Nevada County picayune., 1890-08-28
THE WEST BETRAYED.

west The bill as II has passed the Senate embodies the bargain through which the silver mine owners were i induced to desert to Wall street. Ii i is called a conference measure and is supposed to be the result of compro- mise between House and Senate, but it has in it's characteristic indications of the shrewdness through which Mir. sherman succeeded once more in de- monetizing silver.
 The practical effect of the measure is demonstration The bill is a measure for the purchase of bullion. 1t gives the mine owners market for the output, considered as a com modity. The final cessation of sil- yer IS provided for in the clause which gives the Secretary of the Treasury the option of redeeming in gold the Treasury notes issued to the bullion owners as receipts for value of bullion deposited.
 Under the bill as it passed the Senate, the Secretary of the Treasu- ry is authorized to purchase monthly 1 .5OO, ,OOO ounces of silver, at the market price, as determined by him. self, but not to exceed S1 for 371.25 grains of pure silver.
 He is to pay for this in Treasury notes of not less than Sl nor more than Sl 900 in denomination.
 Such notes are to be legal tender reserve for national banks, and are to he redeemed in gold or silver at the discretion of the Secretary.
 Until July next 2,OO0, ,OOO silver dollars are to be coined month, and after that date only so many as are required to redeem bullion notes pre- sented.
 i This is the substance of the first four sections. The fifth section re- peals the Bland act. The sixth pro- vides for the redemption of national bank notes from the general cash in i the Treasury. This section is in full as follows;
 "Sec. (. That upon the passage of this act the balances standing with the Treasurer of the United States to 1 the respective credits of the national banks for deposits made 10 redeem | the circulating notes of such banks, and all deposits thereafter received for like purposes shall be covered in- to the Treasury as miscellaneous i receipt, and the Treasurer of the 1 United States shall redeem from the general cash in the Treasury the cir culating notes of said banks which may come into his possession subject to redemption; and upon the certti- cate of the comptroller of the curren- cy that such notes have been re. ceived by him and that they have been destroyed, and that no new notes will be issued in their place, reimbursement of their amount shall be made to the Treasurer, under such regulations as the Secretary oi the Treasury may provide, from au appropriation hereby created, to he known a- "National bank notes Redemption account" but the pro- visions of this act shall not apply to the deposits received under sectior 3 of the act of June 20, 1874, rcquir. ing every national bank to keep il lawful money with the Treasurer ot the United States q sum equal to per cent of the circulation, to be hclt and used for the redemption of it, circulating notes and the balance remaining of the deposits so covere, shall, at the close of each month, b, reported on the monthly public deb statement as debt of the United State, bearing no interest.
 It is fully apparent in this sectioI and in the entire bill that the utmos pains and the greatest skill have beer exercised to guard against the possi bility of increase in the volume O currency. The bullion notes ma, be made of such high denomination that they will be kept out of genera circulation, and held only for specu latiye purposes or for bank reserve
 And as q further means of prevent ing expansion the change is made il the national banking law, making tn general fund of tho Treasury ayaila
 ble for the withdrawal of nations
 nank notes.
 The Republic will not undertak
 to predict the result of the bill fur , thcr than that it will make sjlyc ] purely a speculative commodity an, . ,4 ,tr