New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-02-13
FINANCIAL MEASURES.
uR. PorTER,s BANKING BILL.

RrFuSDISG THE BONDED DEBT WITH zig PER
CENT DEMONSTRATORS MrugRsoS's COINAGE BILL
WASHINGTON, Feb. 12.-At meeting OF the
House Committee on Banking and Currency
this morning. Mr.. Potter, of Eew-fork, gave
notice that he proposed TO withdraw ms TWO per
cent bin and substitute new funding Dill
Acrward Mr.. Potter introduced tho bill IN the House,
and referred to the Committee ON Ways and Means
II provides rs follows:
The Secretary OF the Treasury Is authorized to receive
Treasury any bonds OF the United states De%ns
interest at the rate OF three cent per annum ana 10
and number Of registered bonds OF the United STATES
Of the dencminaons 81 nfty one hynre1 a. sob
form he prescribe, and bearing interest at ie
cnaery al the Treasury Of the United states. The two
nehalf per centum bonds 70 De Issued lu ehehase
IRE of the United states and shall numbered with the
numbers borne by the three pr cehtu pohas loi
which they are 20 lie Issued substitutes. The Seere-
ary is authorized TO and oneha per cent bonds
for four pcr four andonehaf per cent Oonns Inc
bonds issued IN place OF the Is to be payable aIter
July 1907 and those issued the 48s alter septem-
1891 In the exchange OF zig per cent DOhn lor
nicabs ar pIcient the Secretary is authorized pay
such IN each case as shall DE etIa 70 the aS
interest IRON which the United States is released by
such exchange all interest IN asceralnng saa pes'
worth being computed at the rate OF 4per cent per ann,
renvested quarter yearly All the two and oneha per
bonds and the interest thereon shall be exempt ro
the payment OF all taxes and duties or the uneu ots
aud from taxation in any by under state, mlici-
pal local authority Upon the circulating notes OF any
and all National banking associations which snail Dc so
cured by deposit of two and onehaf per cent bonds ne
duty to to be paid 70 the Cn 81 fDS s uesT
of one-half OF one per cent inc same !" lag W
When mot otherwise provided by Jaw the SECRETARY is
authorized 10 apply any moneys at his disposal lot pay
the bonded debt OF tue United States, either W
payment the bonds redeemaoe ut the pleasure Oh
the United States or TO purchase OF bonds nor due as VIII
In determining this the duty or tax received upon cfca-
lating notes National banking associations sa DC con-
sdered deduction from the Interest paid upon bonds
held by the United States Treasury TO secure said notes
Nothing in the act shall be construed to authorize any In
crease OF the debt Of the United States, and all acts OF
parts OF acts inconsistent with the proYisons or the act
repealed.
TO SUSPEND THE COINAGE OF STANDARD DOLLARS
The bill introduced In tho Senate today by Mr. Nc
Pherson to suspend the coinage OF the standard silver
dollar and for other purposes provides that the further
coinage OF the standard dollar shall be suspended
until January 1886 that the trade dollar shall be re-
ceived in sums dollars and less at yane equal 70
that Of the a s 1ed States in eSchange for
tai aud revenue stamps, and shall be Immediately
sent to the United Ststss Treasury sbt s soa 6ss
manufactured g. any United ute having fSe weigbt
neess and gold Coin value al the rate Of IS $40 stan
dard grains to dollar stamped thereon, shall be legal
sendeT se @ and that eT 6a Similarly
manufactured and stamped and Of the same degree OF
fcers OF tho United States Treasury and Of such sub
Treasures as may be eessnaed Dy 5ne cold and
silver dollars on deposit for such length of
time as the depostors certificates for the amount 80 de-
posted provided that the whole amount OF such eer
Gates 50 issued shall not exceed S5,oOO,oOo per
month. These certificates are TO be stamped ana
Designated respectively, gold AID silver bullion de-
pof certificates the denominations TO correspond WIN
The ordinary denominations of United states money ana
TO be redeemabe at the option Of the holder tne gou Ger
cates in gold COIN gold bars and the silver eertin-
cafes In standard silver OF the United STATES al ls
par value, In silver Dars.
THE MORRILL, COINAGE BILL AMENDED.
The Senate Committee Finance, this morning, dis
posed of the Morrill, Coinage bill by amending the dfst
and second sections and striking out all the remainder OF
the bill this form it ordered to be reported The
bill now simply authorizes the Director OF the Mint with
the approval OF the Secretary of the Treasury,
to employ temporarily five persons distinguished
in art or in knowledge OF coinage ana
medals who shall investigate and examine
lie whole subject OF the existing system OF coinage with
view 10 its improvement and greater perfection or exc
cuon as metals relative value OF minor coins ana also
as 10 devices legends and inscriptions. Any person whose
designs for any coin shall he adopted Is to be PAID the sum
of $50 design. The Secretary OF the treasury
Secretary and the Director or the MINT are re-
oured work and the designs approved ny
he persons thus employed, and make report thereon
to Congress before December l.
The House today transferred the bill for tho retirement
OF the trade dollar from the Committee on Banking 10 tho
Coinage.