The state republican. (Jefferson City, Mo.) 1871-1896, 1895-02-07
IN WASHINGTON.

The special message Of Presiden
Cleveland renewed discussion of tn
financial question. In accordanc
with the presidents suggestion
Chairman Springer has introduced
bill providing for bonds. The repor
accompanying the bill says that tn
presidents message "set fort
clearly and forcibly the reason TO
the passage of this bill. Your com
mittee could add nothing in facts o
arguments that would better portra,
the existing condition OF our finan
cial affairs, or more clearly demon
strate the necessity for prompt ant
patriotic action on the part OF con
gress to secure the needed relief"
After relating Tire amendments
which are recommended, the repor
adds:
"The extraordinary condition t.
which thu president has referred il
his message, and the necessity fol
immediate action in view of the
early adjournment of this congress
have constrained your committee tc
concur In reporting the bill with the
proposed amendments to the house
for It's consideration"
The democrats of the committee
who voted against reporting the
administration bill, Representatives
Hall of Missouri, Cox of Tennessee,
md Black of Georgia, reported the
substitute based upon the Carlisle
currency bill.
The minority bill repeals the law
requiring a depoi it of bonds as a
gold basis for the issue of national
,anks, and allows in its stead a
ieposit by banks hereafter organized
# legal tenders or treasury notes to
he amount of 20 per cent Of their
circulation. A tax of one half of
me per cent on circulation is fixed
md national banks are required to
,edee m their own notes at par.
Section provides for the safety
fund of s per cent to be used for the
dnal redemption of failed national
pank notes.
Section authorizes the secretary
of the treasury to invest any amount
in safety fun 8 in United State bonds.
Sec. 7. Every national bank at
present organized may withdraw its
bonds and take out circulation under
the act.
Section repeals section 8 and as
much Of section IL of the act OF July
IL, 1892, as directs the secretary of
treasury to receive deposits Of geld
and to issue certificates of gold
thereon, and also repeals section 81
VI the act OF June 3, 1864, and sec
lions 5191 and 5192 of the Revised
Statutes. Then provides that no
bank organized under this act shall
be allowed to contract a volume of
currency without the consent of the
secretary Of the treasury or the
state officer empowered to pass
upon~su matters.
Section provides for the retire
ment of legal tenders and treasury
notes OF less than $40, and section
10 requires banks to keep not less
than half of their reserve in legal
or treasury notes.
Section IL provides that whenever
there shall be received in the
treasury of the United States any
legal tender notes and reasury notes
Of less denomination than $40, the
same shall be Cancelled and silver
dollars or silver certificates of like
shall be issued in
amount equivalent to such notes
and in order to put the
provisions OF that section into effect
the secretary Of the treasury is
required to coin the silver bullion
in the treasury, and in advance Of
coinage to issue certificates ON the
bullion.
Section IL authorizes the secre-
tary Of the treasury to require any
part of the customs duties or duties
on imports to be paid in United
States legal tender notes or treasury
notes.
Section 10 authorizes bond issue
under the act of January II, 1875, to
protect the reserve.
Section IA has the Carlisle provis-
ions in regard to state banks but
exempting from the 10 per cent tax
only notes of q denomination above
$40.
Section is authorizes the banking
association to have all their money
made on the same kind Of paper.
SENATOR VESTS SPEECH.
In the United States senate Senator
Vest presented resolutions of the St.
Louis chamber Of commerce urging
that the presidents recommends
tlons be carried out as soon as pos.
sible.
Mr.. Vest said that the chamber OF
commerce Of St. Louis did rot repre-.
sent the feeling Of the people Of
Missouri or of the country on the
financial question. He did not
believe the people favored retire