Salt Lake Tribune | 1911-03-02 | Page 9 | Panama Canal Bond Bill Goes Through

PANAMA CANAL BOND RILL GOES THROUGH WASHINGTON. March 1. The house passed today the bill recommended by Secretary of the Treasury MacVeagh, providing that none of the ?200.000.000 of Paiuumi canal bonds authorized in the Payne tariff law shall be received as security se-curity for the issuo of circulating notes. The purpose of the. legislation. It is said. Is to protect the $700,000,000 of 2 per cent United States bonds, now outstanding, outstand-ing, from depreciation. The new bonds are to bear a rate of per cent, but without the circulation privilege thev will not be as valuable to the national banks as are the 2 per cents.