Goldsboro weekly argus. [volume] (Goldsboro, N.C.) 1885-1909, 1895-01-31

ing Spell, Is Suggested and May BE
Adopted: Senator Smith Wants a
Monetary Commission and Senator
Jones Introduces His Bill.
WASHINGTON, Jan. "a, 1895.
The developments in the fnan-
cial situation yesterday included
the introduction by Senator
Jones of the bill which he has
been preparing for some time,
and also the presentation by Sen
ator Smith of his financial
scheme. Mr.. Smiths plan, in
brief, is the creation of a non
partisan monetary commission
of twelve members, four to be
appointed by the President from
civil life, four by the President
Of the Senate. and four by the
Speaker of the House, not more
than two Of each of these groups
of four to be from the same polit-
ical party. This commission 4
directed to investigate the cur
rency question so far as the same
may be necessary to the estab-
lishment of judicious system of
currency upon a permanent ba-
sis. 1t is authorized to report
its conclusions to Congress
not later than December. 1895.
Another important section au-
thOrizing the Secretary of the
Treasury, in order to pay cur
rent deficiencies in the revenue,
to issue from time to time, as he
may deem necessary, coupon or
registered bonds to an amount
not exceeding five hundred mill
ions Of dollars at not to exceed
B per cent. redeemable after ten
years in gold; these bonds to be
of denominations not less than
$50 nor more than 81, 900.
Senator Smith presented his
bill in brief, plain, and practi-
cal speech, in which he said he
realized the utter lack of hope
for enacting any general fnan-
cial legislation. but he thought
such proposition as he had ad-
vanced might be agreed to, and
he expressed the hope that no
Senator would stand in the way
of any plan of relief that would
bring prosperity again to the
land.
DETAILS OF SENATOR JONES
BILL.
Senator Jones bill contains
the following propositions:
Authorizing the Secretary of
the Treasury to issue $500, 1000,
600 in bonds, in denomination
of $50 and $50, and multiples of
those sums, at 3 per cent inter
est, principal and interest paya-
BILE in coin, to mature in thirty
years, and redeemable after
twenty years, the prc ceeds of
the bonds to defray current ex-
penses of the government and
for the redemption of legal ten
der notes.
Authorizing national banks to
issue circulation up to the par
value of their bonds, and reduc-
ing the tax on such circulation to
one-f fourth of 1 per cent.
Preventing the retirement of
any part of the national bank cir
culatlon without the approval of
the Secretary of the Treasury.
Requiring national banks seek
ing to retire their notes to de-
posit with the Secretary of the
Treasury, if desired by him, gold
equal to the amount Of the notes
to be retired.
Providing that one half of
the lawful reserve on account
of deposits, now required to
be kept by national banks,
may consist of bonds Of
the United States issued under
this act, the same to be estimat-
ed at their par value.
Retiring all national bank
notes under $40, and providing
against the further issue of such
small notes.
Retiring all legal tender notes
of less than $40, and issuing in
their stead silver certificates,
payable in silver.
Authorizing the unlimited coin
age of silver bullion, the owner
to receive standard silver dollars
in amount equal to the value of
the bullion in London on the day
the deposit is made.
AN EXPLANATION OF THE MEAS
The bill having been read in
full, Mr.. Jones made a brief
statement. He read figures show
ing that within ten months after
the sale Of the first fifty millions
of bonds, the gold reserve ran
down to sixty nine millions,
showing a net loss of $4,000, 600.
For the second lot of 100000
of bonds there had been received
SO, 100000 in gold and 5000, 900
in gold certificates, making a
total gold reserve of 100, 600. 900.
But five days ago, on inquiry at
the Treasury Department, he
found that over 80. 900, 900 of gold
had been drawn out since the
last sale of bonds; so that it took
ten months to withdraw 65, ,OOO,-
900 Of gold after the first sale of
bonds, it took only two months
to withdraw $4,000. 600 since the