, 1890-06-12


tho trcnsury shnii coin such portion OF
Tho bullion purchased ms Is necessary to
provide for the redemption OF the treas
ury noies provided for,
Election 4 provides that tho silver
bullion purchased under this act shall
bc subject to tho requirements of the ex-
isting laws aud regulations Of tho mint
service.
Section o provides that 80 much of tho
act OF 1873 as required the monthly
purchase and coinage Of not less than
~ ooo,oQ0 nor moro than 1900, 900 worth
Of silver bullion bc repealed.
Section O provides that whenever the
market price OF silver as determined in
pursuance OF section 1, Is 81 for
37i.so grains OF pure silver II
shall bc lawful for the owner
OF any silver bullion TO deposit the
same at any coinage mint in tho United
states, to be coined into standard silver
dollars for his benefit
sectton provides that upon the pas
sage ot the act the balances standing
with the treasurer to tho credit of the
national banks for deposits TO redeem
their circulating notes, and nli deposits
thereattcr received for a like purpose,
shall be converted into the trcnsury as
miscellaneous receipts, and tho treas
urer shall redeem irom tho general cash
tie circulating notes OF tho banks which
como Into his possession subject to re-
dcmpiion. Upon the certificate OF the
CON ptrollcr Of the currency. such notes
shall bo Destroyed and no new ones is
sued In their place, tho reiuIbursIng of
the amount 10 he made to tho treasurer
nom the appropriation hereby created,
10 bo known as the national bank note
rcde m ption account but this provision
shall not apply TO deposits received un-
der section 8 Of the act OF June ~, 1879,
requiring tho national banks 10 keep
with tho treasurer a sum equal to 8 per
cont ot the circulation, to be held and
used for the redemption OF their circu-
Iattng notes, and the balance remaining
OF tic deposits so covered shall at the
close Of zach month lie reported on the
monthly public statement as debt bear
Ing no interest.
Section . provides that tho net shall
tako eject three days after Its passage.
AMESDMEsrs orFERrp.
Mr.. McConias moved to add to section
o; And the purchase OF silver bullion
shall be Suspended while 10 is being 20
deposited for coinage"
Mr. Taylor, OF Illinois. offered an
amendment to the original bill provd-
Ing that if the net amount of tho silver
bullion received be less than 5000, 600 !
IL any one month the secretary OF the
treasury shall make up the deficiency In
the neat month.
Mr.. UDonneli, OF Michigan. moved to
amend the amendment by making the
This exhausted all the amendments
which could be offered undar tho rules,
nnd, although Mr.. Bland demanded rec |
ognition, he was ignored by the speaker.
1nE DEBATE ON rnx MIL
Mr.. Conger said that tho bill before
the house was not entirely satisfactory
10 himself but 1t was tho bill of the
mo ojority. and no believed would greatly
improve tho present status, and make
long stride In the direction that the
government ought to go. He believed
Ia silver and that the country should
have free coinage at a fixed ratio at the
earliest possible day. but It shonld be
renched under saio and permanent con-
titions. This bill was long step to-
ward free coinage. lie spoke Of tho
handing the Tree coinage OF silver i'm.
mediately. This was not in the inter.
ssts OF bi -metallism, but In tho interest
,f u single silver standard, which would
this country.
Mr. Williams, Of Illinois, spoke in
'avor of tho free coinage OF silver. He
,ad no doubt that the republican mem
Dcrs who wero in favor of the free coin
ige Of silver would be rather afraid of
votes than OF this unsound
measure, fresh from the hands of the
'epublioan caucus. lie had some curiosity
10 see whether those members on either
'ide VINO represented constituencies in
avor Of free coinage had greater devo-
ion for their people than for the secrc-
AIRY Of the treasury and his admins
ration.
" tho bill and MIR. Lanham, of Texas,
opposed 1t
Pending further debate, the house sd.
ourncl.