The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-01-12
VESTS FINANCIAL BILL.
Treasury Notes, Gold and Silver Ger
tificates to Be Destroyed.

Washington, Jan. u.-Senator Vest has
introduced his financial bill It provides
that all treasury notes and gold and sill
yer certificates shall be destroyed and an
equal amount of notes payable in stand
ard gold and silver coin be issued and
paid instead Of notes. No coin notes of
larger Reorganization than $l,O0O or. small
Ter than $40 shall be issued and the de-
nominations higher than $50 shall rot ex-
coed oDe-fourth of the total amount of
cudn notes outstanding at any time. Tine
ccin notes are to be legal tender for all
debts.
The second section repeats all laws
which authorizes owners of gold or sill
yer bullion to make deposits, and receiv-
ing gold or silver certificates, and the
secretary of the treasury is directed to
receive no more coin or bullion in the
future.
Section 8 provides that the gold certif-
cafes now outstanding are TO be paid in
gold coin and silver coin certificates, m
standard silver coin or coin notes. If the
gold i'm the treasury amounts to less than
500, coo, goo exclusive of that necessary to
redeem gold certiffcat ties, they are to be
500, GOO, CO., the secretary of the treasury
in exercise of his discretion may redeem
in either gold or silver.
Section 4 makes it unlawful for any
national bank TO Issue bank notes and
all acts authorizing all such issues are
repealed. It is made the duty Of the
secretary within twelve months TO sell
the Uinited States bonds deposited in the
treasury by the national banks ITO. secure
circulation in case the national banks
retire their circulation or go out of Dus!-
ness and after TedeeTning tine coin notes
hereby authorized outstanding notes or
currency as provided by the national
bank act the surplus is, to be also paid
In coin notes to the banks owning bonds
in the amounts respectively due them.
Section 5 requires the secretary OF the
TREASURY to have coined, as fast as pos
Sible the silver bullion held in the treas
ury purchased under the Sherman act OIL
of 1890, including the gain or seignforage,
and this coin is TO be used in payment
of public expenditures ard for the re-
demption of coin.
Section provides that when the reye-
nues of the government are not SUN
client to meet its current expenses, the
secretary of the 'treasruy shall issue d
sufficient amount of coin notes to cover
this deficiency and all laws authorR1ng
the future issue or lnterest-oeaTraIs Oonu JONES
of the United States are repealed except
as otherwise provided. This section also
provides that Gf the gold in the treasury
at the time the act shall take effect
does not amount to that neLd 20 rede EN-
gold certificates, the Eecretary Is directed
to sch United States BOMBS at not Ie5S
than par CT gold coin not to exceed
per cent. interest, reteemable after hVe
bonds are TO be roid than may be neces-
sary to procure for the treasury the full
amount of S1OO,OOOONO in gold.
Section Z provides that silver bullion
brought to any mint of the United
States for coinage shall be. received
and coined into standard dollars, H21i
grains; but no deposit OF silver bullion
of less value than 500 shall be received,
nor snail any bullion be received that is
so bare as to he unsGfted for the opera
tons of the mint.
The director of the mint is to retain as
seignoraee and to cover into the treas
nry the difference between the New York
price and the coined price of the bullion,
and this Is TO be paid out by the secre-
tary of the treasury in the current expen-
ditures of the government