The Providence news. (Providence [R.I.]) 1891-1906, 1893-12-15
A MN SILVER BILL.
Coinage Of III, Seisniorase Proposed
BY Mr.. VOORHEES,.
MONTHLY PURCHASE OF BULLION
To the Extent of Sc, oOc, 600 VIII Then
Follow-Mr. voorhees, Evidently Does
Not Know the Meaning of Defeat
Still Bound to His Idols.

WASHINGTON. Dec. Ex-senator voor-
aces introduced in the senate his long
promised financial bill. 1t provides for the
coinage of the silver seigniorage at the
rate of g, 100000 MONTH for the pur-
chase and coinage of s2,O00,000 worth OF
silver month after the coinage of the
seigniorage; for the retirement of paper
currency of less denominations than $40;
for the retirement of all gold coins of less
denomination than $40, and for the ap-
pointment of an international commits
sion.
The bill provides in detail that tn.
seigniorage or profit fund which has re
suited from the coinage of silver bullion
under the Bland and Sherman acts, OF
which should result from such coinage
shall be coined into silver dollars OF
standard weight and fineness with full
legal tender quality, at the rate of not
less than S2,000,000 per month, and that
such dollars shall be covered into the
treasury. The silver purchase section is
as follows:
"That when all the seigniorage bullion
has been coined il shall be the duty OF
the secretary of the treasury to purchase
each month silver bullion at the market
value in quantities sufficient to coin not
less than 100000 each month" The
secretary is directed to coin the bullion
promptly each month as fast as purchased
into standard silver dollars.
II is also provided thai when any paper
circulating notes or certificates of less de
nominations than $40, except national
bank notes or certificates redeemable only
In silver dollars, shall be secured at the
treasury, they shall not be reissued, but
shall be replaced by an equal amount OF
like notes or certificates of denominations
of not less than Sl0
Hereafter no national bank notes of less
denominations than $40 are TO be issued.
The bill also prohibits further coinage of
e. l-2 and S. gold pieces. The bill also
makes provision for the appointment of
five commissioners TO an international
conference to be held at place to be here
after designated. with view TO secure in
ternationally fixity of relative value be-
tween gold and silver as money by means
of a common ratio between these metals
with free mintage at such ratio. The sum
of $4,000 is appropriated to carry this
clause Of the bill into effect.
The TariG.
The tariff had n comparative rest yes
terday. There were no meetings of sub
committees or of the full committee
Chairman Wilson is engaged in preparing
the majority report, which is to be sub
mitted next Tuesday.
1--WE are devoting our time TO reading
the protests against the BILL" said Repre-.
sentative Montgomery, as he emerged
with handful of letters. at Is not ex.
pected that any further action will De
taken on the internal revenue features OF
the bill until all the members Of the ma
jority may be i'm the city TO consider IL.
The individual or corporate income tax
must be settled before the committee can
proceed. A question has arisen as to
whether the income tax can be levied in
time TO derive revenue for the next fiscal
year, as it has been stated that the tax
would have 90 he levied on incomes Of tho
year following the time when the law goes
into effect"
Mr.. Bryan, who Is pressing the straight-
out income tax plan, says that the tax
would be levied on incomes of the calen.
dar and not the fiscal year, and that If an
income tax Is adopted, IL will be on in.
comes from Jan. 1, 1894, TO Dec. 81 Of that
year, and the taxes will fall due i'm Jan
nary. 1895, and be available for the ex
penses OF the fiscal year ending June 30,
1895
While there is great deal Of talk about
opposition to the bill 1t is thus far in.