The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-01-12
VESTS FIAT MONEY SCHEME
PROVISIONS OF A MEASURE INTRO
DUCED BY THE MIssOURIAs.
Voorhees, Permitted to Boast, but Not
Allowed to Father Amy Legislation
-JOnes's Bill the Last Hope.
Special to the indianapolis Journal.

compromise as the basis of a new cur
rency bill are determined to lose no time.
While Mr.. Voorhees, and his finance COM
mittee are holding meetings and going over
the ground preparatory to framing BILL,
as Chairman Voorhees, pompously an
nounces, the Democrats who wrote the
tariff bill for Mr.. Voorhees, committee,
are performing the same task for him
with the new currency bill. The bill has
been framed and will be introduced in
the Senate tomorrow. Mr. Jones, of Ar
kansas, one of the conservatives, and,
incidentally, a member of the finance COM
mittee, will introduce the bill and will
have charge OF it in the finance commit
tee room. The conservative Senators know
that Mr.. Jones will permit no time to be
lost in pushing the bill through the COM
mittee and getting it back into the Senate
for action.
Senator Dubois took occasion, in the
course of a speech in the Senate to-day,
to officially announce the threat which he
was to have made to the Journal corre-
spondent. Mr.. Dubois affirms that he and
his free silver associates in the Senate
will permit no financial legislation that
does not specifically provide for the free
and unlimited coinage of silver at the ratio
of 16 to l. Mr. Dubois's threat is not taken
with the seriousness that he himself feels
on the subject. He will discover in time
that if a substantial majority of the Senate
Democrats and Republicans are determined
to have financial legislation that he and
his silver friends will not be permitted to
filibuster beyond given period. Mr.. Du-
boiss threat is evidently not regarded as
very serious.
SENATOR VESTS BILL.
The inimitable Vest came to the front
to-day by introducing a bill which is
Faulkner compromise bill, only more So
so to speak, for it far surpasses the Faulkner
bill in its concessions to silver. Mr. Mills
has share of the responsibility of the
measure. Mr.. Vest believes that ne has
made his bill so liberal to the silver idea
that the silver men ought to support it,
At all events, he spent much time doing
missionary work to-day among the silver
men.
Senator Vests bill. provides that all treas
ury notes and gold and silver certificates
shall be destroyed and an equal amount of
notes payable in standard gold and silver
coins shall be issued and paid out instead
of the notes. No coin notes OF larger
denomination than $500 or smaller than sio
shall be issued and the denominations
higher than $50 shall not exceed one-fourtn
OF the total amount Of the coin notes OUT
standing at any time. The coin notes are
to be legal tender for all debts.
The second section repeals all laws which
authorize the owners of gold or silver
bullion to deposit and receive gold or sill
yer certificates and the Secretary of the
Treasury is directed to receive no more
coin or bullion in the future
Section provides that the gold certifi-
Gates now outstanding are to De paid in gold
com, and the silver certlf1caleS IN stand
ard silver coin or coin notes. If the gold
in the treasury amounts to less than sluU,-
CU0UUO, exclusive OF that necessary to re-
| deem gold certificates, they are 10 be
| deemed in silver coin; ii more than $780,
| Ov0,V0O the Secretary of the Treasury,
the exercise of his discretion, may redeem
in either gold or silver coin.
Section makes 1t unlawful for any ma
| tional bank to issue bank notes or cur
| rency, and all acts authorizing such Issue
are repealed 1t is made the duty of the
| Secretary, within twelve months, to sell
| the United States bonds deposited in the
| treasury by national banks to secure cir
| culatiOn in the case of national banks re-
| firing their circulation going out of busi-
| ness. and after redeeming the coin notes
| hereby authorized the outstanding notes or
currency provided by the national bank
| act the surplus is to be also paid in the
| coin notes to the banks owning the bonds,
| in the amounts respectively due them.
Section requires the Secretary of the
Treasury to have coined as fast as pos
Sible the silver bullion held in the treasury
| purchased under the Sherman act of 1885,
| including the gain or segniorage, and this
coin is to be used in the payment Of pub.
| the coin notes authorized by this act.
THREE-PER-CENT. BONDS.
| Section provides that when the revenues
| of the government are not sufficient to
| meet its carrent expenses the Secretary
| of the Treasury shall issue sufficient
| amount of coin notes to cover this de-
| ficency, and all laws authorizing the future
| issue of interest-bearing bonds of the
| United States are repealed, except as 9th
| erwise provided. The section also pro-
| vides that if the gold in the treasury at
] the time the act shall take effect does
not amount to $100,000,000, exclusive of that
| held to redeem gold certificates, the Sec
| retary is directed to sell United States
! bonds at not less than par, in gold coin
bearing not to exceed per cent interest
| redeemable after five years, but no greater
amount of such bonds are to be sold than
| may be necessary to procure for the treas
ury the full amount of 800, 100000 in gold
for coinage shall be received and coined
into standard dollars of 421a grains; but
no deposit of silver bullion of less value
| than 800 shall be received, nor shall any
brllion be received that is SO base as to
be unsuited for the operations of the mint
The Director of the Mint is to retain as
seigniorage and cover into the treasury
| the difference between the New York mar
ket price and the coined value of the bull
| lion, and this is 10 be paid out by the Sec
retary of the Treasury in the current ex-
| penditures of the government
1t will be seen by the above that Mr.
| Vest is a believer in fiat money and is
|
| not likely to be seriously considered The
| Jones bill, when introduced tomorrow will
represent the last and only hope OF finan-
| cial legislation this session. 1t IS true
/ indeed, that Secretary Carlisle is planning
/ for a new vote in the House on his BILL He
| claims that he has persuaded four Demo-
| Gratis who voted against the rules COM
| mittee on Wednesday TO change their votes
| and five more Democrats have since ar
! rived in the city who will vote for the rule,
! 50 that the rules committee would now
! have a net majority OF eight. But the
| committee
| other test of strength. Its defeat was an
/ almost unprecedented humiliation. for on
| matters of procedure the word of the
| rules committee has hitherto been law
! So that all hopes of financial legislation
now centers about the doubtful bill which
Mr. Jones will introduce tomorrow. lit is
| claimed by its friends that Senator Sher-
| man has intinated that he VIII give the
| measure a.s tacit approval by not opposing
4 It, and Senator George is also counted on
| bv its supporters.
i senator Mcpherson, OF New Jersey pro-
4 posed bill to-day which represents the