New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-01-31
action would be equivalent TO declaring a suspension
OF specie payments before such event took place
CURRENCY BILL AMENDED.
TO BE REPORTED TO THE HOUSE TO-
MORROW.
IMPORTANT CHANGES MADE BY THE BANKING
AND CURRENCY COMMITTEE-HOW THE
MEASURE STANDS AT PRESENT:

AND CURRENCY COMMUNICATIONS lftb
MEASURE STANDS AT PRESENT.
IBY TELEGRAPH TO THE TRIBUNE]
Washington. jan 30.-By a vote Of to the
House Committee Banking and Currency to-day
agreed report with amendments the Admnistra-
tlons latest financial bill The right is reserved by
each member Of the committee however TO cner
such amendments In the House he may desire,
to vote for against any all Of the committee
amendments. and to vote for or against the Dill
itself Ir other words. the bill is reported for
consideration" The report IL 10 be made to the
House on Friday and 1t Is expected that the minor
ity will submit formal statement OF their objec-
tons TO the pending measure. The minority con-
ssts of Messrs Cox. Hall. of Missouri; COBB. OF
Alabama. and Black of Georgia. To them may
probably be added Messrs. Culberson OF Texas
and Ellis. of Kentucky, who were absent to-day
The other two absentees, Messrs. Johnson or ONO,
and johnson. of Indiana understood to be IN
favor of the bill. Mr. Cox delivered long speech
in the committee to-day in support OF his suosti-
tute. which rejected by vote of to a.
Mr. Walker of Massachusetts,, offered a substi-
tute for the amendment proposed by MIN yes
terday. providing that the legal cash reserves Oh
National banks shall be in co!n-one-half In gold
and one-half in silver. Under the substitute the
banks will be required to have per cent OF their
cash reserve in gold coin and per cent In silver
COIN on July l. 1885, and TO add per cent OF each
kind of co. every three months thereafter until
which must be in gold and one-half silver After
considerable discussion the substitute adopted
by a two-thrds vote. Mr. Sperry. Of Connecticut
offered a substitute for Mr. Russells amendment
providing that the amount OF legal-tenders can
celled and permanently retired from circulation
should not exceed the Increase In National bank
note circulation. The substitute proposed to add
to this the increase IN circulation from other
sources being the amount Of gold coin minted at
and imported. The substitute was rejected and Mr.
Russelrs amendment was adopted.
on motion OF Mr.. Brosius. OF Pennsylvania. the
fourth section OF the bill was eliminated. The bill
has therefore been amended by the committee so
as to provide follows:
That the gold bonds issued shall be redeemabe In
ten wears at the option of the Government and pay
able in fifty years. that National banks shall be al
lowed to take circulating notes equal in amount
to the par value of the bonds deposited by them
Except per cents their circulation: that
the tax on National bank-nOte circulation shall be
OF ! per cent; that National bank notes may be
issued In denominations less than So as hereto
fore. and that there shall be no compulsory reduc-
ton in the denominations Of silver certificates; that
legal-enders shall be cancelled and permanently
retired from circulation in amounts larger than the
increase in circulation: that the payment OF customs
duties in gold coin only from and after July |. 1895.
serves OF National banks shall be in coin-cqual
parts of gold and silver-the process OF transfer
ring such into coin 10 begin on July ].
1885, with 10 per cent. and TO increase at the rate
of 10 per every three months until all the re-
serves are in gold and silver coin.