The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-01-24

lowed to accept United States notes and
treasury notes issued under the act of 1890.
to issue circulating notes to the bar value
OF United States bonds deposited with the
secretary Seer OF the Treasury and the tax on On
per cent Hereafter no national banking
association shall retire its circulation with
out written authority from the Secretary
OF the Treasury So much of section II of
the act of 1882 as directs the Secretary of
the Treasury to receive deposits of gold
coin and to issue certificates therefor is
also repealed. National banking associations
desiring to retire the whole or any part of
post gold coin equal to the amount of notes
10 be retired and at all times to keep on
deposit with the treasurer of the United
States IN gold coin a sum equal TO per
cent, of their outstanding circulating notes.
20 be used for the redemption of such notes.
Not exceeding one-half of the lawful
serves en- account of deposits to be kept
by national banking associations may con-
sist of United States bond issued under this
Sections and provide for the displace-
ment OF all national bank and United States
treasury notes of denominations of less than
$40 with silver certificates. the explicit de-
ciaration being made that it is the intention
of the act that neither the Treasury Depart
ment nor national banks shall issue or keep
In circulation any notes other than silver
certificates of a less denomination than so.
The Secretary of the Treasury is directed
to redeem and cancel and not reissue the
united States and treasury notes wherever
and as fast as the aggregate circulation of
United States legal tender notes, treasury
notes, silver certificates and national bank
notes shall be in excess OF the aggregate
amounts of these forms OF paper money
IN circulation at the date of the passage of
the act.
THE SILVER PROVISION.
The Secretary of the Treasury is directed
to receive at any United States mint from
any citizen of the United States silver bull
lion of standard fineness and coin into sill
yer dollars of 4121z grains EACH The seign-
forage on the bullion is to belong to the
United States and is to be the difference be-
tween the coinage value and the price of the
bullion in London on the day the deposit is
made The secretary is required to deliver
to the depositors of such bullion standard
silver dollars equal in amount to the price
of the bullion. and whenever these coins
shall be received into the treasury certifi-
Gates in denominations of less than so may
be issued on them as now provided.
The important changes made in the bill
since IL was first formulated are those max
ing the bonds payable in coin instead OF
gold, increasing the rate of interest from
81 to 3 per cent. and providing for the
displacement Of national bank and treasury
and United States notes of less than $40 by
silver certificates instead of $40 as at first
proposed. The first concession was made to
the silver men and the two others to the
bond advocates and those who wish to re-
strict the use of silver
Mr. Jones addressed the Senate briefly
concerning his currency bill. He spoke of
the constant danger in the present plan
of issuing bonds, which permitted the
banks to force issue. then to take gold
from the treasury in order to pay for the
bonds, and thus keep up this constant as
sault on the gold reserve and the constant
necessity for bonds. II am not a believer
in bonds,' declared Mr.. Jones, but l am
willing to submit to bonds a matter of
necessity as long as there is coupled with
1t d sensible. manly, honest recognition of
silver. If the feeling throughout the coun-
try in favor of silver is properly recog-
nized then / will agree to the issue of
bonds. and i will agree to it under no
other conditions" Mr.. Jones said it
his conviction that the silver would
make a grave mistake If they insisted on
the extreme limits of their hopes.
The failure of the silver element to
cure concerted action was made evident
soon as Mr.. Jones closed his remarks,
Mr.. Stewart again took the floor to
que against the Jones bill. He conceded
the good motives of the Senator, but urged
that the bond provision was surrender
to the banks and the gold power This
ended the discussion for the day.
Palmer's Silver-DOllar Scheme.
WASHINGTON, Jan. Ex-senator Palmer
to-day introduced bill making it the duty