The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-01-04
FINANCIAL BILL CHANGED
Important Amendments offered by
senator AIdrich.

WASHINGTON. Jan. 3.-The Republican
members of the Senate finance committee
authorized Senator Aldrich to present
amendments to the financial bill which he
offered in the Senate to-day. The most i'm
portant relates TO the greenbacks. and is as
follows:
Page L. strike out remainder of section
and insert: And the gold coin received
from the sale of said bonds shall first be
covered into the general fund of the
treasury and then exchanged in the man
ner hereinbefore provided for an equal
amount of the notes redeemed and held
for exchange, and the United States notes
exchanged in accordance with the pro-
visions OF this section. shall, when covered
into the treasury, be reissued as now pro-
vided by law and the gold coin In the re-
serve fund together with the redeemed
notes held for use as provided in this Sec
ton shall at no time exceed the maxi
mum sum of $50. 000. GOO
All OF Section 6 is eliminated and the fol-
lowing new section substituted:
Section 6. That the secretary of the
treasury is hereby authorized TO receive
at the treasury any OF the outstanding
bonds Of the United States bearing inter-
est at . per cent. per annum. payabl Feb.
i, 1904. and any bonds of the United States
bearing interest at the rate of 4 per cent.
per annum. payable July 1, 1907. and any
bonds of the United States bearing inter-
est at 5 per cent. Der annum, payable Aug.
]. 1908. nd TO issue in exchange therefor
an equal amount of coupon or registered
bonds of the United States In such form
as he may prescribe in denominations OF
$50 or any multiple thereof, bearing inter-
est at the rate of 2 per cent. per annum,
payable quarterly. such bonds 20 be pay
able at the pleasure of the United States
after thirty years from the date of their
issue, and said bonds to be payable, prin-
cipal and interest. in gold coin of the pres
ent STANDARD value, and to be exempt from
the payment of all taxes or duties of the
United States as well as from taxation in
any form by or under State, municipal or
local authority, provided that such out
standing bonds may be received in ex-
change at a valuation not greater than
their present worth TO yield an Income OF
pa per cent. per annum: and. in consid-
GRAFTON OF the reduction OF interest effected,
the secretary OF the treasury Is author
lied to pay TO the holders of the outstand-
ing bonds surrendered for exchange, out
of any money In the treasury not other
wise appropriated. q sum not greater than
the difference between their present worth.
computed as aforesaid. and their par value.
and the to be made hereunder
shall be held to be payments on account
of the sinking fund created by Section 1854
OF the Revised Statutes. and, provided. fur
Their, that the 2 per cent. bonds to be is
sued 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 payment Is
made the last numbers issued shall be
first paid. and this order shall be followed
until all the bonds are paid: and whenever
any of the outstanding bonds are called for
payment interest thereon shall cease three
months after such CALL
Another amendment is to the second Sec
tion of the bill. where 1T provides for MAIN
tanning the gold reserve. The bill, as re-
ported, made it the duty of the secretary
of the treasury to maintain the gold re-
serve at 800. 600 by the sale of bonds.
The amendment provides that when the
reserve falls below that amount il shall
be his duty to restore 1t to the maximum
OF $50, 900. COO.
IL Is stated by members of the commit
tee that the amendments are for the pur-
pose OF making more clear the intention Of
the bill and to leave no question as to the
construction of the law when enacted.