The semi-weekly miner. [volume] (Butte, Mont.) 1882-1886, 1885-01-17
CONGRESSIONAL.


WASHINGTON, Dec. Is. - Wilkins
said q simple provision of the fund
/ ing bill was to increase the rircula'
ton of national bank notes from 90
ptr cent. of the bonds deposited to Sc
cure such circulation to 100 pei
! cent.
Ysple said he would vote against
| any measure which sought to per.
petuate national bank currency.
| Every man who claimed to bea Dem
ocrat should oppose this bill, AID not
act rs the 1T 'rney for a private Col.
poration. He gave notice of an
amendment excluding from the pro-
visions of the bill any bank which
refused to receive the standard silver
dollar on deposit, or pay it eyer the
counter on the same terms as gold.
Cook and Brumm opposed the bill,
and Henderson, of Iowa, supported
the measure, declaring it IN the inter-
est Of the people and not a national
debt, etc.
The following Is the text of the
Mcpherson bill:
he it enacted etc.
SECTION l. That the secretary OF
the trs asury is authorized to receive
Mt the treasury any bonds of the
United States bearing interest at
four per cent. e annum or four and
= half per cent. per anDum and issue
In exchange therefor an equal
amount Of registered bonds of the
n1ted States If the denominations
Of fifty, $1NO, $500, 5 $1,000, SIS, COO, SO
100, and $500, in such form as be
may prescribe and bearing Interest at
the rate OF two and a half per cent
PR annum, interest PAYABLE semi
annually at the treasury of the United
States. said two auu u half ppr cent
bonds to be issued in exchange for
four per cent, bonds, shall he paws
able ut t. pleasure of the United
states after July first 1907. Said two
and a half per cent bOn,ts to he issued
in exchange for four and q half per
cent bonds, shalI be p .yab'e at the
pleasure Of the United States, after
the first of September 1891.
SEC. 2, In said exchange for two
and u half per Cent. bonds for four
per cent bonds provides always that
the moneys on hand and applicable
r sufficient. the secretary of the
treasury Is hereby authorized to paw
such a sum in each case as shall be
equal to the aggregate present
WORTH, quarterly payments and in
terest from which the Uuited States
is released by such exchange. All
interest IN ascertaining said present.
worth being computed at the rate of
3 per cent per annum, receivable,
quarterly.
Section 3. All said q per cent
bonds and interest thereon shall be
exempt from payment of all take.
and duties in the United States, and
for taxation in any form for, by or
under municipal or local authority.
Section 4. Ga and after the date of
the approval of this act, duty or cir
culatlng notes of banking associa-
lions shall he one quarter Of one per
centum each half year, the same to
be a%scertained and paid as now pro-
vided by law.
Section 5. When not otherwise pro-
vided by law, the secretary Of the
treas Try is here by authorized to
apply any money at his disposal for
the raylnent of the bonded debt of
the United States, either to the pay
ment of bonds redeemable at the
pleasure of the United -tates or to
purchase bonds not due rs will in his
judgment cause the greatest saving
of Interest aud In determining this
duty the tax received on circulating
OF RATIONAL banking associations
shall he considered u deduc ion from
the interest raid Oh bonds held by
the United States treasury to secure
said notes.
Section 6. Nothing in this act shall
be construed to authorize any In
crease of the bonded debt Of the
U"ited States, aud all acts and parts
Of acts inconsistent with the provis-
of this act are hereby repealed.
Section Z. The secretary If the
treasury is hereby directed TO pay
out any moneys in the treasury uUt
appropriated, the expense
Of printing and exchanging such
bonds.
Section 8. This act shall take ef-
feet Immediately.
Hewitt IN. " thought that the
of New York city would he
cast against the pending bill.
be opposed the bill ana favored the
pill proposed by his colleague Potts
He advocated it because it would
AXE the surplus M ney Of the treus-
Try, and use 1t for the purpose Of re-
the rate of interest on bonds.
The principal bonds would still re-
main as the basis tor banking.
Hunt briefly advocated McPher.
bill.
Warner, ,fOhio. offered an amend
nent authorizing the secretary of
he treasury, Whenever the circu-
atlng notes of national banks shall
below 1905 ,3ls, 1874, to ISSUE United
States Lotes IN sufficient amount to
Keep the volume of paper currency
It all times ut a total of 5000, 90 600.
Wilkins then demanded the pre-.
'iOus ques ton On the bill aud The
|mendmeuts, pending which Mills
moved that the House adjourn, and
bending this, that it adjourn to meet
Saturday next, which latter motion
vas lost, 81 to 1874.
Mills tuen pressed his motion TO
stating that the Democrats
Wished to hold a aucus The mo
Was carried, yeas l3), nays liz.
this was in no ense q test
'o:e on McPnerson's uill(many mem-
'ers voting in tn. atfirma, i've in order
hat the caucus might be- held it
perates as u virtua, defeat to that
MEASURE, as the special order is not
ontinuing order,
Buckner, chairman of the banking
currency committee, said to All
ssoclated press reporter, THAT SET
les the bill. We will never again be
ole to get it before the House,
muttny OF Mexican Soldiers.
San NcISrO Ian II -HIInnr