The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-03-15
STRONG SPEECH IN HOUSE
Cowherd Fears the Flag Will Become
Commercial Asset.
ONCE IT AERALDEO LIBERTY, NOW TRADE
Turner and Teller Speak in the Senate in 0p-
position to the Porto Rican Bill But Dis
agree on the Powers of the
Ho,eItt.,J,on
Constitution.
By The Associated Press. }

washington, Marcn l4.-At fourteen
minutes to one this afternoon, the Presi-
dent affixed his signature to the Finan-
cial Bill thus making it 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 Pres
ident. who after inquiring if the bill had
been compared with care, affixed his sig
nature to it. At the same time he re-
called to those who stood by the fact
that many of the important financial bills
which had been passed by Congress had
been approved on the nth of the month.
He spoke of the Sherman Act, the Re-
sumption Act, and now the bill which was
before him. In signing the bill the Pres
dent used new gold pen and holder
which Mr., Overstreet had brought with
him for the purpose.
HOW TO EXCHANGE THE BONDS.
Washington March 14.-Immedately
upon receiving notice that the Financial
Bill had been approved by the President,
Secretary Gage issued a circular to hold
ers of United States ) per ct IT bonds OF
act of January l4th, 1875; four per cent
cCnsols of 1907. act of July 14th 1870
and January 20th, 1871, and three per cent
bonds of 1908, CT the act OF June 18th,
1898, directing attention to section II Of
the act approved today. Secretary Gage
directs that in order TO effect the eX-
change of the old bonds for the new two
per cents the outstanding bonds will be
accepted in the order of the surrender of
them to the Secretary and the new
bonds will be issued in the same order
in lieu thereof.
Bonds held by the Treasurer of the
United States in trust for a national
bank may be surrendered by letter ad
dressed to the Secretary OF the Treas
ury. accompanied with the Treasurer's re-
ceipt representing the bonds, together
with resolution of the board of di-
rectors of the bank, authorizing the
Treasurer to assign the bonds.
''Any registered bonds forwarded should
be assigned to the Secretary of the Treas
ury fer exchange into two per centum
bonds. Tho assignment should be dated
ard witnessed by one of the officers
named in the 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 Stc-
retary of the Treasury for such exchange.
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
provided in the next paragraph and the
difference between present worth of said
bonds and their par value will be paid TO
the owner by a check. All outstanding
bonds surrendered and accepted for ex-
change prior to April 1st will bear inter
est to that date when interest on the
new bonds will begin; and the present
worth of such surrendered bonds Will be
calculated as of the said April 1st The
new bonds will be issued in denominations
as follows:
Coupon $50, $100 $500, 81 900.
Registered, $50 $100 $500 81 900, $40,
CGO, $4,000
In exercise Of the discretion given to
| the Secretary of the Treasury under sec
| tion II of the act he reserves the right
| TO suspend the exchange of bonds above
| contemplated, whenever in his opinion
! the interests of the government may be
| best served. The Secretary of the Treas
| ury also reserves the right to change the
| terms CT exchange above set forth either
! by requiring bonus or premium upon
| the two per cent bonds by requiring the
! holders Of bonds outstanding to surrender
! the same in exchange for the new bonds
| at q rate to yield income of more than
| "a per cent per annum''