Money And Banking Illustrated By American History
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On the 6th of March Mr. Stevens introduced a bill author- izing the Secretary of the Treasury to dispose of any bonds or notes authorized by law, for coin, on such terms as he should deem most advantageous to the public interest.
After the legal-tender act was passed it was remembered that $60,000,000 of demand notes were outstanding, which were receivable for customs duties. If duties chas^Act 1 ^" should be paid exclusively in these notes, some considerable time must elapse before any coin wo...uld come in to meet the interest payments.
Mr. Stevens said that it was impossible to sell bonds "at the market value," and that the Secretary of the Treasury had sent down this bill and wanted to have it passed at once. He concurred in the necessity of it since the coin, amendment had been adopted by Congress, although that amendment was against his judgment. The bill was passed by the House on the following day, and by the Senate March 11, without a division. In the Senate it was amended so as to read as follows : / The Secretary of the Treasury may purchase coin with any bonds or notes of the United States authorized by law, at such rates and upon such terms as he may deem most advantageous to the public interest.
What to read after Money And Banking Illustrated By American History?
You can find similar books in the "Read Also" column, or choose other free books by Horace White to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
On the 6th of March Mr. Stevens introduced a bill author- izing the Secretary of the Treasury to dispose of any bonds or notes authorized by law, for coin, on such terms as he should deem most advantageous to the public interest.
After the legal-tender act was passed it was remembered that $60,000,000 of demand notes were outstanding, which were receivable for customs duties. If duties chas^Act 1 ^" should be paid exclusively in these notes, some considerable time must elapse before any coin wo...uld come in to meet the interest payments.
Mr. Stevens said that it was impossible to sell bonds "at the market value," and that the Secretary of the Treasury had sent down this bill and wanted to have it passed at once. He concurred in the necessity of it since the coin, amendment had been adopted by Congress, although that amendment was against his judgment. The bill was passed by the House on the following day, and by the Senate March 11, without a division. In the Senate it was amended so as to read as follows : / The Secretary of the Treasury may purchase coin with any bonds or notes of the United States authorized by law, at such rates and upon such terms as he may deem most advantageous to the public interest.
What to read after Money And Banking Illustrated By American History?
You can find similar books in the "Read Also" column, or choose other free books by Horace White to read onlineMoreLess
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