The Van Buren press., 1893-12-23
Senator Voorhees, Introduces . New
Financial Bill.

The long expected financial bill made Its ap-
pesfance in the Senate Wednesday Of last week,
being introduced by Senator Voorhees,, who
CHI hsmpioned the cause Of repeal In the recent
silver contest. II provides for the coinage Of
the seigniorage, or profit from the silver
coined and purchased under the Bland and
Sherman acts at the rate of a, 600 900 . month;
the purchase latter that coinage Is completely
OF e. 600 0OO worth Of bullion month the with
drawal of all notes Of less denomination than
SO; the withdrawal Of the $3.50 and IS gold
coin, and the appointment offve commissioners
to an international conference for the establish
ment Of ratio between gold and silver. The
bill was referred to the Committee on Finance.
Inasmuch as Mr. voorhees, represented the
administration In the repeal contest 1t might
be inferred that the wishes Of the President and
Secretary Carlisle were expressed in the bill.
This, however, when the question was asked
him direct MI. Voorhees, denied.
"No," he said. a. l am solely responsible for
the bill. 1t IL In no sense IN administration
measure, tits not the result ofa word Of con-
sultation with any one. It will be carefully
considered In committee and come before the
Senate some time after the holidays. 1t will not
be allowed to get in the way Of the tariff bill.
but will be taken up under proper circum-
stances. l think it will pass the Senate by .
large majority. 1t would cure the present de-
ficiency In the Treasury II the whole Of the
could be made available at once
Certainly no one will be surprised" added
Mr.. VOORHEES,. by my introduction Of such q
bill, Indeed IT would have been very sur
prising had not done 20. 1t had all the time
been my openly declared purpose in the Senate
and in all other proper places, to follow the re-
peal of the Sherman act with other and wiser
and safer legislation on the subject Of silver
only. have never for moment thought the
coinage and use OF silver was too close In this
On the contrary, the repeal Of the
Sherman act pledges the government to the use
and coinage Of gold and silver money alike. A.
part of our domestic currency, we can, In this
and with great ad vantage to our peo-
ple use large amount OF silver. France, with
one half our population, carries over 10000 900
of silver money In circulation, and maintains its
parity with gold at a ratio of Is to /. while do
ing business on . gold basis with foreign ma
tons around her. Admitting that, for the pres-
ent at least we are driven to transact our
commercial affairs abroad according to q gold
stan dard yet our gigantic progress and home de-
velopment pushed on by of TO- 100000 OF people,
will absorb 81 900 900 of silver currency with
out undue imitation, disturbance or deprecia'
ton"
The full text ofthe bill IL ~ follows:
BE 1t enacted, etc., That the seigniorage, or
profit fund.- which has resulted from the coinage
Of silver bullion under the acts Of February 70.
1873, and July a. 1890. or which would result
from the coinage Of such bullion, shall be
coined Into silver dollars Of standard weight
and inenesA with full legal tender quality at the
rate Of not less than q 100, 900 per month, and
such dollars shall be covered into tho Treasury.
Sec. 2. That when all the seigniorage, or
profit fund, bullion specified In the nrst section
OF this act have been coined as therein d.
reted, 1t shall be the duty Of the Secretary Of
the Treasury to purchase each month silver
bullion, at the market value, In quantities sum-
cient to coin not less than 100000 each and
every mouth; and he Ia hereby directed to coin
the said bullion monthly, as fast a. p urchascd.
into standard silver dollars and . sum sum-
cient to carry into effect the provisions .of this
act is hereby Appropriated out Of any money in
the T reasury not otherwise appropriated.
Sec. 3. That when any paper circulating notes
or certificates of whatsoever character, of de-
nominations less than go. issued under authori.
ty of the United States, except national bank
notes or certificates redeemable only In silver
dollars, shall be received at the Treasury, or
any sub-treasury they shall not be reissued
but shall be assorted. counted recorded and
destroyed in accordance with the
existing provisions Of law; and as rapidly as
said notes or certificates are destroyed they shall
be replaced by an equal amount Of like notes or
certificates of denominations Of not less than SO
Sec. 8. That hereafter no national bank note
shall bo issued of less denomination than SO,
and all such national bank notes when received
at the Treasury or any sub treasury shall be
In accordance with law, and the
national banking associations whose notes are
destroyed under the provisions Of this act shall
be respectfully required to substitute notes of
not less than SO In lieu of those
destroyed
Sec. ) That from and after the passage OF this
act the coinage of thes2 80 gold pieces and the
s5 gold pieces is hereby prohibited and tho
coins above named shall not be struck or issued
by the mint Of the United States, and such
coins, when received at the Treasury or any
sub tr easury. shall be withdrawn from circula-
ton and recoined into eagles and double eagles,
In accordance with law.
sec 6. The President Of the United States is
h ereby authorized to appoint ave commission
ers to an International conference, to be
held at . place TO be hereafter desig-
nated. With . view 10 secnse internationally