Year: 1878


had in view evidently in fixing n small.
or denomination than has ever before
been fixed for United States bonds.
ask how it would be possible TO post
the two thousand and odd National
banks in the United States as TO the
premium of gold above greenbacks, or
the discount at which grcenbacks will
be on every day in the year, 80 that
these bonds may be sold at precisely
the same premium at every town and
hamlet in the United States where they
may be offered for sale. | think for
that reason, on account OF the sugges.
ton which / have made, it would be
practically impossible for these bonds
to be sold at all places at the same
price.


In the next place, wo anticipate (and
have no doubt that that anticipation
will prove correct) that legaltender
notes will be at par very soon. ! be-
lieve to-day there is only difference
of about II per cent. So far as my
vote goes on this and on other occa-
sions, shall not vote to depreciate the
currency of the United States, either
with reference to gold coin or anything
else. | think il will do as much as al.
most anything else we could do to ap.
preciate the value Of those notes, TO
make them receivable at their nominal
value tor these bonds that we propose
to issue. They are then a convertible
Treasury note, convertible money. III
man does not want greenbacks, all
he has TO do is TO put them at par in
an interest bearing security Of the
United States. That certainly will be
an important step toward making those
notes as valuable as gold coin.


In the next place it will eliminate
from this transaction all idea Of broker
age. AS it stands, some kind of calcu-
lation would have to be resorted to,
calculation as the result of which the
party buying the bonds, the poor man,
will be TO some extent at the mercy of
the bank or the institution from whom
the bond is bought. We want, as |
understand, to put this bond upon the
market in such way that the people,
the men of small means, will take 1t,
and take it readily. In order to do
that, it seems to me we ought to give
it to them for that which they have,
for the paper which the Government
has put out, and which ought not to
be discredited and | think 1t would be
a step toward discrediting the green
back to let the clause stand as il was
reported from the committee. There
fore propose TO substitute the words
which have offered.


The Presiding Officer. The question
is on the amendment proposed by the
Senator from Kansas, Mr. Plumb


Mr.. Cockrell. | hope that amend.
ment will prevail.


Mr.. Wallace. Before the question is
taken, only wish to say TO the Senate
that the language OF the section was
the result OF an effort TO carry out the
policy OF 1870. Personally care
nothing about what the Senate does
upon the subject OF this amendment.
If the Senate shall decide to strike out
those words, I shall be content. 1t
would be simply enunciating a policy
the reverse of that which the Finance
Committee thought was wise.


The amendment was agreed to-


The bill was ordered TO be engrossed
for third reading, and was read the
third time, as follows:


Be enacted. Dc, That In lieu Of that amour,
Of per cent bonds Of the United State, author
med TO he issued by the act Of July H. 1870, the
Secretary Of the Treasury Is hereby author
ired and directed 10 issue a sum not exceeding
slo0, 900 600 ofeoupop bonds Of the United States
Of the denominations Of twenty Ave, ahy, and one
hundred dollars, and Of equal sums OF each OF said
denominations, redesmable in coin fifty years
from the date Of their issus and bearing interest.
payable semi-annuslly, at the rate Of per cent.
per annum; and the said bonds shall be made
exemp. from taxation in like manner as those 10
| place Of which they are to be issued.
SEC. 2. Tint the said coupon bonds shall be |
made payable to the order oil the person who shall
pay the money therefor, and the name Of such |
person, or his or her assignee or Of any subse- |
quent assignee and bis or her residence, shall be
registered as the owner Of such bonds, In like
"
such coupon bonds shall be transferable only by
assignment duly acknowledged and certified IN
der the seal Of the Clerk Of State Court Of Rec
ord or Federal Court or United States Commis. |
sioner, which assignment shall also be executed |
n the presence Of two subscribing witnesses aud
such assignment may also be made leaving the
name Of the assignee blank, and when 90 made in
blank and executed as hsreinbefore provided, the
said coupon poud shAll be transferable by dey- |
cry in like manner as II payable 70 bearer.


SEo3 That the coupons attached to said bonds
shall be payable either In United States legal |
tender notes or In coin, at the option Of the |
United States and the same shall be paid at any
Of the subtreasuries or money depositaries Of the
the United States, or at any National bank and
Il Is hereby made the duty Of each Of the said
National banks to pay the said coupons upon pre-
sen tatisp, without charge, and remit the same to
The Treasury for redemption but the said Ma
tonal banks shall only be required to do so upon
! the production Of the proper bond to which the
coupon presented shall have been attached.


SEC. 4. That the Secretary Of the Treasury
shall keep said bonds for sale at the different sub
treasures, National banks, and meney depositor-
les Of the United States, and shall dispose Of the
same at par and accrued interest, for coin or for
United States legaltender notes, at their nominal
value and such legal-tender notes shall be 70
issued, and their proceeds, and the coin received
for such bonds shall be applied to the redemption
Of outstanding bonds Of the United States, which
arc redee msble, and bear the highest rate Of
interest Of such bonds.


sEo. 5. That the provisions Of sections 1904
and S705 Of the Revised Statutes Of the U.ited
States, authorizing the issue Of another bond W |
the room Of any registered bond lost or destroyed,
are hereby made applicable to the bonds to be
issued under this statute. but only In case Of ltss
or destruction thereof before the execution Of an
assignment in blank thereon. The Secretary Of
The Treasury Is authorised TO make such rules
and orders as may be necessary to carry out the
provisions Of this act


The Presiding Officer The question
is on the passage OF the bill.


Mr.. Cockrell. do not desire to call
for the yeas and nays upon the passage
OF the bill. While | approve OF many 4
features Of the bill, must say that |
cannot vote for il as il is.


The bill was passed


or rIArusC q CDEHnu