Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1894-04-08
SEIGNIoRAGE BILL.
An ADMINISTRATION MEASURE.
Representative Adoiph Meyer, Of New
Orissns, It's sponsor--Abstract
Of Its Provisions.

WASHINGTON. d. C.. April IA bill
was introduced In the House to-day which
exactly falls In with statements made by
well-informed Treasury officials as to
projected administration measure, COM
binlng authority to issue 3-per-cent. bonds
and protect the gold reserve and to pro-
coed with the coinage of the silver seig-
niorage. Louisiana's senators and most
of her representatives have supported
the discarded policy Of the administra-
ton on the silver question. Adolph
Meyer. OF New Orleans, has apparently
been chosen as sponsor for the bin, which,
according to published report, meets the
approval of the President and Secretary
Carlisle
Mr.. Meyers bill repeats SO much Of the
specie-resumption act as authorizes the
Secretary Of the Treasury 10 issue and
sell bonds of the United States bearing
interest at the rate Of 4, AZ. and per
cent respectively; and in lieu Of these
bonds the Secretary OF tho Treasury Is
authorized to issue and sell coupon or
registered bonds OF the United States
of the denomination of $50 and multipies
thereof, payable in coin five years after
date. bearing interest at a rate not ex-
ceeding per cent. per annum, payable
quarterly "in COIN" and TO sell and dis
pose OF them for Coin at not less than
par. The bonds shall have like quail
ties and exemptions as the bonds autho-
rized by the act Of July H. 1915. and the
NsaaR 60 - II -
ceeds of the bonds for the purposes spe-
Cited in said act, ard the act entitled
IAN act directing the purchase of silver
bullion and the issue OF Treasury notes
thereon, and for other purposes" APP
proved July H. 1880.
The Secretary of the Treasury Is au-
thorized by section TO sell bonds of the
character and description mentioned at
not less than par. and apply the pro-
ceeds thereof to the redemption or ten
year per cent. bonds outstanding, or he
may exchange the same for such ten-year
b per cent. bonds, but in making such ex-
change and redemption per cent. bonds
shall be received at the Treasury at a
price not less favorable TO the govern
ment than per cent basis on an in
vestment in said per cent bonds for
the period they have 10 run from the date
OF sucn redemption or exchange.
SILVER COINAGE.
BY section 3 the Secretary Of the Urea
sury is authorized and directed TO coin
into standard silver dollars. as speedily az
practicable, ~. 4i6, 225 fine ounces of the sill
yer bullion now held in the Treasury, and
such dollars shall be q legal tender at
their nominal value for all debts and dues,
public and private, except where otherwise
expressly stipulated in the contract. The
Secretary may issue certificates on said
coin in the forms and OF the denomina-
tons now authorized by law, which GER
tincates 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 certiii-
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 silver
dollars at the places where the deposits
are 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 reserve.
and may be accepted in payment OF clear
ing-house balances at the places where the
deposits therefor are made.