The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-04-08
A NEW GOVERNMENT BOND.
Representative Meyer Introduces
Bill on the Subject.

Washington. April IA bill was intro
duced in the House to-day which exactly
falls in with statements made by well
Informed treasury officials as to pro-
jected admins tration measure, combining
authority to issue per cent. bonds and
protect the gold reserve. and to proceed
with the coinage Of the silver seigulorage.
The Louisiana senator's, and most
of her representatives, have supported
the discarded policy of the adminlstra-
ton on the silver question. Representa-
tive Adolph Meyer, of New Orleans, has
apparently been chosen as the sponsor Tor
the bill, which. according TO published
reports. meets the approval OF President
Cleveland and Secretary Carlisle Mr..
Movers bill repeats so much of the specie
resumption act as as authorizes the Secre-
tary of the Treasury to issue and sell
bonds of the United States, bearing in
terest at the rate of per cent, "A and
5 per cent. respectively, and in lieu of
these bonds, the Secretary OF the Treas
ury is authorized TO issue and sell coupon
or registered bonds of the United States
in denominations OF so ana
multiples thereof, payable in coin five
years after date, bearing interest at
rate not exceeding 3 per cent per annum,
payable quarterly in "coin,' and TO sell
and dispose of them for coin at not less
than par The bonds shall have like
qualities and exemptions as the bonds
authorized by the act of July IA, 1873, and
the secretary shall hold and use the pro
ceeds of the bonds for the purpose speci-
fed in said act. and the act entitled IAN
act directing the purchase of silver bull
ion and the Issue of treasury notes there
on, and for other purposes approved
July IA, 1890.
The Secretary of the Treasury is au-
thorized by section 2 to issue and sell
bonds of the character and description
mentioned at not less than par, in coin, and
apply the proceeds thereof to the redemp-
ton of the 10-year per cent bonds now
outstanding, or he may exchange the
same for such l0-year > per cent bonds,
but in making such exchanges and re-
demptions the 5 per cent bonds shall be
received at the treasury at price not
less favorable to the government than 3
per cent basis on the investment in said
5 per cent bond for the period they have
run, from the date of such redemption or
exchange.
COINAGE OF THE BULLION.
BY section the Secretary of the
Treasury is authorized and directed to
coin into standard silver dollars, as
rapidly as practicable, A., 900, 245 fine
ounces of the silver bullion now held in
y
paid monthly into the treasury as mis-
cellaneous receipts, and such dollars shall
be a legal tender at their nominal value,
for all debts and dues, public and private,
except where otherwise expressly stipu-
lated in the contract. The secretary may
issue certificates on said coin in the
forms and of the denominations now
authorized by law, which certificates
shall be receivable for customs, taxes and
all public dues, and when so received may
be reiSsued.
Section provides that the Secretary of
the Treasury may receive silver certif-
Gates on deposit without interest from
any national banking association, in sums
of not less than 5000, payable on demand
in silver certificates, or in standard dol
lars, at the places where the deposits
were made. The certificates so deposited
shall not be counted as part of the lawful
money reserve of the association, but the
certificates issued therefor may be
counted as a part of its lawful money re-
serve, and may be accepted in the settle
ment of clearing house balances at the
places where the deposits therefor were
made.