The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1900-01-03
BONDS AND BONDS.
Amendments to Senate Finan-
cial Bill Provide for More.

Washington, Jan 3-The Republican
members of the senate finance commit
tee authorized Senator Aldrich to pre-
sent amendments to the financial bill
which he offered in the senate today.
The most important relates to the
greenbacks and is as follows: After the
word Authority in line five, page y,
strike out remainder of section and in
sert:
''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 manner
hereinbefore provided, for an equal
amount of the notes redeemed and held
for exchange and the United States
notes exchanged in accordance with the
provisions of this section, shall, when
covered into the treasury be reissued
as now provided by law and the gold
coin in the reserve fund, together with
the redeemed notes held for use as pro-
vided in this section, shall at no time
exceed the maximum sum of $l5O,000,-
00O'
All of section is eliminated and the
following new section substituted:
Section s. That the secretary of the
treasury is hereby authorized to receive
at the treasury any of the outstanding
bonds of the United States, bearing in
terest at per cent per annum, payable
Feb. l, 1904, and any bonds of the Unit
ed States bearing interest at the rate
of per cent per annum payable July
l, 1907 and any bonds of the United
States bearing interest at per cent per
annum pyaable August l, 1908, and 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 interest
at the rate of 2 per cent per annum
payable quarterly such bonds to be
-,I.a Of 4Iaa fnH
States after thirty years from the date
of their issue and said bonds to be pay
able, principal and interest in gold coin
of the present standard value and to pc
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 author
ity, provided that such outstanding
bonds may be received in exchange at
a valuation not greater than their pres
ent worth to yield an income of two
and one-quarter per cent per annum
and in consideration of the reduction
of interest effected the secretary OF the
treasury is authorized to pay the holders
of the outside bonds surrendered for ex-
change out OF any money ~ 'lie s,Igo 10Y
greater than the difference between their
present worth, computed as a .,t a.
and the4r par value and the payments 70
be made hereunder shall be section 1894
of the revised statutes and provided fur-
Their, that the two per cent pondS TO De
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 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
Another amendment is to the second
section of the bill, where 1t provides for
maintaining the gold reserve. The bill as
| reported made if the duty Of the seere,
TOR Of q maintain
reserve at 500 O00,0 900 by the sale of bonds.
The amendment provides that when the
| be his duty to restore it to the maximum
| of $50 900, 900.
It is stated by members of the commit
pose of making more clear the intention
| of the bill, and to leave no question as
| to the construction of the law, when en-
| acted