St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1895-01-24
Meets Vigorous Opposition
From the Start in the
Silver Camp
BURROWS IN THE SENATE.
First OF New Senator'S to
Take His Seat--House
Proceedings.


ten days or two weeks ago. The bill is
as follows:
Authority is given 10 the secretary Of
the treasury to issue bonds OF the
United States to the amount Of $780,
100000, payable in coin of the present
standard value and bearing interest at
the rate Of per cent. Not to be sold at
less than par. Bonds to mature thirty
years from date and be redeemabIe at
the option Of the government after
twenty years. The secretary is author
lied TO use the proceeds of the sale OF
the bonds to defray current expenses
of the government and for the redemp-
ton of United States legal tender and
treasury notes issued under the act OF
July "A, 1890. The bonds are to be Of
the denominations of 500 and $50 and
multipte5 OF these sums at the option
of the purchasers. The bonds are to be
free from all taxes. 1t is declared 10
be the intention Of the act to give full
opportunity for general subscriptions of
the bonds. Payment for the bonds may
be made in gold coin, but the secretary
is allowed to accept United States notes
and treasury notes issued under The act
of 1890.
National bank associations are per-
mitted to
Issue Circulating Notes
to the par value OF United States bonds
deposited with the secretary of the
treasury, and the tax on such circula-
ton is reduced 10 one fourth of per
cent
Hereafter no national banking asso-
citation shall retire its circulation with
out written authority from the secretary
of the treasury. So much of section u
Of the act Of 1882 as directs the SecFe-
tary of the treasury to receive deposits
of gold coin and to issue certificates
therefor is also repealed.
National banking associations desir-
ing to retire the whole or any part Of
their circulating notes are required TO
deposit gold coin equal to the amount
Of notes to be retired and at all times to
keep on deposit with the treasurer of
the United States in gold coin sum
equal to ) per cent of their outstanding
circulating notes, TO be used Tor the re-
demption of such notes.
Not exceeding One~half Of the lawful
reserves OH account of deposits to be
kept By national banking associations
may consist Of United States bonds IN
der this act.
Sections and provide for the dis
placement of all national bank and
United States treasury notes of demons
nations of less than SO with
silver Certificates.
the explicit declaration being made that
it is the Intention of the act that neither
the treasury department or national
banks shall issue or keep in circulation
any notes other than silver certificates
of less denomination than SO.
The secretary of the treasury is di-
rected to redeem and cancel and not re-
Issue the United States and treasury
notes whenever made as fast as the ag~
gregate circulation OF United States
legal tender notes, treasury notes. silver
certificates and national bank notes
shall be in excess OF the aggregate
amounts of these forms of paper money
in circulation at the date of the passing
of the act.
The secretary Of the treasury is d.
| reeted to receive at any United States
mint from any citizen of the United
States silver bullion of standard fine
ness and coin into silver dollars of 1925
grains each. The SeIgniorage on the
bnllion is TO belong to the United States.
and is TO be the difference between the
coinage value and the price of bullion
| in London on the day the deposit is
made. The secretary is required to de-
liver to the depositOrs of such bullion
Standard silver Dollars
equal in amount to the price of the
bullion, and whenever these coins shall
be received into the treasury certificates
in denominations of less than $40 may
be issued on them as now provided.
The important changes made in the
bill since it was first formulated are
those making the bonds payable in coin
instead of gold. increasing the rate of
interest from % to 3 per cent, and pro-
viding for the displacement of national
bank and treasury ana United States
notes of less than SO by silver certif-
Gates instead Of $50, as at first proposed.
The first concession WAS made to the
silver men and the two Others to the
bond advocates and those who wish to
restrict the use OF silver.
It's understood that IN introducing
the bill today, Mr.. Jones abandons to a
certain extent his original position, that
he would not introduce the bill unless
he could first be reasonably assured OF
its passing. but that he has at last de-
cided to put it IN and allow it to take
the chances just as any ordinary meas
ure before congress must do. He also
desires, it is understood, to forestalbthe
proposition which it is coming TO be
| generally understood will be made later
in the session to press through authori-
ty for bond issue without other Iegis-
| latiOn.