The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-08-21
TO INoREAsR CURRENCY,

A Substitute for tho Voorhees, BiII-What
the Free Coinage People will OGer.
WASHINGTON, b, O., August Cot Is
the expectation OF the free coinage men
in the house that whatever be the re.
suit on the various votes on repeal, con-
ditional or unconditional, on the 2Sth,
the senate will within short time pass
the Voorhees, bill TO increase the vol.
ume OF national bank notes and send
the measure 10 the house tor its con-
curronce.
People who expect tho house to
adopt this proposition in toto aud With
promptitude are likely to be disap'
pointed. 1t will give rise to long de-
bate, and tho silver mon arc preparing
to meet tho Voorhees, bill with an even
more liberal proposition, They are to
propose measure which instead OF
swelling national bank currency Sl9,'
100000, rs contemplated by the
Voorhees, bill, would increase. this CIR
culation S5S,0O0,000 and at the same
timo satisfy the demands OF strong
clement OF tho American people by
making it impossible for the national
banks to increase or diminish at will
the volume OF circulating currency.
Tho measure which is being discussed
by the silver men as counter PROPOSE
ton to tho Voorhees, bill has been drawn
by Representative Bailey, Of Texas, an
ardent bi.metallist, who Is known In the
scret camps OF tho free coinage men TO
be the real author OF free coinage bill
now pending In the house, as the propo-
sition to DO offered by Mr.. Bland as the
substitute of the Wilson repeating bill.
Mr., Bailey'a national bank bill is as fol-
lows:
"a bill to increase the currency and
to provide for the redemption thereof,
and for other purposes.
"SEcrIoN /. From and after the pass
age Of this act any bank organized un.
der the laws OF the United States and
having on deposit with the treasurer OF
the United States bonds bearing inter-
est at the rate OF per cent per annum,
may surrender said bonds to the treas.
urer OF the United States to be cam
celled and to receive in lieu thereof IN
amount OF national bank notes, which
added to the amount OF notes heretofore
issued to said bank, shall be equal to
one hundred and twenty cents for each
dollar specified in said bonds. :,
"Section 2. Any bank which shall
surrender Its bonds in accordance with
the first section OF this act, shall there.
after be and remain exempt from the
tax Of ono per cent. now required to be
paid upon It's circulation.
Section 3. The treasurer Of the United
States shall return to any bank which
has surrendered its bonds in accord
ance with the first section OF this oct,
the amount which may be in the treas
ury to the credit OF such bank on &C.
count OF its redemption fund.
-"Section 4. The United States hereby
assumes all notes issued under the first
section of this act and all notes hereto
fore issued by such banks as shall sur
render their bonds in accordance with
the first section of this act; and in or:
der to provide for the redemption OF
said notes, tho secretary of the treasury
ia hereby directed to have coined
into standard silver dollars all of the
silver bullion now in the treasury,
except go much thereof as may be
sufficient to redeem the coin notes is.
sued under the act OF July ii, 1890, on.
titled AN act directing tho purchase OF
bullion and the issue OF tho treasury
notes thereon aud for other purposes,
and the said silver dollars shall be re-
served as a special fund to redeem such
OF said notes as may be presented for
redemption.
"section s. Tho additional notes is-
sued to any bank under the first section
Of this act shall be uniform in all re:
spects with the notes heretofore issued
to tho same bank and may be counted
as q part OF tho lawful reserve which
the law requires national banks to hold,
and the said additional notes shall be
receivable tho same as Is provided By
law for the notes heretofore issued,
and whom received by tho treasury
shall be reissued the same as is now
provided by the law for United States
notes..
In explaining his measure and the
position Of himself and many OF his free
coinage colleagues on tho national
bank question, MIR. Bailey to-day said
'Thore are about SlG2 900 900 OF these
four per cent. bonds deposited to secure
a circulation OF about $l45009,000. My
proposition would increase this circu
iation over S5l, 100000 directly and in
directly add over $7,000,000 moro b.
releasing tho sums held in the treasury
for tho redemption purposes. making
total increase OF moro than SOS, 100000
Besides this, IL would savo tho tax
PAYERS OF tho country over six million
dollars in annual interest. The
banks in every part OF tho. coun
try would find it profitable L
surrender their bonds aud take thiI
additional circulation, but II would bt
especially profitable to tue banks II
those sections whore tho rate ot intcr
ost is tho highest, and these arc tht
: very actions which stand most In ncot