Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1878-05-08

per cent. bonds to the syndicate; do
clares the sales made with the associa-
ton to the exclusion of al other citi-
zens, to be contrary to public policy,
and also declares against sales for coin
certificates instead of coin. The pur-
pose of the bill is to bring the matter
regularly before the banking commit
tee, 30 Is to report it back in order to
set aside the sale, and leave the sale of
bonds for coin alone, 20 that bonds can
be sold to others without the consent OF
the syndicate.
DESTRUCTION OF PAPER MONEY.
The secretary Of the treasury has d.
rected the destruction of l ,167 ,696 legal
tender notes, eighty per cent. of the
amount of additional currency during
the month, and the same amount will be
disbursed in silver dollars for currency
obligations.
THE INCOME TAX BILL.
1t is the opinion of the members OF
the committee of ways and means that
the bill to impose tax on incomes of
over $1,000 cannot pass the house.
THE AMOUNT OF LEGAL TENDERS.
The comptroller of currency reports
the amount of additional circulation
issued during the month of April As
81 ,459, $40, upon which so per cent. of le-
gal tender notes will be retired by the
secretary of the treasury, leaving the
amount Of legal tender notes outstand-
ing 1916, 6S1, O12. Total amount If ad.
ditional circulation issued since the pas
sage of the act, January II, 1875, to
date, ~, 1S8,73O. Amount of national
bank circulation, outstanding to date,
1921 GAG. 459. Amount of legal tender
notes, on deposit with the treasurer, for
the purpose of retiring circulation, $12,-
295,537.
THE TEXAS PACIFIC.
Washington advices under date of
of April Goth, states that the friends of
the Texas Pacific railway report the
prospect of the passage Of the Texas
Pacific bill continually improving.
They report that they can now safely
count upon majority in favor of the
bill when vote can be reached.
A SUNDAY NIGHT CABINET SESSION.
The president returned to Washing
ton Sunday morning from his visit to
Pennsylvania and on Sunday evening
the members of the cabinet in Wash
ington were at the executive mansion
in consultation with the president for a
long time. The nature Of the business
is unknown.
THE NEW SILVER DOLLAR.
The treasury officials state rs a rea.
NJ, Oc 81 n >1
lars have been paid out as yet, is that
it is not practicable to commence with
less than S3,OOO,OOO, and it is only now
that the treasury has that amount in its
possession. The secretary OF the trea-
sury has to-day decided that
silver shall be paid for cur.
rency obligations to the extent
that the Government is required to de.
stroy notes under the so per cent retire.
ment provision of the National Bank
act. This sum varies each month. This
month the amount will be about 3d..
100000. The Secretary has ordered
that this amount shall be replaced
by silver dollars, to be paid
out in the current course of business
This will be done through the various
subtreasuries. This is the beginning Of
the payments in silver Oh currency OBJ
legations, and it may be that the secre.
tary will devise other means for paying
out silver. But the question was
asked: Why is not silver paid
out the same as gold in
the redemption of interest coupons
The answer is, There has not been sill
YER enough for this purpose. If Secre-
tary Sherman uses silver dollars or sill
yer certificates for the purchase of bull
lion, and pays out silver dollars TO,
currency uses under the so per cent
retirement provisions, the entire
amount Of silver authorized to be coineC
will thus be placed in circulation. The
amount Of notes destroyed monthly
under the SO per cent. retirement pro
vision averages 81 100000. The amount
of bullion authorized to be purchased j.
from 100000 to 100000. BY using
silver for these two purposes, therefore
100000 monthly can be placed il
circulation. That seems to be Secre
tary Sherman's present intention.