Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-08-21
opinion, saying be had not yet decided
whether he would even speak on the
question or not.
GOES VOORHEES, ONE BETTER.

Circulation of the National Banks SOY =
600.
WASHINGTON, D. c., August 2O.-lt
is the expectation Of the free coinage
men in the House that whatever be the
result on the various votes on repeal,
conditional or unconditional, on the
2sth, the Senate Will within short time
pass the Voorhees, bill to increase the
volume Of national bank notes and send
the measure to the House for its con-
eurrence. People who expect the House
10 adopt this proposition in toto and
with promptitude are likely TO be dis
appointed.
Ii will give rise to prolonged debate,
and the silver men are preparing TO
meet the VOORHEES, bill with an even
more liberal proposition. They are to
propose a measure which instead OF
swelling national bank currency Sl9, =
OOO, 600 as contemplated by the Voor-
hees bill, would Increase this circula
tion TO SIS, GOO. 900 and at tho same time
satisfy the demands OF a strong ele-
ment Of the American people by
making ii impossible for the national
banks to increase or diminish at will
the volume OF circulating currency.
The measure which is being discussed
BY the silver men as counter PROPOSE
tion 10 the Voorhees, bill, has been
drawn by Representative Bailey, Of
Texas, an ardent bi-metallist, who Is
known in the secret camps OF the free
coinage men TO be the real author OF
the free coinage bill now pending In the
House as the proposition TO be offered
by Mr.. Bland as the substitute of the
Wilson repeating bill. Mr.. Bailey's ma
tlonal Oank bill Is as follows:
A bill 10 increase the currency and TO
provide for the redemption thereof and
for other purposes.
Section l. 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 in
terest at the rate OF per cent per an
mum may surrender said bonds TO the
Treasurer OF the United States to be
cancelled aud 20 receive in lieu thereof,
An amount OF national bank notes,
which added TO the amount OF notes
heretofore issued 10 said bank, shall be
equal TO one hundred and twenty cents
for each dollar specified 10 said bonds.
Section 2-Any bank which shall sur
render its bonds in accordance with the
first section Of this act, shall thereafter
be and remain exempt from the tax OF
one per cent. now required TO be paid
uDon its circulation.
Section 3-The Treasurer OF the
United States shall return TO any bank
which has surrendered its bonds in &C
cordance with the first section Of this
act, the amount which may be in the
Treasury to the credit Of such bank on
.ccount 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 snail sur
render their bonds In accordance with
the first section OF this act; and in order
20 provide for the redemption OF said
notes, the Secretary OF the Treasury Is
hereby directed 10 have coined into
standard silveIa dollars all Of the
silver bullion now in the treasury,
except so much thereof as may be suf-
fcient TO redeem the coin notes issued
under the act OF July IA, 1890, entitled,
An act directing the purchase Of bull
lion and the issue Of the treasury notes
thereon, and for other purposes" and
the said silver dollars shall be reserved
as a spacial fund TO redeem such OF said
notes as may be presented for redemp-
tiOn.
Section 5-The additional notes is
sued 10 any bank uuder the first section
of this act shall be uniform in all re-
spects with the notes heretofore issued
10 the same bank, and may be counted
as a part OF the lawful reserve which
the law requires national banks to hold,
and the said additional notes shall be
receivable the same as is provided by
law for the notes heretofore issued, and
when received By the Treasury shall be
Ieissued the same as is now provided by
law for United States notes.
Ia explaining MS measure and the
proposition OF himself and many OF his
free coinage colleagues on the National
bank question Mr.. Baily to-day said
There are about S169, 600, 900 Of these
four per cent bonds deposited TO secure
a circulation OF about Sl45, 900, 900. My
proposition would increase this circuls-
zion over S5I, 900, 900 directly and would
Indirectly add over S7.OOO,Ooo more by
releasing the sums held in the Treas
ury for redemption purposes, max
ing total increase Of more than $751;
900, 900.
Besides this, it would save the tax
payers Of the country over six million
dollars in annual interest. The banks
In every part OF the country would md
IL profitable to surrender their bonds
and take this additional circulation, but
il would be especially profitable to the
banks In those sections where the rate
OF interest is the highest, and these are
the very sections which stand most In
need cf this increase"