The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1895-01-24
HOW JONES' BILL READS.
| He Will Launch it on the Troubled Finan-
| cial Sea to Take Its Chances.

| He Will Launch it on the Troubled Finan-
cial Sea to Take Its Chances.
Washington, JAN Ex-senator Jones
| today introduced his financial and cur
rency bill which was promised ten days
or so ago The bill is as follows:
| Authority is given to the secretary
| Of the treasury TO issue bonds of the
| United Stat to the amount OF S500,O0,-
! 900 PAYABLE in coin of the present
standard value and bearing interest at
the rate Of per cent to be sold at less
than par Bonds to mature thirty
years from date and he redeemable at
! the option of the government after
twenty years, The secretary is au-
thorized to use the proceeds Of the sale
of the bonds TO defray current expen-.
seS of the government and for the re-
demption of United States legal tender
and treasury notes issued under the act
of July H. 1890 The bonds are to be
Of the denominations Of $50 and SO and
multIples of those sums at the option
of the purchasers. The bonds are to be
free from all taxes. 1t is declared to lie
the intention Of the act to give full OPP
rortunity for general subscriptions for
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 their United States bonds
| deposited with the secretary OF the
| treasury and the tax on such circula-
| ton is reduced to Il per cent.
Hereafter no national banking aSso-
| citation shall retire its circulation with
out written authority from the secreta-
| ry of the treasury. So much Of the sec
ton of the act Of 1882 as directs the
~, do
| posits of gold coin and to issue certifi-
| Gates therefor is also repealed.
National banking associations de-
| string 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 for the re-
| demption of such notes.
Not exceeding one-half of the lawful
reserves account deposits to be kept
| by national banking associations may
consist of United States bonds issued
under this act.
Sections six and seven provide for the
| displacement of all national bank and
| United States treasury notes of de-
nominations of less than $40 with silver
| certificates, the explicit declaration
| being made that it is the intention of
! the act that neither the treasury depart
ment nor national banks shall issue
nor keep in circula ton any notes 9TH
| er than silver certificates of a less de-
| nomination than $40.
| The secretary OF the treasury is di-
rected to redeem and cancel and not
reissue the United States and treasury
| notes whenever made, as fast as the
| aggregate circulation of United States
legal tender notes. treasury notes, sill
yer certificates and national bauk notes
| shall be in excess of the aggregate
amounts of these forms of paper money
| in circulation at the date of the passage
Of the act.
The secretary of the treasury is di-
rected 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
4121h grains each. The seigniorage on
| the bullion is to belong to the United
! States and is to be the difference be-
| tween the coinage value and the price
| of the bullion in London on the day the
deposit is made.
The secretary is required to deliver 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 treas
ury, certificates in denominations of
less than SO may be issued on them as
| now provided.
The important changes made in the
| bill snce it was first formulated are
those making the bonds payable in
| coin instead of gold, increasing the rate
| of interest from 2l5 to > per cent and
providing for displacement of national
| bank and treasury and United States
notes of less than SO by silver certifi-
Gates instead of $50 as at first proposed
| The first concession was made to the
| silver men and the two others to the
boud advocates and those who wish to
restrict the use of silver.
| II is understood that in Introducing
| the bill Mr.. Jones abandCns TO a certain
| extent his original position that he
would not introduce the bill unless he
could first be reasonably assured of its
| passage but he at last decided to put it
| in and allow ii to take its chances just
as any ordinary measure before con-
gress must do. He also desired, 1t Is
| understood. to forestal the PROPOSE
| ton which it is coming to be generally
understood will be made later in the
| session to press through authority for
/ a bond issue without other legislation.
THINKS ENGLAND WOULD ACT.
Mr.. Dingley Wants Cooperation TO Prevent