St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1895-01-12
VESTS CURRENCY BILL.
It Provides for Issue of Coin Notes
to Retire Outstanding Bills.

WASHINGTON, Jan. IL. - Senator
Vests financial bill provides that all
treasury notes and gold and silver Ger
tifcates shall be destroyed and an equal
amount of notes, payable i'll standard
gold and silver coin, shall be issued and
paid out instead OF the notes. No coin
notes of larger denomination than
$500, nor smaller than so, shall be is-
sued. and the denominations higher
than $50 shall not exceed One-fourth 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 silver certificates, and the secre-
tary of the treasury is directed to re-
ceiye no more coin or coin notes. If the
gold in the treasury amounts to less
than $4,000 900, exclusive of that nee
esSary to redeem gold certificates. they
are to be redeemed in silver coin. If
more than S100,0O0,000 the secretary of
the treasury may redeem in either gold
or silver coin, at his discretion.
Section three makes it unlawful for
any national bank 10 Issue bank notes,
and all acts authorizing such issues 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repealed. 1t is made the duty of the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 Sc
cure circulation i'll the case OF national
banks retiring their circulation or going
out of business. and, alter redeeming
in coin notes hereby authorized, of the
outstanding notes or currency, as pro-
yiding in the national bank act. the
i-t To I,nr q n
to the banks owning bonds in the
amounts respectively due them.
Section five requires the secretary of
the treasury to have coined as fast as
possible the silver bullion held III the
treasury purchased under the Sherman
act of 1890, including the gain or seign-
forage. and this coin is to be used in the
payment of public expenditures ami for
the redemption of the coin notes author
lied by this act.
Section six provides that when the
revenues of the government are not
sufficient to meet its current expenses
the secretary of the treasury shall issue
a sufficient amount of coin notes to
cover this deficiency, and all laws au-
thOriZing the future Issue of interest
bearing bonds of the United States are
repealed, as other wise provided. The
5StCtlOu dlSO PlONlQCS lIl1G IL bllO SOltl III
the treasury at the time the act shall
take effect does not amount to S100,000,-
600, exclusive of that held to redeem
gold certificates, the secretary is di-
rected to sell United States bonds atnot
less than par, in gold coin bearing not
to exceed per cent interest, redeema-
bic after five years. but no greater
amount of such bonds are to be sold
than may be necessary to procure for
the treasury the full amount OF Sl00,000,-
000 in gold.
Section seven provides that silver bull
lion brought to any mint of the United
States for coinage shall be received and
coined into standard dollars of 4121a
grains, but no deposit of silver bullion
of less value than 500 shall be received.
nor shall any bullion be received thut is
SO base as to be uusuited for the opera
tions of the mint. The director Of the
mint is to retain as seigniorage and to
cover into the treasury the difference
between the New York price and the
coined price of the bullion, and this is
TO be paid out by the secretary Of the
treasury in the current expenditures of
the government.