The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1895-01-24
SILVER And BONDS.
Mr.. Jones Has a Compromise
Plan Of Finance.
SOME CONCESSIONS MADE.
10 Secure AdherentS From Both
Schools Of Thinkers.
NEITHER SIDE WILD TO JOIN HIM.
Administration Democrats in Congress
Making Desperate Efforts to Settle
the VeXed Question.
NEITHER SIDE WILD TO JOIN HIM.

WASHINGTON. Jan. Ex-senator Jones to-
dav introduced his financial and currency
bill. which was promised ten days or two
weeks ago. The bill is as follows:
Authority is given to the Secretary OF the
Treasury to issue bonds of the United States to
the amount of $500, 0O0, 900 payable in coin OF
the present standard value and bearing interest
at the rate OF 3 per cent, not to be sold at less
than par The bonds are to mature thirty
years from date, and be redeemable at the
option Of the Government after twenty years.
The Secretary is authorized TO use the proceeds
OF the sales of the bonds to defray current eX-
penses of the Government and for the redemp-
ton of United States legal tender and treasury
notes issued under the act of July IA, 1892.
The bonds are to be of the denominations of
$40 and $50 and multiples of those sums, at
the option Of the purchasers.
The bonds are to be free from all taxes 1t is
declared to be the intention of the act to give
full opportunity 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 permitted to
issue circulating notes to the par value OF the
United States bonds deposited with the Secre-
tary OF the Treasury and the tax on such circu-
1ation is reduced TO 4 of per cent Hereafter
no national banking association shall retire its
circulation without written authority from the
Secretary of the Treasury. So much of section IL
of the act of 1882 as directs the Secretary of
the Treasury to receive deposits of gold coin
and to issue certificates therefor is also re-
pealed. National banking associations desir-
ing to retire the whole OF any part of their cir
culating notes are required TO deposit in gold
equal 10 the amount of notes to be retired and
at all times TO keep on deposit with the Treas
urer OF the United States in gold coin sum
equal to 5 per cent of their outstanding circu-
lating notes to be used for the redemption of
such notes. Not exceeding one-half OF the law
full reserves account deposits to be kept by ma
tional banking associations may consist of
United States bonds issued under this act
Sections and provide for the displacement
of all national bank and United States treasury
notes OF denominations less than $40 with
silver certificates, the explicit declaration
being that it is the intention that neither the
Treasury Department nor national banks shall
issue or keep in circulation any note other
than silver certificates Of less denomination
than $40. The Secretary of the Treasury is
directed to redeem and cancel and not reissue
the United States and treasury notes whenever
made IS fast as the aggregate circulation OF
United States legal 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 passage of this act.
The Secretary of the Treasury is directed to
receive at any United States mint from any
citizen of the United States silver bullion OF
standard fineness and coin it into silver dol
lars OF AI21% grains each The seigniorage on
the bullion is to belong to the United States
and the price of the bullion IN London on the
day the deposit is made is to be regarded
as the standard. The Secretary is re-
quired TO deliver TO the depositOrs of such bull
lion standard silver dollars equal in amount to
the price of the bullion. and whenever these
coins shall be received into the treasury GER
tificates 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 in gold, increasing the rate of interest
from % to 3 per cent and providing for
the displacement of national banks and
treasury and United States notes of less
than $40 by silver certificates instead of
$40 as at first proposed. The first conces-
sion 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 is understood that in introducing the
bill Jones abandons to a certain extent
his original position that he would not in
troduce the bill unless he could first be
reasonably assured OF its passage, but he at
last decided to put it in and allow it to
take its chances just as any ordinary
measure before Congress must do. He
also desired, it is understood, to forestall
the proposition which it is coming to be
generally understood would be made later
in the session to press through authority
for bond issue without other legislation.