The Big Stone Gap post. [volume] (Big Stone Gap, Wise County, Va.) 1892-1928, 1895-01-17
SENATOR JONES' BILL.

SENATOR JONES' BILL.
An issue of Bonds to the Amount OF
Five Hundred Million Dollars.
Interest and Principal Payable In Gold az
Not Exceeding Fer Cent, the Roads :,
to Run Tkirty Years or Less-Te BE
Exempted FROM All Taxation.
WAsH1NGroS, Jan. Ex-senator Jones
vial proba bly, introduce Monday the
currency bill upon which he has been
at work, and which is regarded ns the.
last resort The Arkansas senator has
been very successful in his previous eff
forts at formulating compromises and
harmonzing discordant elements, but
he has very difficult task before him
now. lie must not only formulate a
bill to satisfy the majority, but ne
must fashion it so as to propitiate prac-
tically every member of the senate
The chief features of the proposed
bill is as follows: - -
The secretary of the treasury will be
authorized 30 issue $500, 600. 900 OF coup
on or registered bonds, interest and
principleepayable in gold at not exceed
ing per cent, the bonds to run thirty
years, but redeemable at the option OF
the government after twenty years.
The proceeds Of these bonds are to be
used for the current expenses OF the
treasury, and the redemption OF the
greenbacks and the treasury notes IS
sued under the Sherman act
The bonds will be of the denomina-
tions of SEQ, $50, 500, $500, $1,000, S.. 600
and $4,000, all exempt from taxation,
etc. National banks will be permitted
to issue notes to the par value of the
bonds they have deposited to secure
their circulation and an inducement
will be offered the banks to increase
their circulation by reducing the tax
on circulation from per cent 20 u o.
/ per cent. @i;e 1sat't!-.. -
An effort Will also. be made to pre-
vent the reduction of city taxation by
making it Illegal for any bank to retire
its circulation without the consent in
writing of the secretary OF the treas
ury and the act will be repealed which
prohibits banks from increasing their
circulation for period of six months
after the withdrawal of circulation.
An increase in the use silver is Gre
ated in two sections, which win pro-
vide that all notes under the denoni-
nation of SEQ shall I've silver certificates
These sections will provide that no Ma
tional bank note shall be issued of a
denomination less than $40, and all
notes of national banks now outstand-
ing, of a denomination less than $50,
shall, as rapidly as possible, be taken
up, redeemed and Cancelled, and notes
of $50 or higher denominations. issued
in their stead. 80: .-..rs
It is the intention under this pro
! posed act that neither the treasury nor
the national banks shall issue or keep
in circulation any notes other than
silver certificates of a less denomina-
ton than $50. The secretary of the
treasury is authorized, at. the request
of holder of treasury notes or green
backs, to issue in lieu thereof silver
certificates of a less denomination
than $50 ''1'' - : - -
| Another section of the bill authorizes
and directs the secretary of the treas
ury, out of the proceeds Of the sale OF
bonds and from any surplus revenues,
to redeem and cancel. and not reissue,
the greenbacks and treasury notes as
fast as the aggregate amount of green
backs, treasury notes and silver GER
tificates under SEQ and national bank
notes shall be in excess of the sggre-
gate amount of greenbaeks, treasury
notes and national bank notes in circu-
lation at the passage of>the bill.
| The unlimited coinage Of silver is
provided for in O. section which, will
read practically as follows: The isecre-
:tary of the treasury is authorized. and
directed to receive at any mint from
any citizen Of the United States 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
the said coinage shall be the difference
between the coinage values and the
par value in London. on the day Of de-
post, and the secretary Of the treasury
shall deliver to the owner Of said bull
lion the silver dollars so. coined, and
the amount received from the seignor;
age Of said coinage. Shall, be. covered
into the treasury:
Hanged by Neighbors. - =
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