The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-01-04
ALDRICH'S
FINANCIAL
AMENDMENTS.
Text Of Senator Aldrieh'B Amend
msatS to Tie Senate Finan-
SECTION SIX ELIMINATED,
ana an Entire New Section substi-
tutsd = GreenbaekS an Im-
portant Factor.

WASHINGTON. Jan. S.-The Repub-
,,can members of the senate finance
committee authorized Senator AIdrich'
10 present amendments to the finanei9l
bin, which he offered in the senate to-
day. The most important relates to the
ereenbacls and Is as Follows:
After the word authority on line AVE-
page Il, strike out remainder Of section
and insert:
"And the gold coin received from the
sale Of said bonds shah first be covered
into the general fund Of the treasury
and then exchanged In the manner
herelnbeEore 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 re-issued
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 $3.50 1900.
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 aHnuua, payable
February !, 1904. and any bonds Of the
United states bearing interest ut the
rate Of per cent per annum. payable
July /, 1901 and any bonds Of the
United states bearing interest at 8 per
cent per annum, payable August !, 1908,
and 10 issue. in exchange therefor, an
equal amount Of coupon or registered
bonds OF the United tsates in such form
as he may prescribe. in denominations
Of $50 or any multiple thereof. bearing
interest at the rate Of per cent per
annum. payable quarterly, such bonds
to be payable at the pleasure Of the
United States after thirty years from
the dstn OF their issue, and said bonds
to be payable, principal and interest in
gold coin Of the present standard value,
ana q be exempt ffom9 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 au-
thority; provided that such outstand-
ing bonds may be received in exchange
at valuation not greater than their
present worth to yield an income Of TX
per cent per annum; and in considera-
ton OF the reduction of interest eject
ed, the secretary Of the treasury Is au-
thorized 10 pay to the holders Of the
outstanding bonds surrendered for exc
change, out of any money in the treas
ury not otherwise appropriated, 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 payments on account Of
the sinking fund created by section
1884 OF the revised statutes; and pro-
vided further, that the per cent bonds
to be Issued under the provisions Of this
aOt, shall be Issued at not less than par,
and they shall be numbered consecu-
tiveIy in the order Of their issue and
when payment Is made the last NUM-
bers issued shall be paid first, and this
order shall be followed until ali 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
section OF the bill. where 1t provides for
maintaining the gold reserve. The bill,
as reported, made II the duty of the
secretary Of the treasury to maintain
the gold reserve at SlOOOOO.oOO by the
sale Of bonds. The amendment pro-
vIdss that when the reserve fails below
that amount Il shall be his duty to re-
store It to the maximum Of StS0.OOo,Oo0
Il IS stated by members Of the com-
mittee that the amendments are for the
purpose Of making more clear the tn
tentlOn Of the bin and to leave no ques-
tion 90 to the construction Of the law
when enacted.