St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1895-01-29
THE BILL Is READY.
Springer Introduces a Measure
Embodvin9 Growers ideas.


WASHINGTON, Jan. %. - Chairman
Springer, of the banking ana currency
committee of the house, has introduced
bill to carry into effect the recom-
mendations of the presidents message.
He has notified the committee to meet
tomorrow morning and consider the
bill. The bill is as follows:
IAN act to authorize the secretary of
the treasury to issue bonds to maintain
a sufficient gold reserve, and TO redeem
and retire United States notes and for
other purposes.
"Be it enacted by the senate and
house of representatives of the United
States of America in congress assem-
bIed: That, in order to enable the sec
rotary of the treasury to procure and
maintain sufficient gold reserve and
to redeem and retire United States
treasury notes issued under tue act OF
July IA. 1890. entitled AN act directing
the purchase of silver bullion and the
issue of treasury notes thereon and for
other purposes he is hereby author
lied to issue and sell. at not less than
par in gold, except as provided I'D Sec
ton 2 of this act, United States
registered or coupon bonds, In
denominations of $40 and $50
and multiples of said sums, respect
lively, payable fifty years after date
in gold coin of the United States CT the
present weight and tineness, and bear
ing interest at rate not exceeding
per cent per annum, payable quarterly
in like coin; and such bonds and the in
terest thereon shall have like qualities.
privileges and exemptions as the bonds
issued under the act approved July IA,
1870, entitled AN act to authorize the
refunding of the national debt" Such
bonds may be sold and delivered in the
United States or elsewhere, as may be
deemed most advantageous to the ill.,
terests of the government.
Sec. 2. That whenever any other
legal tender notes or treasury notes
shall be redeemed III gold they shall be
cancelled and not reissued, and tine
secretary OF the treasury is hereby au-
thoriZed in his discretion to receive
United States legal tender notes and
treasury notes issued under the afore
said act of July IA, 1890, in payment for
any of the bonds Issued under the pre-
ceding sections of this act.aud the notes
so received shall be Cancelled and not
ressued.
Sed. 3. That hereafter national bank
ing associations may take out circulat-
ing notes in the manner now provided
by law to an amount equal 10 the par
value of the bonds deposited to secure
the same. but this provision shall not
apply to any bonds now outstanding
bearing interest at the rate of 2 per
cent only.
Sec. f. That hereafter no national
bank notes of denomination less
than SO shall be issued, and as rapidly
as such notes OF denominations less than
SO shall be received into the treasury,
otherwise than for redemption and re-
tirement, they shall be Cancelled and an
equal amount of notes of like character,
but in denominations OF SO and multi
piles thereof, shall be issued in their
places. All silver certificates now out
standing in denominations larger than
SO shall. when received into the treasury
of the United States, be retired and can
celed, and silver certificates in demon.
nations less than SO shall be issued in
their stead.
Section 5. That from and after the 1st
day of July, 1895, all duties on imports
shall be paid in gold only, and all taxes,
debts and demands. other than duties
on imports. accruing or becoming due
to the United States, shall be paid In
gold and silver coin, treasury notes,
United States notes, silver certificates
notes of national banks.
Section 6. That all laws and parts of
laws inconsistent with the provisions of
the preceding sections be and they
are hereby repealed; and a sum suffi-
cient TO carry the provisions or this act
into effect be and the same is hereby
appropriated out of any money in the
reasury not otherwise appropriated.