The Camden chronicle. (Camden, Tenn.) 1890-current, 1895-01-25
MIR. VESTS BILL.
A NEW FINANCIAL MEASURE IN
TRODUCED IN THE SENATE.
The Provisions Fully Set Forth by Its
Author.


Senator Vest has introduced his
financial bill in the senate. 1t pro-
u6es thet all treasury notes and gold
and SILVER certificates shall be de-
stroyed and an equal amount Of notes
p;-7Able in standing gold and silver
oois shall be issaed and paid out in
stead OF the notes, No coin notes OF
larger denomination than $500 or
sinaller than $40 shall be issued, and
tha denominations higher than $50
STALL Lot exceed one-fourth of the to-
lal amount outstanding at any time.
E'he eoin notes are to be legal tender
for s.ll debts.
The second section repeats all laws
, which authorize the owners of gold or
si'Yer bullion 10 deposit and receive
gold or silver certificates, and the SEQ
rotary of the treasury is directed to
receive no more coin or bullion in the
future.
Section three provides that the GER
iiaeates now outstanding are to be
paid in gold coin and the silver GER
! sihcates in standard silver coin or coin
! notes. II the gold in the treasury
amounts to less Shan 800, 900, 900 ex-
elusive of that necessary to redeem
| gold certificates, they are to be re-
deemed in silver coin; if more than
| 500, O00,0 the secretary of the
| treasury, in the exercise of his discre-
ton, may redeem in either gold or
/ silver coin.
NO NATIONAL BANK ISSUE.
Section makes ii unlawful for any
national bank to iasue bank notes or
! currency and all acts authorizing such
issue are repeated.
1t is made the drty of the secretary
/ within twelve months to sell United
States bonds deposited in the treasury
by 5aationai banks to secure circula
/ ta. in tins case of national banks re-
5iring tls8ir circulation, or of going
out of bRsiness, and otter redeeming
Ia tha coin notes hereby authorized
sae outstanding notes or currency as
provided by the national bank act,
/ the surplus is to be also paid in the
coin notes to the banks owing to the
bonds, in the amounts respectively
due them.
Section requires the secretary Of
the treasury to have coined as fast as
possible the silver bullion held in the
treasury purchased under the Sher-
man act of 1890, including the gain OF
seigniorage, and this coin is to be used
in the payment of public expenditures
and for the redemption of the coin
notes authorized by this act.
BONDS TO BUILD UP THE RESERVE.
Section six provides that when the
revenues of the government are moi
sufficient to meet it's current expenses,
the secretary of the treasury shall
issue a sufficient amount of coin notes
to cover this deficiency, and all laws
authorizing the issue of future interest
bearing bonds of the United States.
are repealed, except as otherwise pro-
vided. The section also provides that
if the gold in the treasury at the time
the act takes effect does not amount to
800. 900, 900, exclusive of that held to
redeem gold certificates, the secretary
is directed IT, sell United States bonds
at not less than par in gold coin, bear
ing not to exceed three per cent. in.
terest, redeemable after FIVE years, but
no greater amount of such bonds are
to be sold than may be necessary tC
procure for the treasury the full
amount of 500, 900, 600 in gold.
FREE COINAGE OF SILVER.
Section Z provides that silver bull
ion brought to any mint of the United
States for coinage shall be received
and coined into standard dollars Of
412 IL grains, but no deposit of silver
bullion OF less value than 800 shall bt
received, nor shall any bullion be re-
ceived that is so bare as to be unsuitec
fer tbe operations of the mint. The
,iirecl2r of the mint is to retain Q
aeigaafage and cover into the treasury
The difference between the New Yorh
market price and the coined value Of
the bullion, and this is to be paid ouI
( by &ne secretary of the treasury in the
o1rrent expenditures of the govern
ment.