Los Angeles herald., 1890-06-06

of the treasury shall coin such portion
of the bullion purchased as may be
necessary to provide for the redemption
of the treasury notes provided for.
Section provides that the silver bull
lion purchased under this act shall be
subject to the requirements of the ex-
isting laws and regulations of the mint
service.
Section 5 provides that so much Of the
act of February 28, 1878, as requires the
monthly purchase and coinage of not
less than two million nor more than
four million dollars worth of silver bull
lion, shall be repealed.
Section provides that whenever the
market price of silver, as determined in
pursuance of section l, is one dollar for
371.25 grains of pure silver, it shall be
lawful for the owner of any silver bullion
to deposit the same at any coinage mint
of the United States, to be coined into
standard silver dollars for his benefit, as
provided in the act of January Is, 1873.
Section provides that upon the pas
sage of the act the balances standing
with the treasurer to the credit
OF national banks for deposits
to redeem circulating notes, and
all deposits thereafter received
for like purpose, shall be conveyed
into the treasury as miscellaneous re-
ceipts, and the treasurer shall redeem
from the general cash the circulating
notes of the bank which come into his
possession, subject to redemption. Upon
certificate of the comptroller of the cur
rency, such notes shall be destroyed and
no new ones issued in their place. Re-
L.. Tho rl~., IL
be made to the treasurer from
an appropriation hereby created to
be known as the national bank notes
shall not apply to deposits received
1874, requiring national banks to keep
with the treasurer sum equal to 5 per
cent. of their circulation, to be held and
used for the redemption of circulating
notes and the balance remaining of the
deposits so covered, shall, at the close of
each month, be reported in the monthly
public debt statement as debt bearing
no interest.
Section s provides that the act shall
take effect thirty days after it's passage.
McComas moved to add to section 6
"and the purchase of silver bullion shall
be suspended while it is being so de-
posted for coinage"
TAYLOR, of Illinois, offered an amend
ment to the original bill, providing that
if the net amount of silver bullion re-
ceived is less than $2,000,000 in any one
month the secretary of the treasury
shall make up the deficiency in the.next
month.
ODonnell, of Michigan, moved to
amend the amendment by making the
amount $3,000,O00. This exhausted all
the amendments which could be offered
under the rules, and, although Bland
demanded recognition, he was ignored
by the speaker.
Conger, of Iowa, said the bill before
the house was not entirely satisfactory
to himself, but it was bill the majority
believed would greatly improve the
present status and make long
stride in the direction the gov
ernment ought to go. He believed
in silver, and that the country should
have free coinage at fixed ratio at the
earliest possible day, but it should be
reached under safe and permanent con-
ditions This bill was long step
toward free coinage. He spoke of the
lobby maintained by mine-owners de-
manding free coinage of silver immedi-
ately. This was not in the interest of
bi-metalism, but in the interest of sim
gle silver standard, which would Mexi-
canize this country.
Williams, of Illinois, spoke in favor of
the free coinage of silver. He had no
doubt the corn-burners of Kansas, who
were in favor of the free coinage of silver,
would rather ask the aid of Democratic
votes than accept this unsound measure
fresh from the hands of the Republican
caucus. He had some curiosity to see
whether those members on the other
side who represented constituencies in
favor of free coinage, had greater devo-
ton for their people than for
the secretary of the treasury and his adj
ministration.
Taylor, of Illinois, spoke in favor of
the bill, and Lanham, of Texas, op-
posed it.
Pending further debate the house
adjourned.