The daily morning journal and courier., 1895-01-14
ANOTHER FINANCIAL BILL
TOBE INTRODUCED TO-DAY TO TRE
 SENATE BY SENATOR JONES.

Claimed to Have Sanction of the President
 and Treasury Department - National
 Banks Favored-No Promise of Republi-
 can Help.
 Washington, Jan. 13.-A new financial bill will be introduced tomorrow by Senator~ Jones of Arkansas. It is claimed that MT. Jones has secured some assurances that his measure will have the sanction of the treasury de- partment and of the president.
 The bill authorizes the secretary of the treasury to issue five hundred mill lions of gold bonds, bearing interest at a rate not exceeding two and a half or three per cent, the bonds to run thirty years, but redeemable after twenty years. The proceeds of these bonds are to be used for current eX- penses of the treasury and redemption of the greenbacks and the treasury notes issued under the Sherman act.
 National banks will be permitted to issue notes to the par of the bonds de- posted to secure circulation and an inducement will offered the banks to increase their circulation by reducing the tax on circulation from one per cent. to one-fourth per cent. An ef- fort will also be made to prevent the reduction of circulation by making it illegal for any bank to retire it's cir culation without the consent, in writ ing, of the secretary of the treasury, and the act will be repealed which prohibits banks from increasing their circulation for period of six months after the withdrawal of circulation. The bill provides that all notes under the denomination of $20 shall be silver certificates. The secretary is directed to cancel all greenbacks and treasury notes of denomina tions less than $20 and to issue in their stead silver certificates payable in silver. The bill directs the secretary of the treasury, out of the proceeds of the sale of the bonds and from any surplus revenues to redeem cancel and not reissue the greenbacks and treasury notes as fast as the ag- gregate circulation of greenbacks, sil- yer certificates, under $40 and national bank notes shall be in excess of the aggregate amount of greenbacl1s, treas ury notes and national bank notes in circulation at the passage of the bill. The secretry of the treasury is also directed to receive at any mint from any citizen silver bullion, the pro duct of the mines of the United States of standard weight etc, and coin the same into standard silver dollars and the seigniorage for the said coinage shall be the difference between the coinage vaue and the bullion value in London on the day of deposit and the secretary of the treasury shall de- liver to the owner of said bullion the silver dollars so coined and the amount received from the seigniorage shall be covered into the treasury.
 MT. Jones, accompanied by Mir Cam den of West Virginia, a gold standard man, called at the treasury yesterday and had a long conference with the sec retary and thence went to the president himself. The president and the two senators, representing opposing ele- ments in the party, discussed the situa- ton for long time.
 MT. Cleveland was told no measure could be passed that did not in a ma terial way recognize silver. The pres ident it is said, declined to give his ap- proval in advance ito any bill until he could be assured that such bill should | pass.
 It is stated, however, that MT. Jones | bill was discussed &n detail and that the | two senators left the white house thor l oughly familiar with the ideas of the | president and able to assure the mem | bers of the senate that such a meas ure, If enacted by congress, would be | approved by the president An effort was made to draw out several of the prominent republican senators as to their opinion of this measure.
 Some agreed that it's features were commendatory, but none were pro- nounced in it's favor.
 No promise of republican assistance was secured. MT. Sherman Is opposed to the retirement of the greenbacks, for he considers those notes the solemn pledge of the government. Other re- publcans are of the same opinion. A quiet canvass was made in the house as to the chances of this proposed bill passing, and democrats there are said to believe it to be the one measure that can get through.
 The opinion still prevails in the senate that six weeks is too short a time in which to consider and act upon finan- cial legislation. An effort will be made to overcome all obstacles at the meet ing of the finance committee Tuesday. The fate of the new bill appears to de- pend on the attitude of the silver men.