The Delta independent., 1895-01-16

Washington, Jan. 11.-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 shall be issued and paid in
stead Of notes. No coin notes Of a larg-
er denomination than 81 900 or smaller
than $40 shall be issued and the de-
exceed onefourth of the total amount
of the coin. The coin notes are to be
legal tender for all debts.
The second section repeals all laws
which authorize the owners of gold
and silver bullion to deposit receiving
gold or silver certificates and the secre-
tary of the treasury is directed to re-
ceive no more coin or bullion in the fu-
ture.
Section 3 provides that the gold GER
tificates now outstanding are to be paid
in gold coin and the silver coin certifi-
Gates In standard silver coin or coin
notes. II the gold in the treasury
amounts to less than S1O0.o0O.0oO e1-
elusive of that necessary to redeem
deemed in silver coin; If more than
S1OO,OOO.O0O the secretary of the treas
ury, In the exercise of his discretion
may redeem in either gold or silver.
Section makes 1t unla wful for any
national bank to issue bank notes and
all acts authorizing all such issues are
repealed. 1t Is made the duty Of the
secretary within twelve months ts sell
the United States bonds deposited In
the treasury by national banks TO Sc
cure circulation in the case of national
banks retiring their circulation or 60
ing out of business and after redeem
ing coin notes hereby authorized the
outstanding notes Of currency as pro-
rided by the national bank act. the
surplus is 10 he also paid in til" coin
notes TO banks owning tho bonds in the
amounts respectively du" them.
Section 3 requires the secretary OF
the treasury to have coined as fast as
possible, the silver bullion held in the
treasury purchased under til" Sherman
act OF 1890. including the gain or saign-
forage. and this coin is to be used in
the payment OF public expenditures
and for the redemption of the coin
notes authorized by this act.
Section 6 provides that when the rev
enues OF the government are not suiii-
cient to meet Its current expenses the
Sec ctary OF the treasury shall issue
sufficient amount of coin notes 10
cover this deficiency and all laws au-
thorizing the future issue Of interest
bearing bonds OF the United States are
repealed except as othorwiS" provided.
The section also provides that II the
gold In the treasury nj the time the act
shall take effect does not amount to
500 600, 900 exclusive of that held to re-
deem the gold certificates the secretary
Is directed to sell United States bonds
at not less than par In gold coin bear
ing not TO exceed 3 per cent. interest
redt-cmablc in five years but no greater
amount Of such bonds are to be sold
than may be necessary to procure Tor
the treasury the full amount OF $780,
coo 900
Section provides that silver bullion
brought 10 any mint OF the United
States for coinage shall be received and
coined into standard silver dollars Of
412L, grains but no deposit Of silver
bullion OF less value than 500 shall be
received. nor shall any bullion be re-
ccivcd that Is SO bare as TO be un-
suited for the operations Of the mint.
The director of the mint is TO retain
rs scicniorage and to cover into the
treasury the difference between the
New York price and the coined price
of the bullion. and this is 10 be paid
out by the secretary of the treasury in
the curren; expenditures of the gov
, ernment