Warren sheaf. [volume] (Warren, Marshall County, Minn.) 1880-current, 1895-01-17
MORE CURRENCY AGITATION.
senator Jones Comea Forward with Go-
luton to the Problem.
WASHINGTON, Jan. Is. GLOWING arc

4 Senator Jones COmea Forward With Eo-
luton to the Problem.
WASHINGTON, Jan. Is. Flo flowing are
the principal features Of currency
bill introduced by Senator Jones dem,
Ark:
/ The secretary OF the treasury will be author
lied to issue $500 900 OF coupon or registered
bonds, interest and principal payable in gold
at not exceeding "a or per cent, the bonds
i to run thirty years, but redeemable at
/ the option Of the governments after
twenty years. The proceeds OF these
bonds are to be used for the current expenses
/ OF the treasury. and the redemption OF the
/ greenbacks and the treasury notes issued
under the Sherman act. The bonds will be OF
the denominations of $50 $50, $780, $500 81 900,
j IS 900 and $4,000 oil exempt from taxation,
ETC.. and subscriptions for them are to be re-
ceived at the treasury. or ut any subtreasury
or any bank where United States funds are de-
posted, It being the intention of the act to
give full and free opportunity for general
subscription. The loan is to be made as popu-
lar as possible.
National banks will be permitted to issue
notes to the par value OF the bonds they have
| deposited to secure their circulation and an
! inducement will be offered the banks to in
crease their circulation by reducing the
tax on circulation from l per cent to
one-quarter Of per cent. An effort will
also be made to prevent the reduction OF
i circulation by making it illegal for any bank
| to retire its circulation without the consent in
writing of the secretary Of the treasury and the
! act will be repealed which prohibits banks
i from increasing their circulation for q period
i of six months after the withdrawal of circu-
I lation.
! An increase Of the use Of silver is created in
two sections which will provide that all notes
under the denomination of $50 shall be silver
! certificates. These sections will provide that
| no national bank note shall be issued of de-
| nomination less than $50, and all notes
! OF national banks now outstanding OF
denomination less than So shall,
as rapidly possible, be taken up.
redeemed and cancelled and notes of go or
higher denominations issued in their stead.
The secretary OF the treasury will be author-
4 thoriZed and directed out of the proceeds of
J the sale Of bonds authorized to cancel and de-
stroy all greenbacks and treasury notes issued
under the Sherman act, of denomination less
than $780, and to issue silver certificates
in their stead, but not to greater
aggregate amount than the greenbacks and
| treasury notes and national bank notes. the
I withdrawal and cancellation Of which are au-
| thorized, these silver certificates to be in de-
nominations OF 81, s., IS and $40. and be pay
4 able in silver 1t is the intention under
this proposed act that neither the
treasury nor the national banks shall
issue or keep in circulation any
notes other than silver certificates OF a
less denomination than $40. The secretary OF
| the treasury is authorized, at the request OF
any holder OF treasury notes or greenbacks, to
| issue in lieu thereof silver certificates for the
same in certificates of less denomination
than $50
] Another section of the bill authorizes and
directs the secretary of the treasury out OF the
1 proceeds Of the sale OF bonds and from any
| surplus revenues to redeem and cancel and not
reissue the greenbacks and treasury notes. as
fast as the aggregate amount of greenbacks,
! treasury notes, silver certificates under $40,
and national bank notes shall be in excess Of
| the aggregate amount of greenbacks, treasury
] notes and national bank notes in circulation at
| the passage Of the bill
4 The unlimited coinage Of silver is provided
! for in q section which will read practically as
follows: The secretary Of the treasury is au-
| thorized and directed to receive at any mint
from any citizen of the United States silver
bullion, the product of the mines of
| the United States, OF standard weight,
] etc., and coin the same into stand
ard silver dollars, and the seigniorage for
the said coinage shall be the difference
between the coinage value and the bullion
value in London on the day OF deposit, and the
| secretary OF the treasury shall deliver to the
owner OF said bullion the silver dollars SO
coined and the amount received from the
seigniorage Of said coinage shall be covered
| into the treasury.