The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1895-01-12
NOBODY HEEDS THEM MUCH,
Believing the Matter Dead for This
Session.
WILD TALK OF AN EXTRA SESSION.
Democratic Leaders Most Emphatically
Deny That the President Will
Be Induced to Call 1t.

| WASHINGTON. Jan. 11.-An emphatic
| denial is made by all the Democratic MEM
| bers of the House Committee on Rules OF
| the reports that President Cleveland had
authorized one of them to make it known
| that an extra session of Congress would De
called if currency legislation was not
| effected by the present Congress.
Chairman Springer has called meeting
| of the Democratic members of the House
| Committee on Banking and Currency for
tomorrow morning, to consider the situa-
| ton on currency legislation. Mr.. Springer
says no special line of action will be sug-
gested to the meeting, as it will be for an
exchange of views rather than TO agree on
| a course. The substitute currency bill Is
in the hands of Mr.. Carlisle, receiving
such changes as may overcome objections.
Outside of the membership of the COM
mittee little or no attention is given to the
currency question, as members consider it
closed for this session. The feeling is
almost unanimous among the Democrats
that an extra session will be certain to be
| called. Mr.. Springer has taken occasion
to suggest to Representative Dingley and
several other Repu blicans that if they at
tempt to handle the currency question in
the next Congress they will meet the same
embarrassment the Carlisle bill has ex-
perienced, In that there will be fifteen
silver Senators, according to Mr.. Springer's
views. who will be able to block legislation
in Republican Congress.
Senator Vest has introduced his financial
bill. 1t provides that all treasury notes
and gold and silver certificates shall be
destroyed and an equal amount of
notes, payable in standard gold
and silver coin, be issued and paid
instead of notes. No coin notes of
larger denominations than $1,000 or
smaller than SO shall be issued. and the
denominations higher than $50 shall not
exceed one-fourth of the total amount of
coin notes outstanding at the time. Coin
notes are to be a legal tender for all
debts. The second section repeats all
laws which authorize the owners of GOLD
or silver bullion to make deposits, re-
ceiving gold or silver certificates. and the
Secretary of the Treasury is directed to
receive no more coin or bullion ia future.
Section 8 provides that gold certificates
now outstanding are to be paid In gold
coin. and silyer-coin certificates in stand
ard silver coin or coin notes. If the gold
| in the treasury amounts to less than
500, 0O0, 000, exclusive of that necessary TO
redeem the gold certificates, they are to be
redeemed in silver coin; if more than
500. 100000, the Secretary of the Treasury.
in the exercise of his discretion, may re-
deem in either gold or silver.
Section 4 makes it unlawful for any
national bank to issue bank notes, and ali
acts authorizing all such Issues are re-
pealed. 1t is made the duty of the Secre-
tary within twelve months to sell the
United States bonds deposited in the
treasury by the national banks to secure
circulation in case of the national banks
retiring their circulation or going out of
business, and after redeeming the coin
notes hereby authorized aud the outstand-
ing notes or currency, as provided by the
national bank act. the surplus is also
paid in coin notes to the banks owning
bonds in the amounts respectively due
them.
Section requires the Secretary of the
Treasury to have coined as fast as possible
the silver bullion held in the treasury.
purchased under the Sherman act of 1890.
including the gain or seigniorage, and this
coin is to be used in the payment of public
expenditures and for the REDEEM ption Of
coin notes authorized by this act.
Section provides that when the rev.
enues of the Government are not sufficient
TO meet it's current expenses the Secretary
of the Treasury shall issue a sufficient
amount Of coin notes to cover this de-
6ciency, and all laws authorizing the future
issue of Understanding bonds of the
United States are repealed, except as
otherwise provided. The section also pro-
vides that if the gold In the treasury at the
time The act shall take effect does not
amount to 100000 600, exclusive of that
held to redeem gold certificates, the Secre-
tary is directed to sell United States bonds
at not less than par, in gold coin, bearing
not to exceed per cent interest. redeem
able after five years; but no greater
amount of such bonds are to be sold than
may be necessary to procure for the treas
ury the full amount of 500. 900 In gold.
Section provides that silver bullion
brought TO any mint in the United States
for coinage shall be received and coined
into standard dollars, 412h grains. but no
deposit of silver bullion of less value than
500 shall be received, nor shall any bull
lion be received that is so base as to be un-
suited for operations of the Mint. The
Director OF the Mint is TO retain.as seignior-
age and to cover into the treasury the
difference between the New York price and
the coined price of bullion, and this is TO
be paid outby the Secretary of the Treas
ury in the current expenditures of the
Government.
General A. ]. Warner, president Of the
Bimetallic League. admitted to-day that
conference of the leading bimetallists from
the different parts of the country had been
held in this city recently. sit was the de-
cision of the conferences" he said. "that
strong and growing sentiment is manifest
ing itself in favor Of uniting the friends of
bimetallism in bimetallic party, aud an
appeal directly to the people on money
issues alone. The consideration which
seems to &c leading to this result is the
widespread conviction that there is no
hope OF restoring the bimetallic standard
through the Repub lican party nor through
the Democratic party as now controlled,
and on the other hand, it is equally i'm
possible to accomplish this result within