Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1895-01-29
SPRINGER IS PROMPT WITH A BILL
He Has One Covering the Points Contained
in the Message.

In the Message.
WAsHIyGToN, Jan 80 Representative
Springer chairman Of the banking and
currency committee OF the house, has in
PRODUCED Il bill to carry into effect the rec
concentrations of the presidents message
He has notified his committee to meet and
consider the bill. The bill is as follows,
emitting the enacting clause and other
standing: I'm order to enable the secre-
tary of the treasury to procure and main
tain n sufficient gold reserve and to re-
deem and retire United States legal ten
der notes, and treasury notes issued under
the act of July IA, 1890, he is hereby au-
thorized to issue and sell at not less than
par, in gold, except as provided in section
: of this act. United States registered or
coupon bonds in denominations of SD
and $50 and multiples of said sums, re-
spectively, payable fifty years after in
gold coin of the United States of the pres
cnt weight and fineness, and bearing in
terest at a rate not exceeding 3 per cent.
per annum. payable quarterly in like coin;
and such bonds and the interest thereon
shall have like qualities privileges, and
exemptions as the bonds issued under the
act approved July IA, 1870 entitled IAN
National Debt"
Section two provides that whenever
any of the legal tender notes OR treasury
notes shall De redeemed in gold they shall
be Cancelled and not reissued; and the
secretary of the treasury is hereby author
lied. in his discretion. to receive United
States legal tender notes, and treasury
notes issued under the aforesaid act of
July H. 1890, in payment for any of the
bonds issued under the preceding section
OF this act, and the notes SO received shall
be Cancelled and not be issued. Section
three provides that hereafter national
banking associations may take out circu-
lating notes in the manner now provided
by law to an amount equal to the par
value of the bonds deposited to secure the
same. But this provision shall not apply
to any bonds now outstanding bearing
interest ut the rate of : per cent. only.
The fourth section says that hereaftc
no national bank notes of less denomina-
ton than so shall be issued, and as rap
idly as such notes of denominations less
than $40 shall be received into the treas
ury other wise than for redemption and
retirement, they shall be Cancelled, and an
equal amount uf notes of like character,
but in denominations of SO and multi
Piles thereof. shall be- issued in their
places. All silver certificates now out
standing, in denominations less than SO
shall, when received into the treasury of
the United States, be retired and Cancelled,
and silver certificates in denominations
less than SD shall be issued in their
stead.
In the next section it is provided that
from and after tho 1st day of July 1875,
all duties Oh imports shall be paid in gold
only, and all taxes, debts and demands,
other than duties on imports, accruing or
becoming due to the United States shall
be paid in gold and silver coin, treasury
notes, United States notes, silver certifi-
Gates or notes of national banks. The fifth
section is simply the usual one providing
that all laws and parts of law incon
sistcnt with the provisions OF the preced-
ing sections be and they arc hereby re-
pealed, and a sufficient sum to carry the
provisions of this act into effect is hereby
appropriated out of any money in the
treasury not otherwise appropriated.