Baxter Springs news. [volume] (Baxter Springs, Kan.) 1882-1919, 1890-12-13
FINANCIAL AFFAIRS.

|
Financial Legislation in Congress-
WASHINGTON, Dec 10-The bill intro
duoed in the Senate by Mr.. Plumb rel
alive to National bank deposits and sill
YER coinage, provides in brief rs fol-
lows:
That the compulsory requirement OF
deposits OF United States bonds with
the Treasury by National banks shall
be limited in amount to 81, 900 for each
bank. This is not to applySto deposits
OF bonds to secure public moneys
That United States notes shall be
issued equal in amount to the National
bank notes retired since 1882 and
hereafter retired. That the present
silver coinage law shall be amended SO
rs to direct the Secretary Il the Treas
ury to purchase all silver bullion offered
at the market price, not to exceed 81
for S7i.25 grains pure silver, and issue
Treasury notes in payment When the
price Is for TX months In excess Of the
above figures purchases are to be sus-
pended and coinage is TO be free, the
bullion owner. being privileged to re-
ceive standard dollars or Treasury notes,
Mt his own pleasure. No more certifi-
Gates are to be issued and those in use
are to be replaced with Treasury notes
When the minis Of France, Belgium
and Italy are opened to free silver
coinage at ratio Of 15X ounces Of
silver to ounce Of gold, the President
shall, by proclamation, prohibit the
further coinage OF the standard 4l2x
grain dollar. receive deposits OF silver
bullion for coinage at the rate Of 81 for
800 grains pure silver (the coin or Treas
ury notes therefor to be issued within
one year after the proclamation).
The new dollar is to contain 400 grains
OF standard silver, be legal tender and
they are to be coined ut q rate OF not
less than So, 500 900 monthly, until $780,
900. 900 Is coined, when the coinage is to
be continued at the discretion OF the
Secretary recoining the present stand
ard dollar and bullion on hand.
At tho discretion OF the Secretary he
may also cause standard silver bars to
be paid in redemption OF United States
Treasury notes at the rate o: 81 for 400
grains
The amendment proposed by Mr..
Plumb (Which is the same in terms as
the bill above described) was offered in
lieu of all after the enacting clause Of
tho Paddock bill now on the Senate
calendar, to amond the statute so as to
provide for the organization of National
banks with less capital than $50, 900.
CONSIDERING THE SITUATION.
WASHINGTON, Dec. 1O.-Financial leg
islation Is what the attention Of Con-
gress and the Administration is cen.
tered upon. This does not yet show
upon the surface. Congress Is appar-
emily engaged with the elections bill
and miscellaneous matters but the
daily proceedings are only pro Jorm0
The real issue, the one to which the
most thought is being given, is the
financial question. There was con-
ference Saturday night and there was
another last night There was further
comforting to-day There will be more
talk on the subject at the Cabinet meet
ing tomorrow The big men in the
Senate and House are giving only pass
ing notice to what is transporting on the
floor. They are shut up in committee
rooms by day and they gather at APP
pointed places by night to exchange
views and to shape financial measure
which can command united Repub-
lican support and can be put
through in short order when
once produced. The necessity Of prompt
ness in this matter is being urged upon
the President daily. Bliss and Selig-
man, OF New York. came over and Wis
tied the White House as the bearers Of
an urgent message from the moneyed
men of New York. St. John and other
New York bankers spent Sunday here
in consultation with Senators These
men express hopeful views when they
talk for publication, but to the Presi-
dent and to Senators they present the
gravity Of the situation in strong terms.
They ask for legislation which shall
satisfy the business interests OF two
things One Of these things is moro
money. The other is definite and per-
manent financial policy on the part Of
the Administration. These bankers
have assured the Administration that
the trouble is now too deep-seated for
temporary expedients. Awant OF conf
dence exists It is such want as can
not be relieved by letting out few
millions from the Treasury. One Of
these bankers frankly said in the con-
ference that he had more money in his
vaults than he needed.
Said he: II have between 100000
and 81, OOO, 900 in cash lying idle f is
that much over and above what l need
for the ordinary demands Of my bust
ness. can lend It would be glad
TO- Why don't ~ Because ! am afraid.
/ can't see ahead. Others are like me.
We have all lost confidence Those
v,ho howa Unk rno,av ara h0ldluY IN IN