The times. [volume] (Richmond, Va.) 1890-1903, 1894-04-19
A new SEIGNIORAGE BILL.
One Presented Yesterday to the House
Committee On Coinage.
IT Is ENDORSED BY Mr.. CARLISLE.
Intimated that the New Measure will Prob
ably not be Vetoed-Its Effect on
the State Bank Tax Repeal.
Times BUREAU. RApLEY BUILDING. !
WARRINGTON. April Is. 1891.

u.
WARRINGTON. April Is. 1891
There was quite an undercurrent of
suppressed excitement among the friends
OF silver this morning when for the first
time since the veto of the Bland selgnior-
age bill the Committee on Coinage.
Weights, and Measures held q regular
meeting. During the meeting Mr.. Meyer
presented a bill providing for the coinage
of the silver seigniorage in the Treasury,
and also for the issue of per cent. bonds.
a question was raised i'm the committee
as to the advsablity of presenting an
other bill for the purpose OF another
veto" as one member expressed it. IN
reply to this Mr.. Meyer frankly stated
that the bill he offered had been pre-
sented TO Secretary Carlisle. and after
some changes was endorsed by the Secre-
tary, who also minated that 1t would not
be vetoed If passed.
MR.. CARLISLE DECLINES TO TALA.
The measure was discussed. but no con-
cus.on was reached tonight. Secretary
Carlisle was shown at the Treasury De-
partment the statements made In the
Coinage Committee. He declined 10 dis
cuss the merits of the Meyer bill. it IS
learned. however. that the bill as origi-
nally prepared was presented 10 Mr.. Car
Isle, who, at Mr.. Meyers request, die
tated a revision Of IL, the presumption
being that as revised It met with his APP
proval. IL is not believed, however, that
the matter has been brought 10 the at
tention OF the President, and whether ne
would approve 1t If presented TO him IS
prOblemat.cal. The argument Is made that
the Presidents utterances In his message
vetoing the Bland seignorage bill war
rants the belief that the Meyer bill would
meet with his approval
This Is by all odds the most important
matter Of the day here, and the adV)-
Gates Of silver are in high glee over the
prospects OF fnaliy accomplishing some
thing along the line OF silver legislation.
What effect this proposed legislation Will
have upon the repeal of the tax on state
banks cannot now be estimated The
friends OF the unconditional repeal or the
10 per cent tax have urged that the re-
peal would go a long way toward satisfy
ing the silverites and more money adVJ-
Gates. but as the friends OF the one
measure are friends OF the other il IS
more than probable that both will be
fully launched before the House within
the next few days.
MR.. TURNER'S cADETsHiP.
Congressman Turner Of Virginia. has
determined upon limited competitive
examination among small number OF
young men in his district for the appoint
ment to West Point.
Colonel - Ferrall recOnlmeIned 10 Inc
Secretary of War his stepson, Mr.. Dan
forth, for the position, and Mr. Turner mas
been rotifed OF lne failure of Mr.. Dan
forth TO pass the required physical test,
and requesting another nomination.
The regulations require that these eX-
aminatons shall be made by board
consisting Of a lawyer. physician. ana 4
professor. and Mr.. Turner has selected
MIR. James Hay of Madison, Dr. W. >
Love of Winchester, and Professor Hocn-
shall of Warren. to serve as such board
10 RI
at Front Royal on May 18th.
Mr. Turner has made up the list OF
those who viii enter the competitive eN-
animation.
Mr.. DANIEL FoR The REPEAL or THE TAy.
Senator Daniel. who was an open, fear
less advocate OF the repeal OF the 10 per
cent. tax on State banks when the subject
was but an uniformed idea III the minds or
many of those who are It's Jealous cham
pions now, is highly pleased at the popu-
iarity OF the measure in the House, anu
assures the advocates OF the measure ms
cordial cooperation and assistance. tie
favors unconditional repeal. and desires
as little Federal interference as possible,
and was much pleased during "A recent
interview with Secretary Carlisle 10 know
that he also was on the side of repeal,
and believed IL possible for state banks 10
issue currency which, with the proper
safeguards would be both safe and
elastic.
Judge A. W. Wallace and his brother.
Cant G Wistar Wallace, OF Fredericks-
burg. were the guests OF Congressman |
Meredith in the members gallery OF the
House this morning.
MR. swANsoSs NEW FEATURES or BILL.
Mr.. Swanson, who has always been an |
earnest advocate OF the repeal OF the ID |
per cent. tax on State bank issues, ana |
has done more than anyone else ~ work |
up the present sentiment, and 10 whom, |
If repeal is accomplished. more Is in |
debted than 10 any other member OF the |
House. is still actively al work Tor tne |
success Of the measure iesteFHay ne
completed a thorough and careful poll |
of the House on the different propositions |
advanced by the friends OF repeal, and |
found one hundred and twenty-one Demo
Gratis In favor OF unconditional repeal |
thirty-seyen in favor OF repeal with 'e-
strictions: thirty-one opposed TO repeal |
in any form, and t"enty-seNeh absent
and undecided
There are very few Democrats actively |
opposed 10 repeal Since the adoption Cf |
the present rule chances favor succ ,ss.
There is certainly strength enough IN |
the House 10 pass the measure, provided
the advocates OF this can reach concur
renee.
the different elements favoring repeal to
on a measure which VIII not |
have Federal control and supervision but |
will have safeguards agreeable TO those
VINO 90 not ldFOI uHtOnullioHdl repeal
his PRoPoTTIoS.
To accomplish this he proposes meas
ure providing that the 10 per cent. tax |
shall be repealed upon the Issue of all |
banks, which contains the following con-
ditions
First. No bank shall issue over 10 per
cent IN excess OF its paid-up and unim-
paired capital.
Second The issue shall be the first pre-
ferred lien on all the assets Of the bank
Third The stockholders shall be ,or-
sonallv liable for the Issue 10 an amount |
equal to the stock possessed by .ae'r.
Trprth The issue shall be edeemlhle |
on nresentation at the bank in legal
tender notes OF the United states;
The states can insert any additional
provision that they deem advisable.
If these provisions are In the chlrter
the issue shall not be Halle 70 taxation.
m they are not the taxation shall con-
tinue. ~, ,....,. ..,,,
he guaranteed I'm all the States.
The extent of Federal control will be-
limited 10 the examination OF the char
ters to ascertain whether these provisions |
are included Their execution and admin
stration shall be left TO the State au-
thOrities.
These provisions will guarantee n safe
and elastic currency
Mr. Swanson favors unconditional re-
peal but is willing 10 make these conces-
,ions 10 be able 10 procure favorable leg
Station. and thinks IL decidedly better
'or the party TO make mutual concessions !
md comprornises so as 10 he able 10 !
,oos eorpe measure for the relief of the |