas
ury for the exchange into per centum
bonds. The assignment should be dated
and Witnessed by one of the officers nam
ed in she note which is printed on the
back OF each bond
Registered bonds inscribed in the name
Of an institution, forwarded for exchange,
must be accompanied by a resolution, OF
the board of directors Of the institution
authorizing their assignment to the Sec
retary of the Treasury for such exchange.
Value of Surrendered Bonds.
'"The present worth of the surrendered
bonds to yield an income of "a per cent
per annum will be calculated as to the
date of their acceptance, except as pro-
Vided in the next paragraph and the differ
ence between present worth of said bonds
and their par value will be paid 10 the
owner by a check. All outstanding bonds
surrendered and accepted for exchange
prior to April l. will bear interest to that
date when interest on the new bonds will
begin; and the present worth of such sur
rendered bonds will be calculated as of
the said April l. The new bonds will be
issued in denominations, as follows;
Coupon $50, $lO0, $500, s. 600 Registered
$50, SOO $500, 81 600 50, 600, $4,000, $4,000.
I'm the exercise of the discretion given
to the Secretary of the Treasury under
Section IL of the act. he reserves the right
| to suspend the exchange of bonds above
contemplated whenever In his opinion the
interests of che government may be best
served thereby. The Secretary of the
Treasury also reserves the right to change
the terms of exchange above set forth,
either by requiring a bonus or premium
upon the per cent. bonds by requiring the
holders of bonds outstanding to surrepder
the same in exchange for the new bonds
at a rate 10 yield income OF more than
pa Der cent per annum.'