United States bond

“ Since 1863, our national banks have done an immense business in handling the debt of the United States: they were instrumental in diffusing the national bonds among all classes of the people: they collect for their customers the coupons at maturity: they have been and still are the factors of the government in exchanging, for those who desire it, one species of bond for another ”

“ Thus, even though a bond may be amply protected, the poor credit rating of the issuing concern will be reflected in a downward tendency of the price of the bond, for under such circumstances foreclosure proceedings preliminary to sale and conversion of the security always loom large in the background. On the other hand, bonds of the United States are often above par because of the government’s credit standing. ”

“ The bill further provides that the heirs to whom the payment is to be made shall execute and file with the Secretary of the Treasury a bond "conditioned to save harmless the United States from loss or liability on account of said bonds or the interest accrued thereon, and to contain such words as to cover any liability resulting from any mistake in the designation or description of the bonds, so that in no event shall the United States be called upon by a rightful claimant for a second payment thereof." ”

“ By that time every bond of the United States that could be called in and paid at its face value had been canceled. As all the other bonds fell due, some in 1891 and others in 1907, the government must either buy them at high rates, or suffer them to run. If it suffered them to run, a great surplus would pile up in the Treasury. Thus on December 1, 1887, after every possible debt of the government was met, there was a surplus of $50,000,000. ”

“ If it was intended by congress to enlarge the scope of the section so as to include other bonds than those given for duties, (as seems to be the necessary inference from the language,) still, it is restricted to 'bonds:' the words are 'whenever the principal in any bond given to the United States is insolvent,' etc., and any 'surety on the bond' pays the money due upon 'such bond,' such surety shall have the like priority, etc., and may bring and maintain a suit upon 'the bond' in his own name, etc. ”

“ As long, therefore, as no provision is made for the final redemption or the putting aside of the currency obligation now used to repeatedly and constantly draw from the Government its gold, and as long as no better authority for bond issues is allowed than at present exists, such authority will be utilized whenever and as often as it becomes necessary to maintain a sufficient gold reserve, and in abundant time to save the credit of our country and make good the financial declarations of our Government. ”

“ It is a mere statement whether we have or have not paid one per centum of the public debt each year. There is no actual fund of the kind in existence for national purposes.
Another financial question was presented at this session and before and since. The national banking act, when it passed in 1863, provided that the circulating notes of national banks should be issued for only ninety per cent. of the amount of United States bonds deposited in the treasury for their security. At that time bonds were worth in the market about fifty per cent. in coin, or par in United States notes. ”

“ I shall therefore content myself with an unqualified indorsement of the Secretary's proposed changes in the law and a brief and imperfect statement of their prominent features. It is proposed to repeal all laws providing for the deposit of United States bonds as security for circulation ”

“ Why, there are among the nations national securities of various kinds issued, which are taken by the people; we have United States bonds, State bonds, county and city bonds in this country as well as in Europe, to which the people subscribe and in which they have an interest, all of which is voluntary, and the free act of the people ”

“ The bonds in controversy in the first of them were United States coupon bonds, dated January 1, 1851, payable, by their terms, to the state of Texas or bearer, with interest at 5 per cent., payable semi-annually, and 'redeemable after the thirty-first day of December, 1864.' Each bond contained a statement on its face that the debt was authorized by act of congress, and was 'transferable on delivery,' and to each were attached six-month coupons, extending to December 31, 1864. White and Chiles acquired their title on March 15, 1865. ”

“ Creditors had suffered heavy losses when the Civil War carried prices skyward while the interest rates on their old bonds remained stationary. For example, if a man had a $1000 bond issued before 1860 and paying interest at five per cent, he received fifty dollars a year from it. Before the war each dollar would buy a bushel of wheat; in 1865 it would only buy half a bushel. When prices—that is, the cost of living—began to go down, creditors therefore generally regarded the change with satisfaction as a return to normal conditions. ”

“ The seventh section provided that the surplus, if any, of the premium bond tax of each year, or on hand at the passage of the act, after all the drawn series, interest, and premiums thereon, exigible or due to the holders thereof, had been provided for or fully paid, should also be deposited with the fiscal agent of the board on account of the city debt fund, and applied exclusively in payment of the interest on the outstanding bonds and certificates. ”

“ That when the United States Government shall have made provision for refunding the 2 per centum bonds or consols into 3 per centum bonds and the American Reserve Bank Fund shall amount to the sum of five hundred million dollars, the United States Treasury shall transfer to and keep with the American Reserve Bank a sufficient balance—upward of fifty million dollars—to meet all of its checks and drafts ”

“ It is just as much repudiation for the federal government to compel its bondholders to accept the payment of their interest in silver, which is at a discount of ten per cent., against the gold which the government received for the bonds, as it would be if Congress decreed that all the bonds of the United States should not bear a higher interest than two per cent. ”

“ In the United States one cannot sell himself as a peon or slave -- the law is fixed and
established to protect the weak-minded, the poor, the miserable. Men will sometimes sell
themselves for a meal of victuals or contract with another who acts as surety on his [sic] bond to
work out the amount of the bond upon his [sic] release from jail. Any such contract is
positively null and void and the procuring and causing of such contract to be made violates
these statutes. ”

“ The Government has derived great benefit from it in the progress thus far made in refunding the public debt at low rates of interest. An adherence to the wise and just policy of an exact observance of the public faith will enable the Government rapidly to reduce the burden of interest on the national debt to an amount exceeding $20,000,000 per annum, and effect an aggregate saving to the United States of more than $300,000,000 before the bonds can be fully paid. ”

“ Hank said woefully, "There's millions of 'em, mebbe billions. Mebbe trillions; I dunno. I was just 'sperimentin', tryin' to find which course this here machine took—if any—so I'd know—"
Helen's eyes were deep with surmise. She said, "Do you mean, Hank, that any of these different existences might have been the history of the United States if other things had happened?"
"Might have been," agreed Hank, "and is. You gotta get that clear in your minds. These places is just as real to the people in 'em as our world is to us. ”

“ The United States Patent Office is my beat. There's one nice thing to be said about working for the bewhiskered old gentleman in the star-spangled stovepipe and striped britches: it's permanent. Once you get your name inscribed on the list of Civil Service employees it takes an act of Congress to blast it off again. ”

“ I interrupted flatly. "Hank, this is going too far! You admit we've been in the United States—all right, make it the North American continent if you want to!—all along. But we've seen men of a dozen different races, heard a dozen tongues spoken—"
Hank scratched his head.
"Well, now, Jim, I guess you know I'm not what you mought call a scholar. But I done read up a leetle bit about hist'ry. An' it 'pears to me like all them things we seen could o' happened, if things had tooken jest the littlest bit of shift somewheres in the past. ”