New-York tribune., 1894-04-08
Is9tTWENTl-FOUR PAGES
FOR A NEW BOND ISSUE.
A BILL SAID TO HAVE THE ADMINISTRA-
TONS APPROVAL.
THE COINAGE OF OVER 100000 OUNCES

or SILVER
Washington, April IA bill was introduced in
the House to-day which exactly falls in with
certain statements made by well-informed Treas
ury officials to d projected Administration
measure combining authority to issue 3 per cent
bonds to protect the gold reserve and to proceed
with the coinage OF the silver seignorage.
Louisiana is the only Southern State most Of
whose Senators and members have supported the
declared policy OF the Administration the
silver question.
Adolph Meyer, of w-Orleans. has apparently
been chosen the sponsor OF the BILL which.
according to reports previously received, meets
the approval of President Cleveland and Secre-
tary Carlisle. Mr.. Meyers bill repeals so much
of the Specie Resumption act OF 1919 as author
ICES the Secretary Of the Treasury to issue and
sell bonds of the United States bearing interest
at the rate Of per cent Az and per cent re-
spectivey; and in lieu Of these bonds the Secre-
tary Of the Treasury is authorized TO issue and
sell coupon or registered bonds Of the United
States In denominations of $40 and multpes
thereof. payable in coin after five years from
date, bearing interest at rate not exceeding
8 per cent per annum, payable quarterly IN
coin" and to sell and dispose OF them for coin
al not less than par.
The bonds shall have like qualities ana eX-
1875. and the Secretary shah hold and use the
proceeds Of the bonds for the purpose speclhed
in said act and the act entitled "An Act Di-
recting the Purchase of Silver Bullion and the
Issue OF Treasury Notes Thereon and for Other
Purposes" approved July IA. 1890.
The Secretary of the Treasury is authorized py
Section TO issue and sell bonds OF the character
and description mentioned at not less than par
in COIN and apply the proceeds thereof TO 'he
redemption of the ten-year per cent bonds no"
outstanding, he may exchange the same iol
ten-year ) per cent bonds. but III making suCH
exchanges and redemptions the per cent bonus
shall be received at the Treasury at price h"s
loss favorable to the Government than =
per cent basis on the investment IN saiu pei
cent bonds for the period they have 10 run iio'''
he date Of such redemption or exchange.
Rv Section the Secretary OF the treasury Il
authorized and directed 10 coin into stanlard
silver dollars. as rapidly as pracucaoe' f-,ioY, ~
OK fine ounces OF the silver bullion now held IN
the Treasury and the said coins are TO ne laid
monthly into the Treasury as miscellaneous re-
ce!pts and such dollars shall be a leedl-'e'u'I
at their nominal value for all deDts ana uu'S'
public and private except where Otherwise eN-
pressly stipulated In the contract Ihe Secre-
tary may issue certificates on the com III t'y
forms and Of the denominations now authorized
ny law which certificates shall be receiVaDle Tor
customs taxes and al public dues. ana when so
received may BE- reis ued . 49,.
Section provides that the Secretary or the
Treasury may receive silver certificates on de-
posit without interest from any national b%dnh- %
ing association. in sums OF not less thah s''oVo'
navable on demand in silver certificates, or in
standard dollars, at the places where the d"-
posits were made. The certificates 81 dep'sl'ei
shall not be counted as part OF the lawiui money
reserve of the assoca tion but the certificates Is
sued therefor may be counted as part OF lts
lawful money reserve. and may be accepted IN
the settlement OF clearing house balances al Ihe
places where the deposits therefor were MADE.
The text OF Mr.. Wolcotts Mexican silver coin
age resolution, which received the unexpected
support of Mr.. Lodge. Of Massachusetts,. In the
Senate on Friday last. and has been laid over
subject to call. because Of the absence 0f MI.
Wolcott its author is as follows:
Resolved. That the President or the inlted states
with a view TO encourage and extend our com
mercial relations with China and other Asiauc
countries be requested to enter into negotiations
with the Republic OF Mexico. looking TO the coliat
by the United States at It's mints. of s'an1ar,I
Mexican dollars. under some proper agreement WIN
the said Republic OF Mexico as TO seisniordkc'
method and amount OF said coinage, ana that n"
be further requested TO report the result OF his
negotiations to the Senate.
There may be an interesting discussion on thls
resolution when again called up.