Thank you for visiting SNEWPapers!
Sign up free
Editorial
December 24, 1874
Grant County Herald
Lancaster, Grant County, Wisconsin
What is this article about?
The National Board of Trade submits a detailed plan to the House Banking and Currency Committee for resuming specie payments, involving gold loans, redemption of legal tenders, silver coinage, and reforms to national bank notes. (Washington, Dec. 16)
Clipping
OCR Quality
95%
Excellent
Full Text
A New Finance Scheme.
Washington, Dec. 16—The Executive Council of the National Board of Trade have been in session here for some days, and have prepared and submitted to the House Banking and Currency committee a plan to resume specie payment, which they believe practicable, although members of the committee do not take the same view. This plan, in brief, is as follows:
First, That the Secretary of the Treasury shall borrow the sum of $200,000,000 in gold, at a rate of interest not exceeding 4 per cent., redeemable thirty years from date, and that on offering this loan the Secretary may receive a portion not exceeding 33 per cent, of the proceeds in United States notes, which shall be immediately destroyed.
Secondly, A part of the proceeds of said loan shall be applied to the redemption of outstanding legal tenders.
Third, Another part of the proceeds of the loan shall be applied to the purchase of silver bullion and the coinage thereof
Fourth. That the Secretary may borrow $200,000,000 at a rate of interest not exceeding 4 per cent. payable in gold, in the year 1917, the proceeds to be applied to the redemption of legal tender notes.
Fifth. That the said two loans may be substituted by national banks as security for notes issued by them for loans of the United States now deposited as security for said notes.
Sixth, Six months after the passage of the act, all limitations upon the amount of the national bank notes to be issued and the location of the banks issuing the same shall be repealed.
Seventh. It prohibits issuing new Treasury notes in place of those destroyed under the provisions of this plan.
Washington, Dec. 16—The Executive Council of the National Board of Trade have been in session here for some days, and have prepared and submitted to the House Banking and Currency committee a plan to resume specie payment, which they believe practicable, although members of the committee do not take the same view. This plan, in brief, is as follows:
First, That the Secretary of the Treasury shall borrow the sum of $200,000,000 in gold, at a rate of interest not exceeding 4 per cent., redeemable thirty years from date, and that on offering this loan the Secretary may receive a portion not exceeding 33 per cent, of the proceeds in United States notes, which shall be immediately destroyed.
Secondly, A part of the proceeds of said loan shall be applied to the redemption of outstanding legal tenders.
Third, Another part of the proceeds of the loan shall be applied to the purchase of silver bullion and the coinage thereof
Fourth. That the Secretary may borrow $200,000,000 at a rate of interest not exceeding 4 per cent. payable in gold, in the year 1917, the proceeds to be applied to the redemption of legal tender notes.
Fifth. That the said two loans may be substituted by national banks as security for notes issued by them for loans of the United States now deposited as security for said notes.
Sixth, Six months after the passage of the act, all limitations upon the amount of the national bank notes to be issued and the location of the banks issuing the same shall be repealed.
Seventh. It prohibits issuing new Treasury notes in place of those destroyed under the provisions of this plan.
What sub-type of article is it?
Economic Policy
What keywords are associated?
Specie Payment
Gold Loan
Legal Tender Redemption
Silver Coinage
National Bank Notes
What entities or persons were involved?
National Board Of Trade
House Banking And Currency Committee
Secretary Of The Treasury
Editorial Details
Primary Topic
Plan To Resume Specie Payment
Stance / Tone
Proposal Of Financial Reform Measures
Key Figures
National Board Of Trade
House Banking And Currency Committee
Secretary Of The Treasury
Key Arguments
Borrow $200,000,000 In Gold At 4% Interest, Redeemable In 30 Years, With Up To 33% In United States Notes To Be Destroyed
Use Part Of Proceeds To Redeem Outstanding Legal Tenders
Use Part Of Proceeds To Purchase Silver Bullion And Coin It
Borrow Additional $200,000,000 In Gold At 4% Payable In 1917 For Legal Tender Redemption
Allow National Banks To Substitute These Loans As Security For Their Notes
Repeal Limitations On National Bank Notes Issuance And Location After Six Months
Prohibit Issuing New Treasury Notes In Place Of Destroyed Ones