Refunding the Public Debt Financial Policy of the Secretary of the Treasury Ca
Refunding the Public Debt Financial Policy of the Secretary of the Treasury Ca
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To quickly assess the difficulty of the text, read a short excerpt:
It will be seen, therefore, that there can be no doubt of the cancellation of $40, 000, 000 per annum of these notes.
The fourth section continues the operation of the ten-dollar-certificate law, with some important changes. The original act was defective in its provisions for the prevention of evasion of the benevolent intention of the law. Immediately upon its passage combinations were formed for the funding of the certificates which were sold at par, while they were at the same time worth a ...premium in the open market. This evil the pres- ent bill will prevent. The Secretary has authority in addition to con- tinue the issuance of the certificates so long as it shall appear advanta- geous to the classes which it is supposed will take them. As a safe de- pository for the surplus earnings of the industrial classes this law will be of inestimable value.
Another section makes it compulsory upon the national banks to de- posit with the Treasurer no other bond as security for circulation. Thus by a long-needed provision of law we shall have a national-bank bond, and the Government will be spared the trouble and expense of constant changes in this class of securities held for that purpose.
What to read after Refunding the Public Debt Financial Policy of the Secretary of the Treasury Ca?
You can find similar books in the "Read Also" column, or choose other free books by Fernando Wood to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
It will be seen, therefore, that there can be no doubt of the cancellation of $40, 000, 000 per annum of these notes.
The fourth section continues the operation of the ten-dollar-certificate law, with some important changes. The original act was defective in its provisions for the prevention of evasion of the benevolent intention of the law. Immediately upon its passage combinations were formed for the funding of the certificates which were sold at par, while they were at the same time worth a ...premium in the open market. This evil the pres- ent bill will prevent. The Secretary has authority in addition to con- tinue the issuance of the certificates so long as it shall appear advanta- geous to the classes which it is supposed will take them. As a safe de- pository for the surplus earnings of the industrial classes this law will be of inestimable value.
Another section makes it compulsory upon the national banks to de- posit with the Treasurer no other bond as security for circulation. Thus by a long-needed provision of law we shall have a national-bank bond, and the Government will be spared the trouble and expense of constant changes in this class of securities held for that purpose.
What to read after Refunding the Public Debt Financial Policy of the Secretary of the Treasury Ca?
You can find similar books in the "Read Also" column, or choose other free books by Fernando Wood to read onlineMoreLess
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