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A Balm For Every Ill

A Balm For Every Ill image
Parent Issue
Day
12
Month
April
Year
1878
Copyright
Public Domain
OCR Text

The Hon. Alexander H. Stephens, of eorgia, introduced iu the Houeo yeserday a bilí whieh contemplates imporant chauges in the financio! systcin of ;he country. Mr. Stephens has been arefully studying the national finances for a long whilo vith a view of effticting such legifilation ns Tvoukl bring some relief. He has consulted the financial officers of the Government and niany of the most influential members of Óongress ou tlio subject. Mr. Stephens' nieasurc fill undoubtedly command sufücient support iu the House to secure its passage, most likely in its present shape or substantially so. The title is, "A biil for tbo relief of tlio financia] einbarrassment of the country, and to facilitate a return to specie paymeni without affectiug the eommerce, business and industries of the peopls, anc for other purposes." The text is as follows: Tho Scorotary of tho Treaaury i lioruby directed and rcquiicd to raiso, to keep aad maiu tain tbo amuunt of coin and bullion iu the treasury at or abovc $1CÜ. 000,000, and when i excoedö that amount he shall redeera tlio pres ent outfetamling United Stutes leintl-tender notes, wheu pfesented in muus cf $Í,000 auc upwaruK, witJi com ot ruil legal stanuoril, uut when tlie metal in tho troatmry sinks below $50,000,000 such redomption ghall ee.se, aad o ühali exchauge tho present issuo of i per centum boud at par for suoh notes au majy bo preseuted. mitil the metal in the treasury vises to over 4100,000,000, whon lio shiill rosunio rcdemption in coiu, and thus continuo to redeem in .'.iiiu or bond i as tho state of thü metal fund in tho trea-my may require under the net. The Secreiary of tho Treasury hall a]so chango tho platea for priuting Uuited States lega'.-tendor noten so tbat they thall bear simply tho inacrlption that tlicy aro exchangeable witli bonds as hereinafter prnvided, at the option of tho libldor, and roceivable for all public and private dues, togother with the aigns, word, and figures deuoting the value tkey represent, and on aud afíor the lstdayof Jnly, 1878, tbe issue ! f rom tho new plate8hall oe Hubetituted for all tho old isnuo in the hftnds of tne Government nd for all that may oouie itito the treasuiy, and ahali le exchantted for all oíd notcK preBcnteö at the treaaiuy. And, to aid in niaiutainingtlie exchangeáblo value of the Unitod States note aud coine. the Secretsry of theTreasury iri di rected and required to prepiro a seriei of per centum 3-l4O bonds, to bo known as hom Havinjjs bond?, in deaominations of $20. $50 Í100, $500, and 81,000, which Bhall at all timo bo kept by all authorized agenta for the sale oí auy oiher bonda of tho Goverament, and exohangeable at par witli any now tre&sury notes, or certificates of vahío or legal standard coin, or iiny gold or silver bars on whioh may be stampcd their valu?. in Standard eoiu. Theeo bonds shall be paid upon demaud in any new United States notes or certifieates of vaïue at any and all timus. Tho interest sha!l bo payabio semi-anmially, aud tho principal at maturity of the last oonpón ín the 'same, but if tho bonds be called for payment by the treasury before nmturity the principal phull be p.id in coin. A 11 excess of moneys in tho troasurv over 100,000,000 of metal and $25,000,000 óf tho United States notes shall bo used to purchaso the highost interost-boaring securitios of tho Government that can be paid at par, and wben the metal fund oxcoeds .5150,000,000 or theuoto fund eyceeda $40,000,000, then tho Secretary of the Trcnsury i-hall roduco tbe interest npon all fuhire irfsues of bonds hereinafter authoriztd. the one-ha!f of 1 per oer.t. at a time, to bo repeated yearly until the United States tictes will return in oirculation to tho amonnt of 325,.000,000, below which they hall not bo rodiiocd. And ou or af tor tho lst day of July, I jH78. tho business of the. treasory sball be o oondneted a to relieve, bo far as poedble, tho barden of taxation from tho peoplo and secure tho proirt convre-ion of the higher jüterestbearing söourities to or below 4 per cent. and to thia end all provisions f or a sirikiug fund are hereby suspended until sneu time as the Jebt be hronghtto or beliw the rate of 4 per cout. per anmim interest, when ]iiymtDt of the priucTp.il may agáin boreBumod. And all proviione of ).-.w iDOOnsistent with any of tho provisioos of this act are heroby repealcd.

Article

Subjects
Old News
Michigan Argus