The record-union., 1895-01-12
Special to the REcoRD-UNIo

Special to the RECoRD-UNIoN.
WASHINGTON, Jan. u.-Senator Vest
introduced his financial bill to-day. 1t
provides that all Treasury notes and gold
and silver certificates shall be destroyed
and an equal amount Of notes, payable IN
standard gold and silver coin, be issued
and paid instead of notes. No coin notes
of larger denomination than $1,000 or
smaller than $40 shall be issued, and the
denominations higher than $50 shall not
.4eXceed one-fourth of the total amount OF
coin notes outstanding at the time. Com
notes are to be the legal tender for all
debts.
The second section repeals all laws
which authorize the owners OF gold or
silver bullion TO make deposits, receiving
gold or silver certificates, and the Secre-
tary of the Treasury is directed to receive
no more coin or bullion IN future.
Section provides that gold certificates
now outstanding are 10 be paid III goId
coin and siLver-coin certificates In stand
ard silver coin or notes. IL the goIu III
the Treasury amounts TO less than SlOO,-
Co., 900, exclusive OF that necessary TO re-
deem the gold certificates, they are 10 De
redeemed IN silver coin; IL more thah
500, 900, 900, the Secretary OF the treasury,
in the exercise OF his discretion, may re-
deem in either gold or silver.
Section / makes 1t unlawful for any
national bank to issue bank notes, ana
all Acts authorizing all sucn issues are
repealed. 1t is made the duty OF the Sec
retary within twelve months TO sell the
United States bonds deposited in the
Treasury by the national banks to secure
circulation in case OF the national banks
retiring their circulation or going out OF
business, ana alter redeemlng the com
notes hereby authorized and the out
standing notes or currency, As provided
bv the National Bank Act, the surplus Is
to be also paid in coin notes to the banks
owning bonds in the amounts respect
lively due them
Section requires the Secretary OF the
Treasury TO have coined as fast as poSsl-
BILE the silver bullion held in the Treas
ury, purchased under the sherman Act
OF 1890, including the gain or selgnlorage,
and this coin is to be used in the payment
OF public expenditures and Tor the re-
demption OF com notes authorized by this
Act.
section provides that when the reve-
nues of the Governmentare not sulhcient
10 meet its current expenses, the Secre-
tary of the Treasury shall issue SUI
ficient amount OF coin notes 10 cover thIs
deficiency, and ali laws authorizing the
1usure issue OF interest bearing bonds OF
the United states are repealed, except as
provides that ii the gold in the treasury
at the time the Act shall take effect does
not amount to 500, ,UUO, 900, exclusive of
that held to redeem gold certificates, the
Secretary is directed TO sell United states
bonds at not less than par, in gold cC'n,
bearing not to exceed ) per cent. inte"
est, reedeemable after live years; but no
greater amount OF such bonds are TO be
sold than may be necessary TO produce
Tor the treasury the full amount OF $780,
OO0, 900 in gold.
section : provides that silver bullion
brought to any mint in the United States
for coinage shall be received and coined
into standard dollars, 4l24 grains, but no
deposit OF silver bullion of less value
than 500 shall be received, nor shall any
bullion be received that is so bare as TO
be unsulted for operations OF the mint.
The Director of the Mint is to retain as
SeignOrage and to cover into the treasury
the difference between the New York
price and the coined price of bullion,
and this is 10 be paid out by the Secre-
tary of the Treasury in the current eX-
penditures of the Government.
Chairman Springer has called meet
ing OF the Democratic members OF the
House Committee on Banking and Cur
Tency for tomorrow morning to con-
slider the situation on currency IegiSla-
Iion. Mr.. Springer says no special line
of action Will be suggested to the meet
ing, as 1t Will be for an exchange of
views, rather than to agree on course.
The substitute currency bill is in the
hands of Mr.. Carlisle, receiving such
changes as may overcome objections.
Outside of the membership of the COM
mittee, little or no attention is given to
the currency question, as members con-
slider it closed for this session. The feel
ing is almost unanimous among the
Democrats that an extra session will be
certain to be called. Mr.. Springer has
taken occasion to suggest TO Represent
ative DingleY and several other Repub-
licans that if they attempt to handle the
currency question in the next Congress,
they viii meet the same embarrassment
the Carlisle bill has experienced, in that
there viii DO fifteen silver Senators. ac-
cordiug to Mr.. Springers views, who
will he able 10 block legislation in Re-
publican Congress.