New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-01-14
STILL ANOTHER CURRENCY BILL.
SENATOR JONES. or ARKANSAS. THE AUTHOR OF
THIS oNE-A MIXTURE or PANAcEAs.

SENATOR JONES. or ARKANSAS. THE AUTHOR OF
THIS oNE-A MIXTURE OF PANAcEAs.
Washington. Jan. I3-Another financial scheme
is 10 bc presented to morrow. The senate ana not
tho House Will be made the battle-ground IN" ne"
bill will be introduced tomorrow by Senator Jones
There IS much about this proposed measure ~ the
Arkansas Senator that Is significant II VAS largely
through his work that the antagonisiic clements
81 the Democratic party brought together dur
ing the tariff fight, and ne hoped 10 bring about
similar harmony on the currency question Ills pro-
posed bill 10 IS said gives what the gold standard
men insist shall be given them and gives the silver
men, In degree. at least. what they have been
asking. II IS asserted that Mr.. Jones has secured
some assurances that the measure he Will propose
VIII have the sanction 81 the Treasury Department
and Of the President himself Its principal features
are these:
The Secretary OF the Treasury will be authorized
to issue So0Oo'O0 OF coupon or registered bonds.
., and principal payable In god. at not ey-
, q, or 3 per cent the bonds to run thirty
years but redecmablc at the option OF the Govern
ment after twenty years The proceeds Of these
bonds are to he used FOR the current expenses Of
the Treasury and the redemption ~ the greenbacks
and the Treasury notes issued under the Sherman
act.
National banks Will be permitted 10 issue notes
10 the par value ~ the bonds they have deposited
to secure their circulation. and an Involvement vii
he offered the banks increase their circulation
by reducing the circulation from per cent
10 u Of per cent. An effort VIII also be made to
prevent the reduction Of circulation by making Il
Illegal for any bank to retire rs circulation with
out the consent In writing OF the Secretary 81 the
Treasury and the act will be repealed which pro-
hibits banks from increasing their circulation for
period OF six months after the withdrawal Of cir
cuaton.
An Increase Of the OF silver is created In two
sections which will provide that all notes under
the denomination OF $40 shall be silver certificates
These sections Will provide that no National bank
notes shall be issued ~ denomination less than
500 and all notes OF National banks now outstand-
ing OF "A denomination less than so shall: as rapidly
as possble be taken up. redeemed ana Cancelled,
and notes OF $40 higher denomination Issued In
their stead The Secretary OF the Treasury VIII he
authorized and directed out OF the proceeds ~ the
sale OF bonds authorized 10 canoe. and destroy all
greenbacks and Treasury notes Issued under the
Sherman act OF denominations less than $50 and TO
greater aggregate amount than the greenbacks and
Treasury notes and National bank notes. the with
drawa and cancellation OF which are authorized
these silver certificates to be In denominations OF
81 ST. s. and so. and to be payable In silver.
Another section OF the bill authorizes and d.
reefs the Secretary OF tho Treasury. out OF the
proc eeds of the sale OF the bonds and from any
reissue the greenbacks and Treasury notes.
fast as the aggregate circulation OF greenbacks,
Treasury notes. silver certificates under $40 and
National bank notes shall he In excess OF :hc
aggregate amount OF grcenbacks. Treasury notes
and National bank-notes In circulation ut the
passage OF the bill.
The unlimited coinage Of silver is provided for.