River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1895-01-17
moRs CURRENCY AGITATION.
senator Jones Comes Forward with So
luton TO the Problem

I iutloE 70 tne problem.
WASHINGTON, Jan. Is. Following. are
the principal features of currency
bill introduced by Senator Jones dem,
/. Ark:
| The secretary OF the treasury Will be author
ted TO issue $4,000 900 OF coupon or registered
| binds interest and principal payable in gold
Ct not exceeding - or per cent. the bonds
\ 20 run thirty years but redeemable ct
/ the option OF the government after
twenty years. Ths proceeds OF these
bonds are 20 be used for the current expenses
I of the treasury, ana the redemption OF the
4 grecnbacks and the treasury notes issued
/ under the sherman act The bonds viii be OF
/ the denominations of $50 $50, s10) $500 81 OJl,
/ 5000 and $1,000 all exempt from taxation.
etc am subscriptions for them are to be re-
| eeived az the treasury, or at any sub;reasury
or any bank where United States funds are de-
posted It being the intention OF the act TO
! give full and free opportunity for general
subscription. The loan is TO be made as popu-
lar as possible
National banks will be permitted to issue
notes TO the par value Of the bonds they have
| deposited TO secure their circulation ana an
indueement Will he offered the banKs TO in
crease their circulation by reducing the
tax on circulation from l per cent 10
one-euarter of l per cent. An effort will
also be made to prevent the reduction Of
circulation by making il Illegal for 4 ~ bank
to retire its circulation without the conse at in
writing OF the secretary ofthe treasury and the
act viii be repealed which prohibits banks
from increasing their circulation for period
of six months after the withdrawal Of circu-
lat.ol
An increase Of the use OF silver IS created IN
two sections which will provide that all notes
ander the denomination Of 50 shall be silver
certificates. These sections viii provide that
no national bank note shall be issued OF de-
domination less than so. and ali notes
q national -
denomination less than go. shall,
as rapidly possible be TAXI n M
redeemed and cancelled and notes OF SO or
higher denominations ISSUED In their stead.
The secretary of the treasury viii be author
Il oEized and directed out OF the proceeds OF
the sale of bonds authorized. to cancel and de-
st-oy all greenbacks aud treasury notes issued
under the sherman act. OF denomination less
thln $50. and to issue silver certificates
In their stead, but not TO a greater
aggregate amount than the greenbacks and
treasury notes and national bank notes. tao
withdrawal and cancellation OF which are au-
thorized. these silver certificates to be in de-
nominations of 81, s.. s. and SO. ana be pay
able in silver. 1t is the intention under
this proposed act that neither The
issue or keep in circulation any
notes other than silver certificates Of
less denomination than $50 The secretary OF
the treasury is authorized. at the request OF
any holder or treasury notes or greenbacks, TO
issue in lieu thereof silver certificates for the
same in certificates of a less denomination
than $40.
Another section Of the bill authorizes and
directs the secretary OF the treasury out of the
proceeds Of the sale of bonds and from any
surplus revenues to redeem and cancel and not
reissue the greenbacks and treasury notes. as
fast as the aggregate amount of greenbacl1s,
treasury notes, silver certificates under so,
and national bank notes shall be IN excess OF
the aggregate amount OF greenbacks. treasury
notes and national bank notes in circulation at
the passage of the bill.
The unlimited coinage of silver is Y vided
for in a section which will read practically as
follows: The secretary of the treasury is au-
thorized and directed to receive at any mint
from any citizen of the United States silver
bullion. the product of the mines OF
the United States, OF standard weight.
etc, and coin the same into stand
ard silver dollars. and the seigniorage for
the said coinage shall be the difference
between the coinage value and the bullion
value in London on the Cay Of deposit. and the
secretary OF the treasury shall deliver TO the
owner of said bullion the silver dollars so
coined. and the amount received from the
seigniorage OF said coinage shat be covered
into the treasury.