Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1895-01-14
THE LATEST SCHEME.
Jones Of Arkansas Bobs Up With a
New Financial Bill.
Feels Sure OF Presidents Approval-No Re'
publican Assistance Promised.

Washington, Jan. ia new financial
bill will be introduced, tomorrow, by
Senator Jones of Arkansas. 1t is claimed
that Mr.. Jones has secured some assurance
for his measure and will have the sanction
of the treasury department and President.
The bill authorizes the secretary of the
treasury TO issue $500, 900, 900 in gold
b )nds, bearing interest not exceeding q or
3 per cent, the bonds to run 30 years, and
redeemablc after 20 years. The proceeds
Of these bonds are to be used for the cur
rent expenses of the treasury, and redemp-
ton OF greenbacks and treasury notes is
sued under the sherman act.
National banks will be permitted to is
sue notes to the par value OF bonds de-
posted 10 secure their circulation, and an
inducemcnt will be offered the banks to
increase their circulation by reducing the
tax on the circulation from l per cent. to
one fourth of | per cent. An effort Will
be made to prevent the reduction OF cir
clllation by making it illegal for any bank
to retire its circulation without consent,
in writing, Of the secretary of the treas
ury, and the act will be repealed which
prohibits banks from increasing their cir
culation for Il period of six months after
the withdrawal OF circulation.
The bill provides that all notes under
tho denomination of $50, shall be silver
certificates The secretary of the treasury
is directed to cancel all greenbacks and
treasury notes issued under the sherman
act Of IL denomination of less than $50,
and 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
bonds and from any surplus revenue, to
redeem, cancel and not reissue greenbacks
and treasury notes, and as fast as the
aggregate circulation of greenbacks,
treasury notes and silver certificates
under $50, 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.
The secretary of the treasury is directed
to receive at any mint from any citizen
silver bullion, the product of the mines OF
the United States, of standard weight,
etc and coin the same into standard silver
dollars and the seigniorage for said coin
age shall be the difference between the
coinage value and 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,
the amount received from the seigniorage
to be covered into the treasury.
Mr.. Jones, accompanied by Mr.. Camden
of West Virginia, gold standard man,
called at the treasury, yesterday, and had
long conference with the secretary, and
thence went to the President himself.
bn nd hn tyvn
senting the opposing elements in the party,
discussed the situation long time. MIR.
Cleveland was told that no measure could
recognize silver.
The President, it is said, declined to
give his approval in advance to any bill
until he could be assured that such bill
would pass. 1t is stated that Mr.. Jones'
bill was discussed in detail and the two
senators left the White House thoroughly
familiar with the ideas of the President
and able to assure the members of the
Senate that such measure if enacted by
Congress would be approved by the Presi-
dent.
An effort was made to draw out several
of the more prominent Republican sena-
tors as to their opinion of this measure.
Some agreed that its provisions were in
the main commendatory, but none were
pronounced in its favor. No promise OF
Republican assistance was secured. Mr..
sherman is opposed to the retirement of
the greenbacks, for he considers that those
notes are the solemn pledge of the govern
mcnt. Other Republicans are Of the
same opinion.
A quiet canvass was made in the House,
yesterday, as to the chances of the pro
posed bill RAISING, and the 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 financial legsla-
tisn An effort will be made to overcome
all obstacles at ii meeting of the finance
committee, Tuesday. The fate of the
new bill appears TO depend upon the atti-
tude of the silver men.