The Providence news. (Providence [R.I.]) 1891-1906, 1893-01-10
ORDERED TO THE HOUSE
Andrew Banking and Bullion Pur-
chase Repeal Bill.
Gates AMENDMENT ADOPTED.
The stewart Free Coinage Biii Voted
Down-Free Coinage Men Beaten Badly
-Commissioner Raum's Latest Fig
ures Place Deficiency mt s13, 100000.

WASHINGTON, Jan. 10.--The House com
mittee on banking and currency yester-
day, by decisive vote, pushed the An
drew banking and bullion repeal bill,
with the "Cate" amendment for the coin
age OF silver bullion now in the treasury,
through the committee and ordered its
report TO the House.
This was done in pursuance OF the plan
of the opponents of the Sherman silver
law TO get repeal bill on the calendar at
the earliest possible moment in order to
work out practical legislation at this ses-
sion, il possible. All propositions involv-
ing delay were voted down.
When the committee took up the bill
Saturday, Mr.. Cox OF Tennessee offered a
substitute for the entire bill. Yesterday
Mr.. Cox withdrew the substitute and Of
fered an amendment repeating the tax on
state bank circulation, as an independent
section Of the bill.
This was voted down by eleven to one.
He then offered an anlendment that cir
culation TO the extent OF the par value of
the bonds deposited by the bank be is
sued TO such institutions, that the tax on
circulation be repealed ana that the law
requiring five per cent. reserve also be
repealed, SO that the banks would receive
their circulation clear OF any expense;
the bonds deposited to secure such circu-
lation, TO the extent OF the circulation,
shall cease, while the same il being used
by the banks. This was defeated.
Mr.. Townsend OF Colorado offered the
Stewart free coinage bill. This was voted
down. Mr.. Townsend also moved that
the committee permit those who were
In Favor OF Free Coinage
an opportunity to be heard before the
committee and that the secretary of the
treasury, the director of the mint, and
Others, be asked TO appear. The motion
was defeated, s to 4.
The Cate amendment was then adopted
by the same vote and then Mr.. Cate was
authorized to report the bill, as agreed TO
In sections, by a vote OF to 4.
The bill as agreed upon provides that
national banks, upon deposit OF interest
bearing United States bonds, shall be en-
Titled TO receive circulating notes TO the
full par value OF the bonds deposited. At
present 80 per cent is the limit.
Section reduces the tax on national
bank circulation from " to u OF | per
cent each half year. Section 3 repeals the
sherman silver bullion purchase act. Sec
tion Is the Cate amendment and amends
the coinage section OF the Sherman act so
rs to read as follows:
THAT the secretary OF the treasury shall
coin into standard silver dollars so much OF
fhe silver bullion purchased usder the pro-
visions OF this act, as may be necessary to
provide for the redemption OF the treasury
notes herein provided for, and shall coin
from time TO time, into standard silver dol
lars, the remainder OF such bullion for the
uses OF the treasury, as speedily as the de
mands upon the treasury may render practi
cable the payment out OF the treasury OF such
standard silver dollars. and such standard
silver dollars coined under this provision Of
this act for the uses OF the treasury shall b,
covered into the treasury as miscellaneous
receipt, and any gain or seniorage arising
from any such coinage shall be accounted foI
and paid into the treasury"
1t Is expected that there will be a bitter
fight over the bill in the House.